Alliance Global Group Inc., the holding company of business tycoon Andrew Tan, has earmarked P20 billion for capital expenditures this year to build several real estate projects.

Alliance Global chairman Andrew Tan said in a statement that the company had no plans to reduce its programmed capital expenditure despite the deepening global recession.

?We are moving at full strength this year, and we are allocating a capex of P20 billion for our ongoing projects in several key locations in Metro Manila,? Tan said.

He said Alliane Global would spend P20 billion for the construction of projects aimed at the office, residential and hotel markets.

The projects would generate around 50,000 jobs in the construction industry this year, he said.

The company will also finish the construction of more than 100,000 square meters of office space in five BPO buildings in Eastwood City, McKinley Hill and Newport City.

?This will accommodate around 14,000 jobs in the BPO sector beginning this year until 2010,? Tan said.

The company said it was hiring 3,500 new workers through its subsidiary, Travellers International Hotel Group Inc., for two hotels opening this year?Marriott and Maxim?s in Newport City, which is lacross the Ninoy Aquino International Airport Terminal 3.

The six-star, all-suite Maxims Hotel will have 176 rooms while the five-star Marriott Hotel will contain 365 rooms

Travellers, which is the one of the major units of Alliance Global, is engaged in the establishment of tourism- oriented projects.

Travellers and Star Cruises Ltd., an affliate of Genting Corp. of Malaysia, is also spending $1.1 billion to develop a 37-hectare property at the Manila Bay area into an integrated entertainment city, called Manila Bayshore. Jenniffer B. Austrlia