Ayala Land backs the government’s bid to enhance the infrastructure
On Wednesday, an Ayala Land Inc. (ALI) executive emphasized the company’s readiness to collaborate with the government to enhance the development of the nation’s infrastructure.
Jaime Augusto Zobel de Ayala, chairman of ALI, stated during the company’s fictitious annual shareholders meeting that “at the Ayala Group, we’ve always aligned our business aspirations with the needs of our country.”
In addition, Zobel mentioned the formation of the Private Sector Advisory Council (PSAC), which has been entrusted with examining the situation and making recommendations for initiatives that will support the development of the nation’s infrastructure, and revealed that numerous Ayala Group leaders are members.
“I believe that front has a long history with us. The importance of the private sector’s contribution to addressing persistent development difficulties has, in my opinion, been acknowledged by our President in this administration, he said.
According to Zobel, ALI can take part in some of the infrastructure, tourism, and job-creation opportunities that may result from government initiatives.
We’re keen to create significant solutions in these areas as members of the private sector. In these and many other areas, Ayala hopes to maintain its position as a helpful partner of the government, he continued.
To assure a long-term benefit for the home economy, the government plans to maintain its increase in infrastructure investment to roughly 5% of domestic GDP.
The National Economic and Development Authority (NEDA) Board recently approved several projects, including the building of the PHP6 billion University of the Philippines-Philippine General Hospital (UP-PGH) Cancer Center, the PHP17 billion new Dumaguete airport, and an increase in funding for the MRT 3 rehabilitation project.
In contrast, ALI saw a 19% growth in revenues to PHP126.6 billion in 2022 and a 52% increase in net income to PHP18.6 billion.
Bobby Dy, president and CEO of ALI, stated at the same event that he is still hopeful about the company’s continued growth this year given the economy’s ongoing recovery despite the current challenges.
While concerns such as rising mortgage rates and high inflation have hurt demand for residential businesses, he claimed that “there are several factors, in my opinion, that bodes well for the expansion for business lines this year.”
The domestic economy is predicted to grow by 5 to 6 percent this year, remittances from overseas Filipino workers (OFWs) continue to be resilient, domestic consumption is increasing, and the business process outsourcing (BPO) sector is taking better advantage of available office space.
“In addition, we think that interest rates have peaked and that the high levels of inflation we experienced last year are beginning to drop. We anticipate continued growth this year across all of our business areas given these favorable circumstances, Dy said.
For instance, after reaching a 14-year high of 8.1 percent in December of last year, the rate of price rises slowed down for the third straight month in March to 7.6 percent.
Some economists anticipate the Bangko Sentral ng Pilipinas (BSP) to stop its rate hike cycle by May, citing statements made by BSP Governor Felipe Medalla, who suggested that this possibility if the domestic inflation rate continues to decrease. Although interest rates are expected to rise further.
In order to reach its goal of launching four additional estates and bringing the total to 54, Dy stated that the company intends to launch more projects this year, both for the residential and commercial divisions.
“Overall, we believe that the economy will support a growth of not only this year but also for the foreseeable future,” he continued.
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