The Market Monitor Minding the Nation's Business
An executive of Ayala Land Inc. (ALI) recently underscored the company’s willingness to work with the government to further boost infrastructure development in the country, according to a report by Philippine News Agency.
During the company’s virtual annual stockholders meeting, ALI chairman Jaime Augusto Zobel de Ayala said “at the Ayala Group, we’ve always aligned our business aspirations with the needs of our country.”
Zobel also cited the establishment of the Private Sector Advisory Council (PSAC), which is tasked to study the situation and recommend projects that will bolster development of the country’s infrastructure, and disclosed that several officials of Ayala Group are part of.
“I think we’ve had a long history on that front. Our President has recognized the significance, I think, in this administration of the private sector‘s involvement in tackling persistent development challenges,” he said.
Zobel said ALI can participate in some of the infrastructure projects, tourism, and job creation opportunities that may arise from initiatives of the government.
“As part of the private sector, we’re eager to develop meaningful solutions in these areas. Ayala aims to continue its role as a positive partner of the government in these and many other areas,” he added.
The government intends to sustain the increase of its infrastructure investment to around 5 percent of domestic output to ensure a long-term gain for the domestic economy.
Among the projects that were recently approved by the National Economic and Development Authority (NEDA) Board are the construction of the P6-billion University of the Philippines-Philippine General Hospital (UP-PGH) Cancer Center, the P17-billion new Dumaguete airport, and an increase in the budget for the rehabilitation of the Metro Rail Transit Line 3 (MRT 3) rehabilitation project.
Meanwhile, ALI recorded a 19-percent increase in revenues in 2022 to P126.6 billion, and a 52-percent rise in net income to P18.6 billion.