Billionaire Jaime Augusto Zobel de Ayala (JAZA), chairman of the country’s oldest conglomerate Ayala Corporation, is optimistic the Philippines has the momentum to "maintain its position as one of the region’s fastest growing economies this year.”

“We enter 2024 optimistic that inflation will continue to slow down and catalyze the return of much more robust consumer spending, which has long been the driver of the economy, as well as higher investments from both the public and private sectors,” he noted in his speech during the SGV Knowledge Institute Briefing.

Zobel added, “I believe that we have the ingredients already available to take our country to the next level; I think that it just requires an effective catalyst to start this combustion of exponential and equitable growth.”

He noted that “it is crucial that our economy expands in a rapid manner, keeping in-step or even outpacing our likewise rising population. I understand that the Philippines intends to nearly triple the income per capita to around $11,000 by 2040."

However, he said that to see a globally competitive and progressive Philippines, both the government and the private sector should work hand-in-hand to resolve the persistent challenges that continue to hamper development.

In his view, the Philippines would need massive investments in modern infrastructure, as well as investments in our people’s education and well-being if we are to propel the country forward.

On the part of the Ayala Group, Zobel pointed out that they are pursuing infrastructure development and promoting electric mobility in the country while also investing in healthcare and education.

Ayala Corporation has been placing a lot of investments in electric vehicles (EV) as its research showed that between 10 percent to 20 percent of vehicles that will be sold in the country by 2030 will be electric.

Zobel said there will be growing consumer preference on EV purchases along with more favorable government regulation on the sector and with more infrastructure for chargers.

“At Ayala, we continue to make significant investments in electric mobility through BYD and Gogoro, signifying our strong belief in the potential of this sector for growth and economic and sustainable impact,” he said.

The Ayala Group is building more charging stations as it utilize the company’s real estate properties and in partnership with several companies and associations.

Meanwhile, through AC Health, Zobel said, “we hope to expand healthcare access through our extensive network of hospitals and multi-specialty clinics. We are likewise facilitating greater access to much more a affordable medicines through our generics pharmacies.”

For education, he noted that “we have partnered with the Yuchengco Group to make world-class education available and accessible through the Mapua network of schools, APEC Schools, National Teachers College, and University of Nueva Caceres."

“Aside from learning, our aim is also to ensure that our graduates perform excellently in board and licensure exams, as well as to enhance their employability and starting incomes upon graduation,” he added.