Business magnate Jaime Augusto Zobel de Ayala, also known as JAZA, remains optimistic about the growth prospects in the Philippines, noting that the country is ready for high-level partnerships and investments.

Ayala Corp. said JAZA made the statement at the recent US-Philippines Society (USPS) board meeting, which the conglomerate’s chairman is co-chairing.

At the USPS board meeting, JAZA urged businesses to further explore investment opportunities in the Philippines amid its continued growth momentum.

“We in the Philippine business community remain hopeful at the country’s prospects for growth, which have not dimmed despite a volatile global environment,” JAZA said.

Noting that the Philippine economy could reach USD855 billion in the next 10 years, the tycoon said this could be possible by liberalizing foreign investment policies in retail, infrastructure, and strategic industries, as well as incentives for high-value sectors such as technology, renewable energy, and advanced manufacturing.

"Consistent 6-percent growth is certainly a respectable achievement but imagine what more can be achieved if we hit a continuous growth rate of 8 percent or more over a sustained period, which economists feel is possible if we align the government and private sectors,” he said.

“The country is certainly ready to accept high levels of partnerships and investments from our friends around the region, most especially the United States."

JAZA also highlighted key sectors which could deliver robust economic growth for the country, including renewable energy, digital transformation, healthcare, and education, which the Ayala Group has already invested.

The Washington D.C.-based USPS is an independent and non-profit organization advancing mutual understanding and interests of Americans and Filipinos. 

AYALA CORP PHOTO