Ayala bros still bullish on snagging big-ticket projects under Duterte
President Duterte has had many “oligarch-hating” statements, but the Ayala brothers have remained unscathed.
The power brothers, Jaime Augusto and Fernando Zobel de Ayala, have steadfastly led Ayala Corp. in an aggressive pursuit of growth, specifically in the infrastructure space.
The Ayala group has allocated P185 billion for groupwide capital spending this year, its highest to date, to take take advantage of the government’s push to usher in the so-called “golden age of Infrastructure.”
“If you look at the amount of capex that we are lookin at for this year, it’s an indication of how bullish we feel about the economy. We’re expanding at a quick rate. The only area that we’d like to emphasize that we have to move faster on is infrastructure. We all know how badly needed it is and we know these problems can be solved,” said Fernando, vice-chairman and COO of Ayala Corp.
Well, JAZA and Fernando aren’t the heads of the country’s oldest conglomerate for nothing.