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Ayala Corp chair sees full economic recovery by fourth quarter of 2022

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Bruce Rodriguez, ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="https://sa.kapamilya.com/absnews/abscbnnews/media/2020/business/07/10/20150410-ayala-corporation-jc-7169.jpg"/><figcaption>Jaime Augusto Zobel de Ayala during Ayala Corporation&#x27;s annual stockholders meeting on April 10, 2015. <em>Jonathan Cellona, ABS-CBN News/File</em></figcaption></figure></div><p>MANILA - Ayala Corp Chairman Jaime Augusto Zobel de Ayala, one of the country&#x27;s top business leaders, said Friday the Philippine economy would likely recover to pre-pandemic levels by the fourth quarter of 2022.</p><p>In a virtual event hosted by the Shareholders&#x27; Association of the Philippines, Zobel said he expects the Philippines to be one of the last to emerge from the pandemic among its Southeast Asian peers, as consumption drives most of domestic activity.</p><p>&quot;I think this recovery will be very gradual and will be uneven, I think that&#x27;s the reality that we will all have to face,&quot; Zobel said.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/01/07/21/palace-says-to-disprove-that-philippines-will-lag-in-covid-19-recovery">Palace says to &#x27;disprove&#x27; that Philippines will lag in COVID-19 recovery</a></li></ul><p>Zobel called on both the public and private sectors to help in ramping up investments than relying on consumer spending.</p><p>His sentiment stemmed from the forecast of Moody&#x27;s Investors Service that the Philippines and India would be laggards in restoring economic activity to their pre-pandemic performance.</p><p>&quot;We&#x27;ve always relied on consumption-led growth, I think this is the time for all of us to do what we can to encourage investments and make it a possible driver in rebooting our economy,&quot; he said.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/01/22/21/peza-says-investments-to-ph-down-19-pct-hopes-to-bounce-back-to-p100-b-level">PEZA says investments to PH down 19 pct, hopes to bounce back to P100-B level</a></li></ul><p>Despite tempered growth, the Ayala chairman is optimistic for 2021 as the rollout of COVID-19 vaccines will start.</p><p>&quot;The rollout of vaccines in various countries and of course our own preparations for large-scale inoculation will certainly open several doors to recovery and I have absolutely no doubt of the eventual growth,&quot; Zobel said.</p><p>The Philippine economy <a href="https://news.abs-cbn.com/business/12/29/20/dissecting-data-looking-back-at-the-philippine-economy-in-2020">shrank</a> 11.5 percent in the third quarter of last year and contracted 9.5 percent for the whole year of 2020 due to slower economic activity restricted pandemic quarantines.</p><p>Ayala Corp earlier announced that it would hike its capital expenditures by 16 percent to P182 billion in 2021 in a bid to invest more and create jobs.</p><p>The conglomerate will also buy 450,000 doses of COVID-19 vaccines and donate half of it to the government.</p><div><strong>RELATED VIDEO</strong></div><figure class="op-interactive"><iframe height="315" src="https://www.youtube.com/embed/LZZu5aup_mo?enablejsapi=1" width="560"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

<p>Ayala Corp Chairman Jaime Augusto Zobel de Ayala, one of the country's top business leaders, said Friday the Philippine economy will likely recover to pre-pandemic levels by the fourth quarter of 2022.</p>

Ayala Corp Chairman Jaime Augusto Zobel de Ayala, one of the country's top business leaders, said Friday the Philippine economy will likely recover to pre-pandemic levels by the fourth quarter of 2022.

Ayala Corp chair sees full economic recovery by fourth quarter of 2022

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Ayala Corp chair sees full economic recovery by fourth quarter of 2022

Bruce Rodriguez,

ABS-CBN News

Published January 22, 2021 07:01 PM PHT

Read More:

COVID-19

coronavirus

pandemic

Ayala Corporation

Ayala Corp

Ayala

Jaime Augusto Zobel de Ayala

Zobel

Moody's Analytics

slowdown

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