An economic resurgence in the Philippines led by President Benigno Aquino is lifting millions out of poverty and giving the expanding middle class more spending power. Ayala Corp. (AC) can barely keep up. The nation’s oldest family-controlled company has more than tripled its capital spending in the past five years to expand its property, banking and infrastructure units and cash in on one of the fastest expansions in Asia. While the end of Aquino’s term in 2016 raises uncertainty for investors, businesses are counting on structural reforms, a young population and rising remittances to keep their revenue surging.
Posted on: Thu, 27 Nov 2014 00:41:35 +0000
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