Ayala Corp. chairman Jaime Augusto Zobel de Ayala on Thursday cited the need for more investments in education, healthcare, infrastructure and agriculture to ensure the exponential and equable growth of the Philippine economy.
Zobel de Ayala said in a speech during the general membership meeting of Management Association of the Philippines (MAP) these sectors needed more investments to close the gaps, while offering great opportunities to create value.
“It is important to ensure that the economy grows in an exponential and equitable manner, while our population also grows. To illustrate the scale of the challenge, the government aims to nearly triple income per capita to $11,000 by 2040, compared to just around $3,950 today. Even then, this is a far cry from Singapore’s 2022 per capita income of $82.807 or Indonesia’s $4.580,” he said.
He said that in the healthcare sector, there is a need for additional hospital bed capacity and healthcare practitioners and allied personnel to service the needs of the population.
He said the government should also continue to invest over 5 percent of gross domestic product in infrastructure if the Philippines is to transform into attractive place for capital.
“Nevertheless, the gap has become quite large that faster and larger investments are required. We hope that our strengthened PPP framework will continue to provide a viable and fair way to encourage the private sector to help close these gaps,” Zobel de Ayala said.
Education is another sector that needs attention as the World Bank and other reputable institutions reported that the Philippines performs below our potential in literacy, mathematics and science, he said.
“This is likewise a critical sector that would need support to ensure that we have the talent base to take the country several levels higher,” Zobel de Ayala said.
He expressed hope that the private sector would invest in agriculture, a sector that remains extremely challenged due to persistent structural issues.
“We are hopeful that the private sector can perhaps more meaningfully participate in this space. A strong agriculture sector can generate excellent economic returns and equity for our farmers and guarantee proper nutrition and food security,” he said.