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Bullish on post-COVID Philippines, Ayala boosts investment 16%

Conglomerate anticipates strong demand in Manila property development

High-rise condos developed by Ayala in Makati, a city in Metro Manila: The group invested 45.3 billion pesos over the first nine months of 2020 for residential and commercial sites.

MANILA -- Ayala will increase capital spending by 16% to 182 billion pesos ($3.8 billion) in 2021, the Philippine conglomerate says, with a large chunk expected to go to its main real estate and telecommunications segments.

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