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Conglomerate Ayala Corp. said there are “persistent gaps to close” in several sectors in the Philippines, including education, health and agriculture.
Jaime Augusto Zobel de Ayala, chairman of the conglomerate, said Ayala recognizes education as a “critical sector” that would need support to ensure that the Philippines would have the talent base that would take it “several levels higher.”
Zobel said Ayala will dedicate capital for education and will partner with the Yuchengco Group through iPeople.
“On education, we have seen a creeping learning challenge affecting young Filipinos. The World Bank and other reputable institutions have reported that the Philippines performs below [its] potential in literacy, mathematics, and science,” he said during the Management Association of the Philippines’s (MAP) General Membership Meeting held in Taguig City on Thursday.
“We note the tremendous contributions of various groups, such as Philippine Business for Education along this front.”
Zobel also said gaps in the Philippine healthcare sector were exposed by the Covid-19 pandemic.
“There is still a ‘beds and heads’ challenge in that we require not only more hospital capacity, but perhaps most importantly, a significantly higher number of healthcare practitioners and allied personnel.”
To improve access to healthcare, he said the full implementation of the Universal Healthcare law will be “critical.”
As for the country’s farm sector, Zobel said it remains “extremely challenged” due to persistent structural issues.
He called on the private sector to participate “more meaningfully” in this space, as he pointed out that “a strong agriculture sector can generate excellent economic returns and equity for our farmers and guarantee proper nutrition and food security.”
Zobel also noted that addressing the gaps in infrastructure will be crucial if the Philippines aims to be a “truly attractive place for capital.”
“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.”
As of 2022, the Ayala chief said the Philippines “attracted the least amount of FDI among Asean’s six largest economies, at $9.2 billion.” Singapore was the top FDI recipient, cornering $141 billion, followed by Indonesia with $22 billion and Vietnam with $18 billion.
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