It’s all about the money! Ayalas hop on China’s Belt and Road Initiative

Last updated May 17, 2019

POLITIKO - The bible of Philippine Politics.

The Ayalas have thrown their support behind China’s ambitious Belt and Road Initiative (BRI), saying it will create a “halo effect” for the Philippines’ growing economy.

Ayala Corporation chairman and Chief Executive Officer Jaime Augusto Zobel de Ayala praised BRI when he participated in a panel discussion at JP Morgan’s Global China Summit on May 8 and 9 in Beijing.

Speaking to foreign business and political leaders, Ayala said the BRI will accelerate infrastructure development in the Philippines.

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“In addition, the BRI and China’s outward investment approach has created a halo effect for the Philippines in boosting economic activity through people flow, tourism, and the growth of certain sectors like real estate,” he said.

For BRI to be inclusive and sustainable, Ayala said China must partner with local companies to create jobs and other business opportunities.

The administration has signed several multibillion-dollar business deals with China as a result of warmer relations between the two countries under President Rodrigo Duterte.

https://politics.com.ph/its-all-about-the-money-ayalas-hop-on-chinas-belt-and-road-initiative/

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