"EXCELLENT" opportunities exist in health care, infrastructure, education and agriculture but structural problems must be addressed first, the chairman of the country's oldest conglomerate said on Thursday.

"If we all want to see a globally competitive Philippines in the next 40 years...I think that all institutions should work hand in hand to build a strong platform for exponential growth and equitable progress," Ayala Corp. Chairman Jaime Augusto Zobel de Ayala told a meeting of the Management Association of the Philippines (MAP).

CALL FOR CHANGE Ayala Corp. Chairman Jaime Augusto Zobel de Ayala speaks at the installation of Rene Almendras as the new president of the Management Association of the Philippines at Shangri-La Hotel in Bonifacio Global City in Taguig City on Thursday, Jan. 18, 2024. Zobel de Ayala, who called for structural reforms, was the inducting officer and guest speaker. PHOTO BY J. GERARD SEGUIA

With regard to health care, Zobel de Ayala said the Covid-19 pandemic had exposed the "most vulnerable areas in our system," which include not only a lack of hospitals but also medical practitioners and allied personnel.

He stressed that the Philippines should also continue strengthening the infrastructure sector as the "gap has become [so] large that faster and larger investments are required."

"We hope that our strengthened PPP (public-private partnership) framework will continue to provide a viable and fair way to encourage the private sector to help close these gaps," he added.

Boosting the infrastructure sector is crucial to transforming the country into a "truly attractive place for capital," Zobel de Ayala said.

For education, "creeping" learning challenges are impacting young learners and support is necessary in ensuring that "we have the talent base to take the country several levels higher."

Agriculture, meanwhile, remains "extremely challenged" amid persistent structural issues, and Zobel de Ayala urged the private sector to help address the sector's problems.

"A strong agriculture sector can generate excellent economic returns and equity for our farmers and guarantee proper nutrition and food security," he said.

No single institution can address gaps in the four sectors, Zobel de Ayala continued.

"I hope that we can work together toward building a more equitable and progressive Philippines, where all Filipinos are healthy, educated and included; can enjoy the benefits of a modern economy and an enhanced standard of living; and ultimately, be their best selves and thrive."

Also yesterday, newly elected MAP President Rene Almendras said he was in favor of moves to amend economic provisions of the 1987 Constitution to boost investments and economic growth.

"We (the MAP) have spoken in the past that we are supporting the changes which are economic in nature ... [as these] can make a difference as far as attracting foreign investors into the country," he told reporters.

Government moves to improve the ease of doing business in the country, Almendras said, will not be enough given current limits on foreign ownership.

WITH A REPORT FROM JENICA FAYE GARCIA

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