CEO Morning Brief

Oldest Philippine Conglomerate Plans 2023 EV, Digital Push: CEO

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Publish date: Wed, 30 Nov 2022, 09:04 AM
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TheEdge CEO Morning Brief

MANILA (Nov 28): Ayala Corp, the oldest Philippine conglomerate, will build an electric vehicle “ecosystem” as part of its green and digital push next year, its CEO said.

The conglomerate which has interests in banking, property, energy and telecommunications, also plans to accelerate expansion of its healthcare and logistics businesses, Ayala President and CEO Cezar Consing said in an interview with Bloomberg TV’s Haslinda Amin and Rishaad Salamat.

“When you look at digital and green, it automatically translates to more shared value because you can go to a much broader market,” said Consing, Ayala’s first CEO who is not a member of the Zobel de Ayala family.

Ayala, through its unit Integrated Micro-Electronics, Inc,has been rolling out EV charging stations on its shopping malls, and is also set to be the distributor of Kia’s full-electric vehicle. That’s in line with the recent push from President Ferdinand Marcos Jr to promote EV use in the Southeast Asian nation.

A former president of Ayala’s Bank of the Philippine Islands, Consing was plucked out of retirement and was named CEO of the group in September, to take the place of Fernando Zobel de Ayala who resigned due to health reasons. Before he retired, BPI’s loan portfolio had more than doubled to 1.38 trillion pesos from when he joined the bank in April 2013. He also once worked as JPMorgan Chase & Co’s investment banking president in Asia-Pacific.

Ayala plans to invest more, with its core businesses “in great shape” and to take advantage of the Philippine economy’s growth, Consing said. The company will particularly put resources in technology through Globe Telecom Inc and renewables via ACEN Corp, he said.

“We will be adding investments in an economy that sorely needs more investments and take advantage of this next ramp up in growth,” Consing said. The conglomerate will also invest more in Ayala Land Inc’s leasing business and BPI’s digitalisation.

While saying that Globe’s mobile wallet GCash has more growth potential, Consing didn’t specify a timetable for an initial public offering. He also said that there’s opportunity to “delayer” some of the conglomerate’s units, and to consolidate smaller businesses.

Source: TheEdge - 30 Nov 2022

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