Equity earnings from the Bank of thePhilippine Islands [BPI] and Ayala Land [ALI] jumped 19 percent and 18 percent, respectively. With the strong 2016 result, Ayala surpassed its five-year goal starting 2011 to grow net income to the P20-billion mark. “Ayala capped its five-year strategic target in 2016 with net income expanding nearly threefold and a 23 percent compounded annual growth rate since we put the plan in place in 2011. AC Energy’s net income grew 25 percent to P2.7 billion, while AC Industrials —composed of semiconductor maker Integrated Micro-Electronics Inc. (IMI) and car distributor AC Automotive —improved net profit by 29 percent to P1.8 billion. The conglomerate is now aiming to hit a net income of P50 billion by 2020 through expansion and acquisitions.

Source: Manila Times March 13, 2017 17:48 UTC