A key advantage of Ayala Land is that its diversified portfolio of businesses allows it to participate in each of the key macroeconomic drivers of the Philippines.

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Indications are positive towards stronger loans growth this year, which is becoming quite important in sustaining net profits amid the possibility of declining net interest margins.

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The slight earnings disappointment is compensated by the positive outlook on dividends, where management guidance is moving towards our more aggressive dividend payment assumptions.

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