Philippine Economy Expanding Like It’s 1950s on Consumption Boom

Philippine President Benigno Aquino is lifting millions out of poverty and boosting the middle class even as he struggles to increase government spending. Ayala Corp. is reaping the gains.

The nation’s oldest family-controlled company has more than tripled its capital spending in the past five years to expand its property, banking and infrastructure units and cash in on one of the fastest expansions in Asia. Businesses are counting on structural reforms, a young population and rising remittances to keep their revenue surging, while wrestling with port logjams and delayed project rollouts.