''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,'' Macquarie analyst Gilbert Lopez said in a research note.

''In order of importance, this would be the persistence of negative real interest rates, OFW (overseas Filipino workers) remittances remaining robust, the emergence of the Philippines as a call center haven and a tourism sector that is on an upswing,'' he added.

He also expects the company's dividends to remain fairly high at P0.30 per share annually.

Local interest rates had been declining, as evidenced by the recent continued drop in short-term Treasury bill rates, despite tighter monetary policies elsewhere in the world.