Philippines Newsletter - January 2025

Market summary

The Philippine market recorded a mix of M&A and fundraising activities, demonstrating robust market activity across the energy, real estate, transportation, logistics, financial services and digital infrastructure sectors.

• The Transportation and Logistics sector saw robust investment activity, totaling c. USD100m in the recent month. ADB announced a their investment in the Philippines' conglomerate Ayala Corp. for the development and improvement of the country's electric mobility ecosystem.

• The financial services sector has seen a surge in deal activity, highlighted by GCash's engagement of Citi, Jefferies, and UBS to manage its USD1.5b IPO. If successful, this IPO would become the largest in the history of the Philippines.

*Aggregate Deal Values = USD230m

This month’s top deals

Real Estate

DoubleDragon boosting war chest with PHP51 billion fundraise initiatives

DoubleDragon Corp., the listed property developer owned by Edgar “Injap” Sia II and Tony Tan Caktiong, is bolstering significantly its war chest with capital-raising initiatives worth PHP51.3 billion planned for this year, the largest equity increases to be generated in the firm’s 13-year history.

Article link:

DoubleDragon boosting war chest with PHP51 billion fundraise initiatives

Transportation and Logistics

ADB, Ayala Corp. sign USD100 million financing deal for PH EV ecosystem dev't

The Asian Development Bank (ADB) and Ayala Corporation signed a USD100 million financing package to further develop the electric mobility ecosystem in the Philippines.

In a statement, ADB said the amount will be used to procure and install electric vehicle charging stations (EVCS) and to purchase electric vehicles for commercial distribution.

Article link:

ADB, Ayala Corp. sign USD100 million financing deal for PH EV ecosystem dev't

Financial services

‍KKR hires Goldman for selling stake in Philippine fintech Maya: Global investment firm KKR has appointed Goldman Sachs for the sale of its significant minority stake in Philippine fintech company Maya, according to two sources with knowledge of the matter.‍

IFC Invests in Asialink to Boost Small-Business Lending in the Philippines: In line with its goal to ramp up financial inclusion in the Philippines, the International Finance Corporation (IFC), the largest global development institution focused on the private sector in emerging markets and a member of the World Bank Group, announced last week it will provide up to USD130 million in investment to Asialink Finance Corporation (AFC).‍

Philippine fintech GCash hires banks for up to USD1.5 billion IPO:

‍GCash, a Philippine fintech firm, has hired banks, including Citi, Jefferies and UBS to work on an up to USD1.5 billion domestic initial public offering, three sources with knowledge of the matter said, in what would be the country's biggest ever stock offering.

The IPO is expected to take place as early as the second half of 2025 or in 2026, subject to broader market conditions, two of the sources said, declining to be named as the matter was private.

Article link:

KKR hires Goldman for selling stake in Philippine fintech Maya

IFC Invests in Asialink to Boost Small-Business Lending in the Philippines | News | FinDev Gateway

Philippine fintech GCash hires banks for up to USD1.5 billion IPO

Digital Infrastructure

PAG and Ayala JV secure USD41.1 million loan for Laguna data center build-out in the Philippines

A joint venture between Ayala Land, Inc. and PAG’s Flow Digital Infrastructure has secured a loan to fund the development of a data center outside Manila, the Philippines.

A-Flow Properties I Corp. (A-Flow), a joint venture between AyalaLand Logistics Holdings Corp. (ALLHC) and Flow Digital Infrastructure, and Land Bank of the Philippines (Landbank) announced the signing of a PHP2.4 billion (USD41.1 million) loan agreement representing Tranche 1 of a PHP10.8 billion (USD185 million) 10-year loan.

Article link:

PAG and Ayala JV secure USD41.1 million loan for Laguna data center build-out in the Philippines

Note: Deal values only include disclosed completed deals with amounts restricted to local scene i.e. amounts related to the Philippine entity and/or business. Rumored, announced, or planned deals not included. Cross-posted deals are also adjusted to avoid double count.

*USD 1.00 = PHP59.61 as of 31/01/2025