Philippines Newsletter - March 2025

Market summary

The Philippines recorded a mix of M&A and fundraising activities, demonstrating robust market activity across the construction, real estate, logistics, financial services, healthcare, utilities and tech sectors.

• The real estate sector saw significant activity with Cebu Landmasters Inc. (CLI) listing its P5-billion sustainability-linked bonds on the Philippine Dealing & Exchange Corp. (PDEx). This will support CLI’s commitment to addressing the Philippines' extensive housing backlog, with the targeted construction of 16,000 affordable homes by 2028.

• The logistics sector continued to see strategic acquisitions, with AyalaLand Logistics Holdings Corp. (ALLHC) acquiring two key logistics parks: 3M Pangasinan and 3M Iloilo. This expansion adds 11,200 pallet positions and boosts its cold storage capacity to 31,500 pallet positions, enhancing its ability to serve businesses in the agricultural and seafood industries.

• The financial services sector saw continued growth with Arthur J. Gallagher & Co.'s finalization of its acquisition of Philpacific Insurance Brokers & Managers Inc. (Philinsure). This move strengthens Gallagher's presence in Asia and expands its retail brokerage capabilities across the Philippines.

  
  

*Aggregate Deal Values = USD101.8m

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This month’s top deals

Construction

EEI invests SAR49m (USD13.m) in offshore unit, sets up training arm

EEI Corp. is investing SAR49m (USD13.1m) into EEI Ltd., its British Virgin Islands-based subsidiary, to support international projects. EEI Ltd. handles labor supply and project management and holds stakes in joint-ventures abroad. The company also approved the creation of a new vocational training subsidiary with an initial PHP30m investment.

The move comes amid a management buyout led by President & CEO Henry Antonio, who is acquiring a 20% stake from RYM Business Management. EEI, backed by the Yuchengco and Chua Groups, is looking to diversify into real estate and power, while continuing to pursue major infrastructure projects like railways.

Article link:

EEI infusing fresh capital into foreign unit | Philstar.com

Transportation and Logistics

ALLHC acquires two logistics parks to expand cold storage capacity

AyalaLand Logistics Holdings Corp. (ALLHC) has acquired 3M Pangasinan and 3M Iloilo, expanding its logistics footprint and cold storage network under the Artico Cold Chain brand. The two new sites—now branded Artico Urdaneta and Artico Iloilo—add 11,200 pallet positions, bringing ALLHC’s total cold storage capacity to 31,500.

The deal also grows ALLHC’s ALogis portfolio by 15,000 sqm of dry storage GLA, enhancing services in key regional hubs. Both facilities are fully accredited by NMIS, BPI, and BFAR, supporting businesses in agriculture and seafood across Pangasinan and Iloilo.

Article link:

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

Financial services

Gallagher completes acquisition of Philinsure to expand PH presence

Arthur J. Gallagher & Co. has finalized the acquisition of Philpacific Insurance Brokers & Managers Inc. (Philinsure), a Philippine insurance and reinsurance brokerage headquartered in Cebu City with branches in Metro Manila and Davao. Post-transaction, Philinsure’s leadership, including Gordon “Dondi” Joseph, will remain in place and report to Sarah Lyons, head of Gallagher’s retail property and casualty brokerage for Australia and Asia.

Gallagher’s expansion comes as the Philippine insurance industry posted double-digit growth in 2024, with premiums rising 12.81% to PHP440.39bn and net income up 15.88% to PHP56.29bn, according to the Insurance Commission.

Article link:

Gallagher expands in Asia with Philippine brokerage acquisition | Insurance Business Asia

Healthcare

ASKA Pharma acquires stake in MedChoice parent to expand in Southeast Asia

ASKA Pharmaceutical Holdings has agreed to acquire a 21% stake in FTS Ambrose Holdings Inc., the parent company of Philippine-based MedChoice Pharma. The move supports ASKA’s push into Southeast Asia under its Medium-Term Management Plan 2025, focusing on growth in emerging markets.

MedChoice, a branded generics company with strong sales in endocrine and CNS treatments, offers strategic value in the thyroid segment, where ASKA has established expertise. The partnership aims to create product synergies and expand both companies’ presence across the region.

Article link:

ASKA Pharmaceutical Holdings to Collaborate with MedChoice Pharma, Inc. through Share Acquisition of FTS Ambrose Holdings, Inc.

Utilities

Maynilad files for IPO to fund water and wastewater projects

Maynilad Water Services, Inc. has filed a registration statement with the SEC and a listing application with the PSE for a proposed IPO of up to 2.46 billion common shares at a maximum price of PHP20 per share, representing 30.45% of its post-IPO capital. Proceeds will support Maynilad’s 2025–2026 CAPEX program, covering water and wastewater infrastructure, customer service, and IT systems.

The offer includes primary shares, an overallotment option, and a potential upsize tranche. Joint Global Coordinators are BPI Capital, HSBC, Morgan Stanley, and UBS. If approved, the offer period will run from June 25 to July 2, 2025, with listing targeted for July 10.

Article link:

MAYNILAD FILES IPO REGISTRATION WITH SEC AND PSE - Maynilad Water Services, Inc.

Tech

Shoppable raises USD1.16M seed round to boost B2B supply chain tech

Filipino supply chain tech firm Shoppable Business has raised USD1.16 million in seed funding to expand its AI-driven B2B platform and digitize procurement for MSMEs. The round was led by Ignite House of Innovation, with participation from Tenco Capital, Indelible Ventures, ApolloTech Ventures, and other strategic investors.

The funds will accelerate the rollout of Quotable, Shoppable’s AI-powered middleware software, offered free to MSMEs, and help grow its network of over 1,000 buyers and 2,500+ suppliers. The company aims to drive profitability by end-2025 by automating quotes, invoicing, and payments—addressing inefficiencies in the Philippine supply chain landscape.

Article link:

Filipino startup Shoppable raises $1.16M in seed round led-by Ignite House of Innovation - TNGlobal

Other

Themis Group sets PHP284.8M tender offer for Ferronoux shares

Themis Group Corp. has launched a PHP284.8 million tender offer for publicly held shares of Ferronoux Holdings, Inc. at PHP2.22 per share, as part of its backdoor listing strategy. The offer period runs from March 19 to April 21, 2025, following a change in control late last year.

The move supports Ferronoux’s PHP4.31bn property-for-share swap with Eagle 1 Landholdings, involving 918 million new shares in exchange for 9.4 hectares of land near Okada Manila. Themis will also subscribe to 240 million shares, with a follow-on offering planned within a year to meet PSE backdoor listing rules.

Article link:

Themis Group sets Ferronoux tender offer price at P2.22 per share - BusinessWorld Online

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 = PHP57.10 as of 03/04/2025