Philippines Newsletter - May 2025

Market summary

The Philippine deal landscape remained promising in May 2025, with notable capital raises and strategic M&A across key sectors. Investors continued to back platforms aligned with long-term themes such as infrastructure development, renewable energy, and healthcare.

• The infrastructure sector saw continued movement, with I Squared Capital acquiring a controlling stake in Royale Cold Storage and consolidating its strategy to build a leading institutional cold storage platform in the Philippines.

• The renewable energy sector remained active amid continued momentum in the energy transition with ACEN Corp. announcing plans to raise up to PHP30b (USD511.9m) through a stock rights offering the proceeds of which are intended to fund clean energy projects.

• The Consumer and Retail sector saw growing M&A activities, with Agrotex Commodities, Inc. acquiring c.30% of C-Joy Poultry Realty, Incorporated from Jollibee Foods Corporation for PHP33.9m (USD0.6m).

• The Real Estate sector experienced exceptional movement with Clark Freeport securing PHP300m (USD5.4m) from Harness Master Wiring Systems to fund its growth.

  
  

*Aggregate Deal Values = c. USD755m

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This month’s top deals

Infrastructure

I Squared Capital Acquires a Leading Cold Storage Operator in the Philippines

I Squared Capital, a leading independent global infrastructure investment manager, announced today that it has agreed to acquire a controlling stake in Royale Cold Storage (“RCS”), a leading cold storage operator in the Philippines.

This investment is the first step in I Squared’s strategy to build a leading institutional cold storage platform in the Philippines. RCS operates five strategically located cold storage facilities that serve as key distribution hubs for Metro Manila and surrounding provinces, supporting a blue-chip client base across quick service restaurants (QSRs), meat processors, agriculture, and food retail.

Article link:

I Squared Capital Acquires a Leading Cold Storage Operator in the Philippines

Energy & Utilities

ACEN Corp. announces up to PHP30 billion in stock rights offering

Ayala-led energy company ACEN Corp. said it plans to raise up to PHP30 billion through a stock right offering (SRO) to pay off debt and fund its renewable energy (RE) projects. The indicative price of the SRO is a minimum of PHP2.30 per share, ACEN said in a regulatory filing. The planned issuance secured board approval on the same day.

Article link:

ACEN Corp. announces up to PHP30 billion in stock rights offering

Financial Services

GoTyme Receives USD10.4 million Capital Infusion from Parent Companies

Philippine digital bank GoTyme has successfully secured USD10.4 million in fresh capital infusion from its parent companies, JG Summit Holdings and Tyme Investments.

GoTyme’s parent companies are earmarking this significant funding injection to accelerate the bank’s lending operations. It will also help propel its broader expansion plans within the Philippine digital banking landscape.

Regulatory filings in Singapore confirmed the capital infusion. USD4.6 million came from JG Summit Holdings, with an additional USD5.8 million provided by Tyme Investments, a subsidiary of Singapore-based Tyme Group.

Article link:

GoTyme Receives USD10.4 million Capital Infusion from Parent Companies

Consumer & Retail

Agrotex Commodities, Inc. acquired 30% stake in C-Joy Poultry Realty, Incorporated from Jollibee Foods Corporation for PHP33.9 million

Agrotex Commodities, Inc. executed a Share Purchase Agreement to acquire 30% stake in C-Joy Poultry Realty, Incorporated from Jollibee Foods Corporation (PSE:JFC) for PHP33.9 million on May 26, 2025. A cash consideration valued at PHP299.16 per share will be paid by Agrotex Commodities for 113,250 shares.

The transaction has been approved by board of Jollibee Foods Corporation.

Article link:

Agrotex Commodities, Inc. acquired 30% stake in C-Joy Poultry Realty, Incorporated from Jollibee Foods Corporation for PHP33.9 million

Real Estate

Clark Freeport secures PHP300 million investment from car parts manufacturing firm

Clark Development Corporation (CDC) has secured a PHP300 million investment from Harness Master Wiring Systems (HMWS) Inc. as part of the company’s expansion plans within the Clark Freeport Zone.

The project is expected to generate at least 200 new jobs.

Article link:

Clark Freeport secures PHP300 million investment from car parts manufacturing firm

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 = PHP56.0414 as of 13/06/2025