Philippines Newsletter - November 2023
- miguelmanuel4
- Jan 2, 2024
- 1 min read
Updated: Jan 3, 2024
Market Summary
The Energy & Utilities sector accounted for the majority of the deal volume for the month. Energy transactions include GSIS’s subscription to Alternergy’s Perpetual Preferred Shares 2 Series A; and First Gen Corporation’s term loan agreement with BDO and BPI.
In the Financial Services sector, the Bank of the Philippine Islands (BPI) raised PHP36.7bn from the sale of fixed-rate bonds. The 1.5-year bonds with an interest rate of 6.425 percent a year, were listed on the Philippine Dealing & Exchange Corp.
Etaily, a Philippine-based e-commerce enabler, secured USD17.8m in a Series A funding round led by SKS Capital and Pavilion Capital.
Aggregate Deal Value* = USD776.8m
This month's top deals
Energy & Utilities
Alsons raises PHP1.1 billion from third tranche debt issue
ALSONS Consolidated Resources, Inc. (ACR) has raised PHP1.149 billion from the third tranche of its commercial paper (CP) program. “The proceeds derived from this will primarily be used for ACR’s general working capital, showcasing the company’s unwavering commitment to steering economic progress in Mindanao”, the listed energy firm said in a stock exchange disclosure.
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ACEN signs PHP20 billion term loan facility
Ayala-led ACEN Corporation has inked PHP20 billion worth of term loan facility that will be used mainly to bankroll ongoing renewable energy (RE) projects as well as for general corporate purposes.
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First Gen inks PHP20 billion term loan deal with BDO, BPI
Lopez-led First Gen Corporation has signed PHP20 billion term loan agreement with major local banks – BDO Unibank, Inc. (BDO) and Bank of the Philippine Islands (BPI) – primarily to fund the acquisition of the 165-megawatt Casecnan hydroelectric power project (CHEPP) in Nueva Ecija.
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GSIS buys PHP1.45 billion preferred shares in RE firm Alternergy
State-run pension fund Government Service Insurance System (GSIS) has subscribed to renewable energy (RE) firm Alternergy Holdings Corporation’s Perpetual Preferred Shares 2 Series A amounting to PHP1.45 billion under a private placement.
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GSIS buys PHP1.45 billion preferred shares in RE firm Alternergy
DBP lends PHP1.4 billion for 8.4-MW Mindanao hydropower plant
State-owned Development Bank of the Philippines (DBP) said it granted a PHP1.4 billion loan to a renewable energy firm to partially fund the construction of a 8.4-megawatt hydroelectric power plant in Bukidnon in line with the government’s efforts to expand new and sustainable energy sources. DBP president and chief executive Michael de Jesus said the loan granted to Investco BHPI Inc. was made under the bank’s Financing Utilities for Sustainability Energy Development (FUSED) program which seeks to help increase access to electricity services particularly in the countryside.
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DBP lends PHP1.4 billion for 8.4-MW Mindanao hydropower plant
Telecommunication & Media
Globe secures PHP12 billion loan from three banks
Globe Telecom, Inc. said it had secured funds from a loan facility amounting to a total of PHP12 billion which it will use to fund its capital expenditures (capex). The company said it signed the term loan with Bank of the Philippine Islands, China Banking Corp., and Robinsons Bank Corp. for PHP3 billion, PHP5 billion, and PHP4 billion, respectively.
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Industrials & Manufacturing
Philex unit gets USD100 million loan for Silangan project
A wholly owned subsidiary of Pangilinan-led Philex Mining Corp., has entered into a USD100 million syndicated debt facility for the development of the Silangan mine project in Surigao del Norte.
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Financial Services
BPI secures PHP36.7 billion from bond offer after huge order
Bank of the Philippine Islands (BPI) raised PHP36.7 billion from the sale of fixed-rate bonds after noting “incredible” demand from buyers, prompting the Ayala Group’s banking arm to increase the offer size by over seven times. BPI, the country’s third-biggest lender, said the 1.5-year bonds, which will pay an interest rate of 6.425 percent a year, were listed on the Philippine Dealing & Exchange Corp.
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BPI secures PHP36.7 billion from bond offer after huge order
MAA Group sells 85% stake in Philippine arm
Malaysian-based MAA Group sold 85% of its Filipino arm worth USD49.3 million to Triple P Philippines. Additionally, MAA Group has granted Triple P an option for the sale of the remaining 102,318 MAA General Assurance Philippines (MAAGAP) shares (Option Shares), representing a 15% equity interest in MAAGAP, under the terms and conditions outlined in the SSPA. The proposed disposal will result in MAAGAP, a subsidiary of MAA Group, exiting the nonlife insurance business in the Philippines.
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Paramount Life & General Insurance Corporation Acquires Macondray Finance Corporation (MFC)
Paramount Life & General Insurance Corporation (PLGIC) is pleased to announce its recent acquisition of Macondray Finance Corporation (MFC), a subsidiary specializing in consumer loan financing. This significant development marks an exciting chapter in PLGIC's journey towards continuous evolution and innovation.
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Paramount Life & General Insurance Corporation Acquires Macondray Finance Corporation (MFC)
Healthcare
Philippine Hive Health Acquires HMO Service Provider Health Plan Philippines, Inc.
Hive Health, a Philppine-based digital health insurance startup, has acquired Health Plan Philippines, Inc. (HPPI), one of the Health Maintenance Organization (HMO) service providers in the country. With this strategic initiative, Hive Health will be able to share its technology and data-driven innovations with HPPI’s existing members.
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Philippine Hive Health Acquires HMO Service Provider Health Plan Philippines, Inc.
Technology
Philippines’ Etaily secures USD17.8 million investment to fuel growth in Southeast Asia
Philippine-headquartered commerce platform enabler Etaily has secured USD17.8 million in a Series A funding round, led by SKS Capital from China and Taiwan, and co-led by Pavilion Capital from Singapore, as it scales its ecommerce entry platform to enable brands to connect with consumers across Southeast Asia.
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Philippines’ Etaily secures USD17.8 million investment to fuel growth in Southeast Asia
Filipino Startup Swarm Raises USD1.1 million in Pre-Seed Funding Round
Swarm, a Filipino tech company that connects startup founders with freelance tech builders, has announced that it has raised USD1.1 million in a pre-seed funding round. Leading the round are two early institutional investors, Hustle Fund and Plug and Play.
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Filipino Startup Swarm Raises USD1.1 million in Pre-Seed Funding Round
The Philippines’ edamama raises Series A+ funding led by Ayala’s ACTIVE Fund
The Philippines’ online-to-offline (O2O) parenting platform edamama has closed its Series A+ financing, bringing the total funds raised by the company so far to USD35 million. The fresh investment was led by the Ayala Corporation Technology Innovation Venture (ACTIVE) Fund, the largest venture capital fund in the Philippines, which is managed by Kickstart Ventures and backed by Ayala Corporation and its subsidiaries.
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The Philippines’ edamama raises Series A+ funding led by Ayala’s ACTIVE Fund
Others
EEI sells 60% stake in subsidiary for PHP50 million
EEI Corp. said its board had approved the sale of its subsidiary BiotechJP Corp. for PHP50 million to Earthman Consulting & Development Corp. The listed construction company is assigning its 181,815 common shares in BiotechJP, which accounts for 60% of the total outstanding capital stock, to Earthman. The sale of its BiotechJP interest is part of EEI’s exit from its noncore business.
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2x acquires StraightArrow to boost outsourced marketing services
Marketing-as-a-service (MaaS) company 2x announced its acquisition of StraightArrow Corporation, a leading creative process outsourcing (CPO) company based in Manila, Philippines. The acquisition represents a milestone for 2x’s mission to disrupt the USD850 billion United States marketing services sector.
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2x acquires StraightArrow to boost outsourced marketing services
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 = PHP55.53 as of 11/30/2023
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