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Philippines Newsletter - November 2023



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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Alsons raises PHP1.1 billion from third tranche debt issue

ACEN signs PHP20 billion term loan facility

First Gen inks PHP20 billion term loan deal with BDO, BPI

GSIS buys PHP1.45 billion preferred shares in RE firm Alternergy

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.


Article link:

Globe secures PHP12 billion loan from three banks


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.


Article link:

Philex unit gets USD100 million loan for Silangan project


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.


Article link:

BPI secures PHP36.7 billion from bond offer after huge order

MAA Group sells 85% stake in Philippine arm

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.


Article link:

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.


Article link:

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

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.


Article link:

EEI sells 60% stake in subsidiary for PHP50 million

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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