Inside the Philippines: September 2023

Macro Movements: Philippine Q2 GDP growth at 4.3%; August inflation rises to 5.3%

Philippine GDP target growth rate remains attainable despite economic slowdown
Philippine headline inflation rose to 5.3% in August

Industry Insights: DITO receives new capital; PLDT expands data center business

DITO Holdings Corp. welcomes three new investors
PLDT targeting 25% growth in its data centers

Market Movers: Philippine companies part of Forbes Asia watch list; Maynilad planning for 2025 listing

9 Philippine companies included in the annual watch list of Forbes Asia
Maynilad considering $1B IPO

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Inside the Philippines: August 2023

On the Rise: ADB maintains optimistic GDP projections

ADB reports robust investment and consumption spurred Q1 2023 GDP growth

Policy Perspectives: President highlights economic growth in SONA; World Bank applauds pandemic measures

President Ferdinand Marcos Jr. reports on economic progress in second SONA World Bank praises Philippine government's COVID-19 response

Cyber Shift: Digital payments see significant uptick, Alibaba Cloud forecasts increase in corporate cloud migration

BSP Reports digital payments made up 42.1% of all transactions in 2022 Alibaba Cloud expects Philippine firms to fully adopt cloud operations by 2025

Deal Highlight: CVC Capital secures majority stake in The Medical City (TMC)

CVC Capital to acquire a 60% stake in TMC for USD 270M

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Inside the Philippines: July 2023

Macro Movements: GDP growth projections upgraded and new central bank chief named

World Bank raises its Philippine GDP growth forecast for 2023 to 6%

Philippine central bank signals rate pause until yearend, gets new chief

Industry Insight: Fresh asset infusions to boost local real estate investment trust (REIT) portfolios

AREIT to acquire five properties worth USD410M in swap deal

MREIT to acquire seven office buildings, banks on the sustained growth of the IT-BPM sector

Startup Scene: Value of Manila’s startup ecosystem surges to USD3.5B; Kaya Founders raises USD12M in fresh funds

Manila’s startup ecosystem valued at USD3.5B in 2022, ranks 10 th in affordable talent in Asia

Kaya Founders secures USD12M to invest in tech startups in Southeast Asia

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Inside the Philippines: June 2023

Macro Movements: Upgrades in GDP growth projections and improving employment figures

The World Bank raises its Philippine growth forecast and Fitch upgrades its outlook

Unemployment drops to 4.5% in April amid increased hiring

Industry Insight: Office market updates and pipeline real estate investment trust (REIT) listing

Office leasing sees upswing despite projected rise in vacancies

SM Prime eyes rollout of the country’s largest REIT listing in the second half of 2023

Bank Sector Snapshot: Asset growth acceleration and reductions in reserve requirements

Philippine banks witness the quickest asset growth in three quarters

Bank reserve requirements to be reduced beginning June 30, 2023

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Inside the Philippines: May 2023

Macro Movements: Philippine growth forecast & new ecozones

IMF increases Philippines growth forecast from 5% to 6%

Approved ecozones in Bacolod and Batangas to spread growth outside the National Capital Region

Industry Insights: IT-BPM talent crisis; Philippine office market post-pandemic comeback

IT-BPM stakeholders call for talent development initiatives to address the talent crisis

Accelerating demand for office spaces driven by the IT-BPM sector and traditional offices

Deal Highlights: Local coffee startup backed by foreign investors; Philippines as hotbed for edtech services

Local grab-and-go coffee startup Pickup Coffee secures USD 40M in funding

Two edtech companies partner with Philippine BPO companies for front- and back-office requirements

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Inside the Philippines: April 2023

Macro Movements: PH on track with investment target; now open to full foreign ownership in select public sectors

PH gov’t secures nearly half of its PHP 1 trillion investment target for 2023

Gov’t releases implementing rules and regulations for amendments to the Public Service Act

Trade Relations: RCEP to take effect in June; ADB and International Trade Center project significant increase in exports

Largest free trade agreement to take effect in the Philippines this June 2023

Deal Highlights: Startup investments see sustained momentum in 2022 with over USD 1 billion raised in capital

Early-stage investments continue to dominate the local startup fundraising space

PH gov’t accredits Gobi-Core Philippine Fund as co-investor for state Startup Venture Fund

Industry Watch: Global cost-cutting to benefit Philippine BPO growth

BPO sector grows by 8.4% in headcount and 10.3% in revenues in 2022

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