Inside the Philippines: November 2022

Macro Developments: Inflation soars to nearly 14-year high; further monetary tightening signaled

Philippine inflation accelerated to 7.7% in October from 6.9% in September

Central bank set to deliver another 75-basis-point rate hike in November

Switching Sources: New measures accelerate shift to renewable energy

Department of Energy promotes investments, allows 100% foreign ownership in the local renewable energy sector

Industry Insight: Local conglomerates foray into the fast-emerging data center market

Philippine ICT market seen to reach USD21B by 2026

Local conglomerates venture into the data center business

Startup Scene: Packworks to represent the Philippines at the 2023 Startup World Cup in Silicon Valley

Packworks bags the top spot in the Philippine leg of the Startup World Cup, advances to the finals

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Inside the Philippines: October 2022

Macro Developments: Inflation hits 4-year high and interest rate hikes expected

Philippine inflation rose to 6.9% in September from 6.3% in August

Central bank expected to raise interest rates

Acquisition Activity: Ayala and Gokongwei groups to merge banks; San Miguel to acquire major cement maker

Bank of the Philippine Islands (BPI) and Robinsons Bank Corp. (RBC) announce merger

San Miguel Corp. to acquire Eagle Cement for USD 1.6B

Startup Scene: Cloud kitchen CloudEats and online shipping platform Shipmates raise capital

Startups CloudEats and Shipmates raise USD 7M and USD 2.2M, respectively

Industry Spotlight: Blockchain and cryptocurrency in the Philippines

Binance looks to secure Philippine regulatory licenses through a company acquisition

First PH Blockchain Week to be held from 28 November to 4 December 2022 in Newport World Resorts in Pasay City

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Inside the Philippines: September 2022

Macro Movements: 2Q 2022 GDP growth meets gov’t target; Central Bank implements further interest rate hike

Philippines’ 2Q 2022 GDP grows by 7.4% year-on-year

Local Central Bank raises key interest rate to 3.75%

Spurring Investments: Foreign investment pledges more than double in 2Q 2022

Foreign commitments amount to USD 811M in 2Q 2022

Deal Spotlight: Globe forges USD 1.25B sale for its telco towers; Local startups raise Series A funding rounds

Globe Telecom to sell telco towers for USD 1.25B

Startups Edamama and Expedock bag Series A funding

Industry Watch: IT-BPO industry to continue steadfast growth

Local IT-BPO industry expects to grow revenues by 10% in 2022

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Inside the Philippines: August 2022

Macro Developments: Upgrades in Philippine growth forecasts and further monetary policy tightening

IMF and ADB hike Philippine GDP growth projections for 2022

Philippine central bank signals more policy tightening in August

Industry Watch: Office take-up and retail occupancy approach pre-pandemic levels

Metro Manila office market registers highest net absorption since the pandemic

Retail vacancy rates seen to return to pre-pandemic levels by year-end

Going Public: Cold storage firm eyes IPO for expansion

ORCA Cold Chain Solutions files for USD27M IPO

Startup Spotlight: Fast Logistics and CVC invest in local tech startup

Packworks successfully closes USD2M seed round

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Inside the Philippines: July 2022

Macro Developments: Upgrades in GDP growth forecasts and downtrend in unemployment

HSBC and Moody’s raise Philippine GDP growth projections

Unemployment eases to the lowest level since the pandemic

Industry Watch: Outsourcing outperforms targets; office leasing sees uptick in demand

Philippines’ business process outsourcing (BPO) industry exceeded growth targets in 2021

Demand for office space increases in the first half of 2022 driven by take-up from the BPO sector

Going Public: Capital raising activity and a new real estate investment trust (REIT)

Capital raising in the local stock market amounted to USD 1.1B in the first half of 2022

First Steps: New Philippine President takes the helm

President Ferdinand Marcos Jr. has been sworn in as the Philippines 17th president

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Inside the Philippines: June 2022

Macro Movements: 1Q 2022 GDP growth sees upswing; Central Bank raises key policy interest rate

Philippines’ 1Q 2022 GDP grows by 8.3% year-on-year

Local Central Bank raises key interest rate to 2.25%

New Administration: Marcos officially proclaimed next Philippine president

Ferdinand Marcos Jr. proclaimed president-elect of the Philippines

Deal Spotlight: Foreign investment manager acquires Clark office complex; Startups raise various funding rounds

CarVal Investors-backed Aeropark Development Philippines Inc. (ADPI) invests in West Aeropark and Xendit PH raise various funding rounds in May

Industry Watch: Telco sector sees opportunities for satellite internet, benefits from inclusion as gov’t priority

Starlink gets approval from National Telecommunications Commission (NTC)

Converge ICT secures approval for tax incentives

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