Inside the Philippines: March 2023

Macro Movements: Stable Philippine outlook maintained amid monetary tightening

Philippine central bank raises interest rates in February as inflation hits 14-year high, signals further tightening

Moody’s maintains stable Philippine outlook

Industry Insight: Data center investments gain ground

Investments in the data center market seen to double in the medium term

Megawide partners with Singapore firm for USD300M data center

PLDT maintains lead in data center market, eyes 82% increase in capacity by 2024

Deal Spotlight: Metro Pacific expands agri business, acquires stake in coconut exporter

Metro Pacific acquires 35% stake in coconut exporter Axelum Resources for USD97M

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Inside the Philippines: February 2023

Macro Movements: Forecast-beating economic growth in 2022 and projections for 2023

The Philippines’ GDP growth accelerated to 7.6% in 2022, the fastest growth in over four decades

Philippine 2023 GDP growth forecasted among the top range of Southeast Asian economies

Industry Insight: Strong office space demand and outsourcing industry growth

Office space net take-up is expected to double in 2023 from the 2022 level

Outsourcing industry to see robust growth in local jobs and revenue generation

Deal Spotlight: Philippine rum and grocery investments, and logistics startup and VC capital raising

Diageo to buy Don Papa Rum, a super-premium, dark rum from the Philippines

Creador and Navegar invest USD 55 million in DALI Stores, a chain of discount grocery stores in the Philippines

Locad raises USD 11 million in Series A funding and Foxmont Capital secures USD 21.3 million for its second fund

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Inside the Philippines: January 2023

Macro Developments: November unemployment at its lowest in 17-years while inflation is at a 14-year high

Unemployment comes down to 4.2% while underemployment rose to 14.4% for the month of November.

Inflation picks up in December to 8.1%.

Industry Spotlight: USTDA to open office in the Philippines

USTDA plans to strengthen its presence in the Philippines through a local office targeted to open by first quarter of 2023.

IPO Watch: PSE targeting 14 IPOs for 2023

PSE is optimistic that 2023’s economic reopening will boost confidence for business expansions.

Deal Spotlight: MPIC voluntary delisting, Arch Capital launches Digital Halo, and Converge ICT Singapore expansion

MPIC considers voluntary delisting

ARCH Capital announce launch of 70MW facility in Cainta

Converge can now start building infrastructure for providing connectivity in city-state of Singapore.

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Inside the Philippines: December 2022

Macro Movements: PH GDP expected to grow over 7%; BBB+ rating affirmed by S&P Global

National Economic Development Authority (NEDA) announces forecast of over 7% for PH 2022 GDP

S&P Global affirms BBB+ PH investment grade rating

Trade Relations: Philippines could sign RCEP trade agreement by early 2023

Department of Trade and Industry (DTI) optimistic of Senate's concurrence to RCEP

Deal Spotlight: MUFG acquires Home Credit PH; Tonik aims to enter new market through TendoPay acquisition

Japanese holding company MUFG acquires Home Credit Philippines for USD 473M

Tonik Financial acquires TendoPay

Industry Watch: E-Commerce drives growth of digital economy

PH digital economy expected to reach a GMV of USD 35B by 2025

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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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