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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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
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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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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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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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
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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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
Coins.ph 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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