Macro Movements: Philippine economy ranks 2nd fastest in SE Asia, strengthening amid economic reforms
Amro expects the Philippines to be SEA’s second-fastest growing economy in 2024 and 2025 amid easing policy rates/strong>Philippine economy continues to drive growth with strategic reforms and strong labor force
Startup Watch: Philippine fintech startups secure major funding to drive innovation in underserved markets
AI-powered fintech OneLot raises $4 million to support used car market growth Salmon raises $30 million with plans to boost its lending products
Ayala Corporation’s stake sale to Mitsubishi boosts GCash IPO prospects and expands global reachKKR leads Php2.52 billion investment to strengthen Phinma Education’s reach and system improvements
Macro Movements: World Bank projects 5.9% GDP growth for PHL; US Federal Reserve cuts rates by 50 bps
World Bank expects an average 5.9% growth for the country as easing interest rates may boost domestic consumptionUS Federal Reserve lowers benchmark interest rate by half a percentage point, the first cut in 4.5 years
Business Movements: Bicam approves CREATE MORE bill; Japanese firms keen on further expansion in PHL
Bicameral Conference Committee approves the CREATE MORE bill Five Japanese firms express keen interest to enter new investments in the Philippines
Deals Spotlight: ALI raises P2.72 billion from block sale; KKR, GIC hire banks to sell 80% stake in Metro Pacific Health
Ayala Land Inc. (ALI) raises P2.72 billion after selling 75 million common shares of AREIT at P36.2 pesos per shareKKR & Co. and Singapore sovereign wealth fund GIC hire banks to sell majority stake in $3.2 billion Metro Pacific
Health
Macro Movements: Philippine economy to lead ASEAN in growth
Moody’s Rating affirms Baa2 investment grade rating for the PhilippinesS&P Global Ratings maintains a 5.8% growth forecast for the Philippines' GDP in 2024
Industry Insights: Malampaya invests US$180M in expansion; SBMA plans five projects worth P41.4B
Malampaya consortium investing an additional US$180 million to extend production life Subic Bay Metropolitan Authority aims for P41.4 billion investments across five projects by 2028
Deal Spotlight: Local startups on Forbes Asia’s “100 to Watch” list; KKR begins sale of stake in Metro Pacific Hospital
Holdings
Philippine local startups Lista, Mober and Zed included in Forbes Asia’s “100 to Watch” listKKR-led consortium reportedly starts the sale process of 42.5% stake in Metro Pacific Hospital Holdings
Macro Movements: S&P Global ranks PHL as second-fastest growing economy in Asia; IMF expects easing inflation
S&P Global expects the Philippines to post the second-fastest growth in Asia-Pacific region this year with 5.8% growthIMF predicts inflation to decline to 3.4% in 2024 and predicts stronger growth in 2025
Region in Focus: CIAC to develop national food hub; BCDA announces plans for the Clark Integrated Public Transport
CIAC taps global food tech companies, Food Starter and World Food Chain, to develop Clark National Food Hub BCDA plans to bid out concession for the Clark Integrated Public Transport System by end of 2024
Deals Spotlight: DALI secures $8.4mn investment commitment from DEG; CREC successfully completes IPO
DEG to invest $8.4m in Philippine discount grocery chain DALI Stores Citicore Renewable Energy Corp. (CREC) completes IPO, securing US$12.5 million from UK Fund Mobilist
Macro Movements: Philippines expected to grow by 5.9% in 2024; Inflation picks-up at 3.9% in May 2024
World Bank expects Philippines to grow by 5.8% this year and 5.9% in 2025Philippine Inflation picks-up to 3.9% for the month of May 2024
Industry Insights: North-South Commuter Rail operational by 2026; Samar BioSPV leads largest reforestation effort
North-South Commuter Railway at 60% completion and may start operation by 2026 Samar BioSPV leads the country's largest reforestation effort and supports the development of a carbon credit framework
Deals Spotlight: Ayala Crops exits Manila Water for P 14.5 billion; Lhoopa secures USD 12.5 million in Series B funding
Digital economy continues to grow, supported by investments in enabling infrastructure and e-commerce platforms E-commerce Sustains Pandemic-driven Growth Momentum supported by Zalora and Ninja Van
Market Movers: Growth indicated by Nasdaq listing and fostered by pioneering seawater hydropower infrastructure
Ayala Corp. sells P 14.5 billion stake in Manila Water to subsidiary of Prime Infrastructure Lhoopa raises USD 12.5 million in the first close of its Series B funding