Special Report
Government Efforts Brighten Philippines M&A Outlook

19 November, 2019

The Philippines’ US$180bn infrastructure programme has led to a rebound in mergers and acquisitions (M&A) activity in the first half of this year.

The country was the fastest-growing M&A market in the Asia-Pacific ex-Japan (APeJ) region in the first six months, according to Mergermarket, which added that disclosed deal value expanded by 398.2% year on year to US$2.2bn.

The improved performance, which followed a slide in full-year disclosed deal value from US$13.78bn in 2017 to US$3.32bn in 2018, was primarily driven by San Miguel Corp.’s (SMC) acquisition of LafargeHolcim’s 85.7% stake in Holcim Philippines for US$2.15bn.

The Philippines’ 10-year “Build, Build, Build” infrastructure campaign – unveiled in 2018 – has encouraged consolidation among cement manufacturers.

Between the government’s investment ambitions and ongoing competition law reforms, the Philippines is well placed to attract further M&A deal making in the near to medium term.




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