Philippine Markets Newsletter

Despite many hurdles, the Philippine real estate industry has remained one of the most resilient industries...

Even though COVID-19 cases were significantly higher in 2021 than in 2020, restrictions were looser and the economy began to slowly open up. Demand was climbing and businesses were able to operate to a certain capacity...

This real estate company was able to combat pandemic-related issues through continued growth and diversification strategies. Despite that, its as-reported metrics showed it delivered little to no shareholder value....

OFW Remittances have been a growth driver for the Philippine economy for decades by increasing consumer spending and overall GDP....

This holding company was able to manage profit declines and continue finding means to raise capital to expand its various businesses amid the pandemic. Although its as-reported metrics showed little to no added shareholder value, this conglomerate’s diversity allowed it to generate a more profitable Uniform return on assets (ROA)....

Since 2016, the Philippines’ public infrastructure spending makes up 4% to 6% of the country’s gross domestic product (GDP). This is a credit to the outgoing administration’s Build, Build, Build, (BBB) program....

This food company has continually shown its commitment to profitably grow in the industry through its strategic initiatives. However, as-reported metrics say otherwise...

National government debt isn’t necessarily a bad thing—in fact, governments normally borrow to revitalize or speed up domestic economic activity. However, the Philippines’ outstanding national debt almost hit the PHP 13 trillion mark in April 2022, which has some investors spooked...

This company is an example of how even having a near-monopoly in a niche market does not always translate to great profitability. Although its as-reported data show higher returns in recent years...

After multiple stages of lockdowns over the last two years, a majority of the Philippines has finally been placed under Alert Level 1...

Even with 170 years of existence, Bank of the Philippine Islands (BPI) continues to find ways to grow. Bolstering its position as one of the biggest banks in the country, it has partnered with GCash to broaden its retail offerings and investment options....

This food and beverage company capitalized on its initiatives to continue to grow amid the pandemic. However, looking at its as-reported data, it looks like these plans aren’t earnings accretive....

On November 20, 2020, the Bangko Sentral ng Pilipinas (BSP) decided to cut the interest rates by 25 basis points (bps) from 2.25% to 2% to stimulate economic activity during the pandemic. Eighteen months later, on May 20, 2022, the BSP did the opposite by increasing the interest rates from 2% to 2.25%....

Flour is an essential ingredient for everyday food… from bread, pasta, cookies, and donuts. When people were forced to stay at home during the pandemic, we saw home bakers and aspiring entrepreneurs turn to baked goods to make the most out of a bad situation...

Major macroeconomic headwinds such as unemployment and lower overall demand brought by the pandemic meant that consumers and businesses had lower overall cash flows. This meant that borrowers, especially the smaller ones, have had a difficult time repaying their loans on time...

As one of the most popular food manufacturers in the Philippines, this company executed its growth strategy by building its portfolio one brand at a time....

In the decade before the pandemic, the Philippine real estate market enjoyed robust growth rates and opportunities—home prices more than doubled in areas like the Makati CBD (central business district). Yet, this real estate developer with properties in key cities appears to have not been able to take advantage of its prime locations....

In March 2020, the capacity utilization rate dropped to 49.9% from 70.5% in the month prior. Since then it has been steadily recovering. Is the annual increase in capacity utilization for February 2022 a signal of recovery for the industry?...

UnionBank was founded in 1981 as a joint venture between the Aboitiz Group, Insular Life, and the Social Security System. Even recognized as the Best Digital Bank by major institutions such as The Asset, Asiamoney, and the Global Banking & Finance Review for multiple years, how would UnionBank’s acquisition of Citigroup’s consumer banking business affect the country’s banking industry?...