Philippine Firms Acquiring Global Companies Indicate Strong Economic Growth
Signaling at an economic boom, firms in Philippines are out to shop for everything starting from food manufacturers, vineyards to casinos, spending millions.
According to the analysts, a number of factors helped the firms to shop for more and those include a steady domestic growth along with bargain prices available in weaker economies abroad and borrowing rates at their lowest.
For years Philippines has exported junk food and shopping malls to the South Eastern Asian region but the loaded Filipino firms over the years have diversified with acquisitions all over the world in different sectors.
Luis Limlingan, research head at Manila stock brokerage Regina Capital said, "It has not happened in this rapid succession. It's like a colonial mentality in reverse."
Jonathan Ravelas, the chief market strategist at BDO Unibank says that the speed at which the Philippine firms are acquiring in different sectors has surprised not only the local investors but the foreign investors too. He added, "Filipino companies are moving into the global space and it's not limited to just one sector. The opportunities abound."
One of the companies that is shopping big time is Monde Nissin is owned by Betty Ang. Last month the company announced that it was acquiring Quorn, a meat substitute manufacturer in Britain for 550 million pounds. That's not all, in the past couple of years it has taken over Nudie and Black Swan, the Australian companies.
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