Thriller in Manila: PE investors target the Philippines
The Philippines is the fifth-largest economy in the Association of Southeast Asian Nations (ASEAN) and has the second-largest population. GDP growth is among the fastest in Asia. But in terms of inbound and outbound commerce the country trails its comparable peers. It ranked sixth in ASEAN for total trade in 2012 with the nearly half the dollar value of fifth-placed Vietnam. The Philippines was also sixth for foreign direct investment; Vietnam, again in fifth, attracted more than twice as much capital.
The country has a small number of very large corporations, but given the resources at their disposal, these players have generally been wary of stepping beyond their own borders. Since 2003, outbound M&A...
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