Manila – Philippine conglomerates, flush with cash and confidence, are seeking to transform themselves into regional players in fields from food and beverages to real estate by going on an acquisition spree. While falling demand in China and weak commodity prices have left many global companies reeling, Philippine conglomerates such as JG Summit Holdings Inc. and Alliance Global Group Inc. are feeling resilient, thanks to a focus on the services and consumer sectors. They are benefiting from domestic demand fueled by overseas remittances – money sent home by roughly 11 million Filipinos living and working abroad – and a booming outsourcing industry that handles call-center and back-office functions for overseas clients. These pumped $26.6 billion and $18.6 billion, respectively, into the Philippine economy in 2014, with most of that cash invested in real estate or spent in shops, a boon for the big conglomerates, all of which count real estate [...]
