2013 business deals commence

The 4th working day of 2013 has ushered in the start of announcements on Philippine business deals. SM Investments, now the country’s most valuable company and controlled by the country’s richest man, entered into a joint venture with the Waltermart group, pending due diligence. It’s considered a boost to the retail reach of both groups, which cater to Filipino consumers whose spending support the robust Philippine economy. Meantime, a public-private partnership deal has led two big business groups and rivals to join hands anew in a bulk water supply project in Cebu, the second biggest local economy. The water units of Metro Pacific Investments Corp, led by businessman Manuel V. Pangilinan, will infuse additional equity into the project led by consortium partner and telco competitor, Ayala Corp.


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