Global investor sees Philippines as a rising market for private capital

Global financial services group Macquarie expressed optimism about the Philippines’ economic trajectory, highlighting growing opportunities across sectors and the country's demographic strengths.

“There’s a lot more focus on Southeast Asia among investors, especially as their understanding of the region grows,” said Trishia Simeon, associate director for Macquarie Asset Management. “With the maturity of the market and investor interest, we believe even larger opportunities will emerge more frequently.”

Simeon noted that the Philippines' young population and rising middle class are central to the country’s economic resilience and long-term growth. Consumer spending, which accounts for around 70 percent of the country’s GDP, has helped insulate the economy from global volatility, she said.

Macquarie employs over 1,000 professionals in the Philippines and provides services ranging from mergers and acquisitions to asset management and infrastructure investment. The company has deployed approximately $2 billion in eight Philippine investments, including in energy, transport, and telecommunications infrastructure.

The financial group has maintained a presence in the Philippines for two decades, with managing director Justin Ocampo emphasizing the country’s strong growth fundamentals. “We have a young population and a growing base of opportunity for many young Filipinos,” Ocampo said.

Data from Macquarie show the Philippines has been the second-fastest growing economy in Southeast Asia over the past three years, with GDP expanding between 5 and 7 percent annually. The firm projects this pace to continue at around 6 percent for the rest of the decade.

Macquarie Group CEO Shemara Wikramanayake, who was appointed the Australian government’s business champion for the Philippines, recently led a delegation of investors representing over $1.1 trillion in assets to Manila.

To support the country’s growth, the Philippine government is ramping up infrastructure spending through public-private partnerships (PPP), with 176 projects valued at PHP2.47 trillion currently in the pipeline. These include transportation, digital infrastructure, and utilities projects aimed at closing development gaps across regions.

Macquarie has also supported the digital economy through its investment in PhilTower, which in 2024 merged with Miescor Infrastructure Development Corp. to form one of the Philippines’ largest independent telecommunications tower companies. The combined portfolio includes over 3,300 operational towers across the country.

“The continued consumption of digital services is driving demand for better infrastructure,” Ocampo said. “Gaps in towers and fiber networks represent real opportunities for investors.”

Despite the usual challenges facing emerging markets, Simeon said the Philippines’ fundamentals and reform efforts position it as a key investment destination. “The best is yet to come,” she said.