Initiatives to expand public-private partnerships (PPP) are set to strengthen the Philippines’ investment climate in 2026, creating a deeper pipeline of private equity (PE) opportunities, according to the Southeast Asia edition of Deloitte’s Private Equity 2026 Almanac.
The report said PPP momentum will help unlock investible assets and improve deal visibility, supporting broader PE participation.
Across Southeast Asia, activity is expected to pick up in 2026, building on trends seen in 2025, with firms maintaining a focus on mid-market buyouts and platform-building strategies where pricing discipline and operational improvements are easier to manage.
In the Philippines, PE activity in 2025 remained measured, although digital infrastructure emerged as a standout sector. Strong demand for data connectivity, cloud services, AI-ready infrastructure, and adjacent digital platforms drove above-average investment levels.
Among six Southeast Asian markets covered, the Philippines ranked fifth in buyout activity, logging four deals worth a combined USD124 million—three in technology, media and telecom (TMT) and one in consumer.
Other markets in the study included Singapore, Malaysia, Indonesia, Vietnam, and Thailand.
Notable transactions included the buyout of Pinnacle Towers Pte. by British Columbia Investment Management from KKR, which ranked sixth among the region’s largest deals. On the fundraising side, Kaya Founders Fund raised USD25 million, placing ninth among the top 10 funds.
Outside TMT, deal flow centered on consumer services, healthcare access models, and logistics-linked assets. Most transactions were in the mid-market segment, including corporate carve-outs and platform investments offering scope for operational scaling, governance upgrades, and professionalization.
The Philippines’ PE tax framework includes a 0.75 percent documentary stamp tax on share issuances, transfers, and financing instruments. Dividends, interest, and capital gains for non-residents are subject to withholding or specific tax rates, with additional levies on transfers and property varying by transaction structure.
