PwC: PH M&A hit $4.6B in 2025
Investor appetite for renewable energy continued to shape merger and acquisition (M&A) activity in the Philippines in 2025, even as dealmaking slowed amid a more cautious global environment, according to a report by PwC Philippines.
Isla Lipana & Co./PwC Philippines said 74 M&A deals were announced in the country as of Dec. 4, 2025, with a combined value of $4.6 billion, based on its Year-End M&A Report 2025.
While overall deal volume was lower, PwC noted that investors were more selective, focusing on transactions with stronger fundamentals and long-term growth prospects.
The energy and natural resources sector led deal activity, accounting for 29.7 percent of total volume. This was followed by consumer and retail at 14.9 percent, and industrials at 12.2 percent.
PwC Philippines M&A and corporate finance partner Trissy Rogacion said many transactions announced last year were taking longer to close, but were expected to be completed early in 2026.
“Philippine M&A trends last year indicated our resilience points and opportunity strongholds. We expect a good number of these transactions to be completed early this year,” Rogacion said.
The energy sector posted a total deal value of $1.9 billion from 22 transactions, driven largely by investments linked to renewable power.
Among the biggest deals were Prime Infrastructure Capital’s $897.5-million acquisition of First Gen assets, Meralco’s $127.6-million investment in SP New Energy Corp. and SembCorp’s $77.4-million purchase of the Puente Al Sol solar farm in Negros Occidental.
PwC said investor interest was supported by government policy, including the revised Philippine Energy Plan, which targets a 35-percent renewable share in power generation by 2030, and incentives such as duty-free importation of renewable energy equipment.
Outside energy, real estate and infrastructure recorded $1.2 billion in deal value, with asset quality and location driving transactions.
The industrial sector logged nine deals worth $180 million, mainly in construction and metal-related activities.
Looking ahead, PwC expects renewable energy to remain the key driver of M&A activity in 2026, alongside steady deal flow in healthcare as operators expand hospital networks nationwide.
