In 1989, Philippine conglomerate Ayala teamed up with two Japanese corporate giants to develop an industrial park south of Manila, cashing in on Japan Inc.’s bubble-era enthusiasm for overseas expansion.
Thirty years later, Ayala is taking a page from its 1989 playbook, but this time the $11 billion company is turning to China. In April, real estate unit Ayala Land announced plans to develop the first Sino-Philippine Industrial Park and said it was in talks with a potential Chinese partner.
The project, analysts say, symbolizes how Philippine President Rodrigo Duterte’s diplomatic pivot to the world’s No. 2 economy is transforming his own country’s oldest and second-largest conglomerate by market capitalization. READ MORE
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