Ayala: Duterte’s China Pivot Transforms Philippines’ Oldest Conglomerate (Nikkei Asian Review)
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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