Bloomberg News

ADB, Macquarie, GSIS to Invest in $625-Million Philippine Fund

July 31, 2012

The Asian Development Bank, Philippine state pension fund Government Service Insurance System, Dutch pension asset manager Algemene Pensioen Groep NV and Macquarie Group Ltd. (MQG) will invest in a $625 million-fund focused on infrastructure projects in the Southeast Asian nation.

The private equity fund will focus on energy, power, water, environment, communication and public-private partnership projects in the Philippines, GSIS said in a statement today. Macquarie Infrastructure and Real Assets will manage the fund.

“Now is the best time to invest in the Philippines,” Frank Kwok, a senior managing director at Macquarie, said in a briefing in Manila today. “We are confident there will be a steady pipeline of projects and that we can disburse the funds in a relatively short period of time.”

President Benigno Aquino is winning confidence from investors and ratings companies as he increases state spending to a record and bolsters an economy that expanded 6.4 percent in the first quarter. The government is seeking investments in more than $16 billion worth of infrastructure projects from roads to schools and airports as it increases incomes and reduces poverty.

GSIS, the lead investor, committed $400 million, President Robert Vergara said in the briefing today. The other investors declined to reveal the size of their contributions.

To contact the reporters on this story: Karl Lester M. Yap in Manila at kyap5@bloomberg.net; Max Estayo in Manila at mestayo@bloomberg.net

To contact the editor responsible for this story: Stephanie Phang at sphang@bloomberg.net


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