Finance Undersecretary Ma. Angela E. Ignacio and KKR Global Institute Partner and Chairman David H. Petraeus
Photo courtesy of DOF
US investment firm KKR & Co. Inc. is exploring financing opportunities for priority projects under the Luzon Economic Corridor (LEC) as it seeks to expand its Philippine investments, the Department of Finance (DOF) said Monday.
Finance Undersecretary Ma. Angela E. Ignacio met with KKR Global Institute Partner and Chairman David H. Petraeus last 8 October to discuss financing for projects under the corridor, which aims to generate jobs and strengthen the Philippines’ position as an investment destination in Asia.
KKR reaffirmed its support for the country and expressed interest in expanding its investment portfolio, the DOF said. The firm has deployed more than $2 billion in the Philippines, with investments in digital finance, infrastructure and essential services. Globally, it manages about $750 billion in assets across private equity, infrastructure, credit and real assets.
“The KKR Global Institute has pushed coming into the Philippines way back. The macro circumstances were such that we felt we should get in here. This is a young country, has grown fast, and needs infrastructure and other financing to do well,” Petraeus said.
KKR identified potential opportunities in fintech, healthcare, energy, telecommunications infrastructure and education, as well as semiconductors, advanced manufacturing, critical minerals, logistics and digital infrastructure.
Its Philippine investments include backing Maya, formerly Voyager Innovations, in funding rounds supporting the digital wallet’s expansion into banking, including a 2018 round of up to $175 million led with Tencent. In 2019, KKR and GIC invested P35.3 billion in Metro Pacific’s hospital group. KKR also acquired shares in First Gen in 2020 and 2021, spending approximately P18.3 billion to expand its exposure to the energy sector.
Ignacio, who represented Finance Secretary Frederick Go at the meeting, said the government was pursuing reforms to attract partnerships and strengthen key industries.
She also cited progress in the LEC, which has attracted partners for projects involving artificial intelligence infrastructure, information and communications technology, and energy.
“Through strategic reforms aimed to streamline ease of doing business, we are committed to attract more partnerships to strengthen key industries and bolster our position as a top investment destination in the region,” Ignacio said.
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