INVESTORS continue to align with the government push for renewable energy (RE), driving merger and acquisition (M&A) deals in the Philippines in 2025.
Isla Lipana & Co./PwC Philippines’ Year-End M&A Report 2025 showed that 74 M&A deals were announced in the country as of Dec. 4, 2025, with a total deal value of $4.6 billion. The energy and natural resources sector accounted for 29.7 percent of the total deal volume, followed by consumer and retail at 14.9 percent, and industrials at 12.2 percent.
“Philippine M&A trends last year indicated our resilience points and opportunity strongholds. While there was a lower deal volume, we are seeing that more deals are just taking longer to close. We expect a good number of these transactions to be completed early this year,” said Trissy Rogacion, PwC Philippines M&A and corporate finance partner.
The energy and natural resources sector had a total deal value of $1.9 billion from 22 deals. Among the largest, notable transactions 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.
Policy support is poised to sustain investor interest, with the Philippine Energy Plan revising the government’s target for RE share of power generation to 35 percent by 2030.
Roderick Danao, PwC Philippines chairman and senior partner, anticipated “a new wave of M&A activity this year, especially in the energy sector” given renewables’ 2025 performance. He forecasted “sustained interest” in sectors like real estate and infrastructure (total deal value of $1.2 billion); the industrial sector (nine announced deals with a total deal value of $180 million); and health care (its deal flow continuing as players increase their national hospital presence).
