Asia’s newest millionaires switch out basket-case economy for fine art


While the Philippines still lags the likes of S Korea and Taiwan in dollar millionaires, rapid wealth creation is prompting finance firms such as Credit Suisse to tap what was once Asia’s economic basket case.

Southeast Asia-focused Altus Capital to raise $272m distressed assets fund

The fund will invest in distressed assets projects in Philippines, Thailand, Indonesia and Vietnam.

PH Digest: Revolution Precrafted enters El Salvador; Megaworld buys Stateland

El Salvador becomes the 15th international market that Revolution Precrafted is foraying into.

Philippines: Consumer tech firm Cal-Comp files for $127m IPO

It will use the IPO proceeds for expansion and building of new factories in the Philippines.

Philippines’ D.M. Wenceslao shares slide 20% on market debut

D.M. Wenceslao priced the IPO, the first in 10 months in Manila, at the bottom of the indicative range.

Philippines’ GT Capital to buy Toyota shares worth up to $202m

Toyota and GT Capital are co-owners of Toyota Philippines, the country’s top automotive manufacturer and retailer.

PH unicorn Revolution Precrafted cracks Europe with $52m Spain deal

Spain becomes the 13th international market for Revolution Precrafted, which is in the middle of a global expansion spree.

SE Asia recruitment platform FindWork secures $2m seed funding

The platform, currently operational in Indonesia and the Philippines, has 30,000 job seekers and over 500 companies on board.

IFC issues $90m worth of first peso-denominated green bonds

The green bond is the first internationally rated triple-A peso-denominated green bond to be issued by a multilateral development institution.

Philippine stock exchange gets regulatory approval for short selling

The SEC approval comes at a time when local stocks are under pressure from an exodus of foreign funds and concerns about the nation’s accelerating inflation and peso depreciation against the dollar.