PHILIPPINE firms are on an unprecedented global shopping spree, spending billions on everything from vineyards to food manufacturers and casinos, reflecting the nation’s recent economic rise.

    A combination of strong domestic growth, bargain prices in retreating economies abroad and rock-bottom borrowing rates have fuelled the acquisitions, analysts said.

    The Southeast Asian nation has for years exported shopping malls and junk food to the region, but cashed-up Filipino firms have diversified in recent years with acquisitions around the world and in many sectors.

    “It has not happened in this rapid succession. It’s like a colonial mentality in reverse,” said Luis Limlingan, research head at Manila stock brokerage Regina Capital.

    The pace of the acquisitions has startled both local and foreign investors, according to BDO Unibank chief market strategist Jonathan Ravelas.

    “Filipino firms are moving into the global space and it’s not limited to just one sector. The opportunities abound,” he said.

    In one of the most-recent big-ticket acquisitions, local instant noodle firm Monde Nissin said last month it was buying British meat substitute manufacturer Quorn for 550 million pounds (US$833 million).

    In the last two years, the private company also snapped up popular fruit juice brand Nudie and chilled dips manufacturer Black Swan, both from Australia.

    Monde Nissin is owned by Betty Ang, who started her company 30 years ago and is now the nation’s 19th richest person with a net worth of US$900 million, according to Forbes.

    Meanwhile, Emperador, a company controlled by the Philippines’ fourth richest man, Andrew Tan, and specializes in cheap brandy at home, is looking to spend more than 1 billion dollars on diversifying in Europe.

    (SD-Agencies)