Plaridel: Robust growth of the Philippine economy makes officials of global infrastructure investor I Squared Capital optimistic about acquiring a domestic cold storage facility as part of its USD2 billion investments in the country.

According to Philippines News Agency, I Squared Capital has invested at least USD130 million to acquire 80 percent of Royale Cold Storage (RCS). This was revealed by company president Joey Tiongson to journalists following the groundbreaking ceremony for the expansion of the firm's facility in Plaridel, Bulacan. The new facility will be constructed on a 1.5-hectare area beside the existing facility, which is located on a five-hectare site.

In addition to the Plaridel branch, RCS operates four other branches located in Marilao, Bulacan; Taytay, Rizal; Cabuyao, Laguna; and Villasis, Pangasinan. Tiongson mentioned that I Squared Capital executives are planning to further expand the number of their branches, particularly in the Visayas and Mindanao regions. Investments in the Plaridel branch account for around 30 percent of the total funds placed with RCS.

I Squared Capital founder and Managing Partner Dr. Sadek Wahba stated that approximately USD30 million has been allocated for the first phase of the Plaridel branch's expansion project. The plan is to further build on this investment, with more than USD100 million expected to be spent on overall expansion within the next year.

Wahba highlighted the investment opportunities in the Philippines, citing the government's efforts in food security, infrastructure enhancements, and the power sector as key factors. He emphasized that the economic reforms undertaken by the government align well with the needs of the Philippine economy. He also noted that the government appears to have a clear understanding of the necessary actions to foster economic growth, which is not always the case in other economies.