The collaboration brings together CP AXTRA and Ayala’s respective retail and property development arms, combining CP AXTRA’s large-scale wholesale and retail network in Southeast Asia with AyalaLand Malls’ experience in mall operations, leasing strategy and customer experience design. CP AXTRA operates more than 2,700 Makro and Lotus’s stores across the region and is expanding its multi-format retail and retail-tech capabilities.

AyalaLand Malls, Inc. (ALMI) manages 34 shopping centres in the Philippines and brings expertise in tenant mix planning, leasing, facility management and mixed-use development. Its parent company, Ayala Corporation, adds broader consumer and enterprise capabilities, while ACx Holdings contributes insights on retail formats, customer behaviour and partnerships.

Under the agreement, ACx and ALMI will exchange methodologies and best practices in mall asset operations, leasing strategy and project development, with the aim of improving operational efficiency, customer experience and the long-term value of CP AXTRA’s assets. The initial focus will be on seven Makro stores in Thailand.

The partnership will also explore potential investment opportunities in mall and asset development, including new site developments and the redevelopment of existing CP AXTRA properties across Thailand.

Mark Uy, Managing Director and Group Head of Strategy and Business Development at Ayala Corporation, said, “This is another milestone in our growing relationship and collaboration with the CP Group. Through this partnership, we intend to leverage the complementary strengths of two leading conglomerates to create world-class retail and real estate developments across markets.”

Uy added, “This also marks Ayala’s entry into the Thailand market, giving us a strong opportunity not only to share our expertise but also to gain valuable insights from one of Southeast Asia’s most dynamic and developed retail markets. More broadly, this partnership aligns with Ayala’s strategy of bringing the best of the world to the Philippines while showcasing the best of the Philippines to the world.”

The MoC marks the third agreement between CP AXTRA and Ayala, following earlier collaborations to operate Makro stores in the Philippines and expand regional business opportunities.

“This agreement with Ayala allows us to combine CP AXTRA’s deep understanding of the Thai retail market with Ayala’s decades of experience in developing and leasing shopping mall spaces. By applying proven methodologies to our Makro mall, we aim to elevate the standards of the retail environment we offer, not only improving the experience for our shoppers and tenants but also fostering sustainable growth and creating long-term value for our asset and the surrounding community,” said Tanit Chearavanont, Group Chief Wholesale Business Officer, CP AXTRA Public Company Limited.

“Makro’s nationwide footprint gives it a meaningful role in the everyday lives of Thai consumers. Our opportunity is to help turn that everyday relevance into places people choose to stay, explore, and return to,” shared Mariana Zobel de Ayala, Managing Director and Group Head of Leasing and Hospitality of Ayala Land.

She continued, “By combining CP AXTRA’s market knowledge with Ayala Malls’ experience in curating retail partners, improving customer journeys, and building community-orientated retail destinations, we believe these sites can become stronger platforms for shoppers, merchant partners, and long-term asset growth.”

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In a LinkedIn post, Borromeo noted, “There are many feelings in my heart at the moment – disappointment, sadness, hurt, rejection, worry. And oddly, a strange sense of relief.”

In hindsight, the veteran also recounted being on the ‘other side’ of the redundancy exercises before, noting them as ‘difficult and ‘emotionally draining’.

“I also remember walking out of the room, hoping to never experience it as the receiver. So much for that hope,” he continued.

Borromeo joined the company in March 2024, building and working on Ayala’s overall reputation while handling its strategic communication opportunities both for external and internal audiences.

In the same post, he noted being open to opportunities while also expressing his gratitude for being part of the company, “It was a genuine privilege to be part of shaping the narrative of a storied business house at a very interesting time in its history. While learning from and being challenged by all kinds of extremely talented and bright people. For this, I will always be grateful.”

Ahead of joining Ayala Corp, Borromeo served as BBDO Guerrero’s chief strategy officer until 2024 and SM Supermalls’ VP for corporate strategy for more than four years.

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According to ADB, the financing is intended to support underserved and unserved segments of the population, particularly MSMEs operating in rural and hard-to-reach areas. The initiative also places a focus on increasing access to finance for women-owned enterprises, which continue to face constraints such as stricter lending terms and limited access to tailored financial products.

“Supporting MSMEs to make them part of the broader value chain is key to achieving sustainable and inclusive growth in the country,” said ADB Philippines country director Andrew Jeffries. 

“MSMEs are an important segment of the local economy—employing over 60% of Filipino workers and contributing more than a third to the country’s gross domestic product. We are pleased to support this initiative that will boost MSMEs’ contribution to economic growth,” added Andrew.

Meanwhile, Fuse, the lending subsidiary of GCash, said it will allocate 60% of the loan proceeds to women-owned MSMEs and extend financing to enterprises located in provinces with high poverty incidence. The company will also provide non-collateralised loans to small business owners, including farmers, market vendors, sari-sari store operators, and first-time borrowers, to help them establish a credit history.

In addition to the loan, ADB will provide up to USD$125,000 in technical assistance to support the development of tailored financial products and the delivery of financial and digital literacy training for women, particularly those with limited formal education.

Separately, the ‘Mastercard Impact Fund’ will contribute USD$150,000 in performance-based incentives to support Fuse in scaling its formal MSME portfolio, including initiatives targeting new women entrepreneurs.

Fuse is wholly owned by Mynt, also known as Globe Fintech Innovations Inc., which is controlled by Ayala Corporation through Globe Capital Ventures and AC Ventures Holding.  On the other hand, ADB is a multilateral development bank established in 1966, with 69 member countries, including 50 from Asia and the Pacific. It works with governments and partners across the region to support development initiatives through financing, technical assistance, and partnerships.

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The initial stores are expected to launch at Ayala Malls U.P. Town Center in Quezon City and San Antonio Plaza Arcade in Makati City. The expansion also follows a strategic partnership agreement signed in September 2025, aimed at bringing Spinneys’ premium grocery experience to the Philippines.

“Spinneys is a valuable addition to the Philippine grocery landscape,” said Mariana Zobel de Ayala, managing director, Ayala Corporation, and head of leasing and hospitality, Ayala Land. 

“Premium grocery retail today is about more than what’s on the shelves – it’s about curation, service, and the joy of discovery. The entry of Spinneys brings a new dimension to grocery shopping, expanding the range of choices available locally and further enriching our dynamic retail landscape,” she added.

Under the joint venture, Spinneys will serve as a key anchor for Ayala Malls, offering a differentiated premium grocery experience designed to complement broader mall offerings.

According to Ayala Malls, the move reflects growing demand among Filipino consumers for high-quality, internationally benchmarked grocery retail, particularly among the country’s expanding affluent segment. Many shoppers are also reportedly seeking premium grocery experiences similar to those encountered abroad, valuing curated selections, fresh and artisanal products, and a refined shopping environment.

“Having spent many years in Dubai, I’ve seen how Spinneys has become a benchmark for premium grocery experiences,” said Paul Birkett, chief operating officer, Ayala Malls. “We’re thrilled to bring this globally best-in-class model to Ayala Malls, giving our customers access to the same high-quality, internationally inspired offerings here in the Philippines. Our aim is to deliver a thoughtfully curated grocery experience that reflects global standards, while remaining firmly grounded in local tastes and preferences.”

Spinneys’ entry will leverage the chain’s operations across the Gulf Cooperation Council, known for imported goods, private label products, and innovative store layouts. 

Moreover, the Spinneys experience is characterised by a curated mix of imported and private-label products tailored to local preferences, fresh and artisanal selections sourced globally, contemporary store layouts and service models designed for convenience and engagement, as well as discovery-led experiences including personalised service and in-store education on nutrition and cooking.

The partnership also builds on Spinneys’ existing ties to the Philippines, where over 1,300 Filipinos are employed across its GCC operations. The venture is expected to create local opportunities for returning overseas workers while strengthening links between the Philippines and the UAE.

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The partnership aims to establish premium grocery outlets in Metro Manila, combining Ayala’s experience in property, retail, and logistics with Spinneys’ operational expertise and brand strength in fresh food retail. The partnership also follows a series of international collaborations by Ayala Corporation.

Sunil Kumar, chief executive officer at Spinneys, shared his insight on employing and catering to many Filipinos. 

“The Philippines offers significant long-term growth potential, with strong economic fundamentals, a growing affluent population, and increasing demand for high-quality offerings. Our partnership with Ayala combines their deep local knowledge with our operational expertise, providing a strong foundation to grow,” added Sunil.

Moreover, Ayala Corporation president and CEO Cezar P. Consing added, “We are honoured to be the first partner of Spinneys as it ventures outside the GCC. We hope this investment will catalyse trade and investment between the Philippines and the GCC. At Ayala, we take pride in partnering with some of the world’s leading companies and working alongside them to bring world-class products and services to the Philippines.”

The partnership is also expected to further strengthen economic ties between the Philippines and the Gulf region, while diversifying Ayala’s portfolio in the retail sector.

Earlier in 2025, Ayala announced its partnership with Thailand’s CP AXTRA to open Makro stores in the Philippines and had previously collaborated with Kmart Australia Ltd. to bring home and lifestyle brand Anko, as well as with BYD to introduce electric vehicles to the country. These ventures form part of Ayala’s broader strategy to work with global partners in bringing world-class products and services to Filipino consumers.

Meanwhile, Spinneys is owned by the Al Seer Group, a consumer holdings company with diversified business interests across food, retail, hospitality, shipyards, and construction, operating in more than 20 countries.

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In a stock disclosure statement, Ayala said that the new entity, M&Co Corporation, is a partnership between ACX Holdings Corporation, a wholly-owned subsidiary of Ayala Corporation, and Makro ROH Company Limited, a subsidiary of CP AXTRA.

The company will focus on operating Makro stores in the Philippines, offering a modern shopping experience with a wide range of food and non-food products at accessible prices for both consumers and small business operators.

Mark Uy, head of corporate strategy and business development at Ayala Corporation, said, “We are excited to partner with CP AXTRA to bring Makro back to the Philippines. Together, we seek to build on CP AXTRA’s proven success in delivering quality products at more affordable prices through the Makro format. This partnership is in line with Ayala’s strategy of working with world-class companies to expand consumer choices, raise retail standards, and help Filipinos thrive.”

Meanwhile, Tanit Chearavanont, group chief wholesale business officer at CP AXTRA Public Company Limited, commented, “The Philippines represents one of the most dynamic and fast-growing markets in Southeast Asia. Through this partnership, CP AXTRA’s expertise in wholesale and retail management is combined with Ayala Corporation, a trusted local partner with strong market presence, established customer base, and extensive land and mall development expertise.”

Tanit added, “This new partnership aligns with CP AXTRA’s strategy to expand our regional footprint, while positioning the company for sustainable long-term growth and value creation.”

Makro first entered the Philippines in 1996, when SHV Holdings (a Netherlands-based wholesaler) partnered with SM Investments Corporation (owned by the Sy family) and Ayala Land.

In 2004, Ayala Land sold its 28% stake in Pilipinas Makro Inc. for about ₱1.019 billion, to its joint-venture partners (SM Investments and SHV). Over time, SM Investments increased its ownership. In 2007, SM Investments became majority owner (60%). Then by 2009, it acquired the remaining shares (i.e. full control) of Makro in the Philippines.

By around 2008-2009, SM started converting Makro branches into SM Hypermarkets. Some stores were found to be “ill-suited” for the wholesale-only model and were reworked to appeal more broadly. The gradual conversion and branding change meant that by about 2012, the Makro brand had largely disappeared from the Philippine retail landscape. All remaining Makro stores were folded into SM’s retail brands (Hypermarket / Savemore etc.).

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With the company recognising their capabilities to drive transformation, the new leaders will focus on strategic areas of Ayala’s business.

As the managing directors, Mariana is set to focus on Ayala Land’s leasing business while Uy is leading the improvement of Ayala’s portfolio of businesses. Mariana’s role includes reinventing the company’s malls and offices amidst a post-office era. Meanwhile, Mark is looking to nurture the long-term success of existing businesses while discovering new ones.

On the other hand, Jaime Alfonso is focused on raising Ayala’s standards for governance while fostering growth for ACMobility, Ayala’s energy vehicle platform.

“Each of our senior promotees represents Ayala at its best – purposeful, forward-looking, professional, engaged. They will help make for an even better Ayala as we look ahead to completing two centuries of building businesses that enable people to thrive,” Cezar P. Consing, Ayala Corporation president and CEO, said.

“Over its 191 years, Ayala has demonstrated a history of smooth leadership transitions anchored on thoughtful succession planning. The promotions of these four leaders are part of a deliberate, longer-term succession plan being implemented across the Group,” Francisco Romero Milán, chief human resources officer of Ayala Corporation, commented.

Recently, Ayala Land refreshed its hotels and resorts arm to Ayala Land Hospitality as it invested US$500 for its hotel expansion. 

Ayala is also focusing on its electric vehicle (EV) business as ADB finances its installation of charging stations in the Philippines.In January, ACMobility acquired Evro, 917Ventures’ EV charging network.

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AC is a major conglomerate in the Philippines and ACV currently holds an about 13% stake in Mynt, the parent company of GCash. Under the terms of the agreement, MC shall acquire a 50% stake in ACV and pursue future investment opportunities.

In addition, MC and AC are going to sign a memorandum of understanding (MoU) on a comprehensive collaboration in the Philippines. The MoU covers additional business developments aimed at stimulating the country’s economic growth.

MC aims to create a prosperous society and a “Smart-Life” ecosystem in the form of improved lifestyle for consumers by launching multiple attractive businesses that address social issues and consumer needs in each region and country, and organically connecting them. These ecosystem addresses both challenges faced by social issues and consumer needs, and sustainable growth of our business portfolio.

Data notes that around 80% of the country’s citizens have tried using the GCash mobile wallet, which is Mynt’s core business. With a vision to accelerate financial inclusion in the Philippines, the product has by far the largest mobile-wallet customer base in the Philippines and has grown into an indispensable service infrastructure, relied on by millions for daily payments, transfers and other financial transactions. 

In addition to its digital payments and transfers, Mynt, through its other subsidiaries, also provides access to loan services using non-traditional ways to assign customer credit scores to enable access to fair lending. It has also expanded its financial services offerings to provide users access to savings, insurance, and investment products. 

Furthermore, it has built the largest network of online and offline merchants including social sellers with over 6 million partners while hosting over 1,000 merchant partners in its app, via GLife.

With this recent partnership, both MC and AC are committed to boosting Mynt’s corporate value and leveraging other joint initiatives to create new businesses in the Philippines and contribute to its economic development. Those efforts will include continuous business development and cross-sales in C2B area like retail and healthcare, and multifaceted collaborations in mobility, renewable energy, carbon management and elsewhere.

Lastly, with the Mitsubishi UFJ Financial Group (MUFG) having also announced its investment in Mynt this past August, MC and AC shall work with MUFG as fellow shareholders to aid the company’s future growth and development.

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The announcement comes off the back of the brand’s rebranding and assortment revamp this March, and further hones in on its brand vision to be the go-to destination for Asian women globally.

True to its brand ethos of embracing the realness and rawness of life, Love, Bonito’s new retail store exudes elegance effortlessly with its open ceilings, textured white walls and warm dark woods accents. Beyond its interior design, the store is also created for a smooth and comfortable shopping experience. 

Customers can also look forward to Love, Bonito’s three key lines: the evergreen Signatures and Staples collection, and its summer-appropriate capsule collection. 

Dione Song, chief executive officer at Love, Bonito, said, “We know the malling culture is huge here in the Philippines and we’re excited to finally put down our roots. We have received overwhelming support from the Filipina community, experiencing 90% YoY growth last year solely through online orders. Based on customer data gathered across both digital and physical touchpoints, we’re finally launching our first brick-and-mortar store, with unique elements that cater to the Filipina customer.”

Meanwhile, Rachel Lim, co-founder at Love, Bonito, commented, “After five years of shipping to the Philippines, we’re thrilled to announce the opening of our very first permanent store here. Over the years, we’ve cherished every connection made through events and collaborations and are deeply inspired by the warmth and support of the community. With our upcoming physical store, our Filipina customers can now experience our collections firsthand, join workshops, styling sessions, and be part of our vibrant community events.”

Love, Bonito started out as a digitally native blogshop BonitoChico, on a Livejournal platform selling pre-loved apparels, and officially rebranded to Love, Bonito in 2010. To date, Love, Bonito has over 20 stores internationally, across Singapore, Cambodia, Hong Kong, Indonesia, Malaysia, and the Philippines. 

Most recently, the brand opened its 7th store in Singapore at Tampines 1 shopping mall, and its first rebranded pop-up in Hong Kong’s K11 Art Mall. 

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Ayala-led Mobility Access Philippines Ventures, Inc. (MAPVI), the automotive arm of AC Motors and official distributor of BYD cars in the country, handed BYD EVs’ account to Optimax after a series of competitive pitches. 

Antonio ‘Toti’ Zara III, president of MAPVI, expressed his anticipation of collaborating with Optimax to develop the BYD brand and the electric vehicle (EV) sector in the Philippines.

He said, “Our newly formed partnership is a step closer to making more and more Filipinos appreciate the No. 1 selling new-energy vehicles in the world right now. We are excited to work with Optimax’s energetic and young team to introduce BYD cars to Filipinos and make them understand the advantages of new energy, or what is more commonly known as electric vehicles.” 

Also speaking on the partnership, Ela Federigan-Chua, general manager of Optimax, shared, “Handling a global automotive brand like BYD is very exciting for us. It opens up a lot of opportunities to harness our expertise and showcase our creativity with the end in view of achieving the goals MAPVI set out for BYD.” 

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