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Report: Macquarie may invest US$50M in Philippine insurance sector

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Report: Macquarie may invest US$50M in Philippine insurance sector

MacquarieGroup Ltd. could potentially invest up to US$50 million in thePhilippines' insurance sector, ThePhilippine Star reported April 7, citing "sources close to the partiesinvolved."

The group is ready to make an initial US$50 millioninvestment, which will be used to either lend to or make a co-equity investmentwith foreign institutions looking for M&As in the country. It is currentlyassisting a number of financial firms interested in an acquisition.  

Emmanuel Dooc, head of the Philippines' InsuranceCommission, said Macquarie's assistance could result in two deals. So far, anumber of European investors have shown interest in entering the country'sinsurance sector, he added.