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Manila Bulletin devider Business devider The Stock Market devider Ayala bringing Makro back to Philippines

Ayala bringing Makro back to Philippines

Published Sep 24, 2025 02:45 pm
Zobel-led Ayala Corp. continues to expand its investments in the retail business by partnering with CP AXTRA, Asia’s leading operator of wholesale and retail businesses, including Makro and Lotus, to bring the “big box” Makro stores to the Philippines.
Pilipinas Makro, a joint venture between Makri brand owner SHV Holdings N.V. (36 percent), with the Ayala (28 percent) and SM (36 percent) groups, opened the first local Makro store in 1996.
Ayala sold its 28 percent stake to SHV and SM in 2004, and SM managed to increase its stake to a controlling 60 percent in 2007 before gaining full ownership in 2009 and eventually converted the 15 Makro stores to SM’s supermarket and hypermarket formats.
In a disclosure to the Philippine Stock Exchange, Ayala said it has executed definitive agreements with CP AXTRA to bring Makro stores to the Philippines.
For this partnership, a joint venture company, M&Co Corporation, will be formed by Ayala’s wholly-owned subsidiary, ACX Holdings Corporation, and CP AXTRA’s subsidiary, Makro ROH Company Limited.
The JV 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.
“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,” said Ayala Head of Corporate Strategy and Business Development Mark Uy.
He added, “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.”
“The Philippines represents one of the most dynamic and fast-growing markets in Southeast Asia,” said Tanit Chearavanont, Group Chief Wholesale Business Officer, CP AXTRA Public Company Limited.
He noted that, “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.
“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.”
This partnership marks another significant step in Ayala Corporation’s continued expansion into the Philippines’ consumer sector.
It also underscores Ayala’s ability to attract leading global partners to invest in the Philippines and help build businesses that enable people to thrive.

Related Tags

Ayala Corporation CP AXTRA Makri M&Co Corporation ACX Holdings Corporation Mark Uy
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