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Manila Bulletin devider Business devider The Stock Market devider Ayala, Thai retailer forging more partnerships in Philippines, Thailand

Ayala, Thai retailer forging more partnerships in Philippines, Thailand

Published Nov 17, 2025 03:34 pm
ACX Holdings and CP AXTRA expand their partnership to explore development of new businesses and co-investments in the Philippines and Thailand . IN PHOTO : [L-R] (Standing) Department of Information and Communications Undersecretary Faye Condez de Sagon; Hon. Bran Ferrer Reluao, Special Envoy of President to the Kingdom of Thailand; Thai Ambassador to the Philippines Makawadee Sumitmor; and Department of Trade and Industry Director Lilian G. Salonga . (Seated) Ayala Corporation Head of Corporate Strategy and Business Development Mark Uy; Ayala Corporation Executive Director and ACMobility CEO Jaime Alfonso Zobel de Ayala; Ayala Corporation Chairman Jaime Augusto Zobel de Ayala; CP AXTRA Group Group Chief Wholesale Business Officer Tanit Chearavanont; and CP AXTRA Chief Strategy and Planning Officer Shaun Wong.
ACX Holdings and CP AXTRA expand their partnership to explore development of new businesses and co-investments in the Philippines and Thailand . IN PHOTO : [L-R] (Standing) Department of Information and Communications Undersecretary Faye Condez de Sagon; Hon. Bran Ferrer Reluao, Special Envoy of President to the Kingdom of Thailand; Thai Ambassador to the Philippines Makawadee Sumitmor; and Department of Trade and Industry Director Lilian G. Salonga . (Seated) Ayala Corporation Head of Corporate Strategy and Business Development Mark Uy; Ayala Corporation Executive Director and ACMobility CEO Jaime Alfonso Zobel de Ayala; Ayala Corporation Chairman Jaime Augusto Zobel de Ayala; CP AXTRA Group Group Chief Wholesale Business Officer Tanit Chearavanont; and CP AXTRA Chief Strategy and Planning Officer Shaun Wong.
Ayala Corp., through its retail arm ACX Holdings Corp., has signed a new memorandum of understanding (MOU) with CP AXTRA, Asia’s leading operator of wholesale and retail businesses Makro and Lotus’s, expanding their partnership to explore the development of new businesses and co-investments in the Philippines and Thailand.
In a statement, Ayala said the deeper collaboration brings together the complementary strengths of the Ayala Group and CP Group toward creating greater value for stakeholders.
“It also reflects greater cooperation between the two ASEAN [Association of Southeast Asian Nations] neighbors, exchanging talent, technology, and best practices to achieve mutual growth,” the firm said.
Under the agreement, ACX and CP AXTRA reiterated their partnership for the joint development of a large-format food retail, wholesale, and e-commerce business in the Philippines through the re-entry of Makro.
The two sides earlier executed definitive agreements on reestablishing Makro in the Philippines through the new entity M&Co Corp., a partnership between ACX and CP AXTRA subsidiary Makro ROH Co. Ltd.
Under the expanded partnership, ACX will also explore co-investment and collaboration opportunities with CP AXTRA’s affiliates.
“This partnership with CP Group allows us to put into action our strategy of offering Filipinos more choices by bringing the best of the world to the Philippines; while at the same time bringing the best of the Philippines to the world,” said Ayala’s Head of Corporate Strategy and Business Development Mark Uy.
Tanit Chearavanont, CP AXTRA Public Co. Ltd. group chief wholesale business officer, said, "This collaboration reflects our shared ambition to pursue new growth by leveraging our respective strengths and resources.”
“Together, we aim to unlock untapped opportunities across retail, wholesale, e-commerce, and mall development—starting with the re-entry of Makro in the Philippines, exploring potential investments and joint developments in CP AXTRA’s affiliates, and enhancing management support for key projects in Thailand.”
ACX said its expanded partnership with CP AXTRA marks its deepening engagement in the consumer sector in the Philippines and potential foray into the Thai market.

Related Tags

Ayala Corporation ACX Holdings Corporation CP AXTRA Mark Uy Tanit Chearavanont
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