The industrials sector recorded a total deal value of US$8.9 billion across 137 transactions, despite a 4.2% decline in volume. This decrease was largely due to global economic pressures, with high interest rates and inflation significantly affecting the sector and constraining investment activities.

Infrastructure projects and sustainable manufacturing were key drivers, highlighted by transactions like Tala Steel Ltd.’s acquisition of TS Global Holdings in Singapore, which reflected broader consolidation trends amid supply chain shifts. Environmental, social, and governance (ESG) considerations are increasingly influencing industrial M&A as companies prioritize green initiatives and renewable energy investments to meet global standards. The sector is poised for renewed growth, supported by anticipated interest rate cuts and favorable regional policies.

The consumer and retail sector in Southeast Asia achieved a deal value of US$9.0 billion across 111 transactions, demonstrating robust activity despite economic challenges. Investments are increasingly directed toward health-oriented products and premium consumer goods, reflecting a shift towards catering to the preferences of the growing middle class.

Notable transactions that illustrate this trend include Fraser & Neave's acquisition of Thai Beverage in the food and beverage sector as well as growing investments in health-focused brands. These strategic moves reflect the broader shift toward brands targeting health-conscious and premium consumer segments, especially in the Philippines and Vietnam.

Southeast Asia's financial services sector recorded a deal value of US$6 billion across 85 transactions. Despite a 23.5% decline in volume, major transactions demonstrated strong interest in digital and cross-border banking.

The sector remains robust as companies adapt to technological advancements and evolving regulatory environments. This is particularly evident in countries like Indonesia and the Philippines, where digital banking and fintech have emerged as key growth areas. The rising demand for digital financial services, driven by Southeast Asia’s expanding middle class and high smartphone penetration, is paving the way for further M&A activity focused on digital and cross-border banking solutions.

Throughout the year, Southeast Asia's energy and natural resources sector achieved a deal value of US$10.6 billion across 94 transactions, primarily driven by investments in renewable energy. Indonesia and the Philippines are at the forefront of this trend, exemplified by significant transactions like Meralco PowerGen’s US$2.2 billion acquisition of the Ilijan Power Plant, highlighting the regional commitment to clean energy targets.

Battery storage systems and electric vehicle infrastructure also present significant growth opportunities, with companies investing in energy storage solutions to support the electrification of transportation across the region. This trend is further supported by the region's energy transition strategies focused on carbon reduction and enhanced energy security, aligning with global sustainability goals.

In 2024, the Philippine real estate sector recorded a deal value of US$1.1 billion across eight transactions. This growth was fueled by urbanization, the demand for residential and commercial spaces and government-led infrastructure projects under the "Build, Better, More" program. Noteworthy deals included Ayala Land’s residential expansions and AREIT Inc.’s office acquisitions.

The sector is also attracting increased investments related to infrastructure development, highlighting the rising demand for sustainable and energy-efficient buildings. Additionally, there are growing opportunities in mixed-use developments that complement urban growth and modernization.

The Philippines' technology sector completed 16 deals totaling US$1.1 billion during the year, driven by digital transformation initiatives, particularly in cloud computing and IT services. Notable transactions included Equinix’s acquisition of three data centers from Total Information Management, which enhanced the country’s digital infrastructure. Summit Telco’s US$272.8 billion investment for a controlling stake in DITO CME Holdings underscores the sector’s dynamic nature.

The government’s Digital Infrastructure Plan has further bolstered technology adoption with an emphasis on broadband and a 5G rollout, enabling companies to expand their digital capabilities.

In 2024, the Philippine financial services sector achieved a deal value of US$908.2 million across 17 transactions. Growth in the sector is driven by financial inclusion efforts, exemplified by the BSP’s Digital Payments Transformation Roadmap, which aims to digitize 50% of transactions by 2025. The Financial Products and Services Consumer Protection Act also enhanced safeguards, strengthening consumer confidence.

Notable transactions include Globe FinTech Innovation’s partnership with Mitsubishi UFJ Financial Group and expansions into GCash operations, reinforcing the Philippines’ position as a leader in digital payments.

The Philippines' industrial sector recorded a total deal value of US$895.6 million across eight transactions in 2024, despite a 27.3% decline in volume. Key drivers included infrastructure development and supply chain consolidation.

A significant transaction was DMCI Holdings’ US$740 million acquisition of CEMEX Holdings Philippines, reflecting DMCI’s strategy to expand its presence in the construction materials sector. This acquisition aligns with the demand for sustainable construction solutions and supports the government’s focus on infrastructure modernization.

Despite initial challenges posed by interest rates and inflation, investor confidence continues to be strengthened by government initiatives and ongoing infrastructure projects.

In 2024, the Philippines' consumer and retail sector achieved a total deal value of US$392.7 million across 14 M&A transactions. Notable among these was Roxas Holdings Inc.'s acquisition by Leandro Leviste, highlighting investments in modernizing the retail supply chain. Growth was driven by rising consumer spending, the expansion of e-commerce and digital transformation initiatives.

Government initiatives such as the E-Commerce Roadmap 2023–2025 prioritize digital infrastructure, MSME digitalization and cross-border e-commerce in order to boost gross domestic product (GDP) contribution and align the sector with global practices. Additionally, the amended Retail Trade Liberalization Act of 2022 supports the sector by lowering capital requirements for foreign retailers to US$500,000, fostering investments and enhancing competitiveness in the Philippine retail market.