Winner Spotlight 2026: BDO Capital

Why It Matters

The transactions prove the Philippines’ domestic banking system can fund megaprojects and sophisticated acquisitions without foreign reliance, accelerating renewable‑energy deployment and modernising healthcare financing. This signals stronger capital‑market depth and attracts further investment to the region.

Key Takeaways

• BDO Capital arranged Philippines' largest project‑finance loan: Php150 bn ($2.6 bn).
• Deal funds 3,500 MW solar plant with 4,500 MWh battery, world’s biggest integrated project.
• Six‑bank syndicate closed in six months, showing domestic banking capacity.
• Belo Medical Group acquisition introduced institutional financing to Philippine healthcare sector.

Pulse Analysis

The Philippines is rapidly deepening its capital‑markets infrastructure, a trend underscored by BDO Capital’s recent wins. As the government pushes aggressive renewable‑energy targets, the ability to marshal multi‑billion‑dollar financing domestically reduces currency risk and streamlines project execution. Analysts view the Terra Solar loan as a litmus test for the market’s maturity, demonstrating that local banks can underwrite complex, capital‑intensive ventures that were previously the domain of foreign lenders.

Terra Solar’s Php150 billion senior secured term‑loan, arranged solely by BDO Capital, financed a 3,500 MW photovoltaic plant paired with a 4,500 MWh battery storage system—now the largest integrated solar‑storage project worldwide. The six‑bank syndicate balanced a 75% debt‑to‑equity ratio and incorporated milestone‑based drawdowns, allowing lenders to manage risk while giving the sponsor flexibility. Closing the deal in six months, far quicker than regional norms, showcases the Philippines’ operational efficiency and sets a precedent for future green‑energy financing, likely encouraging more domestic investors to pursue similar scale projects.

In the healthcare arena, BDO’s structuring of a senior secured loan for the Belo Medical Group acquisition introduced institutional financing standards to a sector traditionally dominated by founder‑led capital. Using a Singapore‑based SPV linked to a Philippine on‑shore borrower, the deal navigated cross‑border regulatory and collateral challenges while offering repricing flexibility over a five‑year horizon. This not only broadened financing options for Philippine hospitals but also signalled to global investors that the country’s financial ecosystem can support sophisticated, sponsor‑backed deals across industries. Together, these transactions reinforce confidence in the Philippines as a venue for large‑scale, high‑impact investments.