S&P Global Ratings released a report indicating that major conglomerates in the Philippines and Vietnam are planning a substantial investment wave of approximately $185 billion over the next decade. This figure is about 2.5 times their total capital expenditures over the past ten years. A significant portion of this investment, around $28 billion from Philippine firms, is earmarked for the renewable energy sector as their core businesses mature. The report notes that while Philippine companies are diversifying, they continue to generate over 80% of their net profits from core operations, suggesting strong earnings resilience during this transition. In contrast, many of the new ventures undertaken by Vietnamese conglomerates are currently loss-making. S&P Global emphasized that governance and transparency will be critical for both markets as these business groups expand into new and diverse sectors.