ACX Holdings Corporation, the retail arm of Ayala Corporation, has expanded its strategic partnership with Thailand’s CP Axtra, the powerhouse behind Makro and Lotus’s, through a new memorandum of understanding signed on November 13. The agreement positions both groups to jointly develop new businesses and explore co-investment opportunities across the Philippines and Thailand.
The strengthened collaboration taps into the combined reach, expertise, and retail innovation of the Ayala and CP groups, reinforcing a shared push to accelerate growth in two of Southeast Asia’s most dynamic consumer markets. Both sides aim to broaden their cooperation through talent exchange, operational synergies, and shared technology that can elevate customer experience and operational efficiency.
As part of the agreement, ACX and CP Axtra reaffirmed their commitment to reintroducing Makro to the Philippine market through M&Co Corporation—the new joint venture formed earlier this year between ACX and CP Axtra’s Makro ROH Company Limited. The return of Makro is expected to bolster the country’s wholesale and food retail landscape, bringing back a trusted name with updated formats and expanded e-commerce capabilities.
Beyond Makro’s relaunch, the newly expanded partnership opens doors for ACX to collaborate and potentially co-invest with CP Axtra’s affiliate companies, widening the scope for joint projects in retail, wholesale, and mall development.
Ayala Corporation Head of Corporate Strategy and Business Development Mark Uy said the partnership moves Ayala’s retail strategy forward by connecting Filipinos to global brands and bringing Philippine retail expertise into regional markets. He emphasized that tying up with CP Group accelerates Ayala’s ambition to expand customer choices and elevate industry standards.
CP Axtra Group Chief Wholesale Business Officer Tanit Chearavanont noted that the collaboration is anchored on a mutual desire to strengthen their presence in Southeast Asia’s retail ecosystem. He said both companies are committed to unlocking new opportunities through shared capabilities, beginning with Makro’s re-entry into the Philippines and extending to more potential co-investments in Thailand.
With this expanded alliance, ACX signals a deeper push into the consumer sector, reinforcing its regional ambitions while opening the door to a possible foothold in Thailand’s competitive retail market.
