I Squared Capital founder and Managing Partner Dr. Sadek Wahba, Special Assistant to the President for Investments and Economic Affairs Frederick Go, and Royale Cold Storage President Ferdinand Tiongson (4th-6th from left) lead the groundbreaking ceremony for the expansion of the cold storage facility in Plaridel, Bulacan on Friday (Oct. 24, 2025). The soon-to-be built 1.5-hectare facility will be located beside RCS’s existing 5-hectare facility and will be among the projects to be financed by I Squared’s USD2 billion investment in the Philippines. (PNA photo by Joann Villanueva)
Global infrastructure investor I Squared Capital is ramping up its presence in the Philippines, expressing strong confidence in the country’s economic trajectory as it expands its cold storage network under Royale Cold Storage (RCS).
The firm has invested at least $130 million to acquire an 80-percent stake in RCS, company president Joey Tiongson confirmed during the groundbreaking of the company’s new facility in Plaridel, Bulacan, on Friday. The expansion is part of I Squared’s broader $2 billion investment portfolio in the Philippines.
The upcoming Plaridel facility, to be built on a 1.5-hectare site adjacent to RCS’s existing five-hectare compound, marks another milestone for the company, which already operates branches in Marilao (Bulacan), Taytay (Rizal), Cabuyao (Laguna), and Villasis (Pangasinan).
According to Tiongson, I Squared executives are looking to push the brand’s footprint further into the Visayas and Mindanao, with the Plaridel project representing roughly 30 percent of total investments under RCS.
“I Squared plans to double that,” Tiongson said, noting that the investor’s equity share will remain at 80 percent.
Dr. Sadek Wahba, founder and managing partner of I Squared Capital, revealed that USD30 million has been set aside for the first phase of the Plaridel expansion, with total spending expected to exceed USD100 million over the next year.
Wahba said the Philippines stands out as a promising investment destination, citing the government’s focus on food security, infrastructure modernization, and energy development.
“The investment opportunities here have enormous potential,” Wahba said. “What’s encouraging is that the government is already doing a lot of what’s needed—implementing economic reforms that are exactly right for this stage of the Philippine economy. And what’s truly exciting is that policymakers understand what must be done. That’s not always the case in other countries.”
The expansion underscores growing investor confidence in the country’s industrial and logistics sectors, seen as vital to strengthening food supply chains and supporting sustained economic growth.