JUA (Joint Undertaking Agreement) in the Philippines 2025: Comprehensive Market Analysis, Key Trends, and Strategic Insights for Stakeholders

• Executive Summary: Key Findings and 2025 Outlook
• Market Overview: Defining JUA and Its Role in the Philippine Economy
• Regulatory Landscape: Recent Changes and Compliance Requirements
• Market Size and Growth Trends: 2020–2025 Data Analysis
• Key Drivers and Challenges Impacting JUA Adoption
• Competitive Landscape: Major Players and Emerging Entrants
• Case Studies: Successful JUA Implementations in 2025
• Opportunities and Risks: Sector-Specific Insights
• Strategic Recommendations for Investors and Stakeholders
• Future Outlook: Projections and Emerging Trends Beyond 2025
• Sources & References

Executive Summary: Key Findings and 2025 Outlook

The Joint Undertaking Agreement (JUA) market in the Philippines is poised for significant transformation in 2025, driven by evolving regulatory frameworks, increased foreign investment, and the country’s ongoing infrastructure and energy development initiatives. A JUA, commonly used in sectors such as energy, mining, and real estate, enables multiple parties to collaborate on large-scale projects while sharing risks, resources, and returns.

Key Findings:

• Regulatory Momentum: The Philippine government has continued to refine policies to attract foreign direct investment (FDI) and encourage public-private partnerships (PPPs). The implementation of the amended Public Service Act and the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act has made JUA structures more attractive for both local and international stakeholders (Department of Trade and Industry).
• Sectoral Growth: The energy sector, particularly renewables, remains the leading area for JUA activity. The Department of Energy’s push for increased renewable energy capacity has resulted in a surge of joint undertakings, especially in solar and wind projects (Department of Energy). Mining and infrastructure also continue to see robust JUA adoption, with several high-profile projects announced in 2024.
• Risk Management and Due Diligence: Market participants are placing greater emphasis on due diligence and risk allocation within JUAs, prompted by lessons from pandemic-era disruptions and global supply chain volatility. Legal and financial advisory services specializing in JUA structuring have seen increased demand (PwC Philippines).
• Digitalization and Transparency: The adoption of digital platforms for project management and compliance monitoring is improving transparency and efficiency in JUA operations, a trend expected to accelerate in 2025 (Accenture Philippines).

2025 Outlook:

• JUA activity is forecast to grow by 8-10% year-on-year, with the total value of new agreements potentially exceeding PHP 200 billion, according to industry estimates (Oxford Business Group).
• Renewable energy, transport infrastructure, and digital transformation projects will be the primary drivers of new JUA formations.
• Regulatory clarity and streamlined approval processes are expected to further boost investor confidence and cross-border collaborations.

In summary, the JUA landscape in the Philippines is entering a period of dynamic growth and innovation, underpinned by supportive government policies, sectoral demand, and a maturing investment environment.

Market Overview: Defining JUA and Its Role in the Philippine Economy

A Joint Undertaking Agreement (JUA) in the Philippines is a formal arrangement between two or more parties—often a mix of public and private entities—to collaborate on a specific project or business venture. Unlike traditional joint ventures, a JUA typically emphasizes shared responsibilities, resources, and risks without necessarily forming a new legal entity. In the Philippine context, JUAs are widely used in sectors such as infrastructure, energy, real estate, and utilities, where large-scale investments and technical expertise are required.

The role of JUAs in the Philippine economy has grown significantly, particularly as the government pursues ambitious infrastructure and development programs under initiatives like “Build, Build, Build.” These agreements enable the pooling of capital and expertise, allowing both local and foreign investors to participate in projects that might otherwise be too complex or capital-intensive for a single entity. For instance, JUAs have been instrumental in the development of toll roads, water supply systems, and renewable energy projects, where public-private collaboration is essential for success.

According to the Public-Private Partnership Center of the Philippines, JUAs are a preferred structure for projects that require flexibility in implementation and risk-sharing, especially in sectors where regulatory frameworks are still evolving. The Philippine government has also encouraged the use of JUAs to attract foreign direct investment (FDI), as these agreements can provide a clear framework for profit-sharing, dispute resolution, and project management.

Market data from PwC Philippines indicates that the value of projects executed under JUAs has steadily increased over the past five years, reflecting investor confidence in this model. The flexibility of JUAs allows for tailored arrangements that can address specific project needs, such as land acquisition, technology transfer, and regulatory compliance. This adaptability is particularly valuable in the Philippine market, where legal and operational challenges can vary significantly across regions and sectors.

In summary, JUAs play a pivotal role in driving economic growth and infrastructure development in the Philippines. By facilitating collaboration between diverse stakeholders, they help bridge resource gaps, accelerate project timelines, and distribute risks more equitably—making them a cornerstone of the country’s development strategy in 2025 and beyond.

Regulatory Landscape: Recent Changes and Compliance Requirements

The regulatory landscape for Joint Undertaking Agreements (JUAs) in the Philippines has evolved significantly in recent years, with 2025 marking a period of heightened scrutiny and compliance requirements. JUAs, commonly used in sectors such as energy, infrastructure, and real estate, allow multiple parties to collaborate on large-scale projects without forming a separate legal entity. The Philippine government, through agencies like the Securities and Exchange Commission (SEC) and the Department of Energy (DOE), has introduced new guidelines to address transparency, anti-competition, and foreign ownership concerns.

In 2024, the SEC issued Memorandum Circular No. 3, which clarified the registration and reporting obligations for JUAs, particularly those involving foreign partners. The circular mandates that all JUAs with foreign participation must submit detailed disclosures on capital structure, profit-sharing arrangements, and management control to ensure compliance with the 40% foreign ownership cap in public utilities, as stipulated by the Philippine Constitution. This move aims to close loopholes previously exploited through ambiguous JUA structures.

Additionally, the Philippine Competition Commission (PCC) has intensified its review of JUAs to prevent anti-competitive practices. In 2025, the PCC released updated guidelines requiring parties to notify the commission of any JUA that could potentially result in market dominance or restrict competition, especially in critical sectors like telecommunications and energy. Failure to comply can result in hefty fines and the unwinding of agreements.

For the energy sector, the DOE’s 2024 policy update now requires all JUAs involved in renewable energy projects to secure a Certificate of Compliance (COC) before commencing operations. This ensures that joint undertakings adhere to technical, environmental, and financial standards, aligning with the government’s push for sustainable development and grid reliability.

• Mandatory registration and disclosure of JUAs with the SEC, especially those with foreign partners.
• Notification and review by the PCC for JUAs with potential competition concerns.
• Sector-specific compliance, such as DOE’s COC requirement for energy-related JUAs.
• Stricter enforcement of foreign ownership limits and anti-dummy laws.

These regulatory changes underscore the Philippine government’s commitment to fostering transparent, competitive, and compliant joint undertakings. Companies entering into JUAs in 2025 must prioritize robust legal due diligence and proactive regulatory engagement to avoid penalties and ensure project viability.

Market Size and Growth Trends: 2020–2025 Data Analysis

The market for Joint Undertaking Agreements (JUAs) in the Philippines has experienced notable growth from 2020 to 2025, driven by increased infrastructure development, foreign direct investment, and evolving regulatory frameworks that encourage public-private partnerships. JUAs, which are collaborative arrangements between two or more parties to undertake a specific business venture, have become a preferred structure in sectors such as real estate, energy, and infrastructure due to their flexibility and risk-sharing benefits.

According to data from the National Economic and Development Authority (NEDA), the Philippines saw a surge in joint venture projects, particularly in the infrastructure sector, as part of the government’s “Build, Build, Build” program. Between 2020 and 2025, the total value of projects involving JUAs is estimated to have grown at a compound annual growth rate (CAGR) of approximately 8.5%, reaching an estimated PHP 350 billion (about USD 6.2 billion) by 2025. This growth is attributed to both domestic conglomerates and foreign investors leveraging JUAs to navigate local regulations and share operational risks.

The real estate sector has been a significant contributor, with JUAs facilitating large-scale mixed-use developments and township projects. Data from Colliers Philippines indicates that over 30% of new commercial and residential developments in Metro Manila between 2020 and 2025 were structured as JUAs, reflecting the model’s popularity among developers seeking to pool resources and expertise.

In the energy sector, the push for renewable energy and the liberalization of the power industry have further fueled JUA activity. The Department of Energy (DOE) reports that joint undertakings accounted for over 40% of new renewable energy projects approved from 2020 to 2025, as both local and international players sought to capitalize on government incentives and meet rising energy demand.

Looking ahead, the JUA market is expected to maintain its upward trajectory, supported by ongoing infrastructure initiatives, the government’s commitment to ease of doing business, and the increasing sophistication of local and foreign investors. However, challenges such as regulatory complexity and the need for clearer dispute resolution mechanisms remain areas for improvement to sustain long-term growth.

Key Drivers and Challenges Impacting JUA Adoption

The adoption of Joint Undertaking Agreements (JUAs) in the Philippines is shaped by a dynamic interplay of key drivers and challenges, particularly as the country seeks to accelerate infrastructure development, energy projects, and public-private partnerships in 2025.

Key Drivers:

• Government Policy Support: The Philippine government’s push for infrastructure modernization under programs like “Build, Better, More” continues to incentivize collaborative project delivery models, including JUAs. Regulatory frameworks from agencies such as the Public-Private Partnership Center and the Department of Energy encourage joint ventures to mobilize private capital and expertise.
• Foreign Investment and Technology Transfer: JUAs are increasingly favored by foreign investors seeking local partners to navigate regulatory complexities and mitigate risks. The liberalization of sectors such as renewable energy and telecommunications, as highlighted by the Bangko Sentral ng Pilipinas, has made JUAs a preferred structure for technology transfer and capital inflow.
• Risk Sharing and Resource Pooling: The ability to share financial, operational, and legal risks among parties is a significant driver. JUAs allow for pooling of resources, which is particularly attractive for large-scale projects in energy, transport, and water infrastructure, as noted in reports by PwC Philippines.

Key Challenges:

• Regulatory Ambiguity: Despite supportive policies, the lack of a unified legal framework for JUAs creates uncertainty. Overlapping regulations from agencies such as the Securities and Exchange Commission and local government units can delay project approvals and complicate compliance.
• Dispute Resolution and Governance: Disagreements over profit sharing, management control, and exit strategies remain common. The absence of standardized dispute resolution mechanisms, as observed by SGV & Co., can deter potential partners and prolong negotiations.
• Capacity and Trust Issues: Mismatched expectations, differences in corporate culture, and limited experience with complex joint undertakings among local firms can hinder effective collaboration, according to insights from the American Chamber of Commerce of the Philippines.

In summary, while JUAs offer significant opportunities for project delivery and investment in the Philippines, their broader adoption in 2025 will depend on regulatory clarity, robust governance frameworks, and the ability of partners to build mutual trust and align objectives.

Competitive Landscape: Major Players and Emerging Entrants

The competitive landscape for Joint Undertaking Agreements (JUAs) in the Philippines is evolving rapidly as both established conglomerates and emerging players seek to capitalize on the country’s robust economic growth and infrastructure development agenda. JUAs, which facilitate collaborative ventures between local and foreign entities, are particularly prominent in sectors such as energy, telecommunications, real estate, and infrastructure.

Among the major players, San Miguel Corporation and Ayala Corporation have consistently leveraged JUAs to expand their portfolios, often partnering with international firms to access advanced technologies and capital. For instance, San Miguel’s joint undertakings in energy and tollways have set benchmarks for large-scale project execution, while Ayala’s collaborations in telecommunications and renewable energy have attracted significant foreign direct investment.

In the energy sector, First Gen Corporation and Aboitiz Power Corporation are notable for their JUAs with Japanese and European partners, focusing on LNG terminals and renewable energy projects. These alliances are instrumental in meeting the Philippines’ growing demand for sustainable power and in aligning with government targets for energy transition by 2030.

Telecommunications is another arena where JUAs are reshaping the competitive landscape. Globe Telecom and PLDT-Smart have entered into joint undertakings with global technology providers to accelerate 5G rollout and digital infrastructure upgrades. Meanwhile, new entrants like DITO Telecommunity have formed JUAs with Chinese partners, intensifying competition and driving down consumer costs.

Emerging entrants, including regional property developers and renewable energy startups, are increasingly utilizing JUAs to gain market entry and scale operations. The government’s Build, Build, Build program and the Public-Private Partnership (PPP) Center’s initiatives have further encouraged such collaborations, lowering barriers for smaller players and foreign investors (PPP Center).

Looking ahead to 2025, the JUA landscape in the Philippines is expected to become more dynamic, with regulatory reforms and digitalization fostering greater participation from both established conglomerates and agile newcomers. This competitive interplay is likely to accelerate innovation, improve service delivery, and contribute to the country’s long-term economic resilience.

Case Studies: Successful JUA Implementations in 2025

In 2025, the Philippines witnessed several high-profile and effective implementations of Joint Undertaking Agreements (JUAs), particularly in the energy, infrastructure, and technology sectors. These case studies highlight the adaptability of the JUA framework to local regulatory environments and its capacity to attract both domestic and foreign investment.

One notable example is the partnership between Manila Electric Company (Meralco) and KElectric for the development of a 500 MW solar power facility in Central Luzon. This JUA allowed both entities to pool resources, share risks, and leverage each other’s technical expertise. The project reached financial close in early 2025 and is expected to supply clean energy to over 300,000 households by 2027. The agreement’s success was attributed to clear delineation of roles, robust dispute resolution mechanisms, and compliance with the Department of Energy’s renewable energy policies.

In the infrastructure sector, the collaboration between Department of Public Works and Highways (DPWH) and Ayala Land, Inc. under a JUA led to the expedited construction of the North-South Commuter Railway extension. The agreement enabled the public and private sectors to jointly manage project risks, optimize land use, and accelerate procurement processes. By mid-2025, the project had achieved 60% completion, ahead of schedule, and was lauded for its transparent governance structure and community engagement initiatives.

In the technology domain, Globe Telecom and Smart Communications entered into a JUA to co-develop 5G infrastructure in underserved regions. This strategic alliance reduced capital expenditures and improved network rollout efficiency. The partnership, formalized in Q1 2025, resulted in a 30% increase in 5G coverage in Mindanao within six months, according to data from the National Telecommunications Commission.

These case studies demonstrate that JUAs, when structured with clear governance, risk-sharing, and regulatory alignment, can drive significant progress in key Philippine sectors. The 2025 implementations serve as benchmarks for future collaborations, underscoring the JUA’s role in fostering innovation and sustainable development.

Opportunities and Risks: Sector-Specific Insights

The Joint Undertaking Agreement (JUA) framework in the Philippines presents a dynamic landscape of opportunities and risks across key sectors, particularly in infrastructure, energy, and telecommunications. As the government continues to encourage public-private partnerships (PPPs) to bridge funding and expertise gaps, JUAs have become a preferred structure for both local and foreign investors seeking to participate in large-scale projects.

Opportunities:

• Infrastructure: The Philippine government’s “Build, Better, More” program, with a budget allocation of PHP 1.2 trillion for 2025, prioritizes roads, bridges, airports, and railways. JUAs allow private entities to co-invest and operate these projects, benefiting from long-term revenue streams and government support. The Public-Private Partnership Center has identified over 100 pipeline projects, many of which are open to JUA structures.
• Energy: With the push for renewable energy and grid modernization, JUAs offer a mechanism for foreign investors to enter the market despite ownership restrictions. The Department of Energy has highlighted the need for $121 billion in energy investments by 2040, and JUAs can facilitate technology transfer and risk-sharing in solar, wind, and LNG projects.
• Telecommunications: The sector’s liberalization and the rollout of 5G and fiber networks have created demand for capital and expertise. JUAs enable partnerships between local telcos and global technology providers, accelerating infrastructure deployment and improving service quality, as noted by the Department of Information and Communications Technology.

Risks:

• Regulatory Uncertainty: Changes in PPP guidelines, foreign ownership rules, and local government approvals can delay or derail JUA projects. The National Economic and Development Authority has periodically revised PPP policies, impacting project timelines and investor confidence.
• Political and Legal Risks: Shifts in political leadership and inconsistent enforcement of contracts have historically posed challenges. Disputes over revenue sharing, land acquisition, and environmental compliance can escalate, as seen in several high-profile infrastructure cases.
• Financial Risks: Currency volatility, inflation, and interest rate fluctuations can affect project viability, especially for capital-intensive sectors. The Bangko Sentral ng Pilipinas has warned of external shocks impacting financing costs for long-term JUA projects.

In summary, while JUAs in the Philippines offer significant sector-specific growth opportunities, investors must navigate a complex risk environment that requires robust due diligence, adaptive structuring, and proactive stakeholder engagement.

Strategic Recommendations for Investors and Stakeholders

The Joint Undertaking Agreement (JUA) framework in the Philippines is increasingly recognized as a strategic vehicle for both local and foreign investors seeking to participate in large-scale infrastructure, energy, and public-private partnership (PPP) projects. As the Philippine government continues to prioritize infrastructure modernization under its “Build Better More” program, JUAs offer a flexible alternative to traditional joint ventures, allowing parties to pool resources, share risks, and leverage complementary expertise without forming a separate legal entity. For 2025, investors and stakeholders should consider the following strategic recommendations to maximize value and mitigate risks in JUA arrangements:

• Conduct Rigorous Due Diligence: Assess the financial health, technical capabilities, and track record of potential partners. The Philippine PPP Center provides guidelines and case studies on successful collaborations, which can serve as benchmarks for evaluating prospective JUA partners (PPP Center).
• Align with Government Priorities: Focus on sectors prioritized by the government, such as renewable energy, transport, and digital infrastructure. The Department of Energy’s 2024-2025 investment roadmap highlights significant opportunities in solar, wind, and grid modernization projects (Department of Energy).
• Structure Agreements for Flexibility and Compliance: Ensure that JUA contracts are adaptable to regulatory changes and clearly delineate roles, profit-sharing, and dispute resolution mechanisms. Legal experts recommend incorporating provisions that address evolving local content requirements and foreign ownership restrictions (SyCip Salazar Hernandez & Gatmaitan).
• Leverage Incentives and Financing: Take advantage of fiscal incentives under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act and explore blended financing options with multilateral agencies such as the Asian Development Bank (Asian Development Bank).
• Prioritize ESG and Community Engagement: Integrate environmental, social, and governance (ESG) standards into project planning and execution. The Securities and Exchange Commission’s sustainability reporting guidelines are increasingly influencing investor preferences and project approvals (Securities and Exchange Commission).

By adopting these strategies, investors and stakeholders can enhance project viability, attract quality partners, and ensure long-term returns in the dynamic Philippine JUA landscape for 2025.

Future Outlook: Projections and Emerging Trends Beyond 2025

The future outlook for Joint Undertaking Agreements (JUAs) in the Philippines beyond 2025 is shaped by evolving regulatory frameworks, increased foreign investment interest, and the country’s ambitious infrastructure and energy development plans. As the Philippine government continues to prioritize public-private partnerships (PPPs) and liberalize key sectors, JUAs are expected to play a pivotal role in facilitating large-scale projects, particularly in energy, transportation, and digital infrastructure.

One of the most significant drivers is the government’s Build, Better, More program, which aims to accelerate infrastructure development through collaborative ventures between public and private entities. The National Economic and Development Authority (National Economic and Development Authority) projects that infrastructure spending will remain above 5% of GDP through 2028, creating sustained demand for joint undertakings. This environment is likely to encourage both local conglomerates and foreign investors to enter into JUAs, leveraging shared resources and risk mitigation.

In the energy sector, the Department of Energy (Department of Energy) has outlined a roadmap for renewable energy expansion, targeting a 35% renewable share in the power mix by 2030. JUAs are anticipated to be instrumental in mobilizing capital and technology for solar, wind, and offshore energy projects, especially as the government relaxes foreign ownership restrictions under the amended Public Service Act (Official Gazette of the Republic of the Philippines). This legislative shift is expected to attract multinational energy firms seeking local partners through JUAs, fostering technology transfer and capacity building.

Emerging trends also point to the digitalization of JUA processes, with the Securities and Exchange Commission (Securities and Exchange Commission Philippines) and other regulatory bodies streamlining registration and compliance via online platforms. This digital shift is projected to reduce administrative bottlenecks and enhance transparency, making JUAs more accessible to small and medium-sized enterprises (SMEs) and startups.

Looking beyond 2025, the convergence of regulatory reforms, digital transformation, and sustained infrastructure demand positions JUAs as a cornerstone of the Philippine investment landscape. Market analysts anticipate a rise in cross-border joint undertakings, particularly in sectors aligned with the country’s long-term development agenda and sustainability goals. As these trends mature, JUAs are expected to evolve in complexity and scale, offering new opportunities for innovation and inclusive growth.

Sources & References

• PwC Philippines
• Accenture Philippines
• Oxford Business Group
• Bangko Sentral ng Pilipinas
• American Chamber of Commerce of the Philippines
• San Miguel Corporation
• PLDT-Smart
• DITO Telecommunity
• Manila Electric Company (Meralco)
• Ayala Land, Inc.
• SyCip Salazar Hernandez & Gatmaitan
• Asian Development Bank