MUMBAI: Dentsu Aegis Network has reached an agreement with the principal shareholders of creative agency ASPAC Creative Communications Inc based in Philippines to acquire a 70 per cent stake in the company, with an option in place that would allow expansion in steps to 100 per cent at a later date.

Founded in February 1975 as ASPAC Communicators Inc., ASPAC is a creative agency of long standing in the Philippines with both local and international major companies as its clients. The services provided range from the formulation of brand strategy to the provision of creative ideas for the mass media, digital and promotional advertising domains.

In its September 2015 worldwide advertising expenditure forecasts, the Dentsu Group’s media communications agency Carat announced that advertising expenditures in the Philippines grew 12.8 per cent in 2014 and are expected to continue to rise 10.2 per cent in 2015 and 12.3 per cent in 2016. The Philippines is the sixth-largest market in the Asia-Pacific region, after China, Japan, Australia, Korea and Indonesia.