MVP-Ongpin connection: PLDT gives up Cure, Philweb
Rappler - 2012-07-11
MANILA, Philippines - The previous deals between the groups of businessmen Manuel V. Pangilinan and Roberto V. Ongpin are unwinding. After announcing in 2011 that Pangilinan-led Philippine Long Distance Telephone Co. (PLDT) is giving up the 3G license of ...

Ayala Corp seeks $250M in Ayala Land block deal - source
interaksyon.com - 2012-07-10
MANILA - Philippine conglomerate Ayala Corp is seeking to raise about $250 million by selling shares in real estate developer Ayala Land in a block deal launched on Tuesday, according to a source with direct knowledge of the plans. The deal, valued at up ...

Ayala Corp seeks $250M in Ayala Land block deal - source
interaksyon.com - 2012-07-10
MANILA - Philippine conglomerate Ayala Corp is seeking to raise about $250 million by selling shares in real estate developer Ayala Land in a block deal launched on Tuesday, according to a source with direct knowledge of the plans. The deal, valued at up ...

The wRap
Rappler - 2012-07-10
beating the 22% growth achieved by the main index of the Philippine Stock Exchange and the almost 19% hike of rival ABS-CBN Corp. GMA-7 has not made public a strategy or a specific corporate event intended to drive the stock so high. The only significant ...

PSEi slips below 5,300 on risk aversion triggered by poor global economic data
interaksyon.com - 2012-07-09
Top gainers were Grand Plaza Hotel, SPC Power and Primex, while the biggest losers were Central Azucarera de Tarlac, Acesite and I-Remit ... at bay," said Jun Calaycay of Accord Capital Equities Corp. The local market joined other Asian bourses that ...

17 charged in tax credit scam
Philippine Daily Inquirer - 2012-07-07
Cristina Moncada. Morales also ordered the filing of charges against the listed officers of the private corporation Filipino Way, and its purported supplier-companies: Filsyn Corp., Hi-Lon Manufacturing Co. Inc., Manila Bay Spinning Mills Inc., Wise and Co ...

17 charged in tax credit scam
Philippine Daily Inquirer - 2012-07-07
Cristina Moncada. Morales also ordered the filing of charges against the listed officers of the private corporation Filipino Way, and its purported supplier-companies: Filsyn Corp., Hi-Lon Manufacturing Co. Inc., Manila Bay Spinning Mills Inc., Wise and Co ...

Ombudsman orders filing of criminal raps vs 17 DOF execs in tax credit scam
interaksyon.com - 2012-07-06
Cristina Moncada. Also charged were officials of private corporation Filipino Way, and its purported supplier-companies: Filsyn Corp., Hi-Lon Manufacturing Co., Inc., Manila Bay Spinning Mills, Inc., Wise and Co. Inc., Bush Boake Allen Philippines ...

PSEi retreats from record despite stimulus from world's top central banks
interaksyon.com - 2012-07-06
... Siam and Mabuhay Vinyl. At the Philippine Dealing System, the peso shed 11 centavos against the dollar to close at 41.799 on Friday from 41.68 the previous day. Volume of trades reached $908.66 million, up from $808.10 million in the previous session.

PSEi retreats from record despite stimulus from world's top central banks
interaksyon.com - 2012-07-06
... Siam and Mabuhay Vinyl. At the Philippine Dealing System, the peso shed 11 centavos against the dollar to close at 41.799 on Friday from 41.68 the previous day. Volume of trades reached $908.66 million, up from $808.10 million in the previous session.

Megawide controlling shareholders to sell stake to holding firm
interaksyon.com - 2012-07-05
MANILA - Megawide Construction Corp. has obtained the approval of the local bourse to suspend trading of its shares after the company bared plans of its two founders and their respective families to consolidate their holdings under one entity. In a ...

List of class suspensions as heavy downpour hits Manila, nearby provinces
News Philippines Yahoo - 2012-07-02
According to various reports from DepEd, radio stations and university announcements ... Afternoon classes in all public schools in the City of Manila (Declared by Mayor Lim) Suspended classes in Malabon: Tonsuya Elem School; Panghulo Elem School unit ...

AgriNurture buys into Greenergy
interaksyon.com - 2012-07-02
MANILA - AgriNurture Inc. has bought into Greenergy Holdings Inc., a renewable energy company that is also owned by Antonio L. Tiu. In a disclosure to the Philippine Stock Exchange, Greenergy said its board of directors approved the entry of AgriNurture ...

Who's protecting bank depositors, creditors?
Philstar - 2012-07-01
The information came as a shock since for the last several years there were no prodromal indications that the bank was experiencing business difficulties. Eleven million five hundred thousand pesos set aside for the PMA projects of medical missions ...

PCGG asks Sandigan to reconsider Lucio Tan verdict
Philippine Daily Inquirer - 2012-06-30
MANILA, Philippines--The Presidential Commission on Good Government (PCGG) has asked the Sandiganbayan to reconsider its dismissal of a nearly 25-year-long forfeiture case against tobacco and been tycoon Lucio ... Brewery, Allied Banking Corp., Foremost ...

Cojuangco sells 11% SMC stake to Ang
Philstar - 2012-06-30
He, however, will remain as chairman and CEO of the company. The shares which were sold to Ang originally formed part of the block of shares to be divested to Top Frontier Investment Holdings Inc. under a 2009 share option agreement. Top Frontier ...

Sta. Mesa: Manila's northeastern edge
Philstar - 2012-06-30
Not far from the San Sebastian church was the original horse race track that was laid out by the Manila Jockey Club in 1867 in what is now R. Hidalgo Street. The tracks were laid on a straight course and stretched for about a quarter mile long. For close ...

Philippine Stocks: Asian Terminals, Megaworld, Manila Electric
Bloomberg - 2012-06-29
Shares of the following companies had unusual moves in Philippine trading. Stock symbols are in parentheses and prices are as of the close in Manila. The Philippine Stock Exchange Index fell 0.2 percent to 5,246.41. The measure gained 2.7 percent this ...

Philippine Equity Movers: Asian Terminals, Ayala, GMA Network
Bloomberg - 2012-06-28
Shares of the following companies had unusual moves in Philippine trading. Stock symbols are in parentheses and prices are as of the noon close in Manila. The Philippine Stock Exchange Index fell less than 0.1 percent to 5,256.15, snapping a four-day gain.

MIDCAP-Philippine GMA Holdings looks expensive on valuations
Reuters - 2012-06-28
GMA Holdings looks the most expensive among 39 companies in the Philippines, tracked by at least three analysts, data from Thomson Reuters StarMine shows. The company's forward 12M P/E of 20.8 is twice its 10-year median of 10.4. It has a low Intrinsic ...

Army claims capturing finance officer of NPA
Philippine Daily Inquirer - 2012-06-27
said Espinosa was among the rebels who raided and destroyed a water pump facility of the Victorias Milling Company in 2010. He added that Espinosa was also with the group of insurgents who raided a military detachment in Toboso town, Negros Occidental ...

Army claims capturing finance officer of NPA
Philippine Daily Inquirer - 2012-06-27
said Espinosa was among the rebels who raided and destroyed a water pump facility of the Victorias Milling Company in 2010. He added that Espinosa was also with the group of insurgents who raided a military detachment in Toboso town, Negros Occidental ...

Melco Crown expanding into the Philippines
Casino City Times - 2012-06-27
AUSTRALIA and THE PHILIPPINES -- Melco Crown will develop a Manila casino with Belle Corporation, The Australian reported. The joint venture between the two companies will see a $1 billion casino-resort built in Manila, according to the Australian ...

BPI partners with 11 Davao companies for mobile system
Sun Star - 2012-06-26
"We have also partnered with BIR (Bureau of Internal Revenue), SSS (Social Security System), Pag-Ibig Fund ... Alfonso Salcedo Jr., executive vice president and head of corporate banking group, described the system as "an extremely relevant innovation ...

Megawide expects 2012 profit to grow a third
interaksyon.com - 2012-06-26
MANILA - Megawide Construction Corp. expects its profit to grow by a third to hit the P1-billion mark as the company benefits from the strong real estate sector. On the sidelines of the company's stockholders meeting, Oliver Tan, Megawide chief financial ...

Probe of 41 bank closures sought
Philippine Daily Inquirer - 2012-06-24
Ty sought the probe as the state-run Philippine Deposit Insurance Corp. (PDIC) began paying the claims of depositors of Export and Industry Bank, which was closed by the Bangko Sentral ng Pilipinas on April 27.

Probe of 41 bank closures sought
Philippine Daily Inquirer - 2012-06-24
Ty sought the probe as the state-run Philippine Deposit Insurance Corp. (PDIC) began paying the claims of depositors of Export and Industry Bank, which was closed by the Bangko Sentral ng Pilipinas on April 27.

Mall madness in Cebu
Inquirer Opinion - 2012-06-23
Opened in 1994, the mall is inside the Cebu Business Park (CBP), a 50-hectare master-planned business subdivision developed by Cebu Holdings Inc., an Ayala Land Inc. affiliate. "The mall is the centerpiece that stimulates the development of CBP," said ...

Manila dads hear drive vs condo near Luneta
Philippine Daily Inquirer - 2012-06-23
Backed by about 30 supporters, cultural activist and tour guide Carlos Celdran attended a city council hearing on Friday armed with a petition calling on developer DMCI Holdings to "rethink" its plan to build the Torre de Manila condominium on Taft ...

Security officer arrested for rape
Philippine Daily Inquirer - 2012-06-22
CIDG agents went to the office of the Manila Jockey Club at Ortigas Center in Pasig City to serve a warrant issued by Judge Antonio Reyes of Pasig regional trial court Branch 71 for the arrest of Michael Angelo Rearte. Rearte was accused of raping a ...

Wanted: 300,000 agents to expand insurance business
interaksyon.com - 2012-06-22
MANILA - The key to expanding insurance coverage in the Philippines is for the industry to jack up the number of agents from the current 30,000 to 300,000 in eight years, Manulife Financial Corp. said on Friday. Indren Naidoo, Manulife Philippines ...

Lopez: ABS-CBN not for sale, unfazed by GMA7-TV5 potential deal
Rappler - 2012-06-21
MANILA, Philippines - The chairman of ABS-CBN Corp. told shareholders that the media industry leader is confident of its position despite potential ownership changes among competitors. ABS-CBN chair and CEO Eugenio L. Lopez III also doused concerns that ...

For 5th year in row, Henry Sy is PH's richest man
Rappler - 2012-06-21
Consunji's business group is behind DMCI Holdings, a construction giant that has added related businesses, including real estate and water, in its portfolio. The group also has a stake in Semirara Mining. Tan is behind Alliance Global, a conglomerate that ...

Boulevard Holdings hires Jones Lang for Puerto Azul development
GMA Network - 2012-06-20
Boulevard Holdings Inc. and Cala Paniman Inc. signed a contract with property consultancy Jones Lang LaSalle Philippines to market the Puerto Azul properties in Ternate, Cavite, to qualified investors. "The contract involves the exclusive marketing of ...

I-Remit ties up with Indonesian bank
Inquirer - 2012-06-18
Cash transfer firm I-Remit Inc. has tied up with Bank Internasional Indonesia, a unit of Malaysian Banking Berhad, in line with its bid to reach out to the non-Filipino remittance market. The partnership between iRemit and one of the largest banks in ...

AUB completes integration of Asiatrust Dev't Bank
philstar.com - 2012-06-18
MANILA, Philippines - Asia United Bank (AUB) has fully integrated the 28-branch network of Asiatrust Development Bank Inc. located mostly within Metro Manila, a top bank official said. AUB first vice president Andrew T. Yap said all Asiatrust branches have ...

Acesite declares 250% stock dividend
Philstar - 2012-06-18
MANILA, Philippines - Acesite (Philippines) Hotel Corp. recently disclosed to the Philippine Stock Exchange the declaration of a 250 percent stock dividend for stockholders of record as of June 25, 2012. The board of directors of Acesite in a meeting held ...

Rappler's Founding Board
Rappler - 2012-06-17
Rappler's board members represent all its shareholders. Here are the members of Rappler's board. 1. Manny Ayala, Chairman of the Board Manny is a managing director at IRG Ltd, a HK-based boutique investment bank. He spearheads IRG's media practice ...

GMA-7's Gozon on TV5's Galvante: We parted well
Rappler - 2012-06-17
MANILA, Philippines - The chair of GMA Network Inc, the country's second largest media group, said he and former entertainment chief Wilma Galvante, who is now behind an upcoming star search show on rival TV5, "had a good parting." "Wilma wrote me an e ...

Nihao okays capital restructuring
Philstar - 2012-06-15
MANILA, Philippines - Nihao Mineral Resources International Inc. has approved a capital restructuring program to wipe out P223.26 million in accumulated deficit as of end-2011. In a disclosure to the Philippine Stock Exchange, Nihao said its board of ...

Boulevard Holdings sales up 12%
Philstar - 2012-06-14
MANILA, Philippines - Boulevard Holdings Inc. said sales grew 12 percent in its fiscal year ending May 31 this year. In a disclosure to the Philippine Stock Exchange, BHI said the growth was driven by a strong 23 percent surge in sales last month.

Sin tax reform: Making the grade
Rappler - 2012-06-13
And reform also abolishes the artificial classification freeze that has deprived the Philippines of at least P200 billion ... partially allocated to funding national health care plan. Easy call. Winner: REFORM. Level playing field. Free market competition ...

The Brilliance of Ramon Orlina
clickthecity.com - 2012-06-12
Dubbed as "Brilliance" and organized by premiere art specialist Gallery BiG in cooperation with PNB-Allied Bank Luxeclusive, this solo show is composed of 32 dazzling crystal sculptures of varying sizes, colors and shapes. Each one a testament to the ...

Greenergy semiconductor unit readies 2nd-generation chip production
interaksyon.com - 2012-06-10
MANILA - Greenergy Holdings Inc. is beefing up its semiconductor business before it lists at the Philippine Stock Exchange. Antonio Tiu, Greenergy Holdings chairman and chief executive officer, said in a text message that its semiconductor unit Music ...

Swift Foods to sell assets to pay debts
Philstar - 2012-06-06
MANILA, Philippines - Concepcion-led Swift Foods Inc. intends to sell its remaining operating branch and other properties within the next 12 months to pare down debt. Only the Palawan branch remains as the only company operated facility. It produces ...

Philippine Wind Farm Co. Calls For Feed-In Tariff Rates
Law 360 - 2012-06-05
Law360, New York (June 5, 2012, 5:21 PM EDT) -- PetroEnergy Resources Corp.'s 50-megawatt Philippine wind power project cleared a critical environmental regulatory hurdle Tuesday, prompting the upstream oil outfit to renew its call for the government to ...

Philippine Wind Farm Co. Calls For Feed-In Tariff Rates
Law 360 - 2012-06-05
Law360, New York (June 5, 2012, 5:21 PM EDT) -- PetroEnergy Resources Corp.'s 50-megawatt Philippine wind power project cleared a critical environmental regulatory hurdle Tuesday, prompting the upstream oil outfit to renew its call for the government to ...

PetroEnergy gets ECC
Inquirer - 2012-06-05
PetroEnergy Resources Corp. has been granted an environmental compliance certificate (ECC) for its 50-megawatt Nabas wind power project in Aklan. This will allow the company to pursue its planned renewable energy project. In a disclosure to the Philippine ...

Vitarich raising capital to P1.5B
Philstar - 2012-06-05
MANILA, Philippines - Listed animal feed and livestock company Vitarich Corp. is raising its capitalization by three-fold to P1.5 billion from P500 million to facilitate the entry of new investors. "The increase, if approved by the stockholders, will ...

TV5 says interest in GMA7 remains, but MVP denies anything finalized
interaksyon.com - 2012-06-04
MANILA - (UPDATED 11:20 a.m.) No merger, TV5 top executives said, amid the stir created by a report that Philippine Long Distance Telephone Co. acquired GMA Network Inc. Social networking sites were buzzing in the early hours of Monday as The Philippine ...