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PSE engages JP Morgan for its 20% stake divestment
The Philippine Stock Exchange (PSE) has tapped JP Morgan to be its financial adviser and underwriter to prepare a way to sell the bourse’s shares to comply with the 20 percent industry limit required under the Securities Regulation Code.
Gov’t incurs P13.9-B deficit in Jan.
The National Government posted a budget deficit of P13.9 billion in January, lower compared with the P29.7 billion deficit recorded in the same period last year.
US Fed rate cut boosts Asian stocks
TOKYO (AP) — Asian stock markets rose Wednesday as investors welcomed a hefty US interest rate cut and a rally on Wall Street overnight.
Bank of PI to hike capital to P49 B
Bank of the Philippine Islands (BPI) is increasing by close to 70 percent its authorized capital stock (ACS) from the present level of P29 billion to P49 billion aimed to maintain its standing as the country’s second largest lender.
SCCP, Metrobank ink payment pact
The Securities Clearing Corporation of the Philippines (SCCP) and Metropolitan Bank & Trust Company (Metrobank) signed two agreements yesterday for the bank’s official accreditation as a third settlement bank and cash custodian bank of SCCP.
BIR collects P4.2 billion from 6-month tax amnesty program
The Bureau of Internal Revenue (BIR) based on final tally, collected P4.2 billion from its six-month Tax Amnesty Program (TAP).
Shell not so keen to expand refinery here
The Philippines may yet lose its much-anticipated refinery upgrading investment of oil giant Royal Dutch Shell, primarily due to the "interventionist approach" of government in the liberalized downstream oil industry.
PNOC to insist on its Petron pre-emptive right
After the conclusion of the $ 550-million deal for London-based investment fund Ashmore Group to buy the 40 percent equity of Saudi Aramco in Petron Corporation, the Philippine National Oil Company (PNOC) noted that it will insist its "right of first refusal" in the transaction.
Business Options
The Government’s own Statistical Office has confirmed Filipinos are poorer today than five years ago (2003).
P/$ rate closes at P41.69 /$ 1
The peso exchange rate closed lower at P41.69 to the US dollar yesterday at the Philippine Dealing and Exchange Corp. (PDEx) from P41.51 the previous day. The weighted average rate appreciated to P41.580 from P41.649. Total volume amounted to $ 593 million.
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