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Probed sought on MCP’s plan to suspend workers due to losses
The Philippine Daily Inquirer yesterday reported that Senator Miriam Defensor-Santiago has sought for a Senate probe on the plan by Melco Crown (Phils) Resorts Corp to suspend 100 workers in its City...
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Consumer loans grow 27% in 1Q15
According to an article from The Philippine Star, the consumer lending portfolio of universal and commercial banks grew 27% YoY and 3.4% QoQ to P933b in 1Q15. Citing central bank data, the article...
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Ayala Corp sells part of stake in wind project
Ayala Corp (AC) disclosed yesterday that its wholly-owned subsidiary Ayala International Holdings Ltd sold its ownership interest in Luzon Wind Energy Holdings BV (Luzon Wind) to DGA NLREC BV, a...
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FLI set to bag major project in Clark Green City
Various newspapers today reported that Filinvest Land Inc submitted the sole but valid bid for a contract to develop 288 hectares of property within the proposed Clark Green City project. FLI...
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Court issues TRO vs. termination of SMC IPPA contract
San Miguel Corp (SMC) disclosed today that it has secured a 72-hour restraining order vs. the plan by the Power Sector Assets and Liabilities Management Corp (PSALM) to terminate the independent...
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NIKL’s unit to scale down mining operations in Samar
BusinessWorld today reported that Hinatuan Mining Corp (HMC), a subsidiary of Nickel Asia Corp (NIKL), will be scaling down its operations in Manicani Island in Eastern Samar starting 15 September...
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BSP expands definition of salary loans
The Bangko Sentral ng Pilipinas (BSP or central bank) has expanded the definition of salary loans to mean “salary-based, general purpose consumption loans.” Based on the new guidelines, salary loans...
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IRC still talking with potential partners for development of large Rizal...
BusinessWorld today quoted the chairman of IRC Properties Inc (IRC) as saying the company is currently in talks with four groups for a possible partnership to develop around 2,000 hectares of land in...
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MPI and AC unit assumes operation and maintenance of LRT Line 1
Metro Pacific Investments Corp (MPI) today disclosed that Light Rail Manila Corporation took over the operations and maintenance of the LRT Line 1 from the government last Saturday. LRMC is the...
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BLOOM’s Korea unit re-opens casino
In a disclosure to the Exchange, Bloomberry Resorts Corp (BLOOM) yesterday said that its 96.23%-owned Jeju Sun Hotel & Casino is set to re-open this month its newly renovated casino facility. The...
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SCC may resume mining operations upon compliance of certain conditions
The suspension order against Semirara Mining and Power Corp (SCC) may be lifted upon SCC’s full compliance to additional safety measures recommended by Energy department. The investigation committee...
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MWC and Maynilad to adjust rates for FCDA
Manila Water Co (MWC), through a disclosure to the Exchange, said it has secured regulatory approval to implement a Foreign Currency Differential Adjustment (FCDA) of P0.05 per cubic meter (cu.m)....
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First unit of AP's Mindanao power plant declared fully operational
Aboitiz Power Corp (AP) announced yesterday that the first of two 150-MW units of Therma South Inc’s (TSI) coal-fired power plant is now fully operational. The power plant will supply power to more...
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Energy Development Corp signs EPC contract for BacMan 3
Energy Development Corp (EDC) disclosed yesterday that it signed a design and equipment supply contract with Hyundai Engineering Co Ltd (HEC) and a construction services contract with Galing Power...
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Aboitiz Power Corp obtains loan for hydro project
Aboitiz Power Corp (AP) announced through the Exchange that its wholly-owned subsidiary Hedcor Bukidnon Inc has obtained up to P10b in loans from a consortium of lender-banks to finance the...
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Vista Land and Lifescapes Inc (VLL to build second Vista City
In a disclosure to the Exchange today, Vista Land and Lifescapes Inc (VLL) said it will be spending P40b to develop Vista City in Iloilo. The project will be the company’s flagship development in the...
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International Container Services Inc (ICT) cuts this year’s capex by half
The chairman of International Container Services Inc (ICT) told BusinessWorld in an interview that the company expects to spend just half of its US$530m programmed capex this year. This is in light...
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105-MW Mindanao coal plant begins commissioning
The Philippine Star today reported that Sarangani Energy Corp (SEC), a 75%-owned subsidiary of Alsons Consolidated Resources Inc (ACR), has started commissioning the first 105MW unit of its 2x105 MW...
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BLOOM buys land in Vertis North
Bloomberry Resorts Corp (BLOOM) announced last Friday that its property arm, Sureste Properties Inc (SPI), is purchasing a 15,676sqm land in Vertis North, Quezon City Central Business District. The...
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Metro Pacific Investments Corp’s (MPI) connector road project faces delay
The Philippine Daily Inquirer today reported that Metro Pacific Investments Corp’s (MPI) 8-km elevated connector road is facing further delays and will not be awarded within this year. The project...
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Government beefs up spending in August
Quoting data from the Budget department, news portal interaksyon.com reported that total government disbursements grew 15.3% YoY in August and 11.4% in Jan-Aug this year. More importantly, the report...
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Moody’s report highlights strength of Philippine banks
The Philippine Star today quoted a report by Moody’s Investor Service as saying the Philippine banking system is a source of credit strength as it is “virtually immune from external shocks.” It...
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Villar mulls VLL merger with STR
BusinessWorld today quoted Manuel Villar, chairman of Vista Land and Lifescapes Inc (VLL) that he is considering the merger of the company with shopping mall operator Starmalls Inc (STR). The Villar...
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BDO nets P17.6b in 9M15
In a disclosure to the Exchange, BDO Unibank (BDO) said that it netted P17.6b in 9M15, 5.6% higher YoY. The bank grew its loan portfolio by 19% YoY to P1.2t on the back of sustained growth across...
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Union Bank’s 9M15 earnings decline 33% to P3b
Union Bank of the Philippines (UBP) today disclosed that its 9M15 earnings amounted to P3b, 33% lower YoY. The bank’s results were mainly dragged by the 60% decline in trading gains (to P795m) and...
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