JG Summit announced last Friday its intention to sell its stake in telecommunications giant Philippine Long Distance Telephone Co. (PLDT) to NTT DoCoMo of Japan. The Gokongwei-led company said it will be selling to NTT DoCoMo the 2.8-percent stake it will receive from PLDT as part of the telecom giant’s deal with the Digital Telecommunication [...]

A United Kingdom company is offering the Philippines its power solution to help avoid power disruptions in the country.
The British Embassy in Manila said Aggreko, a developer of power solutions, will be coming in the country next week to make a presentation of its product. The embassy said the company’s expertise could help address the [...]

A new 200-room hotel in Davao City will be build by SM Investment Corp. It will be in Lanang district, adjacent to the SM shopping mall.
SM, in its disclosure to the Philippine Stock Exchange, said its wholly owned subsidiary SM Hotels and Convention Corp. signed a contract with Carlson, a privately held global hospitality and [...]

Taiwanese businessmen are seriously considering relocating their manufacturing facilities to the Philippines from mainland China. The Manila Economic Cultural Office (MECO) said the decision was made by the Taiwan diplomatic row with the Philippines following their frustrations from the stringent labor requirements in China.
The Taiwanese businesses are engaged in industrial plastics manufacturing with estimated investments [...]

The San Miguel Corp. projected that by 2014, it will be finished with its construction of the Metro Rail Transit (MRT) 7 line, and by 2015, the new highway to La Union. San Miguel said in its disclosure to the Philippine Stocks Exchanges (PSE) that before the year ends, it would start work on the [...]

JG Summit Holdings Inc. is earmarking $700 million for the planned expansion this year. Most of these funds are allocated for its petrochemical and airline businesses.
JG Summit president Lance Gokongwei said the petrochemical business will be the company’s priority in the next three years. JG Summit also has stake in a property developer and may [...]

Eight companies are vying for the operations of major Metro Manila train lines. Conglomerate Ayala Corp., San Miguel Corp., and Pangilinan-led infrastructure giant Metro Pacific Investments Corps. are the local groups planning to bid for the P15-billion contract, while five foreign companies have also acquired bid documents worth P500,000 each for the project, according to [...]

Local transport firm Green Frog Zero Emission Transport Corp. dared to take the huge risk in the electric vehicle industry and expressed interest to buy some 3,000 electric buses in the next seven years, with the initial 38 units coming in from China within the year.
Green Frog director Philip Apostol said the 36-passenger buses will [...]

The China Council for the Promotion of International Trade (CCPIT)-Guangzhou and Philippine Chamber of Commerce and Industry (PCCI) recently signed a cooperation agreement to co-organize the Manila-Guangzhou Trade and Investment Conference slated to be held on June.
The event, which is aimed to further boost the Philippine-China trade and investment relations, is expected to gather around [...]

The Aboitiz Power Corporation offered to invest P25 billion to jumpstart construction of its proposed 300-megawatt coal-fired power facility in Davao, with the said investment coming from its internally-generated cash. “To save time, Aboitiz Power is ready to invest its own fund, amounting to P25 billion instead of seeking financing from other institutions to [...]

The Trans-Asia Oil and Energy Development Corp.’s plan to raise fresh fund for power generation via stock rights offer was approved by the Philippine Stock Exchange (PSE).
The Phinma-led company got the nod from PSE when the latter posted a memorandum on Friday saying that its board has approved the listing of 1.16billion additional common shares [...]

The Philippine Long Distance Telephone Co. (PLDT) said the claim of Globe Telecom that the deal between PLDT and Digital Telecommuncations Phil. Inc. (Digitel) would result into the monopoly of the telecom industry is only Globe’s way of protecting its interest at the public’s expense. PLDT criticized Globe’s effort to stop the deal that would [...]

Lufthansa Technik Philippines (LTP) plans to expand its facility in Manila in order to increase the variety of aircraft it can serve, including the Airbus A380, which the world’s largest passenger plane. The Airbus A320, designed for short to mid-range flights, is among the most-used aircraft by local airlines and is ideal for trips to [...]

Philippine company Alliance Select Food International Inc. sealed a deal to acquire 100 percent of US company Spence & Co. Ltd., a Massachusetts-based salmon smoking and curing company who specializes in the production of smoked salmon and seafood, prepared in the Scottish tradition of its founder Alan Spence. The company caters to the high-end market [...]

Chery Automobile Ltd. announced it will build a manufacturing facility in the Philippines which will be the company’s left hand drive manufacturing hub in the Southeast Asia. Chery Philippines sales marketing manager Raymond Tribdino said the manufacturing facility will be constructed in the next three years. He said, aside from serving the local market, the [...]

Mobile service provider Globe Telecom is investing $500 million to improve the quality and capacity of its mobile network infrastructure throughout the country. Company officials said the network quality will be top priority of Globe this year.
As part of the company’s network transformation program, Globe is making one of its biggest network investments in quality [...]

The Department of Trade and Industry (DTI) reported that their recent trade and investment mission in India have generated new investment pledges worth $42 million. Trade Secretary Gregory Domingo said they were from three energy projects and a pharmaceutical packaging ventures.
The Philippine delegates, led by Domingo, attended the recent ASEAN-India Business Fair and Conclave held [...]

The Philippine National Oil Company-Exploration Corporation (PNOC-EC) earmarked P900 million for the expansion of its coal mining ventures in Zamboanga Sibugay in Western Mindanao. The state-run oil exploration company said that its board of directors has already approved the special budget “to fund the development of existing coal mine” that will enable it to double [...]

Another venture that the Ayala group is breaking into is the hydroelectric power generation partnership. The conglomerate, through its wholly owned subsidiary Michigan Power Inc. (MPI) has entered into a joint venture agreement with Sta. Clara Power Corp., an independent power producer specializing in run-of-the-river power plants. Ayala Corp managing director John Eric Francia confirms [...]

HRMall Inc., a business process outsourcing (BPO) firm backed by the Ayala group, has acquired IQ BackOffice LLC. Based in Los Angeles, California, IQ BackOffice provides backroom finance and accounting services to mid-sized companies in the United State. It delivers high quality, software-enabled and real-time finance and accounting BPO services to US companies.
HRMall is one [...]