The Bangko Sentral ng Pilipinas (BSP) said in its 170-page opposition filed before the Court of Appeals that Banco Filipino Savings and Mortgage Bank was operating using the fraudulent “Ponzi” or pyramiding scheme. BSP filed the said report to justify its closure order and place Banco Filipino under the receivership of the Philippine Deposit Insurance [...]

Lepanto Consolidated Mining Co. Inc. has set aside P700 million for its capital expenditures for 2011. In its disclosure with the Securities and Exchange Commission (SEC), Lepanto said it would embark on an aggressive development program of the upper levels of the Victoria mine in Mankayan, Benguet where production for the year will be concentrated.
The [...]

A survey of the businesses in the Philippines will be conducted by the National Statistics Office (NSO) this year. The project called, the Annual Survey of Philippine Business Industry (ASPBI), will start as soon as the NSO personnel have finished with their training for the conduct of ASPBI, according to NSO-Cordillera Regional Director Olivia Gulla. [...]

The Pami Asia Balanced Fund, the fund management unit of the Philam group, has been given license by the Securities and Exchange Commission to operate as an open-end investment company and to register its entire authorized capital stock consisting of eight million common shares at a par value of P0.45 each. The new mutual fund [...]

Clark airport in Angeles City Pampanga beats Subic International Airport in Subic, Zambales in bidding for the right to host the hub operation of AirAsia Inc. in the Philippines. AirAsia, Inc., an affiliate of Malaysia’s AirAsia Group, picked Clark as the base of its operation in the country. It will have its office at the [...]

The Bangko Sentral ng Pilipinas (BSP) said that Banco Filipino Savings and Mortage Bank was engaged in high-risk, high-yield schemes to attract depositors. But when the withdrawals started getting heavy, the bank failed to meet its obligations.
“As long as people were putting in money, then the music continued for them,” BSP Deputy Governor Nestor Espenilla [...]

“Maharlika Board” or a separate trading board for the Philippines companies that comply with high governance standards is being planned by the Philippine Stock Exchange (PSE). If plans push through, the “Maharlika Board,” which will be the first of its kind in Asia, will start on September this year. It is part of the government’s [...]

SkyCable allotted P1.5 billion funds for its capital expenditure for 2011 for its Cable Television (CATV) business. Half of the said amount will be used for the roll-out of its digital TV service nationwide and the other half for boosting its broadband subscriber growth, according to company marketing head Rodrigo Montinola.
A subsidiary of network giant [...]

The Angeles City Local Government has just boosted its capability in responding to people in times disaster with its acquisition of an emergency rescue vehicle and an ambulance. The newly-acquired vehicles, together with the other new rescue equipments, were presented by Angeles City Mayor Edgardo Pamintuan along with the members of the city council during [...]

The Bangko Sentral ng Pilipinas (BSP) said that despite the closure of Banco Filipino Savings and Mortgage Bank last week, the country’s banking industry remains sound and stable. BSP Governor Amando M. Tetangco Jr. said they have not monitored any negative impact on the banking industry sine Banco Filipino was ordered closed by the Monetary [...]

After ordering its closure, and putting it under the receivership of the Philippine Deposit Insurance Corporation (PDIC), the next order of business is how to give back the money to the bank’s 177,652 depositors of Banco Filipino Savings and Mortgage Bank. BSP Deputy Governor Nestor Espenilla Jr. said that from the total number of depositors, [...]

The Negros Navigation Co., Inc. is expecting to end up with a net income of P1 billion for 2011. A complete turnaround from its previous result last year when it ended up with loss of half a billion.
Nenaco president and chief executive officer Sulficio Tagud said that this is on the back of projected consolidated [...]

Conglomerate Ayala Corp. is planning to sell as much as P10-billion in 10-year innovative bonds via public offering to beef up its cash position. In its disclosure to the Philippine Stock Exchange, Ayala plans to issue at least P6 billion “multiple puttable” retail bonds with an option to increase by P4 billion in case of [...]

The Bureau of Internal Revenue (BIR) exceeded its target for January 2011 collection by P2.59 billion. The revenue agency said that it collected for the month of January a total of P74.58 billion, surpassing its target of P71.97 billion, or a 3.6 percent excess of goal. Comparing its collections for the same period last year [...]

Broadcast media giant GMA Network Inc. has approved the declaration of P2.187 billion cash dividends, or P0.45 per share. In its disclosure to the Philippine Stock Exchange, the network giant said the record date for the cash dividend is on April 8, and the payment date is on May 5. The declaration of cash dividend [...]

To meet the local coffee demand of 64,000 metric tons (MT), a Coffee Fund to finance production is being set up by the Land Bank of the Philippines and (LBP) and coffee grower Corporate Holdings Management Inc. (CHMI).
President Noel S. Gonzales of CHMI said, “Any business will not survive without funding from banks. We can’t [...]

Based on World Bank’s (WB) assessment, the Philippines have the potential of generating more investment this year, as well as next year. The World Bank cited recent reports about improving business sentiments that could fuel economic growth faster than its previous estimates. It has set its growth forecast for the Philippines at 5 percent this [...]

A new circular containing the guidelines on the additional single borrower’s limit (SBL) for exposures of banks to proponents of major infrastructure or development projects, oil companies and trust corporations. According to BSP Governor Amando M. Tetangco, Jr., the new guidelines amended the regulation on SBL under the provision of the Manual of Regulation for [...]

To raise funds to pay for its maturing debt, the country’s biggest power distributor, Meralco Electric Co., will be selling P4.8 billion worth of seven- and 10-year notes. In its disclosure to the Philippine Stock Exchange, the electric company signed an agreement to sell the seven- and 10-year fixed rate bonds at a price of [...]

A Qatar-based telecommunications company is looking to increase further its investment on Philippine soil. Qatar Telecom QSC (QTel), has a minimal investment in a local listed firm, Liberty Telecommunications Holdings, Inc. The company, through its chairman Abdul Bin Saud Al-Thani, said that prospects in the Philippine telecommunications were so good that they feel that new [...]