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Tuesday, September 16, 2003
Manila shares close higher on bargain-hunting in select blue chips
Philippines' Banco de Oro says may issue 100 mln usd bonds for funding needs
Philippine leader vows support for new trade alliance with developing nations
Manila shares firmer early on bargain-hunting
STOCK ALERT - Philippines' SM Prime firmer on catch-up play
STOCK ALERT-Philippine JG Summit firmer on reported interest in Singapore firm
STOCK ALERT - Philippine PLDT firmer on ADR gain
Philippines' Gokongwei group denies bidding for Singapore's Robinson
Philippines July unemployment rate 12.70 pct vs 12.20 in April, 11.20 year ago
Philippines' SEC threatens to fine PSE if it fails to list this year
Philippines' Makati City government prepares contempt case vs PLDT - report

Monday, September 15, 2003
Philippines economic and corporate news summary KDC62
Philippines' Lepanto to invest 73.41 mln usd in Victoria II, seeks incentives
Philippine govt may need to borrow 3.00 bln usd in 2004 - govt source
Philippine banks end-July total loans 1.43 trln pesos, up 3.70 pct yr-on-yr
Philippine 7-mth to July overseas workers' remittances 4.52 bln usd vs 4.26
Philippine T-bill rates rise across-the-board on partial awards
Manila shares close slightly higher amid consolidation
Philippines' Ayala Corp says not part of Globe cross transactions today
Philippines Globe Telecom's 724,640 shares crossed at 690.00 pesos each
STOCK ALERT -Philippines' PLDT, Piltel up on mobile subscriber growth, outlook
Philippines' PCI Leasing buys back 2.92 mln shares at 1.30 pesos each
Philippine RCBC shareholders approve 2.0 bln peso share buyback plan - report
Philippines' Camacho says May 2004 election to raise cost of borrowings
Philippine central bank fines JP Morgan for foreign exchange violation -report
Philippines' South China Resources changes primary purpose to holding firm
Philippine banks end-June credit card past-due ratio 17.40 pct vs 18.60 pct
Philippine Petron/Shell/Caltex roll back oil prices 0.10 pesos per liter
Philippines' Q2 foreign direct investments 7.10 bln pesos,down 73 pct yr-on-yr
Philippines' BPI says no deal yet with foreign investors on idle asset sale
Philippines' ABS-CBN to list 100,000 Philippine Deposit Receipts

September 10 - 12 
September 8 - 9 
September 3 - 5 
September 1 - 2 


 

 

Manila shares close higher on bargain-hunting in select blue chips


     MANILA (AFX-ASIA) - Share prices closed higher on bargain-hunting in select blue chips, such as Ayala Corp and SM Prime, which have played catch-up after lagging the market's rally early last week, dealers said.
     The composite index closed up 17.32 points, or 1.36 pct, at 1,295.41 on volume of 236.83 mln shares worth 718.52 mln pesos. It traded within 1,281. 92-1,295.41 points.
     Gainers led losers 28 to 24, while 36 stocks were unchanged.
     Dealers said the market underwent a technical correction after last week's trading volatility.
     "Technically, we are due for a rebound. Now is the right time to accumulate (after recent decline in share prices)," Accord Capital Equities analyst Ron Rodrigo said.
     The index gained more than 5.00 pct early last week before shedding 2.00 pct in the last three days.
     Unicapital Securities senior analyst Elena Ponceca said the rise in Philippine Long Distance Telephone Co's American Depositary Receipts as well as follow-through buying on select blue chips gave the market a boost.
     PLDT was up 15 pesos at 635 on 115,280 shares. Its ADRs gained 0.22 usd to 11.58 in New York overnight.
     "We were expecting sideways trading with upward bias given political concerns ahead of the elections. It's quite hard to maintain a bullish outlook, although we can't discount some trading opportunities in the market, " Ponceca said.
     Dealers said the market remains to be in a consolidation phase.
     Ayala Corp was top-traded, up 0.25 pesos at 4.60 on 65.47 mln shares, while unit Ayala Land was unchanged at 6.60 on 342,00 shares after previous gains.
     SM Prime was up 0.20 at 6.20 on 26.05 mln shares, attracting bargain-hunters after lagging the market's recent rally, dealers said.
     Bank of the Philippine Islands shed 0.50 pesos at 42.50 on 845,100 shares.
     Meralco B, open to foreigners, gained 0.50 pesos to 22.25 on 910,700 shares. Meralco A was up 0.75 pesos at 14.75 on 719,100 shares.
     Meralco parent First Holdings gained 0.25 pesos to 18.50, while First Holdings' parent Benpres was up 0.01 pesos at 0.59.
     The all-shares index was down 1.15 points at 801.64.
     The commercial-industrial index was up 31.73 at 1,886.88 and property rose 8.09 to 577.80.
     Mining was unchanged at 1,230.86, while oil was up 0.03 at 1.38.
     
     Banking and finance was down 0.67 at 436.23.
     (1 usd = 55.013 pesos)
     cecille.yap@afxasia.com

 

Philippines' Banco de Oro says may issue 100 mln usd bonds for funding needs


     MANILA (AFX-ASIA) - Banco de Oro Universal Bank is considering issuing 100 mln usd worth of five-year bonds for its medium-term funding requirements, bank vice president for corporate planning Edith Dichayco said.
     She gave no other details.
     At 11.32 am, Banco de Oro was down 0.25 pesos at 17.25.
     (1 usd = 55.00 pesos)
     afxmanila@afxasia.com

 

Philippine leader vows support for new trade alliance with developing nations


     MANILA (AFX-ASIA) - President Gloria Arroyo said her government will keep working with a new alliance of more than 20 developing countries, which emerged at the recent Cancun summit, to protect the interests of Filipino farming and fishing communities.
     Manila has joined other developing economies to block the emergence of a new multilateral accord to liberalize trade further.
     Trade and Industry Secretary Manuel Roxas II said yesterday the country is pushing for reductions in subsidies to farmers in developed economies.
     "We must now ride the fresh tide of trade politics that is just and fair to the developing nations and takes into account the welfare of the great majority of the world's peoples," Arroyo said in a statement.
     Despite the collapse of trade talks at the Cancun summit, a positive development took place with the formation of the new alliance of developing countries, including the Philippines.
     "We shall continue to work with this alliance in order to defend and preserve the welfare and livelihood of our farmers, fisher folk and all those who struggle in the margins of our economy," she said.
     She called on developing nations to stick together to uphold the principle that maintaining political security, both in the national and global sense, requires ensuring economic security at the grassroots. The Philippines remained firm to the end of the summit in refusing to accept negotiations on new multilateral rules meant to impose further obligations on WTO members, Roxas said yesterday.
     edelacruz@afxasia.com

 

Manila shares firmer early on bargain-hunting


     (Updating with analyst comments, share prices)
     MANILA (AFX-ASIA) - Share prices were slightly firmer in early trade on bargain-hunting in select stocks, dealers said.
     They added the market is undergoing technical correction after last week's volatile trading, which saw the index gaining over 5.00 pct before shedding 2.00 pct in the last three days.
     At 10.40 am, the composite index was up 4.92 points or 0.38 pct at 1,283. 01 on 87.76 mln shares worth 125.70 mln pesos. It has so far traded between 1, 281.92 and 1,285.34.
     Gainers slightly edged out losers 16 to 15, with 21 stocks unchanged.
     "Now is the right time for investors to accumulate while local share prices remain relatively cheap. The economies of US and Japan are starting to pick up and we expect that to eventually spill over to the Philippines. Investors should now take advantage of the situation," Accord Capital Equities analyst Ron Rodrigo said.
     Dealers said investors are on the hunt for bargain blue chips as the market undergoes a technical correction.
     They see the index consolidating between 1,270 and 1,300 in the near term.
     SM Prime was top-traded, up 0.20 pesos at 6.20 on 4.80 mln shares. Dealers said the stock is playing catch-up after the market's rally early last week.
     Philippine Long Distance Telephone was up 10.00 pesos at 630 on 28,020 shares. Its American Depositary Receipts in New York gained 0.22 usd to 11.58 overnight.
     Meralco B, open to foreigners, gained 0.75 to 22.50 on 553,400 shares. Meralco A was up 0.50 at 14.50 on 394,400 shares.
     Meralco parent firm First Holdings gained 0.50 pesos to 18.75 on 449,700 shares.
     Ayala Corp was up 0.05 at 4.40 on 2.78 mln shares, while unit Bank of the Philippine Islands shed 0.50 to 42.50 on 50,500 shares.
     Ayala Land was steady at 6.60 on 162,000 shares.
     The all-shares index was down 1.65 points at 801.14.
     The commercial-industrial index was up 8.64 at 1,863.79 and property up 8. 18 at 577.89.
     Mining and oil were unchanged at 1,230.86 and 1.35, respectively.
     
     Banking and finance was down 2.15 at 434.75.
     (1 usd = 55.00 pesos)
     cecille.yap@afxasia.com

 

STOCK ALERT - Philippines' SM Prime firmer on catch-up play


     MANILA (AFX-ASIA) - SM Prime was up in early trade, attracting bargain-hunters after lagging the market's recent rally, dealers said.
     SM Prime, the most active stock so far, was up 0.20 pesos or 3.33 pct at 6.20 on volume of 4.43 mln shares.
     The stock held support at 6.00 pesos, dealers said.
     (1 usd = 55.00 pesos)
     edelacruz@afxasia.com

 

STOCK ALERT-Philippine JG Summit firmer on reported interest in Singapore firm


     MANILA (AFX-ASIA) - JG Summit was firmer in early trade on the back of a news report that its major shareholder, the Gokongwei group, is among several parties in the running to acquire Robinson & Co of Singapore, dealers said.
     JG Summit was up 0.04 pesos or 2.13 pct at 1.92 on 538,000 shares.
     Singapore's Business Times said the Gokongwei group, Thailand's Central Group and Indonesia's James Riady's Lippo Group are keen on buying the retail operations of Singapore's Robinson & Co.
     This was however denied by the group of Filipino tycoon John Gokongwei Jr.
     "We do not know anything about that. We are not bidding for it," JG Summit corporate planning director BJ Sebastian told AFX-Asia.
     JG Summit is the publicly-listed holding company of all the business units of the Gokongwei family. It has interests in property, shopping malls, food manufacturing, airlines and telecommunications.
     (1 usd = 55.00 pesos)
     cecille.yap@afxasia.com

 

STOCK ALERT - Philippine PLDT firmer on ADR gain


     MANILA (AFX-ASIA) - Philippine Long Distance Telephone shares firmed in early trade, tracking the advance of its American Depositary Receipts in New York last night, dealers said.
     They said PLDT's ADRs have been sustaining gains on the back of favorable valuation based on the company's earnings prospects, supported by continued growth in its wireless subscriber base.
     PLDT rose 10.00 pesos to 630.00 on volume of 11,150 shares. Its ADRs gained 0.22 usd to 11.58.
     PLDT's total wireless subscriber base has exceeded 11.00 mln as of end-August from over 10.30 mln at end-June, including customers of Smart Communications Inc and Pilipino Telephone Corp's Talk 'N Text.
     Some dealers are looking at a price of more than 700.00 pesos for PLDT by year-end.
     (1 usd = 55.00 pesos)
     edelacruz@afxasia.com

 

Philippines' Gokongwei group denies bidding for Singapore's Robinson


     MANILA (AFX-ASIA) - The group of Filipino tycoon John Gokongwei Jr is not bidding for the retail operations of Singapore's Robinson & Company, a company spokesman said.
     The denial comes after the Business Times of Singapore named the Gokongwei group, Thailand's Central Group and Indonesian James Riady's Lippo Group as front-runners keen on buying Robinson & Company of Singapore.
     "We do not know anything about that. We are not bidding for it," JG Summit corporate planning director BJ Sebastian told AFX-Asia.
     JG Summit is the publicly-listed holding company of all the business units of the Gokongwei family. It has interests in property, shopping malls, food manufacturing, airlines and telecommunications.
     The Business Times said Central Group and Gokongwei's group are already familiar with the Robinson brand as each has department stores in Bangkok and Manila named "Robinson", although they are unrelated to the Singapore retailer.
     cecille.yap@afxasia.com

 

Philippines July unemployment rate 12.70 pct vs 12.20 in April, 11.20 year ago


     MANILA (AFX-ASIA) - The unemployment rate in July inched up to 12.70 pct from 12.20 pct in April and 11.20 pct in the year-earlier month, the National Statistics Office (NSO) said.
     The July estimates are still subject to change, it said in a statement.
     In absolute terms, some 4.35 mln Filipinos were unemployed as of July compared with 4.22 mln in April and 3.81 mln a year ago, the NSO said.
     The labor force participation rate stood at 67.40 pct in July compared with 67.10 pct in April and in the same period last year.
     edelacruz@afxasia.com

 

Philippines' SEC threatens to fine PSE if it fails to list this year


     MANILA (AFX-ASIA) - Securities and Exchange Commission (SEC) chairwoman Lilia Bautista warned the commission will impose a 1.00-mln peso fine on the Philippine Stock Exchange (PSE) should it fail to list its shares by the end of the year.
     Bautista was reacting to an earlier statement of PSE president Ernest Leung, who said the local bourse may find it difficult to meet the end-December deadline impose by the SEC since the exchange has yet to work on a lot of things before it can pursue the listing process.
     afxmanila@afxasia.com

 

Philippines' Makati City government prepares contempt case vs PLDT - report


     MANILA (AFX-ASIA) - The Makati City government will file a contempt charge against Philippine Long Distance Telephone Co (PLDT) for the latter's failure to provide the city government with copies of its financial statements despite a court order, the BusinessWorld newspaper reported, quoting Makati City secretary Rogelio Marasigan.
     The city government will use the financial statements to compute the telephone firm's unpaid local franchise taxes since 1995, which was initially calculated at close to 1.00 bln pesos based on PLDT's annual reports.
     The city government is set to file the contempt case against PLDT before the Court of Appeals next week, the report said.
     (1 usd = 54.965 pesos)
     cecille.yap@afxasia.com

 

Philippines economic and corporate news summary KDC62


     BEIJING (AFX-ASIA) - A summary of Philippine economic and corporate news at 1000 GMT:
     -Philippine treasury awards 8.298 bln pesos worth of T-bills vs 9.50 bln offer
     -Philippine 182-day T-bill avg 6.511 pct vs 6.367 pct in previous auction
     -Philippine 364-day T-bill avg 7.098 pct vs 6.905 pct in previous auction
     -Philippine 91-day T-bill avg 5.325 pct vs 5.225 pct in previous auction
     -Philippine treasury says govt cash position remains 'healthy'
     -Philippine treasury says may cut T-bill, T-bond offer in Q4
     -7-mth to July overseas workers' remittances 4.52 bln usd vs 4.26
     -Govt may need to borrow 3.00 bln usd in 2004 - govt source
     -T-bill rates rise across-the-board on partial awards
     -Philippines against WTO proposed measures, wants lower farm subsidies - Roxas
     -Philippine banks end-July total loans 1.43 trln pesos, up 3.70 pct yr-on-yr
     -Central bank says may lift cap on forex forwards this week
     -Camacho says May 2004 election to raise cost of borrowings
     -Mondragon postpones AGM to pursue talks with govt, investors
     -Ayala Corp says not part of Globe cross transactions today

 

Philippines' Lepanto to invest 73.41 mln usd in Victoria II, seeks incentives


     MANILA (AFX-ASIA) - Lepanto Consolidated Mining Co said it will invest 73. 41 mln usd in its Victoria II mining project for a period of seven years, and is seeking full incentives from the Board of Investments (BOI) for it.
     The company said the project, which is expected to commence commercial operations early next year, will generate over the same period a net cash flow of 78.20 mln usd from a gold production of close to one mln ounces.
     In its disclosure to the stock exchange, Lepanto said it expects the BOI to approve the project, which it says will help revive the mining industry.
     (1 usd = 54.965 pesos)
     edelacruz@afxasia.com

 

Philippine govt may need to borrow 3.00 bln usd in 2004 - govt source


     MANILA (AFX-ASIA) - The Philippines may have to raise 3.00 bln usd in fresh borrowings to finance the requirements of the national government and the National Power Corp next year, a government source said.
     The national government and Napocor will need 1.80 bln usd and 1.20 bln, respectively, for 2004, the source said.
     The source said 400 mln usd in official development assistance (ODA) funds will be used to reduce the national government's commercial borrowing by 18 pct from 2.20 bln usd.
     The national government would still need to borrow 250 mln usd to complete this year's financing requirement.
     Napocor, which has repeatedly tried to access the international bond market, still has to raise 300 mln usd to complete its funding requirement for the year. The national government raised 750 mln usd for Napocor via an issue of 10.5-year global bonds in July.
     (1 usd = 54.965 pesos)
     afxmanila@afxasia.com

 

Philippine banks end-July total loans 1.43 trln pesos, up 3.70 pct yr-on-yr


     MANILA (AFX-ASIA) - Outstanding loans of commercial banks rose 3.70 pct year-on-year to 1.43 trln pesos, sustaining its increase since September last year, the central bank said.
     The growth, however, slowed from 5.20 pct year-on-year in June.
     The central bank said the rise in bank loans was seen in such productive sectors as agriculture, fisheries and forestry; community, social and personal services; electricity, gas and water; wholesale and retail trade; and manufacturing.
     Loans to these sectors accounted for two-thirds of the total.
     "The sustained rise in demand for loans was also underpinned by steady improvements in credit to both the public and the private sectors," central bank governor Rafael Buenaventura said in a statement.
     Loans to the public and private sectors grew 8.70 and 4.10 pct year-on-year in July, he said.
     He said strong consumer spending and a steady pick-up in manufacturing activity increased demand for loans by the private sector.
     Buenaventura said lending will continue to grow "given a supportive macroeconomic environment to sustain the momentum for growth and prudent monetary policy to closely guard against any possible resurgence of threats to the inflation outlook."
     edelacruz@afxasia.com

 

Philippine 7-mth to July overseas workers' remittances 4.52 bln usd vs 4.26


     MANILA (AFX-ASIA) - Remittances by Filipinos working overseas rose 6.10 pct to 4.52 bln usd in the seven months to July from 4.26 bln in the year-earlier period, central bank deputy governor Amando Tetangco Jr said.
     The central bank said it expects overseas inflows to rise 6.00 pct year-on-year to 7.60 bln usd in 2003.
     (1 usd = 55.014 pesos)
     afxmanila@afxasia.com

 

Philippine T-bill rates rise across-the-board on partial awards


     MANILA (AFX-ASIA) - Treasury bill rates rose across-the-board at today's auction, but only partial awards were made on 91-day and 364-day tenors, the Bureau of Treasury said.
     The government's auction committee awarded a total of 8.298 bln pesos worth of T-bills against its offer of 9.500 bln. Total tenders reached 11.003 bln pesos.
     The bellwether 91-day T-bill rate, which banks use to price loans, averaged 5.325 pct versus the previous average of 5.225 pct.
     The government awarded 2.888 bln pesos worth of 91-day T-bills versus its offer of 4.000 bln and total tenders of 3.098 bln.
     The 182-day average rate rose to 6.511 pct from 6.367 pct previously, with the government fully awarding its offer of 2.500 bln pesos against total tenders of 4.150 bln.
     The 364-day rate averaged 7.098 pct, compared with 6.905 pct previously, on a partial award of 2.91 bln pesos versus an offer of 3.00 bln. Tenders totaled 3.755 bln.
     The comparative figures were based on the result of the auction prior to the Sept 1 full rejection of bids.
     Deputy national treasurer Mina Figueroa said they allowed the rates to rise to align them with the secondary-market rates.
     Despite the auction committee's decision, however, she pointed out that the government is not in dire need of money at this time and is, in fact, looking to reduce its level of borrowings in the fourth quarter.
     "We're studying the possibility of reducing the volume of offers for the last quarter because of our healthy cash position," she told reporters after the auction.
     The government offers 9.50 bln pesos worth of T-bills at the fortnightly auction and 3.0 bln pesos worth of T-bonds at the weekly auction.
     (1 usd = 55.01 pesos)
     afxmanila@afxasia.com

 

Manila shares close slightly higher amid consolidation


     MANILA (AFX-ASIA) - Share prices ended slightly higher amid sluggish trade as the market continued to consolidate, dealers said.
     Investors have stayed on the sidelines as they await fresh leads locally and overseas, although dealers said the market has potential for further upside in the coming days after last week's trading volatility.
     The composite index closed up 5.10 points or 0.40 pct at 1,278.09, on 142. 77 mln shares worth 926.56 mln pesos. It traded between 1,272.99 and 1,278.09.
     Last-minute cross transactions involving Globe Telecom shares, worth over 500 mln pesos, boosted the day's turnover.
     Gainers slightly edged out losers 23 to 22, with 40 stocks unchanged.
     "We had a sluggish market in the absence of inspiring developments both in the economic and corporate fronts. We are going through a technical correction after the market hit 1,300 before fizzling out," Accord Capital Equities analyst Lawrence de Leon said.
     He said the market is due for an upward trek ahead of US President George Bush's visit to Manila in mid-October.
     "Investors are waiting for more inspiring news such as the visit of President Bush and the packages he brings with him, and hopefully the resolution of the ongoing Senate investigation on the Jose Pidal controversy, " de Leon added.
     An opposition senator who will likely run for the presidency next year has accused the husband of President Gloria Arroyo of corruption and alleged money laundering activities through the use several bank accounts under the fictitious name of Jose Pidal.
     A brother-in-law of the President has claimed ownership of the accounts.
     The Senate will decide today whether to still pursue the probe after the alleged account owner refused to divulge details of the transaction as he invoked his right to privacy.
     "We're optimistic the market will move up within the week, provided the political scenario remains stable. President Bush's visit should also be welcomed by the market as an indication of strong ties between the US and the Philippines," Regina Capital Development analyst Gomer Tan said.
     Globe Telecom was top-traded after several cross transactions, unchanged at 690 on 738,840 shares.
     Ayala Corp closed up 0.05 pesos at 4.35 on 6.05 mln shares. An official of the company said it was not involved in the cross transactions of Globe Telecom shares.
     Some 734,500 Globe shares, valued at 690.00 pesos each, or a total of about 506.80 mln pesos, were sold in cross transactions undertaken by Deutsche Regis Partners.
     Deutsche Telekom, which is selling its 24.80 pct stake in Globe Telecom, had offered the stake to Ayala Corp and Singapore Telecommunications Ltd.
     Ayala Corp and SingTel earlier allowed Deutsche's 45-day exclusive offer to purchase the Globe shares to lapse, although the two companies were still reported to be interested in acquiring the stake
     SM Prime was steady at 6.00 on 21.13 mln shares.
     Bank of the Philippine Islands was unchanged at 43 on 1.88 mln shares.
     Philippine Long Distance Telephone erased earlier gains to close steady at 620 on 78,730 shares.
     Jollibee was up 0.25 at 17.75 on 1.47 mln shares.
     Meralco B, open to foreigner investors, gained 0.25 to 21.75 on 243,600 shares. Meralco A was up 0.225 pesos at 14 on 53,800 shares.
     The all-shares index was up 3.73 points at 802.79.
     The commercial-industrial index was up 7.76 at 1,855.15 and property up 0. 93 at 569.71.
     Mining was down 6.02 at 1,230.86 and oil was lower by 0.05 at 1.35.
     
     Banking and finance was up 1.24 at 436.90.
     (1 usd = 55.014 pesos)
     cecille.yap@afxasia.com

 

Philippines' Ayala Corp says not part of Globe cross transactions today


     MANILA (AFX-ASIA) - Ayala Corp managing director Rufino Luis Manotok said the group was not part of a series of cross sales involving Globe Telecom Inc's shares in the market today.
     "We have nothing to do with the transactions," Manotok told AFX-Asia.
      At 11.50 am, some 734,500 Globe shares, valued at 690.00 pesos each, or a total of about 506.80 mln pesos, were sold in cross transactions.
     Globe Telecom has been top traded so far, but unchanged at 690.00 pesos.
     Deutsche Regis Partners undertook the transactions.
     Deutsche Telekom, which is selling its 24.80 pct stake in Globe Telecom, had offered the stake to Ayala Corp and Singapore Telecommunications Ltd.
     Ayala Corp and SingTel earlier allowed a 45-day exclusive offer to purchase the Globe shares to lapse, although the two companies were still reported to be interested in acquiring the stake.
     "It all depends on the pricing. Technically, there are no discussions," Manotok said, citing the lapse of the offer.
     The expiration of the exclusive offer has given Deutsche Telekom the flexibility to offer the shares to other prospective investors.
     (1 usd = 55.01 pesos)
     cecille.yap@afxasia.com

 

Philippines Globe Telecom's 724,640 shares crossed at 690.00 pesos each


     MANILA (AFX-ASIA) - Some 724,640 shares of Globe Telecom Inc were sold in cross transactions in late morning trade at 690.00 pesos each, or for a total of a little over 500.00 mln pesos.
     The transactions were undertaken by Deutsche Regis Partners Inc.
     At 11.27 am, Globe Telecom was top traded and unchanged at 690.00 pesos.
     (1 usd = 55.009 pesos)
     edelacruz@afxasia.com

 

STOCK ALERT -Philippines' PLDT, Piltel up on mobile subscriber growth, outlook


     MANILA (AFX-ASIA) - Share prices of Philippine Long Distance Telephone Co (PLDT) and Pilipino Telephone Corp (Piltel) were firmer in early trade on favorable earnings prospects amid continued growth in the PLDT group's wireless subscriber base, dealers said.
     Piltel has been deconsolidated from PLDT but remains part of the PLDT group.
     At 10.22 am, PLDT was up 5.00 pesos at 625 on volume of 8,520 shares.
     Piltel gained 0.01 pesos to 0.61 on 40,000 shares.
     PLDT also tracked its American Depositary Receipts, which rose 0.25 usd to 11.36 in New York on Friday.
     An official of PLDT unit Smart Communications told AFX-Asia Friday that PLDT's total wireless subscriber base has exceeded 11.00 mln as of end-August from over 10.30 mln at end-June, including customers of Smart Communications Inc and Piltel.
     Dealers said this development boosts expectations that PLDT will meet its 9.00-10.00 bln peso full-year net profit target this year.
     PLDT posted a full-year net profit of 3.10 bln pesos in 2002. It booked a net profit of 6.60 bln pesos before provisions in the first half to June, and 1.80 bln after provisions.
     Piltel has narrowed its net loss to 535.00 mln pesos in the first half to June from a net loss of 1.98 bln in the year-earlier period on the back of its growing Talk 'Text wireless brand subscribers, totalling 2.20 mln as of end-June.
     (1 usd = 54.99 pesos)
     edelacruz@afxasia.com

 

Philippines' PCI Leasing buys back 2.92 mln shares at 1.30 pesos each


     MANILA (AFX-ASIA) - PCI Leasing & Finance Inc said it bought back 2.92 mln shares at 1.30 pesos each on the market on Sept 11.
     PCI Leasing closed Friday at 1.30 pesos.
     (1 usd = 54.99 pesos)
     afxmanila@afxasia.com

 

Philippine RCBC shareholders approve 2.0 bln peso share buyback plan - report


     MANILA (AFX-ASIA) - Rizal Commercial Banking Corp (RCBC) shareholders have approved a buyback of its preferred shares and an option to convert them into long-term capital, the BusinessWorld newspaper reported, quoting vice-chairman and chief executive officer Cesar Virata.
     Shareholders approved the early buyback of 2.0 bln pesos worth of preferred shares before their April 2004 redemption date.
     Virata said a number of preferred shareholders have chosen to convert their stake into capital notes or subordinated debt as payment, while others want cash.
     The report said an estimated 2.0 bln pesos of the bank's recently raised 5.0 bln capital will be used to buy back the shares.
     (1 usd = 54.99 pesos)
     cecille.yap@afxasia.com

 

Philippines' Camacho says May 2004 election to raise cost of borrowings


     MANILA (AFX-ASIA) - Finance Secretary Jose Isidro Camacho said the presidential election in May 2004 will likely make foreign borrowings more difficult and costly in the first half of next year.
     "There is a consensus that rates would be stable between now and the end of the year. But for the first quarter and most of the first half of 2004, we would see some volatility because of the May elections," Camacho told reporters.
     He added sourcing next year's requirement as early as this year is an option being considered by government.
     Camacho said the government would use next year' 2.00 bln usd foreign borrowing requirement to settle 100.00 bln pesos in maturing loans.
     (1 usd = 54.99 pesos)
     cecille.yap@afxasia.com

 

Philippine central bank fines JP Morgan for foreign exchange violation -report


     MANILA (AFX-ASIA) - The central bank has imposed a 1.5 mln peso fine on JP Morgan Chase for foreign exchange violations of its defunct money-changing affiliate, the Philippine Daily Inquirer newspaper reported, quoting central bank governor Rafael Buenaventura.
     Buenaventura and other central bank officials said JP Morgan Chase's request for lower penalties had been rejected.
     The report said JP Morgan was fined for more than 50 violations committed by its unit Financial Marketing Services Corp.
     The bank's affiliate reportedly engaged in financial derivatives transaction without the central bank's approval.
     (1 usd = 54.99 pesos)
     cecille.yap@afxasia.com

 

Philippines' South China Resources changes primary purpose to holding firm


     MANILA (AFX-ASIA) - South China Resources Inc said its board of directors has approved a change in the company's primary purpose to that of a holding company.
     In a disclosure to the stock exchange, South China Resources said it will relegate its existing primary purpose of oil exploration to among "secondary purposes" of the company.
     It said the board of directors also approved to recommend to stockholders the spinning off of the company's oil exploration business into a wholly-owned subsidiary.
     cecille.yap@afxasia.com

 

Philippine banks end-June credit card past-due ratio 17.40 pct vs 18.60 pct


     MANILA (AFX-ASIA) - The central bank said the past-due ratio of commercial and thrift banks on credit card receivables stood at 17.40 pct at end-June against 18.60 pct a year earlier.
     Past-due credit card loans rose to 8.60 bln pesos at end-June from 8.30 bln in March, but were down from 11.30 bln a year earlier.
     These past-due loans represent 2.90 pct of the banking sector's total non-performing loans.
     Credit card receivables of the banking industry stood at 49.50 bln pesos as of end-June, 2.40 pct lower from 50.70 bln a year earlier.
     It represents 2.60 pct of the banking sector's total loan portfolio.

     cecille.yap@afxasia.com

 

Philippine Petron/Shell/Caltex roll back oil prices 0.10 pesos per liter


     MANILA (AFX-ASIA) - Pilipinas Shell Petroleum Corp, Caltex Philippines Inc and Petron Corp will cut prices of gasoline products 0.10 pesos per liter effective tonight, officials of the companies said.
     The cut comes days after select retail stations of 48 oil firms, including the three refiners, started to offer discounts on prices of diesel, a fuel the mass transport sector commonly uses.
     The discounts offered to jeepney and tricycle operators ranged from 0.20 to 0.50 pesos per liter.
     Shell spokesperson Roberto Kanapi said the price cut was an offshoot of "a slight downward trend" in international crude prices, from an average of 27.00 usd per barrel in August to 26.50 usd in the first week of September.
     Kanapi said lower prices for its three variants of gasoline products will take effect at 6.00 pm.
     Caltex, which has reportedly started the cut, said: "We are committed to remaining open and transparent regarding price adjustments. We will continue to stay closely atuned to market and competitive conditions and will reflect these conditions with smaller, but more frequent price movements as necessary. "
     Caltex said that, while the cut is for gasoline products, it is closely watching conditions affecting prices of other products, and said it will "reflect any changes through small and frequent price movements for those products."

     cecille.yap@afxasia.com

 

Philippines' Q2 foreign direct investments 7.10 bln pesos,down 73 pct yr-on-yr


     MANILA (AFX-ASIA) - Foreign direct investments approved and registered by the Philippine government's investment promotion agencies in the second quarter stood at 7.10 bln pesos, down 73.00 pct year-on-year, the National Statistical Coordination Board reported.
     "The decline was exacerbated by the effects of the Iraq crisis as well as the SARS outbreak which were strongly felt during the first half of the year in the country," NSCB said.
     The approved investments are expected to generate 11,291 new jobs.
     Japan and the USA, the country's top major trading partners, also topped the list of investment sources with potential investments of 3.20 bln pesos and 2.80 bln, respectively, during the period.
     Around 80 pct of the approved foreign direct investments was for the manufacturing sector, with potential investments of 5.70 bln pesos, down 48 pct from 11.00 bln pesos a year ago.

     cecille.yap@afxasia.com

 

Philippines' BPI says no deal yet with foreign investors on idle asset sale


     MANILA (AFX-ASIA) - Bank of the Philippine Islands (BPI) said its negotiations with foreign investors for the sale of a pool of acquired assets have not yet resulted in any concrete agreement.
     The bank issued the disclosure following a report that it has decided not to push through with the sale of foreclosed properties to US investment bank Merrill Lynch.
     Sources said the offer did not meet the bank's target price of 10.00 bln pesos.
     "There has been a divergence in views on the Philippine property market, with investor valuation largely weighed down with their own experience in other overseas markets and the more recent developments in the Philippine scene," BPI told the stock exchange.
 
     cecille.yap@afxasia.com

 

Philippines' ABS-CBN to list 100,000 Philippine Deposit Receipts


     MANILA (AFX-ASIA) - A total of 100,000 Philippine Deposit Receipts (PDRs) of ABS-CBN Holdings Corp will be listed on the stock exchange on Monday, the local bourse's listing department said.
     It said the company's PDR agent has received notices from shareholders to exchange 100,000 ABS-CBN common shares for the same number of PDRs.
     This will bring to 270.12 mln the total number of PDRs listed on the exchange.
     ABS-CBN closed unchanged at 24.75 on 42,100 shares, while ABS-CBN Holdings was steady at 25.00 on 15,800 shares.

 


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