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Friday, October 17, 2003
Philippines'
Jollibee Foods says to open 7 new stores in California, Hawaii
Philippines'
Beyond Cable signs debt restructuring deal - SkyCable chairma
Philippines
deploys thousands of police, troops in capital ahead of Bush visit
Philippines
re-opens global bond issues to raise additional 1.05 bln usd
Singapore
Telecom ratings maintained after purchase of more Globe shares - S&P
Philippines
Jan 1-Oct 10 net portfolio inflows up 136.0 pct yr-on-yr
Philippine
ABS-CBN assigned 'B+' long-term rating, stable outlook by S&P
Manila
shares close flat as investors turn cautious ahead of Bush visit
Philippine
ABS-CBN's proposed 150 mln usd bond issue rated 'Ba3' - Moody's
STOCK
ALERT - Philippines' Globe Telecom firmer on share buyback decision
Philippines'
Makati Finance to write off loans, sets dividend policy
Philippine
SEC approves Ebecom Holdings name change, extension of term
Philippine
Treasury revises 182-day, 364-day T-bill offers
Philippine
Bank of Communications NPL ratio 28.26 pct as of Sept 19
Philippines'
Balabac says 1.23 bln common shares exempt from SEC registration
Union
Bank of the Philippines NPL ratio 12.8 pct as of Sept 19
Bank
of the Philippine Islands NPL ratio 8.63 pct as of Sept 19
Philippines'
Metrobank NPL ratio 13.86 pct as of Sept 19
Philippines'
Security Bank NPL ratio 11.26 pct as of Sept 19
Philippine
Sept BoP deficit 130 mln usd; Jan-Sept BoP deficit 783 mln usd
Philippine
BCDA to earn 7.0 bln pesos from sale of stake in Fort Bonifacio
Philippines'
Globe to buyback 12.00 mln shares from DeTeAsia
Philippines'
Arroyo welcomes World Bank probe on airport deal with Fraport
Philippines'
Cebu Pacific asks CAB for unused flight frequencies to Japan
Philippine
Ayala Land's 2.0 bln pesos bond issue rated 'PRS Aaa' - PhilRatings
Philippine
govt says to borrow 500 mln usd, appoints lead managers
Philippines'
ICTSI to push ahead with 100 mln usd Baltic terminal expansion
Landbank
of the Philippines NPL ratio 19.89 pct as of Sept 19
Philippine
Q3 GDP likely up 4.0 pct year-on-year vs 3.8-4.3 pct target - Neri
Thursday, October 16, 2003
Manila
shares close firmer; PLDT leads gains, Globe loss weighs
Philippine
Bacnotan Consolidated, creditors seek Bacnotan Steel rehabilitation
Philippines'
Ayala Land to list 4.32 mln common shares on Friday
STOCKWATCH
- Philippines' Globe down; Deutsche Telekom deal seen positive
STOCK
ALERT - Philippines' PLDT slightly higher early in line with ADRs
Top
Philippine tax fraud investigator shot dead in daylight ambush
Philippines'
Globe says has option to buy back portion of DeTeAsia stake
Philippine
govt helping Meralco on refund to big customers - Perez
Philippines'
Exportbank NPL ratio 19.78 pct as of Sept 19
Philippines
readies 500-mln usd bond issue - report
Philippines'
Chinabank NPL ratio 15.42 pct as of Sept 19
Philippines'
First Metro NPL ratio 6.24 pct as of Sept 19
Philippines'
RCBC NPL ratio 14.75 pct as of Sept 19
Philippines'
Banco de Oro NPL ratio 6.720 pct as of Sept 19
Philippine
central bank revises 2004 BOP, current account targets
Philippines
economic and corporate news summary MKO05
October 14 -
15
October 10 -
13
October 8 - 9
October 6 - 7
October 3 - 4
October 1 - 2
| Philippines' Jollibee Foods says to open 7 new stores in California, Hawaii |
MANILA (AFX-ASIA) - Jollibee Foods Corp said it will open at least seven new stores in California and Hawaii in the next few months. "This will bring our total number of stores in the United States to 18 from 11 presently by the end of 2004. This reflects our continued commitment in our business in the United States," Jollibee chairman and president Tony Tan Caktiong said in a disclosure to the stock exchange. He added Jollibee is creating a new US holding company to set "a stronger structure" for Jollibee Group's sustained business growth in the US. The company's stockholders recently approved the merger of its US units, Superior FSC Corp and FSC Foods Corp, to create "a stronger structure in preparation for the future." Jollibee chief financial officer Ysmael Baysa said the merger is a step to complete the reorganization of the company's US business. All assets and liabilities of the two companies will be immediately transferred to a US holding company by next January. Baysa said Jollibee Foods will not absorb any additional debt or liability with the restructuring, or experience any ownership dilution. (1 usd = 54.68 pesos) afxmanila@afxasia.com |
| Philippines' Beyond Cable signs debt restructuring deal - SkyCable chairman |
MANILA (AFX-ASIA) - Beyond Cable Holdings Inc, the joint venture between the Lopez group's SkyCable and Home Cable of Philippine Long Distance Telephone Co, has formally agreed with creditors to restructure 2.50 bln pesos in debts. SkyCable chairman Eugenio Lopez III said the parties have signed a memorandum of agreement (MoA), paving the way for the full merger of SkyCable and Home Cable, and the injection of fresh capital in Beyond Holdings by a new investor. He told reporters he sees "no major obstacles" to the signing of an actual restructuring agreement after a majority of SkyCable and Home Cable creditors have agreed to the restructuring proposal submitted by Beyond Cable. The Lopez group's Benpres Holdings owns SkyCable, while PLDT Beneficial Trust Fund's MediaQuest Holdings Corp owns Home Cable. Lopez gave no other details. (1 usd = 54.68 pesos) afxmanila@afxasia.com |
| Philippines deploys thousands of police, troops in capital ahead of Bush visit |
MANILA (AFX-ASIA) - The government deployed thousands of police and troops here today to beef up security on the eve of President George W Bush's visit, as communist guerrillas denied they are out to assassinate the US leader. "Security preparations for the visit are very tight and there should be no reason for undue alarm," President Gloria Arroyo said in a statement ahead of Bush's eight-hour state visit tomorrow. A truckload of riot police encircled a group of 20 left-wing protesters on a street near the US embassy here midmorning after they attempted to march on the mission. No untoward incidents were reported. National police chief Hermogenes Ebdane said his office has organized a "Task Force Dubya" to secure Bush and maintain peace around Manila. "Overall, we have earmarked 11,044 officers and personnel for this purpose and I believe we are prepared for the activity," Ebdane said. A separate military task force is also in place in Manila to meet security threats, military officials said. "We consider more the mass actions that will be held before and during the visit as our priority concern and, for other potential threats, the intelligence community is continuously monitoring," Ebdane said. US-trained Filipino security personnel will assist the US Secret Service, which will make lead decisions on the ground, he said. Earlier today, communist guerrilla spokesman Gregorio Rosal pledged that the Communist Party of the Philippines (CPP) and its armed wing, the New People's Army (NPA), will not mount an assassination attempt on the US leader. The CPP and the 9,000-member NPA has been waging a 34-year Maoist campaign in this former US colony. The US State Department considers the CPP-NPA a "foreign terrorist organization." "If you are asking if we will mount a military action, after the military and the police warned that an NPA team will assassinate George Bush, that is not among our plans today, tomorrow or in the coming days," Rosal said on DZBB radio. Leftists, student organizations and other militant anti-US groups have vowed to hold huge protests tomorrow, to include the burning of US flags and effigies of Arroyo and Bush. |
| Philippines re-opens global bond issues to raise additional 1.05 bln usd |
MANILA (AFX-ASIA) - The Philippine government has decided to re-open global bond issues due 2014 and 2025, raising the issues by 750 mln usd and 300 mln usd respectively, Finance Secretary Jose Isidro Camacho said. "The Republic is very pleased with the response of the investors to the transaction. Given the demand, the Republic decided to also open the 2025 global bonds," he said in a statement. HSBC, Morgan Stanley and UBS are acting as joint lead managers. The government is trying to raise funds to cover its remaining 225.00 mln usd funding requirements for this year, as well as some of its 1.80-bln usd funding requirements for 2004. (1 usd = 54.63 pesos) edelacruz@afxasia.com |
| Singapore Telecom ratings maintained after purchase of more Globe shares - S&P |
SINGAPORE (AFX-ASIA) - Standard & Poor's Ratings Services said it has kept its long-term 'A+' and short-term 'A-1' ratings as well as a stable outlook for Singapore Telecommunications after it bought 15.60 mln additional common shares in Philippine cellular operator Globe Telecom Inc from Deutsche Telekom AG. S&P said the 339.00 mln sgd investment is likely to be funded by cash and unlikely to have a material impact on SingTel's financial position given SingTel's 2.30 bln sgd cash hoard and 225 mln sgd due from the partial divestment of Singapore Post earlier this year. "The acquisition does not jeopardize SingTel's de-leveraging. With further improvement in margins at its Australian subsidiary, SingTel Optus, and gradual debt repayment, S&P projects this ratio to improve to below two times within the next two fiscal years," S&P said in a statement. (1 usd = 1.73 sgd) singapore@afxasia.com |
| Philippines Jan 1-Oct 10 net portfolio inflows up 136.0 pct yr-on-yr |
MANILA (AFX-ASIA) - The country's net foreign portfolio investments rose 136.0 pct year-on-year to 447.2 mln usd during Jan 1 to Oct 10, compared with 189.7 mln recorded in the same period last year, the central bank said. The figures were collated from five banks that act as custodians for portfolio investments in the country, central bank officer-in-charge Alberto Reyes said. These banks report portfolio flows on a weekly basis to the central bank. Investments by non-residents in government securities and money market instruments saw net inflows of 163.7 mln usd and in peso bank deposits of 309. 5 mln usd. The central bank said there was net outflow of about 26.0 mln usd in the same period from investments in listed stocks. During the same period last year, only investments in peso bank deposits had a net inflow, at 273.5 mln usd, with investment in listed stocks and in government securities or money market instruments posting net outflows of 64. 0 mln usd and 19.8 mln usd, respectively. (1 usd = 54.63 pesos) cecille.yap@afxasia.com |
| Philippine ABS-CBN assigned 'B+' long-term rating, stable outlook by S&P |
MANILA (AFX-ASIA) - Standard & Poor's Ratings Services said it has assigned a "B+" long-term rating and "B" short-term rating to ABS-CBN Broadcasting Corp with a stable outlook. S&P also assigned a "B+" rating to the company's proposed 150 mln usd senior secured notes issue. "A key constraining factor in ABS-CBN's rating is the financially distressed situation of its owner Benpres, which controls 85.00 pct of shareholders' voting rights in ABS-CBN," said Sharad Jain, credit analyst and director in Standard & Poor's corporate and infrastructure ratings group. Benpres, which also has exposure in energy, telecommunications, tollway, and property, is restructuring 552.00 mln usd in debts. Jain said that while the notes issue incorporates a "ring-fencing" mechanism to reduce the risk of commingling ABS-CBN's cash flows with those of its parent and associates, the mechanism is "weakened" by the lack of creditors' control on the nomination of independent directors. S&P said that although ABS-CBN's liquidity is adequate to repay the debts maturing in 2003, its ability to repay 4.00 bln pesos in debts maturing in 2004 and 2005 is linked to the success of the company in the placement of the proposed notes issue. "The weaknesses in ABS-CBN's credit profile are partly offset by its dominant position in the free-to-air TV market in the Philippines... Furthermore, foreign ownership restriction, limited spectrum availability, and high capital required to compete effectively combine to create a high barrier to entry into the TV broadcasting business," Jain said. (1 usd = 54.60 pesos) cecille.yap@afxasia.com |
| Manila shares close flat as investors turn cautious ahead of Bush visit |
MANILA (AFX-ASIA) - Share prices closed flat as investors turned cautious and locked in gains ahead of the weekend when US President George W Bush is due to visit the country, dealers said. They said profit-taking emerged later in the session, after an early climb in prices, as investors decided to reap gains. Bargain-hunters may return to the market next week, depending on how events turn out during tomorrow's eight-hour visit by Bush to Manila, they added. The composite index closed down 0.97 points, or 0.07 pct, at 1,367.33 on volume of 559.96 mln shares, valued at 832.97 mln pesos. It moved between 1, 364.72 and 1,376.55. In the broader market, losers led gainers 32 and 29, with 38 stocks unchanged. "There was profit-taking and I guess people decided to unload ahead of the weekend," Citiseconline.com analyst Mark Alan Canizares said. "While the Bush visit is expected to boost the country's image abroad and strengthen our partnership with the US on economic and security issues, investors are understandably cautious until after they have assessed the turnout of events tomorrow." Philippine Long Distance Telephone was top traded, but unchanged at 705. 00 pesos on 626,500 shares, giving back early gains on the back of a 0.26-usd gain in its New York-listed American Depositary Receipts last night to 13.02. Investors are anticipating rosy third quarter results for PLDT, whose gains are seen still boosted by wireless unit Smart Communications Inc. Globe Telecom was unchanged at 745.00, also giving back gains made after announcing it will buy back 12.00 mln of its common shares held by DeTeAsia Holding GmbH at 680 pesos each. The buy-back move is expected to boost earnings per share of Globe, with investors also factoring in its positive earnings prospects given continued gains in its wireless business. Accord Capital Equities research analyst Ron Rodrigo said moves by Ayala Corp and Singapore Telecom International Pte Ltd to increase their stakes in Globe, through acquiring shares held by Deutsche Telekom AG unit DeTeAsia, will also help to remove any worries about Globe's ownership and control. Ayala Corp was up 0.10 at 4.95 on 3.50 mln shares. Ayala Land was down 0.10 at 6.60 on 2.60 mln shares. San Miguel B, available to foreign investors, was down 0.50 at 62.00, while San Miguel A was unchanged at 56.50. Manila Electric B, open to foreign investors, shed 0.50 to 21.75, while Meralco A was unchanged at 14.75. Pilipino Telephone eased 0.03 to 0.84 on 12.30 mln shares. Equitable PCI Bank was up 1.50 at 36.00. The all-shares index was up 6.83 points at 824.03. The commercial-industrial index rose 0.12 to 1,989.52, while property fell 4.65 to 610.27. Mining was up 65.96 at 1,730.78, while oil was unchanged at 1.35. Banking and financial services gained 0.63 at 455.07. (1 usd = 54.60 pesos) edelacruz@afxasia.com |
| Philippine ABS-CBN's proposed 150 mln usd bond issue rated 'Ba3' - Moody's |
MANILA (AFX-ASIA) - Moody's Investors Service has assigned a prospective "Ba3" senior secured rating to ABS-CBN Broadcasting Corp's proposed 150 mln usd bond issue. The rating outlook is stable. Moody's said its first-time rating on ABS-CBN reflects the company's leading position in the country's television market, its sound standalone financial profile and strong free cash flow-generation abilities. Also considered was "the presence of a favorable duopoly market structure with high barriers to entry." ABS-CBN and GMA 7, its major rival, command about 78.0 pct of the audience share in metropolitan Manila. "The prospective 'Ba3' rating is based on our expectation that the proposed bonds will be successfully issued up to at least the 110 mln usd needed to refinance all existing debts," Moody's said. It noted ABS-CBN has about 2.0 bln pesos in debt repayments due yearly in the next two years, and said the refinancing risk is high. "Should the amount of bonds issued fall short of this level, the rating for such bonds would be donwgraded to 'B2' to reflect the only partially resolved liquidity concerns." Moody's said the rating also reflects risks such as the future upstreaming of cash to parent firm Benpres Holdings Corp, which owns 57.2 pct of ABS-CBN, and the Benpres' undergoing debt restructuring program. The company, however, is expected to continue to enjoy a leading share in the free-to-air (FTA) television operation, which contributes 68.0 pct of the company's revenues, Moody's said. It is also seen generating "healthy" operating cash flow given its ability to distribute content and offer its advertisers bundling services through its multiple platform in television, radio, cable TV, film production and publishing, Moody's added. The ratings agency, however, noted the "increased competitive threats" from major rival, GMA 7, which has forced the company to spend more on programming and pressured its profit margins. "Moody's believes that several factors limit -- but do not eliminate -- the risk of Benpres extracting cash from ABS-CBN," it added. It noted that the ABS-CBN is an independent publicly-traded company, with a fiduciary responsibility to pursue the best interest of all shareholders, and not just Benpres. The proposed restrictive covenants of the bonds also prohibit transactions for the benefit of Benpres and their affiliates. Benpres is the holding company of the Lopez group and has interests in power generation and distribution, tollway, telecommunication and water services. It is restructuring debts totaling 552.0 mln usd. "Moody's draws additional comfort from legal analysis that indicates that the bankruptcy of Benpres would not trigger the voluntary or involuntary liquidation of ABS-CBN under Philippine Law," Moody's said. "However, we caution that any change in our view in this regard and any evidence of cash leakages from ABS-CBN to Benpres above the restricted payment level would further pressure the rating." (1 usd = 54.61 pesos) cecille.yap@afxasia.com |
| STOCK ALERT - Philippines' Globe Telecom firmer on share buyback decision |
MANILA (AFX-ASIA) - Globe Telecom was higher after announcing it will buy back 12.00 mln of its common shares held by DeTeAsia Holding GmbH, with the move expected to boost its earnings per share, dealers said. They said although the acquisition price of 680.00 pesos was lower than the market price, investors are still factoring in Globe's positive earnings prospects given its continued gains in its wireless business. They said moves by Ayala Corp and Singapore Telecom International Pte Ltd to increase their stakes in Globe, through acquiring shares held by Deutsche Telekom AG unit DeTeAsia, will also help to remove any worries about Globe's ownership and control. Globe was up 5.00 pesos at 750 on 77,520 shares. Ayala Corp will acquire 10.04 mln of DeTeAsia's shares in Globe, while SingTel will get 15.64 mln Globe shares, all at 680.00 pesos each. (1 usd = 54.60 pesos) edelacruz@afxasia.com |
| Philippines' Makati Finance to write off loans, sets dividend policy |
MANILA (AFX-ASIA) - Makati Finance Corp said its board of directors has approved the write-off of loans totaling 16.00 mln pesos and the declaration of 30 pct of its net profit as dividends. The lender said its board also approved a policy disallowing directors and officers from issuing personal guarantees on loans applied for by clients or employees from the company. (1 usd = 54.60 pesos) afxmanila@afxasia.com |
| Philippine SEC approves Ebecom Holdings name change, extension of term |
MANILA (AFX-ASIA) - Ebecom Holdings Inc said the Securities and Exchange Commission has approved the company's application to change its corporate name to Aries Prime Resources Inc and extend its corporate term for another 50 years from July 15, 2005. The change in the company's corporate name will be reflected in the stock exchange's board on Oct 20. afxmanila@afxasia.com |
| Philippine Treasury revises 182-day, 364-day T-bill offers |
MANILA (AFX-ASIA) - The Bureau of Treasury said it will revise the amount of 182-day and 364-day T-bills that will be offered by it from Nov 10. It reduced the value of 182-day bills to be offered to 2.500 bln pesos from 3.000 bln and at the same time raised that for the 364-day tenor to 3. 000 bln from 2.500 bln. The value of 91-day bills on offer will remain at 4.000 bln pesos. The government holds auctions for 9.500 bln pesos worth of T-bills fortnightly. National Treasurer Sergio Edeza also announced the holding of T-bill and T-bond auctions in the first two weeks of December. The move is meant to boost the government's cash position and enable it to reject high bids at future auctions. He sees the 91-day T-bill rate rising to as high as 7.000 pct due to uncertainties in the run-up to the May 2004 elections. At last Monday's auction, the bellwether rate, used by banks in pricing loans, averaged 5.629 pct versus 5.506 pct previously. The Treasury was earlier considering cancelling all auctions for the last month of the year. Auction dates were set for Dec 10 for T-bills, Dec 4 for three-year T-bonds worth 3.000 bln pesos, and Dec 11 for four-year T-bonds also worth 3. 000 bln pesos. (1 usd = 54.66 pesos) edelacruz@afxasia.com |
| Philippine Bank of Communications NPL ratio 28.26 pct as of Sept 19 |
MANILA (AFX-ASIA) - Philippine Bank of Communications (PBCom) said its non-performing loan (NPL) ratio stood at 28.26 pct as of Sept 19. PBCom earlier reported an NPL ratio of 26.98 pct as of March 26. In its published statement of condition, PBCom said its NPLs totalled 6. 37 bln pesos as of Sept 19, against general provisions of 137.37 mln and specific provisions of 2.92 bln. Return on equity stood at 2.62 pct. (1 usd = 54.66 pesos) edelacruz@afxasia.com |
| Philippines' Balabac says 1.23 bln common shares exempt from SEC registration |
MANILA (AFX-ASIA) - Balabac Resources & Holdings Co Inc said its proposed issuance of 1.23 bln common shares representing an increase in its authorized capital stock has been declared exempt from the Securities and Exchange Commission's registration requirements. The SEC has approved the increase in Balabac's authorized capital stock to 5.00 bln pesos from 73.79 mln. (1 usd = 54.66 pesos) afxmanila@afxasia.com |
| Union Bank of the Philippines NPL ratio 12.8 pct as of Sept 19 |
MANILA (AFX-ASIA) - Union Bank of the Philippines said its non-performing loans (NPL) ratio stood at 12.8 pct as of Sept 19. The bank's NPL ratio was 11.15 pct as of June 19. According to its published statement of condition, the bank said its NPLs totalled 3.79 bln pesos as of Sept 19, against general provisions of 180.42 mln, while specific provisions totalled 1.97 bln. Return on equity stood at 25.11 pct. (1 usd = 54.66 pesos) edelacruz@afxasia.com |
| Bank of the Philippine Islands NPL ratio 8.63 pct as of Sept 19 |
MANILA (AFX-ASIA) - Bank of the Philippine Islands said its non-performing loan (NPL) ratio at the parent level stood at 8.63 pct as of Sept 19 versus 9.56 pct as of June 19. The consolidated NPL ratio stood at 8.54 pct as of Sept 19 compared with 9.47 pct as of June 19. In its published statement of condition, BPI said its NPLs totalled 13.77 bln pesos at the parent level as of Sept 19, against general provisions of 2. 49 bln and specific provisions of 5.48 bln, all at the parent level. Its return on equity stood at 10.40 pct. (1 usd = 54.66 pesos) edelacruz@afxasia.com |
| Philippines' Metrobank NPL ratio 13.86 pct as of Sept 19 |
MANILA (AFX-ASIA) - Metropolitan Bank and Trust Co said its non-performing loan ratio (NPL) stood at 13.86 pct as of Sept 19. It earlier reported its NPL ratio at 15.02 pct as of June 19. In its published statement of condition, Metrobank said its NPLs totalled 32.92 bln pesos as of Sept 19, with general provisions for loans and other losses of 1.86 bln and specific provisions of 20.11 bln. Return on equity stood at 6.17 pct. (1 usd = 54.66 pesos) edelacruz@afxasia.com |
| Philippines' Security Bank NPL ratio 11.26 pct as of Sept 19 |
MANILA (AFX-ASIA) - Security Bank said its non-performing loan (NPL) ratio stood at 11.26 pct as of Sept 19. It earlier reported its NPL ratio at 9.73 pct as of June 19 versus 12.78 pct as of March 26. In its published statement of condition, the bank said its NPLs totalled 4.75 bln pesos as of Sept 19, with general provisions of 368.33 mln pesos and specific provisions of 2.81 bln. Return on equity stood at 7.45 pct. (1 usd = 54.66 pesos) edelacruz@afxasia.com |
| Philippine Sept BoP deficit 130 mln usd; Jan-Sept BoP deficit 783 mln usd |
MANILA (AFX-ASIA) - The Philippines recorded a balance-of-payments (BoP) deficit of 130 mln usd in September and 783 mln usd for January-September due to loan repayments, central bank managing director for research Diwa Guinigundo said. The BOP deficit for January to September widened from 653 mln usd recorded for January to August. The BoP deficit for August was 414 mln usd. (1 usd = 54.66 pesos) cecille.yap@afxasia.com |
| Philippine BCDA to earn 7.0 bln pesos from sale of stake in Fort Bonifacio |
MANILA (AFX-ASIA) - The Bases Conversion Development Authority (BCDA) expects to generate around 7.0 bln pesos from the sale of a 25.0 pct stake in Fort Bonifacio Development Corp, BCDA president and chief executive officer Rufo Colayco said. The state-run agency owns 45.0 pct of the 214-hectare prime property in the Bonifacio Global City, which used to be a former military camp. BCDA is now looking for a financial adviser for the planned sale, although it hopes to complete the transaction by next year. "I would say the logical interested parties are our partners Ayala-Evergreen consortium so that they could consolidate their properties," Colayco said. Ayala Land Inc and Evergreen Holdings earlier acquired Bonifacio Land Corp's 50.4 pct in Fort Bonifacio for 90.0 mln usd. Colayco said BCDA will hold its remaining 20.0 pct stake in Fort Bonifacio "to gain from the potential appreciation of the assets." Under its mandate, the BCDA is required to allot 35.0 pct of the proceeds from the privatization of assets to the government's military modernization program. (1 usd = 54.66 pesos) cecille.yap@afxasia.com |
| Philippines' Globe to buyback 12.00 mln shares from DeTeAsia |
MANILA (AFX-ASIA) - Globe Telecom Inc said it will buy back 12.00 mln common shares held by DeTeAsia Holding GmbH at 680.00 pesos each, for a total of 8.16 bln pesos. The shares account for 7.90 pct of Globe's total outstanding common shares and represents a discount of 9.00 pct from today's closing price of 745.00 pesos. Earlier today, Globe said its major shareholders Ayala Corp and Singapore Telecom International Pte Ltd had given it the option to buy back a portion of the 24.80 pct stake held by DeTeAsia Holding, a unit of Deutsche Telekom AG. DeTeAsia's stake involves 37.67 mln Globe common shares, of which 16.03 mln shares were supposed to be acquired by Ayala Corp. SingTel agreed to purchase 21.63 mln shares. The acquisition price is 680.00 pesos per share. With Globe buying back 12.00 mln of its shares, Ayala Corp will now acquire 10.04 mln of DeTeAsia's shares in Globe instead of 16.03 mln, while SingTel will get 15.64 mln Globe shares instead of 21.63 mln. Globe said its re-purchase of shares will boost its earnings per share. "Globe's participation in the form of a buy-back provides earnings per share accretion of 8.60 pct since, by distributing earnings over the reduced number of shares outstanding after the buy-back, the computed earnings per share will be higher than if the buy-back had not occurred," it explained. "This buy-back of shares and the related earnings per share accretion are expected to benefit all shareholders by providing support for Globe's share price while still keeping the company's financial leverage at comfortable levels." Globe said it had cash and cash equivalents of 17.00 bln pesos and unappropriated retained earnings of 13.70 bln pesos as of end-June, which it said it will use to pay for the shares. Globe's said its gross debt-to-equity ratio will likewise improve to 1.26 from 1.07, while net debt-to-equity ratio will rise to 0.98 from 0.68. "We are pleased to have addressed a number of important issues in this transaction and to be able to facilitate enhanced earnings per share for our shareholders," said Globe president and chief executive officer Gerardo Ablaza Jr. (1 usd = 54.66 pesos) edelacruz@afxasia.com |
| Philippines' Arroyo welcomes World Bank probe on airport deal with Fraport |
MANILA (AFX-ASIA) - President Gloria Arroyo has welcomed the arbitration case filed by German airport management company Fraport AG with the World Bank on a dispute over a new terminal at Manila's Ninoy Aquino International Airport. "We welcome the arbitration case filed by Fraport with the World Bank because it will clear the air before the international business community once and for all," she said in a statement. Arroyo maintained the actions of the Philippine government in the case have been "consistently transparent and above board." The terminal is not operational yet and a legal dispute is raging between the government and the project's contractor, the Philippine International Air Terminals Co (PIATCO) consortium which includes Fraport. The dispute came after PIATCO's contract to build and operate the terminal was declared null and void by the Supreme Court which ruled the project was contrary to public policy. The court ruled that the contract violated the build-operate-transfer (BOT) law as it allowed government guarantees in the event of the contractor's default. Under the law, unsolicited proposals such as the airport terminal project should not be given government guarantees. "We have followed internationally-accepted norms of due process and fair play in resolving the issues. The Supreme Court rendered a decision untrammeled by executive interference," Arroyo said. Arroyo said her government would also welcome a second round of investigations into the dispute by the Senate, saying "we have nothing to hide and there will be no coddling of anyone." Several Senate committees had earlier investigated the terminal project, which led to one committee also declaring in a report that the contract was void from the start. Fraport, which has reportedly bankrolled 425.00 mln usd for the project, said this week the World Bank has registered its request for arbitration against the Philippine government. The government has offered to provide the 90.00 mln usd needed to complete the new terminal in exchange for the right to take over the facility. However, Piatco spokesman Moises Tolentino Jr said the consortium would seek a compensation of at least 550.00 mln usd from the government should the latter take over the new terminal. Trade and Industry Secretary Manuel Roxas II, who heads a three-man Cabinet committee negotiating with the project consortium, said the government was prepared to run the airport while "just compensation" for the original contractor of the project is being determined. The amount the government would spend on the terminal's completion would then be deducted from whatever compensation may be decided upon, he added. (1 usd = 54.66 pesos) cecille.yap@afxasia.com |
| Philippines' Cebu Pacific asks CAB for unused flight frequencies to Japan |
MANILA (AFX-ASIA) - Cebu Pacific said it has asked the Civil Aeronautics Board for at least two round-trip frequencies per week to Japan, particularly those that dominant flag carrier Philippine Airlines is not using. Cebu Pacific is the aviation arm of conglomerate JG Summit Holdings of the Gokongwei group. Philippine carriers can operate as many as 47 return trips each week to Japan, depending on the aircraft used. These entitlements have all been given to PAL. "Cebu Pacific needs only two coefficients to fly twice a week to Japan. CAB will be serving public interest in allowing us to fly to Japan," Cebu Pacific vice president Peggy Vera said. Frequency entitlements are called coefficients under the air agreement with Japan. One coefficient is equivalent to a round-trip flight on Cebu Pacific's B757, 1.5 coefficients for an Airbus 330, and 2.0 coefficients for a B747. Citing PAL's winter schedule (Oct 25, 2003 to March 27,2004) submitted to CAB, Cebu Pacific said PAL needs only 45.5 coefficients. "The unused 1.5 coefficients should not go to waste. The extra frequencies we fly can mean unquantifiable foreign exchange income for the tourism sector and jobs, especially in the countryside," Vera said. (1 usd = 54.66 pesos) cecille.yap@afxasia.com |
| Philippine Ayala Land's 2.0 bln pesos bond issue rated 'PRS Aaa' - PhilRatings |
MANILA (AFX-ASIA) - Philippine Rating Services Corp has issued a "PRS Aaa" rating on Ayala Land Inc's proposed 2.00-bln peso bonds, citing the "smallest degree of investment risk" involved in the issue. PhilRatings, an affiliate of Standard & Poor's, also maintained its "PRS Aaa" rating for Ayala Land's outstanding 3.00-bln peso bonds due 2007, and a "PRS 1" grade on the company's 1.00-bln peso short-term commercial papers. Both ratings are the highest possible in the agency's long-term and short-term rating scales and indicate that interest payments are protected by a large, or exceptionally stable margin, and that the principal is secured, the agency said. "While the various protective elements are likely to change, such changes as can be visualized are unlikely to impair the fundamentally strong position of such issues," PhilRatings said. It said it had taken into account the company's stable growth in earnings and its ability to generate cash flows even in a difficult market environment. "Ayala Land likewise benefits from its strong financial flexibility. Its conservative capital structure, sound debt maturity profile, as well as having the existing mechanism in place for banks to take out its receivables are all considered as positive credit rating factors," PhilRatings said. The company intends to use the proceeds of the bond issue to finance various capital expenditures and pay for maturing obligations. It has appointed HSBC and Land Bank of the Philippines as joint lead managers for the issue. The issue, which follows the 3.00-bln peso offer by the company in April last year, is intended for the general public, although it has yet to set a timetable for the issue. It will be priced at 100 pct of face value and consist of fixed-rate and floating rate tranches, with the interest rate to be based on prevailing market rates, the company said earlier. (1 usd = 54.66 pesos) cecille.yap@afxasia.com |
| Philippine govt says to borrow 500 mln usd, appoints lead managers |
MANILA (AFX-ASIA) - The Department of Finance formally announced a plan to borrow 500.0 mln usd for the government's remaining 250.0 mln usd financing needs this year and pre-fund next year's requirement. The government has appointed HSBC, Morgan Stanley and UBS lead managers for the transaction. It gave no other details in its statement, although market sources said the government may launch 10-year bonds as early as next week. The government's uncovered financing requirement for 2004 totals 1.8 bln usd. It has been compelled to pre-fund next year's requirements on expectations of heightened uncertainties ahead of the May elections, which may make Philippine issues less attractive. (1 usd = 54.65 pesos) edelacruz@afxasia.com |
| Philippines' ICTSI to push ahead with 100 mln usd Baltic terminal expansion |
MANILA (AFX-ASIA) - Port operator International Container Terminal Services Inc said it will press ahead immediately with a 100 mln usd plan to expand its wholly-owned Baltic Container Terminal (BCT) in Gdynia, Poland. ICTSI, which acquired BCT for 42 mln usd, said the board and shareholders of the Polish port approved a two-phase expansion plan early this month amid sustained traffic improvement at the terminal. ICTSI took over the BCT operations in May this year. "Container traffic at BCT to the end of September recorded a double-digit increase over the same period last year. By the end of the year, the terminal is expected to handle a volume substantially in excess of the 247,907 TEUs (20-foot equivalent units) handled in 2002," ICTSI said in a statement. It expects traffic growth to remain strong in the short- to medium-term with Poland's accession to the European Union, which may take place as early as next year. BCT is proceeding to call tenders immediately for all the new equipment and management systems to be introduced under the first phase of the expansion plan, ICTSI said. A second tender will be called after the first eight years of operations, primarily for the replacement of existing equipment, it added. (1 usd = 54.66 pesos) edelacruz@afxasia.com |
| Landbank of the Philippines NPL ratio 19.89 pct as of Sept 19 |
MANILA (AFX-ASIA) - Landbank of the Philippines said its non-performing loans (NPL) ratio stood at 19.89 pct as of Sept 19, against 16.45 pct as of June 19. In its published statement of condition, Landbank said its NPLs totalled 25.44 bln pesos as of Sept 19, against general provisions of 1.24 bln pesos and specific provisions of 15.62 bln. It reported a return on equity of 10.37 pct. (1 usd = 54.66 pesos) afxmanila@afxasia.com |
| Philippine Q3 GDP likely up 4.0 pct year-on-year vs 3.8-4.3 pct target - Neri |
MANILA (AFX-ASIA) - The country's gross domestic product (GDP) is likely to have grown 4.0 pct year-on-year in the third quarter, well within the government's target of 3.8-4.3 pct for the period, Economic Planning Secretary Romulo Neri said. Neri attributed the growth to a recovery in the agricultural sector, which was helped by improved weather conditions, while increased government spending also helped spur economic activities. However, he said the soft performance of the export industry likely tempered economic growth in the period. "Government spending will (also) be recovering in the third quarter. Belt-tightening measures (implemented in the first half) have impacted more than about 1.0 pct in growth," Neri told reporters. GDP in the fourth quarter should grow 4.5-4.6 pct year-on-year to meet the lower-end of the full-year growth target set at 4.20-5.20 pct, Neri added. GDP grew 3.9 pct year-on-year in the first half. Neri earlier said economic prospects, expected to be better in 2004, will remain largely dependent on the results of next year's presidential elections. cecille.yap@afxasia.com |
| Manila shares close firmer; PLDT leads gains, Globe loss weighs |
MANILA (AFX-ASIA) - Share prices closed higher on buying in select blue chips led by Philippine Long Distance Telephone and in second-line stocks as the market continued to build a solid base, dealers said. Sentiment remained upbeat two days before the eight-hour visit of US President George W Bush to Manila, they added. The composite index closed up 12.15 points or 0.90 pct at 1,368.30 on volume of 337.99 mln shares valued at 731.31 mln pesos. It traded between 1, 352.90 and 1,368.30. In the broader market, gainers led losers 38 to 16 with 42 stocks unchanged. PLDT was top traded and up 15.00 pesos at 705.00 on volume of 312,900 shares, following its American Depositary Receipts 0.24 usd gain in New York overnight to 12.76 usd. Analysts saw PLDT supported by foreign buying at 700 pesos and higher. Capping the market's upside was Globe Telecom's weakness due to extended profit-taking and initial disappointment over the pricing of its shares held by Deutsche Telekom unit DeTeAsia Holding GmbH. Globe shareholders Ayala Corp and Singapore Telecom International Pte Ltd have agreed to buy DeTeAsia Holding's 37.67 mln shares in Globe, or about 24. 80 pct, at 680 pesos each. Ayala and SingTel have also given Globe an option to buy back a portion of DeTeAsia's stake. Globe was down 10.00 at 745.00 on volume of 195,660 shares while Ayala Corp eased 0.05 to 4.85 on 16.23 mln shares. "I wouldn't say investors are disappointed about the transaction. It is, in fact, a very good deal. It is very good to see that the major shareholders have expressed support for Globe," ATR Kim-Eng research director Andrew Long said. Long said Globe's weakness is due to profit-taking after the stock's recent sharp rise. "The market appeared to be consolidating with an upward bias, supported by buying in some blue chips and second-liners," DA Market Securities president Nestor Aguila said. "After the Bush visit, the market will likely remain in upbeat mood." The visit is largely seen to strengthen further the ties between Manila and its biggest trading partner. "The market is trying to build strong support at 1,350-1,362 levels," said Westlink Global Equities chairman Rommel Macapagal. San Miguel B, available to foreign investors, was down 0.50 at 62.50 on 834,200 shares while San Miguel A was unchanged at 56.50. Ayala Land rose 0.10 to 6.70 on 5.08 mln shares. SM Prime gained 0.10 to 6.80 on 3.89 mln shares. Bank of the Philippine Islands was up 1.50 at 46.00. International Container Terminal Services Inc was up 0.20 at 3.00 on 4.70 mln shares. Pilipino Telephone closed 0.03 higher at 0.87 on 16.10 mln shares. The all-shares index was up 4.74 points at 817.20. The commercial-industrial index rose 8.65 to 1,989.40 and property gained 7.54 to 614.92. Mining was up 116.40 at 1,664.82, but oil was down 0.040 at 1.35. Banking and financial services gained 8.77 to 454.44. (1 usd = 54.65) edelacruz@afxasia.com |
| Philippine Bacnotan Consolidated, creditors seek Bacnotan Steel rehabilitation |
MANILA (AFX-ASIA) - Bacnotan Consolidated Industries Inc said it, together with other creditors of unit Bacnotan Steel Industries Inc, has filed a petition for rehabilitation of the latter with a Makati regional trial court. Bacnotan Consolidated, which directly owns a 30 pct stake in Bacnotan Steel, said the unit owed it 67 mln pesos as of Dec 31, 2001. It said the joint petition has also requested the court to issue a stay order and to appoint a rehabilitation receiver. (1 usd = 54.65 pesos) edelacruz@afxasia.com |
| Philippines' Ayala Land to list 4.32 mln common shares on Friday |
MANILA (AFX-ASIA) - Ayala Land Inc will list 4.32 mln common shares on Friday as part of the company's executive stock option plan, the stock exchange said in a circular to brokers. The shares will have a par value of 1.00 peso each. (1 usd = 54.66 pesos) afxmanila@afxasia.com |
| STOCKWATCH - Philippines' Globe down; Deutsche Telekom deal seen positive |
MANILA (AFX-ASIA) - Globe Telecom was down on profit-taking in midmorning trade, despite the fact that analysts see a share purchase deal among its major shareholders as positive for all the parties involved, dealers said. Ayala Corp and Singapore Telecom International Pte Ltd have agreed to buy Deutsche Telekom unit DeTeAsia Holding GmbH's 37.67 mln shares in Globe, or about 24.80 pct of the latter, for 680 pesos each. Ayala and SingTel have also given Globe an option to buy back a portion of DeTeAsia's stake in Globe. At 10.23 am, Globe was down 5.00 pesos at 750 on volume of 71,350 shares. Ayala Corp was unchanged at 4.90 on 2.8 mln shares. The composite index was up 1.15 points or 0.08 pct at 1,357.30. An analyst said the pricing could initially disappoint Globe shareholders. Others, however, said the transaction is positive for Globe as well as its major shareholders going forward. "I wouldn't say investors are disappointed about the transaction. It is, in fact, a very good deal. It is very good to see that the major shareholders have expressed support for Globe," ATR Kim-Eng research director Andrew Long said. "The early downside is due to profit-taking after we saw Globe's price rising sharply and fast recently." Long said the agreement among the Globe shareholders removes any potential overhang on the issue of ownership and control of the telecom firm. He believes that the pricing was "very fair", with the possibility that Globe would participate in the transaction with its buy-back option likely to increase the company's earnings per share. (1 usd = 54.62 pesos) edelacruz@afxasia.com |
| STOCK ALERT - Philippines' PLDT slightly higher early in line with ADRs |
MANILA (AFX-ASIA) - Philippine Long Distance Telephone Co was slightly higher in early trade as it tracked the rise of its American Depositary Receipts in New York last night, dealers said. At 10.11 am, PLDT was up 5.00 pesos at 695.00 on 6,400 shares. Its ADRs rose 0.24 usd to 12.76 overnight. Dealers said expectations of higher earnings on the back of its robust wireless business have sustained buying interest on the stock. The company is expecting to book a net profit of between 9.00-10.00 bln pesos for the year from 3.10 bln pesos in 2002. (1 usd = 54.63 pesos) cecille.yap@afxasia.com |
| Top Philippine tax fraud investigator shot dead in daylight ambush |
MANILA (AFX-ASIA) - Unknown gunmen shot dead the chief of the Philippine government's tax fraud investigation division in broad daylight in Manila today, officials said. Armando Rosimo, head of the Bureau of Internal Revenue's tax fraud division was gunned down as he stepped outside of his house in a suburb of Manila to go to work, police and bureau spokesmen said. The gunmen then fled aboard a commuter mini-bus. Police would not immediately give a motive for the killing but television reports said the victim had previously received death threats in relation to his job of probing possible cases of companies cheating on their taxes. The government of President Gloria Arroyo recently stepped up efforts to crack down on failure to pay taxes in an effort to keep the country's budget deficit under control. |
| Philippines' Globe says has option to buy back portion of DeTeAsia stake |
MANILA (AFX-ASIA) - Globe Telecom Inc said it has been given an option by its major shareholders Ayala Corp and Singapore Telecom International Pte Ltd to buy back a portion of the 24.80 pct stake held by DeTeAsia Holding GmbH in Globe. DeTeAsia's stake involves 37.67 mln Globe common shares, of which 16.03 mln shares would be acquired by Ayala Corp. SingTel has agreed to purchase 21. 63 mln shares. The acquisition price is 680.00 pesos per share. "Globe was...advised by Ayala and SingTel that they were giving Globe the option to participate in the transaction by buying back from DeTeAsia a portion of the shares," Globe said in a statement. Globe, however, said it has yet to make a decision on the buy-back option. "Globe must indicate its decision prior to execution of the share purchase agreement. This proposal will be evaluated by the special committee, organized by the board of directors for this purpose, which is made up of three directors who are not executives of Ayala, SingTel or DT," it said. It said its board has authorized the special committee to decide on the company's participation in the transaction. Globe has appointed It said its participation in the transaction is subject to approval by the special committee as well as documentation and closing. (1 usd = 54.62 pesos) edelacruz@afxasia.com |
| Philippine govt helping Meralco on refund to big customers - Perez |
MANILA (AFX-ASIA) - The government is acting as a mediator between Manila Electric Co and its commercial and industrial customers on the issue of refund of excess charges, Energy Secretary Vicente Perez said. After initial meetings with the Philippine Chamber of Commerce and Industries, he said he would discuss the issue with the Employers Confederation of the Philippines, the Makati Business Club and other business groups. "I was instructed by President Arroyo to mediate between business groups and Meralco in finding an acceptable solution for the refund to industrial and commercial customers," Perez told reporters. "We need to ensure that any refund arrangement will be acceptable to the business groups and at the same time keep Meralco viable." But he said the final agreement between the two sides on how the refund should be carried out will still have to be approved by the Energy Regulatory Commission (ERC). Meralco would ask the ERC to approve a plan to issue debt papers to refund customers with large electricity consumption, instead of paying them in cash, the BusinessWorld newspaper reported yesterday. The country's largest power distributor is refunding 30.5-bln peso in overcharges to customers as ordered by the Supreme Court. Meralco has so far paid out 2.75 bln pesos either in cash or bill rebates to customers with electricity consumption of no more than 300 kilowatthours monthly. Earlier Meralco's estimates placed the refund to industrial and commercial customers, comprising the bulk of its big users, at 18.0-20.0 bln pesos. (1 usd = 54.62 pesos) afxmanila@afxasia.com |
| Philippines' Exportbank NPL ratio 19.78 pct as of Sept 19 |
MANILA (AFX-ASIA) - Export and Industry Bank said its nonperforming loans (NPL) ratio stood at 19.78 pct as of Sept 19. It reported its NPL ratio at 19.72 pct as of June 19. In its published statement of condition, Exportbank said its NPLs totalled 2.13 bln pesos as of Sept 19, against general provisions of 243.58 mln pesos and specific provisions of 2.95 bln. The bank said its return on equity stood at 2.85 pct. (1 usd = 54.62 pesos) edelacruz@afxasia.com |
| Philippines readies 500-mln usd bond issue - report |
MANILA (AFX-ASIA) - The national government plans to issue as much as 500 mln usd worth of 10-year global bonds not later than next week, the Philippine Daily Inquirer reported, without identifying its source. The government has reportedly appointed HSBC, Morgan Stanley and UBS Warburg as underwriters. The government intends to fully cover its remaining 225.0 mln usd funding requirement for this year and pre-fund some of its 1.80-bln usd requirement for 2004. Finance Secretary Jose Isidro Camacho earlier said the government is compelled to pre-fund next year's requirements on expectations of heightened uncertainties ahead of the May elections, which may make Philippine issues less attractive. afxmanila@afxasia.com |
| Philippines' Chinabank NPL ratio 15.42 pct as of Sept 19 |
MANILA (AFX-ASIA) - China Banking Corp said its nonperforming loans (NPL) ratio stood at 15.42 pct as of Sept 19 compared with 15.19 pct as of June 19. In its published statement of condition, the bank said its NPLs totalled 8.97 bln pesos, against general provisions of 2.66 bln and specific provisions of 3.64 bln. Return on equity stood at 21.39 pct. (1 usd = 54.62 pesos) edelacruz@afxasia.com |
| Philippines' First Metro NPL ratio 6.24 pct as of Sept 19 |
MANILA (AFX-ASIA) - First Metro Investments Corp said its nonperforming loans (NPL) ratio stood at 6.24 pct as of Sept 19. As of June 19, its NPL ratio was 5.44 pct. In its published statement of condition, First Metro said its NPLs totalled 257.38 mln pesos as of Sept 19, against general provisions of 33.46 mln and specific provisions of 612.07 mln. Return on equity stood at 10.25 pct. (1 usd = 54.62 pesos) edelacruz@afxasia.com |
| Philippines' RCBC NPL ratio 14.75 pct as of Sept 19 |
MANILA (AFX-ASIA) - Rizal Commercial Banking Corp's (RCBC) nonperforming loans (NPL) ratio stood at 14.75 as of Sept 19, according to its published statement of condition. The bank reported its NPL ratio at 15.250 pct as of June 19. As of Sept 19, the bank's NPLs totalled 15.33 bln pesos, against general provisions of 664.57 mln and specific provisions of 7.81 bln. Return on equity stood at 13.35 pct. (1 usd = 54.62 pesos) edelacruz@afxasia.com |
| Philippines' Banco de Oro NPL ratio 6.720 pct as of Sept 19 |
MANILA (AFX-ASIA) - Banco de Oro Universal Bank said its nonperforming loans (NPL) ratio stood at 6.720 pct as of Sept 19. The bank reported its NPL ratio at 7.350 pct as of June 19. In its published statement of condition, the bank said its NPLs totalled 4.71 bln pesos as of Sept 19, against general provisions of 795.61 mln and specific provisions of 1.71 bln. Return on equity stood at 9.46 pct. (1 usd = 54.62 pesos) edelacruz@afxasia.com |
| Philippine central bank revises 2004 BOP, current account targets |
MANILA (AFX-ASIA) - The central bank said it has revised its balance-of-payments (BOP) and current account targets for 2004, taking into account an expected rebound of the exports sector. Central bank deputy governor Amando Tetangco Jr said next year's BOP surplus target has been raised to 1.70 bln usd from 1.20 bln. However, the current account surplus target has been reduced to a more realistic 1.10 bln usd from 2.0 bln, he told reporters. The new targets are based on growth assumptions of 10.0 pct for exports and 11.0 pct for imports in 2004, he said. The central bank expects this year's BOP to hit a deficit of 1.13 bln usd, while the current account surplus is seen at 1.70 bln, lower than the original target of 2.40 bln - after it lowered its 2003 export growth assumption to 3.0 pct from 5.0 pct. afxmanila@afxasia.com |
| Philippines economic and corporate news summary MKO05 |
BEIJING (AFX-ASIA) - A summary of Philippine economic and corporate news at 1000 GMT -BIR Sept tax collection 29.60 bln pesos vs 32.80 bln target -BIR 9 mths tax collection 311.13 bln pesos vs 314.2 bln target -Banks end-Aug total loans 1.43 trln pesos, up 3.8 pct yr-on-yr -Philippines offers to take over air terminal as court decides compensation -Bush visit to Philippines to bolster new closer bilateral ties -Philippine Savings Bank Q3 net profit 101.6 mln pesos, up 26 pct yr-on-yr -Metrobank raises tier 2 bond issue to 200 mln usd from 130 mln -Ayala to buy Deutsche Telekom'S Globe shares at 680 pesos/shr xiaojing.jiang@xfn.com |
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