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Aquino presses for investigation of PLDT-Digitel merger (May 28)
President Benigno Aquino has ordered the Department of Science and Technology and the National Telecommunications Commission to look into any undue advantage a merged Philippine Long Distance Co. and Digitel may have over other players in the telecom industry.


Dollar falls after poor economic data (May 28)
NEW YORK—The euro rose against the dollar on Friday after another set of weak US economic indicators but was held back by persistent concerns over a possible Greek debt default, dealers said. The euro climbed to $1.4317 by 2100 GMT from $1.4141 in New York late Thursday. The dollar fell to 80.77 yen from 81.29 [...]


Foreign investments slumped in Q1; locals pick up slack (May 27)
Total foreign direct investments (FDI) approved in the first quarter of the year by the four major investment promotion agencies (IPAs) amounted to P22 billion, or 52.8-percent lower than the amount approved in the same period of 2010, according to the National Statistical Coordination Board (NSCB). Except for the Board of Investments, the other IPAs, [...]


SMC buys Cebu shipyard property for P596M (May 27)
A UNIT of diversifying conglomerate San Miguel Corp. (SMC) has acquired parcels of land at the biggest shipyard in the Visayas area. Keppel Philippines Holdings Inc. said it had sold its 72-percent stake in Keppel Cebu Shipyard Land Inc. (KCSLI) to SMC Shipping and Lighterage Corp. KCSLI is a company that owns pieces of land [...]


Stocks end higher (May 27)
LOCAL STOCKS surged for the second straight session Friday as investors gobbled up mining, holding firms and service stocks. The main-share Philippine Stock Exchange index added 43.95 points or 1.04 percent to finish at 4,274.51. The mining/oil counter outperformed for the day, rising 4.82 percent on the back of gains made by Philex as well [...]


PH growth seen to fall short of target this year (May 27)
THE BANGKO Sentral ng Pilipinas said the economy would likely fall short of the government’s target of 7 to 8 percent this year due to prevailing unrest in some oil-producing countries and the impact of the disasters in Japan. “The projection (7 to 8 percent growth) was made prior to the events in the MENA [...]


Megaworld launches 6th Greenbelt project (May 27)
TYCOON ANDREW Tan-led Megaworld Corp. has rolled out a P2.5-billion residential tower project in Makati City, its sixth condominium building in the upscale Greenbelt area. The new project, Greenbelt Hamilton, is a 31-story tower that will rise on Legaspi Street, Legaspi Village, a short walk from the upscale Greenbelt 5 mall and the corporate offices [...]


BDO expects 19% rise in net profit this year (May 27)
THE COUNTRY’S largest lender Banco de Oro Unibank expects net profit this year to hit a record P10.5 billion, about 19 percent higher than that of the previous year, on the back of higher interest and fee-based earnings. BDO also hopes to launch in a few weeks its offering of subordinated notes valued at around [...]


Gov’t move will lead to higher fees, MPIC warns (May 27)
THE GOVERNMENT’S decision to require private investors to spend for the acquisition of “right of way” property for infrastructure projects will lead to higher fees to be borne by consumers, Metro Pacific Investments Corp. (MPIC) said. According to MPIC chair Manuel V. Pangilinan, the acquisition of “right of way,” or privately owned land that has [...]


Gotianun unit to venture into power generation (May 27)
GOTIANUN-LED Filinvest Development Corp. plans to develop four liquefied natural gas (LNG) power plants across the country with a total capacity of 1,500 to 1,800 megawatts over the next five years. The project will be implemented through FDC’s wholly owned subsidiary, FDC Utilities, which expects to invest about $1.8 billion to build the “greenfield” power [...]