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Thursday, May 17, 2012
Wednesday, May 09, 2012
"BDO Unibank, Inc. confirms submission of a proposal for consideration of the Philippine Deposit Insurance Corp. (PDIC)," the Sy family-led bank told the stock exchange.
The Philippine Daily Inquirer reported that BDO has submitted a proposal that "it is prepared to move in immediately" and take over some P14 billion in the bank's deposit liabilities.
The PDIC said it is reviewing BDO's proposal to rehabilitate Export Bank. However, it noted that some of BDO's conditions are not within the scope of the PDIC's authority.
"BDO has submitted a proposal to rehabilitate EIB with certain conditions. PDIC is reviewing the legal and economic viabilities of said proposal. Some of the conditions as proposed are not within the authority of PDIC," it said.
As receiver of Export Bank, the PDIC has 90 days to determine a rehabilitation proposal that will be advantageous to depositors, creditors and taxpayers. It is sill coming up with the terms of reference, as well as engage the services of a financial auditor to determine the valuation of Export Bank.
Any rehabilitation proposals will then be submitted to the PDIC Board, and later the Monetary Board, that will approve it.
Negotiations between BDO and Export Bank began as early as 2009, but that petered out despite obtaining regulators' approval last year.
"Our acquisition of Export Bank was conditional on the settlement of certain legal issues that to this date remain outstanding. Should we be invited, we are willing to help in the rehabilitation of the bank," BDO President Nestor Tan earlier said.
Export Bank has been having financial woes for years after buying failed Urban Bank in 2001.
Export Bank declared a bank holiday last month, after it informed the Bangko Sentral ng Pilipinas (BSP) that it was unable to meet its maturing obligations.
Sunday, April 29, 2012
Tuesday, April 24, 2012
Friday, April 20, 2012
Thursday, April 19, 2012
Tuesday, April 17, 2012
MANILA, Philippines - The Philippine Stock Exchange index (PSEi) closed at a new all-time high on Tuesday.
On Tuesday, the PSEi closed at 5,157.28, up 39.82 points or 0.80 percent. The previous closing record high was 5,145.89, which was set last March 16.
The PSEi also reached a fresh intraday high at 5,186.52, beating the previous record intraday level at 5,146.17 last March 19.
"While developments abroad continue to be a significant factor in dictating market movements, investor confidence in our local market remains strong which has enabled it to buck the downward trend in the region these past few days. This four-day rally shows that the market continues to withstand external shocks as it is supported by the Philippines' growth story," PSE president and CEO Hans B. Sicat said, in a statement.
As of April 17, the PSEi has grown by 18% or 785.32 points, year-to-date.
Monday, April 16, 2012
MANILA, Philippines - Ayala Land Inc. (ALI) started its public offer of P15 billion bonds on Monday, which represent the property developer's largest debt issue to date.
The bonds consist of an aggregate principal amount of P10 billion with an oversubscription option of up to P5 billion. It will be issued in two tranches of 7 and 10 years.
ALI's public offer runs through 3:00 p.m. on April 23. The issue date for the bonds is on April 27.
"This offering represents the largest fundraising initiative by Ayala Land in the capital markets, exceeding its P10 billion note issue last year with a 15-year tranche, the longest tenor for a Philippine corporate institution," ALITreasurer Augusto D. Bengzon said.
"This is in step with Ayala Land's largest capital expenditure program to date of P37 billion, topping as well last year's record of P30 billion. This positions Ayala Land to achieve stronger results in 2012, having closed yet another banner year in 2011," he added.
ALI posted an all-time high net income attributable to equity holders of P7.4 billion in 2011, 31% more than the P5.46 billion recorded in 2010.
BPI Capital Corporation and The Hong Kong and Shanghai Banking Corporation Limited are joint lead managers and underwriters.
BDO Capital and Investment Corporation and First Metro Investment Corporation are co-lead managers and underwriters for the offering.
Sunday, April 15, 2012
MANILA, Philippines -- The Subic Bay Metropolitan Development Authority (SBMA) plans to develop a business process outsourcing (BPO) center inside the freeport zone, similar to the Ayala Techno Hub.
In a statement, SBMA chairman Roberto Garcia said the project could create as many as 20,000 jobs in five years.
“The SBMA is already developing what we call the Subic BPO City, which will be similar to the Ayala Techno Hub. We believe we can already provide BPO services here because we now have a workforce that’s well-trained in ICT,” he said.
The Ayala Land Techno Hub is a 20-hectare information technology center located in Quezon City. It is listed as an IT park by the Philippine Economic Zone Authority, which gives incentives to investors in information and communication technology (ICT).
Garcia said all technical infrastructure for the Subic BPO City are already prepared. He said the SBMA would also provide housing for professionals who would work in the center.
He noted that the BPO sector is growing by about 25 percent a year, remitting $13 million to the Philippine economy and is fast catching up with the $20 million annual remittance of overseas Filipino workers. The country now has more than 700,000 seats for call center agent services and business process outsourcing.
“We have already surpassed India in the field of BPO, and because of this, the future looks very bright for the Philippines,” he said.
Garcia said Subic has a skilled workforce that is English-proficient and computer literate.
“This is readily available in the Subic Bay area – a well-trained workforce well-versed in ICT. This will be a big boost to our dream to build a BPO City here,” he said.