Companies

By Riza Lozada Corporate regulator Securities and Exchange Commission (SEC) and the International Finance Corp. (IFC) of the World Bank signed a memorandum of understanding (MOU) to strengthen the country’s regulatory framework and corporate governance practices.

Diversified Asian conglomerate San Miguel Corp. (SMC) reported that its first-quarter profit soared more than twofold to P13.5 billion, driven by its core food, beverage and packaging businesses. 

The Department of Energy (DOE) has approved the revised rules for the electricity spot market that that expanded the authority of technical committee of the Wholesale Electricity Spot Market (WESM) to detect incidences of violation of trading rules and distortion to the spot market, whether intended or not. 

PAL Holdings Inc. and its subsidiaries reported a total comprehensive income of P2.7 billion for the quarter of its fiscal year ending March 31 representing a P1 billion decrease from the same quarter in 2015. 

Listed budget airline Cebu Pacific (CEB) remains focused on expanding connectivity through the acquisition of 30 Airbus A321neos scheduled for delivery from 2016 to 2021, the company reported to the bourse. 

The Gaisano group’s Metro Retail Stores Group Inc.’s (MRSGI) net income after tax grew to P52.8 million, up 69.2 percent from P31.2 million in 2015. 

By Riza Lozada Revenues of Philippine Long Distance Co. (PLDT) Inc from its so-called legacy businesses, which comprise cellular domestic voice, SMS or text messages, and international and national long distance (ILD/NLD) calls, dropped by P2.5 billion for the first quarter. In contrast, broadband, corporate data and data center revenues rose by P2.5 billion or a 22 increase during the …

Conglomerate Aboitiz Equity Ventures Inc. (AEV) reported a 24-percent increase in profit to P5 billion in the first quarter on the back of power, banking and financial services, and infrastructure business units.

The Philippines posted an improvement of more than 5 percent in its score in the 2016 perception survey conducted by the international think tank Political & Economic Risk Consultancy Ltd (PERC), the highest among covered developing countries. 

Atlas Consolidated Mining and Development Corp.’s (ACMDC) Cebu unit Carmen Copper Corp. (CCC), engaged in copper mining copper and exporting, said in will lay off 551 employees, equivalent to 15 percent of its workforce, as part of cost reduction due to the depressed prices of copper in the global market.