Companies

By Riza Lozada The Securities and Exchange Commission (SEC) has penalized six brokers for failure to comply with the implementing rules and regulations (IRR) of the Securities Regulation Code.

The high cost of network and difficult deployment are the real industry barriers which will not likely be solved by adding more players in the telecommunications industry, Globe President and CEO Ernest Cu said.

ATN Holdings (ATNH), through unit ATN Philippines Solar Energy Group Inc., has secured regulatory approvals for its planned 120 megawatts (MW) solar energy project with an initial approved project cost of P5.6 billion for a 30 MW solar facility.

Ayala Land, Inc. (ALI) has approved the terms for the P3-billion Homestarter Bonds and the P7-billion third tranche of the fixed rate bond series, both of which will be issued under the corporation’s P50-billion Debt Securities Program as approved by the Securities and Exchange Commission (SEC) last March.

Projecting bigger growth in the backoffice business with the strong talent pool and market demand in the Philippines, data quality governance firm BackOffice Associates (BA) in partnership with local information technology firm Third Pillar Business Applications Inc. has opened a Global Delivery Center.

Communications giant Globe Telecom is beefing up its network infrastructure in Davao City, including the construction of the Philippine end of an international undersea cable system, the only facility of its kind in the country to directly connect Davao with the rest of the world.   

Ports operator International Container Terminal Services Inc. (ICTSI) reported a lower net income of $87.3 million (P4.103 billion), down 13 percent against the $100.4 million (P4.7 billion) earned in the first half of 2015. 
  

The Lucio Tan Group Inc. (LTG) reported a net income of P4.56 billion for the first half, a 28-percent growth from P3.57 billion on the back of strong earnings from its banking and tobacco units.

Property developer DMCI Homes is spending over P10 billion this year for its capital expenditures (capex) to fund its project developments and land acquisitions.

The Gokongwei-led conglomerate JG Summit Holdings booked a 30.6 percent increase in profit in -he first semester on the back of double-digit income growth in its airline and petrochemicals businesses.