Companies

The Manila Electric Co. (Meralco) signed last January 7 a joint venture agreement (JVA) and Shareholding Agreement (SHA) with Repower Energy Development Corp. (Repower) for the development of hydroelectric power plants.

Victoria’s Milling Co. (VMC) reported consolidated profit of P292 million for the final quarter of its fiscal year that ended November 30.

Four fraudsters in Cebu City were recently arrested by a joint police and Globe Telecom security team after they submitted fake documents in applying for postpaid accounts that included provision for high-end smartphones. 

By Riza Lozada The Securities and Exchange Commission (SEC) has approved the extension of the effectivity of financial statements from 135 to 180 days to align with regional standards as part of the Association of Southeast Asian Nations (Asean) market integration.

By Riza Lozada The Power Sector Assets and Liabilities Management Corp. (PSALM) recently met with representatives of Mindanao electricity distributors to assess the supply of electricity from power plants in the region.

Listed PetroEnergy Resources Corp’s (PERC) unit PetroWind Energy Inc. (PWEI) has secured the Renewable Energy Payment Agreement (REPA) for its 36-megawatt (MW) Nabas-1 wind power project in Nabas, Aklan. The Repa took effect December 22, 2015.

China Banking Corp.(China Bank) and the China Banking Corporation Employees Association (CBCEA) reached a new collective bargaining agreement (CBA) amounting to P511 million covering 2015-2017, among others, providing salary increases, insurance coverage, medicine and tellers’ allowances. The union members, according to the bank’s disclosure, unanimously ratified the CBA on November 28, 2015. The new CBA is China Bank’s 24th in …

By Luis Leoncio Water-service concessionaire Manila Water was recently recognized as one of the top corporate social responsibility (CSR) advocates in Asia by the Asia Corporate Excellence and Sustainability Awards (Aces), a regional award-giving body that values and recognizes services and achievements of national and international small-scale and large-scale businesses for their significant contributions in the communities and the world. 

By Riza Lozada Santa Lucia Land Inc. (SLI) has listed P3 billion worth of fixed-rate peso bonds with an option for over-subscription of up to P2 billion in the Philippines Dealing Exchange (PDEX) platform, the company reported to the bourse.

The Civil Aeronautics Board (CAB), in a recently concluded board meeting, granted additional entitlements to budget carrier Cebu Pacific (CEB) for international routes from Manila to the United Arab Emirates (UAE), from various points in the Philippines to Taipei and Kaohshiung in Taiwan, and from Manila to key destinations in Russia.