Business

By Riza Lozada Remittances from overseas Filipino workers (OFWs) grew 4.7 percent in the first nine months to $20 billion after $2.6 billion in money transfers were recorded in September.

Three new directors were named to the board of the state-owned Development Bank of the Philippines (DBP). They are Luis Bonguyan, Emmanuel Galicia Jr., and Rolando Metin vice Daniel Laogan, Reynaldo Geronimo, and Cecilio Lorenzo.

Financing firm First Circle is targeting to more than double its small and medium enterprises (SME) client portfolio by 2017 through the use of technology that provides easy access to collateral-free loans.

East West Banking Corp. (EastWest) reported a net profit of P2.33 billion for the first nine months which was 78 percent higher from a year ago with net interest income delivering a 24 percent growth in the period to P11.21 billion.

By Riza Lozada A Brown Company Inc. (ABC), with its consortium partners, has entered into a cooperation agreement with MTD Philippines, a subsidiary of infrastructure conglomerate AlloyMTD of Malaysia, for the development of the Philippine National Railways (PNR) East-West Rail Project.

The Philippine Stock Exchange Inc. (PSE) recently recognizing listed com­panies and trading participants that adhere to the highest corporate gover­nance standards through the 5th PSE Bell Awards.

Ayala Corp. (AC) posted an 11 percent increase in net income to 19.6 billion for the first nine months buoyed by the strong equity earnings from Ayala’s business units which amounted to 23.6 bil­lion, which was 10 percent higher than a year ago.

The Philippine Rating Services Corp. (Phil­Ratings) has given the highest quality rating of PRS Aaa on the P30 billion bond float of con­glomerate JG Summit Holdings Inc. (JGSHI) which produces top brand snack foods and beverages aside from being a developer of malls and condominiums.

By Riza Lozada The Bangko Sentral ng Pilipinas (BSP) is expected to raise policy rates only in the second quar­ter of next year as the inflation rates are expected to remain within gov­ernment target for the rest of the year, an economist of investment bank ING Bank said.

The state-owned Develop­ment Bank of the Philippines (DBP) and the Department of Trade and Industry (DTI) Regions 6 and 11 have forged an agreement for the im­plementation of the Adopt a Negosyo Center Program in Iloilo and Davao which is aimed at addressing the me­dium and long term needs of micro, small and medium en­terprises (MSMEs) to enable them to …