Business

By Riza Lozada  The Securities and Exchange Commission (SEC) has approved the P2- billion special block sale of common shares held by businessman Roberto V. Ongpin (RVO) in Philweb Corp. to Gregorio Araneta Incorporated (GAI) that puts into motion a tender offer of the shares are required by the bourse. 

Listed mining firm Global Ferronickel Holdings, Inc (FNI) unit Platinum Group Metals Corp (PGMC) recently signed a supply contract for the delivery of a total of 2 million wet metric tons of nickel ore to Guangdong Century Tsingshan Nickel Industry Co Ltd at spot price for the 2017 mining season, FNI reported to the bourse. 

The Philippines will host the 14th Asia Forum of Hong Kong Business Associations (HKBAs) this year, Hong Kong Chamber and Commerce of the Philippines, Inc. (HKCCPI) President Anthony Chan said. 

Flag carrier Philippine Airlines (PAL) marked its 75th anniversary last year by unveiling a new marketing campaign called Heart of the Filipino and along with it a goal of becoming a five-star airline within five years. 

By Riza Lozada  The Land Bank of the Philippines (LandBank) has vowed to substantially increase lending to small farmers and fishermen from P37.9 billion to P115 billion over the next six years, in keeping with President Duterte’s goal of dispersing the benefits of growth to the countryside through the development of the farm sector.

Light Rail Transit 1 (LRT-1) operator Light Rail Manila Corp’s (LRMC) P24-billion loan facility was recently awarded Best Project Finance Deal of 2016 in the 10th Annual Alpha Southeast Asia Best Deal and Solution Awards. 

Microfinance firm Cebuana Lhuillier has forged a partnership with Bayad Center to further boost its domestic remittance service in the country. 

The policy-making Monetary Board has approved the acquisition by Union Bank of the Philippines (UBP) units Union Properties Inc. (UPI) and City Savings Bank Inc. (CitySavings) of the 11-branch First-Agro Industrial Rural Bank (FairBank) based in Cebu. 

The Bangko Sentral ng Pilipinas (BSP) has extended the deadline for the exchange or replacement of old bank notes, also known as the New Design series banknotes or NDS, to March 31, 2017. 

By Riza Lozada Aboitiz Power Corp. (AP Corp.) has acquired a majority stake in GNPower Mariveles Coal Plant Ltd. Co. (GNPower – Mariveles) and a minority interest in GNPower Dinginin Ltd. Co. (GNPower – Dinginin), the company reported to the bourse.