Business

By Riza Lozada The Bangko Sentral ng Pilipinas (BSP) does not expect to change its current monetary policy settings anytime soon as it said inflation forecasts remain consistent with its target range including over the horizon.

The Philippine National Bank (PNB) has sought the Bangko Sentral ng Pilipinas’s (BSP) approval for the sale of P20 billion worth of long-term negotiable certificates of time deposit (LTNCD), the proceeds from which it intends to use for debt rollover.

Telecommunications giant Globe Telecom has signed an agreement with the government to support the creation of a new nationwide emergency hotline number, which is 911, to replace Patrol 117.

On July 15, Victoria International Container Terminal (VICT), a unit of local port operator International Container Terminal Services Inc. (ICTSI) signed a syndicated loan facility worth Australian $398 million (approximately $300 million) with seven leading global financial institutions, namely: Citibank N.A., KFW IPEX-Bank, Standard Chartered Bank as Mandated Lead Arrangers and Bookrunners, Bank of China Limited, DBS Bank Ltd., Investec …

The Department of Labor and Employment (DOLE) is now conducting a comprehensive review of subcontracting practices among companies, Labor Secretary Silvestre Bello III said.

The Villar group’s retail arm All Value Holdings Corp. will invest P1.2 billion as capital expenditure to bring total AllHome appliance and furnishings stores to 20 by the middle of next year, optimistic about growth prospects of the home-improvement business. 

State-owned Land Bank of the Philippines (Landbank) has a new chief—former Officer-in-Charge Andres Sarmiento, who served in a concurrent position as executive vice president, after the bank’s President and CEO Gilda E. Pico’s term ended on July 14.

By Riza Lozada The central bank’s policy-making Monetary Board (MB) has approved the domestic operations of Taiwan’s First Commercial Bank, Bangko Sentral ng Pilipinas (BSP) Deputy Governor Nestor Espenilla Jr. said.

Remittances from overseas Filipinos reached $2.4 billion in May, up by 1.8 percent year-on-year, Bangko Sentral ng Pilipinas (BSP) figures released last July 15 showed.

By Riza Lozada
 The board of San Miguel Corp. (SMC) unit Vega Telecom Inc. (VTI) approved the conduct of a voluntary tender offer for all the remaining 165.9-million common shares of listed Liberty Telecom Holdings Inc. (LIB) to comply with bourse requirements for the P70 billion sale of VTI to Globe Telecom and the Philippine Long Distance Telecommunications Inc. (PLDT).
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