Business

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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The Philippine Stock Exchange (PSE) expects a string of initial public offerings (IPOs) to be held in the second half of the year that is expected to raise P100 billion worth of new capital in the equities market.
    

Deca Homes, the premier mass-housing development arm of 8990 Holdings Inc., is supporting the Asia Pacific division championships of the Pony League to be held here beginning July 11.

Major communications firm Globe Telecom (Globe) has stressed the need for the added bandwidth it acquired through a recent lucrative deal to improve Internet service in the country.

By Riza Lozada The Asian Development Bank (ADB) said it is revising its lending procedures after an update on its anticorruption policy to address tax secrecy, tax evasion, and aggressive forms of tax planning, collectively referred to as “tax integrity issues,” in the wake of recent global developments.

United States monetary officials’ concerns on the impact of global economic developments on the US economy and the Federal Reserve (Fed) rates is seen positive for capital flows to emerging economies like the Philippines.

Foreign portfolio investments, otherwise known as “hot money,” due to its transient nature, posted a net inflow of $344.23 million as of June 26, Bangko Sentral ng Pilipinas (BSP) data showed. 

Share prices rallied above the 7,800-mark amid raised optimism in the business sector after the oath taking of President Rodrigo Duterte and prospects that the United States (US) interest rate hike will be deferred until next year.