Business

Listed budget airline Cebu Pacific (CEB) remains focused on expanding connectivity through the acquisition of 30 Airbus A321neos scheduled for delivery from 2016 to 2021, the company reported to the bourse. 

The Gaisano group’s Metro Retail Stores Group Inc.’s (MRSGI) net income after tax grew to P52.8 million, up 69.2 percent from P31.2 million in 2015. 

The thrift bank of state pension fund Government Service Insurance System (GSIS), GSIS Family Bank, was shut down and placed under the receivership of the Philippine Deposit Insurance Corp. (PDIC) receivership last Friday.

The Philippine National Bank (PNB) is reviewing the financial profiles of rural banks (RBs) for a possible acquisition.

By Riza Lozada Revenues of Philippine Long Distance Co. (PLDT) Inc from its so-called legacy businesses, which comprise cellular domestic voice, SMS or text messages, and international and national long distance (ILD/NLD) calls, dropped by P2.5 billion for the first quarter. In contrast, broadband, corporate data and data center revenues rose by P2.5 billion or a 22 increase during the …

Conglomerate Aboitiz Equity Ventures Inc. (AEV) reported a 24-percent increase in profit to P5 billion in the first quarter on the back of power, banking and financial services, and infrastructure business units.

The Philippines posted an improvement of more than 5 percent in its score in the 2016 perception survey conducted by the international think tank Political & Economic Risk Consultancy Ltd (PERC), the highest among covered developing countries. 

Atlas Consolidated Mining and Development Corp.’s (ACMDC) Cebu unit Carmen Copper Corp. (CCC), engaged in copper mining copper and exporting, said in will lay off 551 employees, equivalent to 15 percent of its workforce, as part of cost reduction due to the depressed prices of copper in the global market. 

By Jerry Maglunog Nearly 90 percent of goods bought with credit cards are consumer items, making the local economy household lending-driven.

The demand for the lifting of the bank-secrecy law because of recent allegations that it is being used to conceal unexplained wealth may have a backlash on efforts of the country to attract more investments, bankers said.