Business

Property-based conglomerate Megaworld Corp is set to open five new hotels in the country under brands Savoy Hotel and Belmont Hotel in the next three years.

By Riza Lozada The cross-border liquidity arrangement (CBLA) or the currency swap facility between the Bangko Sentral ng Pilipinas (BSP) and the Bank of Japan (BOJ) has taken effect after the release of its guidelines last August 26, the BSP said.

Washington—US Federal Reserve Chairman Janet Yellen said the case for another interest rate hike has strengthened as the US economy and labor market continue to improve. 

By Riza Lozada The Securities and Exchange Commission (SEC) has penalized six brokers for failure to comply with the implementing rules and regulations (IRR) of the Securities Regulation Code.

The high cost of network and difficult deployment are the real industry barriers which will not likely be solved by adding more players in the telecommunications industry, Globe President and CEO Ernest Cu said.

ATN Holdings (ATNH), through unit ATN Philippines Solar Energy Group Inc., has secured regulatory approvals for its planned 120 megawatts (MW) solar energy project with an initial approved project cost of P5.6 billion for a 30 MW solar facility.

Ayala Land, Inc. (ALI) has approved the terms for the P3-billion Homestarter Bonds and the P7-billion third tranche of the fixed rate bond series, both of which will be issued under the corporation’s P50-billion Debt Securities Program as approved by the Securities and Exchange Commission (SEC) last March.

Projecting bigger growth in the backoffice business with the strong talent pool and market demand in the Philippines, data quality governance firm BackOffice Associates (BA) in partnership with local information technology firm Third Pillar Business Applications Inc. has opened a Global Delivery Center.

By Riza Lozada The Bangko Sentral ng Pilipinas (BSP) has allowed the creation of personal management trust (PMT) accounts and relaxed the requirements for foreign loans obtained by non-banks with quasi-banking functions (NBQBs) in a move to spur more savings and investments.

HSBC Global Research, the research arm of Hong Kong and Shanghai Banking Corp., said the local economy’s fundamental drivers remain solid. Commenting on the 7-percent gross domestic product (GDP) growth for the second quarter of the year and the 6.9-percent expansion for the first half, HSBC Global Research noted that strong private consumption, supported by election campaign spending, and government …