Business

State pension fund Social Security System (SSS) has earned an international citation from the world’s leading association of social-security institutions for its various programs launched in recent years to promote inclusive growth by targeting informal sector (IS) workers and hard-to-reach rural areas of the country. 

Stock investors are taking caution amid indications of a likely decision of the US Federal Reserve (the Fed) to raise interest rates amid a steadying US economy.

San Miguel Pure Foods Co. Inc. (SMPFC) booked a 7-percent surge in profit in the first nine months of the year, boosting expectations it would sustain growth momentum during the last quarter amid holiday spending. 

By Jerry Maglunog Tougher competition in the banking sector is expected as more foreign banks and rapidly expanding domestic lenders are seen to open more branches by next year. 

By Riza Lozada The Philippine National Bank (PNB) reported a group profit of P4.7 billion for the first nine months ending September, which was P1 billion higher than the figure posted a year ago.

  Washington—United States Federal Reserve (the Fed) Chairman Janet Yellen said that an interest rate hike in December is a “live possibility” if the economy stays on track. 

New York—Sometimes family comes first. 

Albany, New York—Deutsche Bank has agreed to pay $258 million to settle legal problems stemming from US sanctions violations, New York regulators said. 

By Riza Lozada Housing firm 8990 Holdings Inc. has signed a deal to sell P1 billion in receivables to the thrift-bank arm of the Ayala-led Bank of the Philippine Islands (BPI), in a move that would free up new capital for the mass-housing developer. 

By Riza Lozada  Flagship company Aboitiz Equity Ventures Inc. (AEV) reported a consolidated net income of P11.9 billion until September, 17 percent lower from a year ago, with non-listed food subsidiary Pilmico Foods Corp. (Pilmico) as a bright spot, growing by 46 percent and contributing P1.4 billion in income.