Business

The Manila Electric Co. (Meralco) signed last January 7 a joint venture agreement (JVA) and Shareholding Agreement (SHA) with Repower Energy Development Corp. (Repower) for the development of hydroelectric power plants.

Victoria’s Milling Co. (VMC) reported consolidated profit of P292 million for the final quarter of its fiscal year that ended November 30.

Four fraudsters in Cebu City were recently arrested by a joint police and Globe Telecom security team after they submitted fake documents in applying for postpaid accounts that included provision for high-end smartphones. 

By Jerry Maglunog The country’s development can’t be sustained unless all the flagship Public-Private Partnership (PPP) projects of the government are bidded out and built, an official of investment banking house unit of the Metrobank group First Metro Investments Corp. (FMIC) said.

The Beta Epsilon Sigma (BES) Fraternity and the Hiyas ng Silangan (HNS) Sorority, honor societies of the University of the East (UE), celebrate their 50th year since their creation in January 1966. These two elite organizations were founded by Joe-Santos Bisquera and Jeanette Lim-Evangelista, respectively. 

By Riza Lozada The Securities and Exchange Commission (SEC) has approved the extension of the effectivity of financial statements from 135 to 180 days to align with regional standards as part of the Association of Southeast Asian Nations (Asean) market integration.

By Riza Lozada The Power Sector Assets and Liabilities Management Corp. (PSALM) recently met with representatives of Mindanao electricity distributors to assess the supply of electricity from power plants in the region.

Listed PetroEnergy Resources Corp’s (PERC) unit PetroWind Energy Inc. (PWEI) has secured the Renewable Energy Payment Agreement (REPA) for its 36-megawatt (MW) Nabas-1 wind power project in Nabas, Aklan. The Repa took effect December 22, 2015.

China Banking Corp.(China Bank) and the China Banking Corporation Employees Association (CBCEA) reached a new collective bargaining agreement (CBA) amounting to P511 million covering 2015-2017, among others, providing salary increases, insurance coverage, medicine and tellers’ allowances. The union members, according to the bank’s disclosure, unanimously ratified the CBA on November 28, 2015. The new CBA is China Bank’s 24th in …

By Jerry Maglunog  Alarmed by complaints that many banks’ automated teller machine (ATM) cards, including those of universal banks (unibanks), are not being honored outside the country, the Bangko Sentral ng Pilipinas (BSP) said it will look into the international clearing connections between local banks and their foreign partners.