Business

By Riza Lozada  Chinabank is infusing P2 billion into its saving bank unit, China Savings Bank Inc. (CSBI), to comply with the Bangko Sentral Ng Pilipinas (BSP)- mandated capital infusion prior to giving its final approval to the merger between CSBI and Planters Development Bank (PDB). 

Union Bank of the Philippines (UBP) will fund P1 billion of the Gaisano group’s Metro Retail Stores Group Inc.’s (MRSGI) expansion plan in Metro Manila. 

By Riza Lozada Telecommunications giant Globe Telecom seeks to raise P1 billion from the issuance of 20 million non-voting preferred shares, the proceeds for which will be used to fund its capital expenditures.

The renewable energy arm of the Aboitiz Power Corp. has secured fresh loans worth up to P3.7 billion to fund the setting up of a solar power plant in San Carlos City, Negros Occidental.

The public should exercise caution in dealing with individuals who are not licensed to solicit funds for stock market investments, the Philippine Stock Exchange Inc. (PSE) warned in an advisory.

Pilipinas Shell Petroleum Corp. will likely hold its long-delayed initial public offering (IPO) after the national elections next year, Shell Companies in the Philippines country chairman Edgar Chua said.

By Luis Leoncio President Aquino signed into law on December 8 the Tax Incentives and Management Act (Timta), which was much anticipated by the business sector, as it proposes to streamline the granting of government tax perks to business projects. 

By Jerry Maglunog Effective January 1, 2017, all 55 million automated teller machines (ATMs) cards and 8 million credit cards must shift to the Europay, MasterCard, Visa (EMV) standard, which basically means that the magnetic strip used in earlier credit cards will soon become history. However, as of now, no more than 30 percent of all ATMs and credit cards …

Mass-housing developer 8990 Holdings Inc. is in talks with a listed Singaporean company to form a joint venture to build up to 100,000 housing units in Tanzania, the largest of the East African countries.

By Riza Lozada Cosco Capital Inc., the retail holding firm of Lucio Co, reported a net income of P3.01 billion for the first nine months representing an 18 percent improvement from P2.55 billion profit a year ago.