Business

Washington—The International Monetary Fund (IMF) has announced the implementation of its long-due quota reforms, which was approved by the US Congress last year, that will give more voting rights to emerging economies like India and China in the functioning of the organization.

By Jerry Maglunog Banco de Oro Unibank (BDO) President and Chief Executive Officer Nestor Tan is expected to assume the presidency of the Bankers Association of the Philippines (BAP) by March 21 during a meeting of the biggest group in the local banking industry.

The idea of putting up a social enterprise or a business to help eliminate poverty seemed incredulous just a few years ago.

Agribusiness firm Monsanto Co. announced plans to make its operations carbon-neutral by 2021 through the unique carbon-neutral crop production program targeted across its seed and crop protection operations, as well as through collaboration with farmers.

The Commission on Higher Education (CHED) has officially recognized the Chartered Institute for Securities & Investment (CISI) as a provider of financial literacy courses and exams to be taught in potentially hundreds of colleges and universities throughout the Philippines.

By Riza Lozada Diversified giants Ayala Land Inc. (ALI) and LT Group Inc. (LTG) have joined forces to develop a 35-hectare town project with integrated and mixed-used facilities in Pasig City and Quezon City.

The Philippines got another ratings upgrade from South Korean-based NICE Investors Service, which hiked by a notch its investment grade rating for the country. 

Fried-chicken store chain operator Max’s Group Inc. (MGI) is banking on its pizza unit Yellow Cab to make inroads in China as the Chinese palate for Western food grows particularly for the pizza market, which is currently estimated to be worth $2 billion a year.

State pension fund Social Security System (SSS) refuted allegations of inefficiency saying that in terms of collection performance, it has 88 percent efficiency against allegations of a low 38 percent efficiency. 

By Jerry Maglunog Banks have zeroed in on yuan buying to boost their foreign- exchange earnings in time for the scheduled inclusion of the currency in the basket of reserves of members of the International Monetary Fund called special drawing rights (SDR).