Business

Two of the country’s largest and crucial watershed reservations are assured of continuous and sustainable protection as NGCP partners with the state-owned National Power Corp. (Napocor) and local people organizations (POs) to assume stewardship of the sanctuaries. 

By Riza Lozada The Metro Pacific groups have concluded negotiations and will undertake the connector road project for the 13.5-kilometer North Luzon Expressway (NLEx) and the South Luzon Expressway (SLEx), which will cost an estimated P23.2 billion, after signing an agreement with the government, the diversified listed group said in a report to the Philippine Stock Exchange. 

Listed Philippine Seven Corp. (PSC), the operator of 7-Eleven retail stores, reported a net income of P1.01 billion in 2015, a 15.4-percent rise from a year ago, and attributed to growth in sales of all corporate and franchise-operated stores by 25.3 percent to P25.8 billion from P20.6 billion in 2014.

Ayala Land Inc. (ALI) was again named the overall best managed real-estate company in Asia by FinanceAsia in its 16th poll of Asia’s Best Companies awards. 

Listed gaming firm Premium Leisure Corp. (PLC) is banking on the profitability of the Philippine Charity Sweepstakes Office’s (PCSO) lottery operations to deliver further growth momentum to its portfolio of gaming and casino products and services. 

The Securities and Exchange Commission (SEC) has approved the P10-billion preferred shares offering of DoubleDragon (DD) Properties Corp., the proceeds of which will mainly fund real estate development projects this year. 

By Riza Lozada Local lender Security Bank Corp. (SEBC) and the Bank of Tokyo-Mitsubishi UFJ Ltd. (BTMU) completed the strategic partnership deal signed on Jan. 14, resulting in P36.9 billion in fresh cash infusions into SECB.

Gabriel C. Singson, one of the most amiable governors of the Bangko Sentral ng Pilipinas (BSP), died on Mar. 29 at the age of 87.

Rural banks (RBs) are fast disappearing, based on the Rural Bankers’ Association of the Philippines (RBAP) latest count, which showed that, within the last nine months, 23 small banks have closed shop, mainly as a result of stricter capitalization rules imposed by the Bangko Sentral ng Pilipinas (BSP).

Victoria International Container Terminal Limited (Vict) recently opened its second annual Community Investment Fund grants program, inviting local non-profit community organizations to apply for grants of up to $20,000.