Business

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.

The Cabinet-level Development Budget Coordination Committee (DBCC) maintained the government’s two to four percent inflation target range for this year up to 2018.

By Luis Leoncio Water-service concessionaire Manila Water was recently recognized as one of the top corporate social responsibility (CSR) advocates in Asia by the Asia Corporate Excellence and Sustainability Awards (Aces), a regional award-giving body that values and recognizes services and achievements of national and international small-scale and large-scale businesses for their significant contributions in the communities and the world. 

By Riza Lozada Santa Lucia Land Inc. (SLI) has listed P3 billion worth of fixed-rate peso bonds with an option for over-subscription of up to P2 billion in the Philippines Dealing Exchange (PDEX) platform, the company reported to the bourse.

The Civil Aeronautics Board (CAB), in a recently concluded board meeting, granted additional entitlements to budget carrier Cebu Pacific (CEB) for international routes from Manila to the United Arab Emirates (UAE), from various points in the Philippines to Taipei and Kaohshiung in Taiwan, and from Manila to key destinations in Russia.

By Riza Lozada The International Container Terminal Services Inc. (ICTSI) will infuse more capital to two subsidiaries through the conversion of the deposit for future stock subscriptions (DFFS) worth $512,548 for subscription of its subsidiary ICTSI Subic Inc. (ISI) and DFFS totaling to $1,537,644 to be converted to advances to ISI, reported to the Philippines Stock Exchange (PSE) the 

Economic managers said the foundation have is in place to ensure continued long-term improvement in fiscal health. 

By Riza Lozada The Metropolitan Bank and Trust Co. (Metrobank), which is the country’s biggest lender, will exercise its option to redeem the entire capital security it floated in the international market worth $125 million on February 15 next year which is the First Optional Redemption Date.

Food manufacturer Rebisco Group founder Jacinto Ng Sr. topped the Bureau of Internal Revenue’s (BIR) biggest 500 individual taxpayers for 2014, dislodging last year’s topnotcher, eight-division boxing champ and Sarangani Representative Emmanuel “Manny” Pacquiao.