Highlight of the Week: Economist: Philippines Is Number One

Highlights of the Week: News, events and updates that are likely to affect your investments and trades in the Philippines stock market.

MANILA, Philippines --- The Philippines is the most attractive global provider of IT-BPO services in Asia, followed by China and India — in that order — according to the results of a survey by the Economist Corporate Network (Economist). Forty-five percent of respondents said the Philippines was an attractive services provider, while 35% said the same for China. Only 25% of respondents said India was an attractive provider of IT-BPO services, in general.

MANILA, Philippines - Local stocks climbed for the third straight day due to continuous bargain hunting, propelling the Philippine Stock Exchange index (PSEi) past the 5,000 mark for the first time since mid-May.

MANILA, Philippines --- The Securities and Exchange Commission has approved the amendment of the Articles of Incorporation of Universal Robina Corporation (URC) to allow the firm to engage in the business of production of fuel ethanol.

URC president Lance Gokongwei said URC is investing about $27 million for the construction of an ethanol plant in Mahhuyod, Negros Oriental as part of the firm’s URSUMCO sugar mill.

MANILA, Philippines --- With the decision of Ambassador Manuel M. Lopez to step down from his post at the country’s largest power distribution utility, management changes formally paved the way for the installation of Manuel V. Pangilinan as chairman of the Manila Electric Company (Meralco), following yesterday’s stockholders meeting.

MANILA, Philippines --- SM Prime Holdings, Inc. (SM Prime) has signed a P7.5 billion notes facility agreement for the refinancing of existing obligations, to partially fund capital expenditures and/or other general corporate requirements.

In a disclosure to the Philippine Stock Exchange, SM Prime said the notes facility consists of five- and ten-year floating rate notes and five- and ten-year fixed rate notes.

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