Melco Withdraws Petition for Delisting

Melco Resorts and Entertainment (Philippines) Corp. (PSE: MRP) filed a letter with the Philippine Stock Exchange on October 19, 2018 formally withdrawing its Petition and Amended Petition for Voluntary Delisting dated September 14 and 18, 2018, respectively.

Melco further informed the PSE that its controlling shareholder, MCO (Philippines) Investments Ltd, shall continue to proceed with the voluntary tender offer for up to 1,569,786,768 publicly owned and other MRP common shares and such Tender Offer shall be conducted for the purpose of increasing MCO’s shareholding interest in MRP, instead of for the purpose of voluntary delisting of MRP.

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Holcim Ordered to Pay PhP3.6M

In an order dated 9 October 2018 which Holcim Philippines Inc. (PSE: HLCM) received today, the Pollution Adjudication Board required the company to satisfy an environmental compliance obligation under Republic Act 9275 in the amount of PhP3,600,000.00 in connection with the 17,400 MT of coal that were washed out to the Bagbag shoreline in La Union on July 13, 2018 after the embankment at the stockpile area was breached by torrential rains.

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CEMEX Subsidiary Invests in New Cement Production Line

On 18 October 2018, SOLID Cement Corp., one of the main subsidiaries of CEMEX Holdings Philippines Inc. (PSE: CHP), entered into the principal project agreements with CBMI Construction Co. Ltd of China for the procurement, construction and installation of the 1.5 million metric tons per year expanded/new integrated cement production line at SOLID’s cement plant located in Antipolo City, Rizal.

The estimated investment in the new integrated cement production line is approximately $235 million. Upon completion, it is expected that this new line will represent a 26% increase in CHP’s cement capacity in the Philippines. CHP currently estimates the new line to start operations by the fourth quarter of 2020.

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BPI Update on Peso Bond and Commercial Paper Program Establishment

Last September 19, 2018, the board of directors of the Bank of the Philippine Islands (PSE: BPI) approved the establishment of a Peso Bond and Commercial Paper Program in the aggregate amount of up to PhP50 billion.

During the board meeting today, October 17, 2018, an initial PhP Bond issuance of up to PhP15 billion has then been approved. The timing of the issuance will be subject to market conditions.

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Personal Remittances Increase to $21.2B in First Eight Months of 2018

Personal remittances from Overseas Filipinos (OFs) increased by 2.4 percent year-on-year to reach $21.2 billion in the first eight months of 2018, according to Bangko Sentral ng Pilipinas (BSP) Officer-in-Charge Maria Almasara Cyd N. Tuaño-Amador.

Personal remittances from land-based workers with work contracts of one year or more grew by 2.1 percent to $16.3 billion, while transfers from sea-based workers and land-based workers with short-term contracts expanded by 3.8 percent to $4.4 billion. However, personal remittances for August 2018 were 1.4 percent lower than the level posted in August 2017.

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PSB Stock Rights Offering

The board of directors of Philippine Savings Bank (PSE: PSB) passed a resolution granting approval on the bank’s request to issue up to a maximum of 184,747,509 common shares equivalent to the remaining unused shares from its authorized capital stock or approximately PhP8 billion in fresh capital.

Timing and size of the transaction are subject to other details such as the offer price and are subject to receipt of regulatory approvals as well as market and other conditions. Target issuance will be first quarter of 2019.

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Megaworld to Bring Belmont Hotel in IloIlo Business Park

Megaworld Corp. (PSE: MEG) is building its fourth Belmont Hotel inside its 72-hectare Iloilo Business Park township in Mandurriao, Iloilo City.

Belmont Hotel Iloilo will have 405 suites, composed of a mix of Twin Suites, Queen Suites, Junior Suites, Executive Suites and Specially-Abled Suites for Persons with Disabilities (PWDs). The 12-storey hotel, which is the third in the entire township, will be located along the stretch of the 1.1-kilometer long Festive Walk Parade, just a walking distance to the iconic Iloilo Convention Center and the Festive Walk Mall.

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AC Health Expands Health Technology Portfolio, Invests in AIDE App

Ayala Healthcare Holdings Inc. (AC Health), a wholly owned subsidiary of the Ayala Corp. (PSE: AC), has expanded its health technology portfolio with an investment in AIDE, a home health application, which provides health services in the comfort of patients’ homes.

The venture with AIDE is part of AC Health’s strategy to invest in innovative health technology solutions. AC Health President and CEO Paolo Borromeo said that AIDE’s model is in line with the company’s vision to improve access to affordable and quality healthcare services for more Filipinos.

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