LTG Expects Better Business Environment in 2017

Taguig—(PHStocks)—LT Group Inc. (PSE: LTG) expects the business environment in 2017 to be better than the previous year, with the Duterte Administration’s infrastructure plan to “Build, Build, Build,” providing a boost.

LTG President Michael G. Tan said during the company’s Annual Stockholders’ Meeting that the Government’s infrastructure plan will increase employment, especially in the countryside, which in turn will increase the purchasing power, resulting in continued demand for the group’s products. But a lingering concern is the stiff competition, and rising inflation which will translate to higher costs.

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DoubleDragon to Develop Five-star Luxury Serviced Apartment

Pasay—(PHStocks)—DoubleDragon Properties Corp. (PSE: DD) through its subsidiary DD-Meridian Park Development Corp. signs an agreement to develop a five-star luxury serviced apartment as the third phase of its flagship project DD Meridian Park located at the Bay Area, corner Macapagal Avenue and EDSA Extension, Pasay City, Metro Manila.

Ascott-DD Meridian Park Manila will sit on a 5,567 square meter lot within the 4.8 hectare complex and is expected to have over 300 luxury serviced apartment units.

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Outstanding External Debt Declines Further in 1Q 2017

Manila—(PHStocks)—Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco Jr. announced that outstanding Philippine external debt stood $73.8 billion as of end-March 2017, reflecting a decline of $958 million (or 1.3 percent) from the $74.8 billion end-December 2016 level.

The decline in the debt levels during the first quarter resulted mainly from: (a) prior periods’ adjustments (negative $673 million) due to late reporting of principal payments; (b) transfer of Philippine debt papers from non-residents to residents ($497 million); and (c) net principal repayments of $255 million. The downward impact of these developments on the debt stock was partially offset by the positive foreign exchange (FX) revaluation adjustments ($466 million) as the Japanese Yen strengthened against the US Dollar.

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SEC Approves AboitizPower’s Php30B Bonds

Taguig—(PHStocks)—Aboitiz Power Corp. (AboitizPower, PSE: AP) received the Order of Registration and Certificate of Permit to Offer Securities for Sale dated June 19, 2017 from the Securities and Exchange Commission (SEC) in relation to AboitizPower’s application for the issuance of fixed-rate retail bonds in the aggregate amount of up to PhP30 billion.

The first tranche equivalent to PhP2 billion, with an oversubscription of PhP1 billion, will be issued on July 3, 2017, while the remaining balance shall be lodged under the shelf registration program of the SEC to be issued in future tranches.

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MWC Forms JV with Calasiao Water District

Quezon City—(PHStocks)—Manila Water Co. Inc. (PSE: MWC) has signed and executed a joint venture (JV) agreement with the Calasiao Water District (CWD).

The JV agreement will govern the relationship of Manila Water and CWD as JV partners in project for design, construction, rehabilitation, maintenance, operation, financing, expansion, and management of the water supply system of the CWD in the Municipality of Calasiao in the Province of Pangasinan.

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Keppel Philippines Declares Cash Dividends

Makati—(PHStocks)—The Board of Directors of Keppel Philippines Holdings Inc. (PSE: KPH) had approved the declaration of cash dividends of 10% or 10 centavos (PhP0.10) per share to all stockholders of record as of 03 July 2017, to be paid on or before 27 July 2017.

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Philippine Seven Declares Stock Dividends

Mandaluyong—(PHStocks)—The Board of Directors of Philippine Seven Corp. (PSE: SEVN), in its Special Meeting of June 16, 2017, has approved a stock dividend declaration of 65% of the outstanding capital stock of the corporation of 458,435,323 shares or equivalent to 297,982,960 common shares with par value of PhP1.00 per share.

The board has also approved the issuance of 297,982,960 common shares with par value of PhP1.00 per share of the corporation for distribution as stock dividend. Any fractional shares resulting from the stock dividend shall be rounded off to the nearest one (1), following the rules of rounding off.

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Cebu Landmasters Holds Ground-breaking Ceremony for Latitude Corporate Center

Cebu City—(PHStocks)—Cebu Landmasters Inc. (PSE: CLI) had its ground-breaking ceremony last Friday, June 9, 2017 for Latitude Corporate Center, a 24-storey modern office tower located at Cebu Business Park which caters to BPO tenants, enterprise and executive tenants.

Additionally, plans include a commercial area to be located on its ground floor for restaurants and food outlets.

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