SM Prime Net Income Up 17% in 9M18

SM Prime Holdings Inc. (PSE: SMPH), one of the largest integrated property developers in Southeast Asia, recorded a 17% increase in its consolidated net income for the first nine months of 2018 to PhP23.44 billion from PhP20.05 billion of the previous year. The consolidated revenues went up by 15% to PhP74.56 billion from PhP64.69 billion of the same period being reviewed, while the consolidated operating income is up by 16% to PhP34.91 billion from PhP30.14 billion of last year.

SM Prime reported a 20% growth on its net income for the 3rd quarter of the year to PhP6.82 billion from PhP5.66 billion of the previous year. The surge in income growth is due to the increase of the company’s revenue by 16% to PhP24.79 billion from PhP21.44 billion of 2017.

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Megaworld Launches First Residential Condo in Cavite’s Maple Grove

Megaworld Corp. (PSE: MEG) is launching its first residential development inside the 140-hectare Maple Grove township in General Trias, Cavite.

Located along the township’s main six-lane avenue, the 10-storey The Verdin at Maple Grove will integrate environmental sustainability features, complementing the township’s vision as Cavite’s ‘green’ CBD.

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EDC Tender Offer Period Ends Today

The Tender Offer period by Energy Development Corp. (EDC) in connection with its tender offer of up to 2,040,006,713 common shares held collectively by shareholders of the company other than Red Vulcan Holdings Corp., First Gen Corp. (PSE: FGEN), Northern Terracotta Holdings Corp., and Philippines Renewable Energy Holdings Corp., officially ends at 12:00 P.M. today, 22 October 2018.

The tender offer is pursuant to the voluntary delisting of the shares of the company with the PSE, at the tender offer price of PhP7.25 per common share, in compliance with the Securities Regulation Code and the Delisting Rules of the PSE.

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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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Monetary Policy Tightens Further in Q3 2018

The Bangko Sentral ng Pilipinas (BSP) publishes today the 68th issue of the quarterly BSP Inflation Report covering the period July-September 2018. The full text is also released in electronic format as a downloadable PDF file on the BSP website.

The BSP Inflation Report is published as part of the BSP’s efforts to improve the transparency of monetary policy under inflation targeting and to convey to the public the overall thinking and analysis behind the Monetary Board’s decisions on monetary policy.

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Bank Lending Standards Generally Steady in Q3 2018

Results of the Q3 2018 Senior Bank Loan Officers’ Survey (SLOS) showed that most of the respondent banks continued to maintain their credit standards for loans to both enterprises and households during the quarter based on the modal approach. This is the 38th consecutive quarter since Q2 2009 that the majority of respondent banks reported broadly unchanged credit standards, data from the Bangko Sentral ng Pilipinas (BSP) shows.

Meanwhile, the diffusion index (DI) approach showed a net tightening of credit standards for both loans to enterprises and households. In the previous quarter, credit standards for loans to enterprises and households also showed a net tightening based on the DI approach.

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Overall BOP Position Posts $2.7B Deficit in September

The country’s overall balance of payments (BOP) position posted a deficit of $2.7 billion in September 2018, a reversal of the $24 million surplus recorded in the same month last year, according to the Bangko Sentral ng Pilipinas (BSP).

Outflows in September 2018 stemmed mainly from foreign exchange operations of the BSP and payments made by the National Government (NG) for its foreign exchange obligations. These were partially offset, however, by the net foreign currency deposits of the NG.

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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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