August Inflation Lower at 1.8 Percent

Manila—(PHStocks)—Bangko Sentral ng Pilipinas (BSP)—Headline inflation in August eased to 1.8 percent year-on-year from 1.9 percent in the previous month and was within the BSP’s forecast of 1.6-2.4 percent for the month. The resulting year-to-date average inflation rate of 1.5 percent was still below the Government’s inflation target range of 3.0 percent ± 1.0 percentage point for 2016. Meanwhile, core inflation, which excludes certain volatile food and energy items to measure underlying price pressures, increased to 2.0 percent in August from 1.9 percent in July. Month-on-month seasonally-adjusted headline inflation was steady in August at 0.1 percent.

The lower August inflation rate was traced mainly to slower price increases of some food items particularly corn, meat, and vegetables. On the other hand, inflation rates of most non-food commodities rose in August including housing, water, electricity, gas, and other fuels which turned positive after declining for 20 consecutive months since December 2014.

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FinanceAsia Names BDO Unibank and Subsidiary the Best in the PH

Makati—(PHStocks)—Hong Kong-based publication FinanceAsia has named BDO Unibank Inc. (PSE: BDO) the Best Bank in the Philippines, while subsidiary BDO Private Bank (BDOPB) was recognized the Best Private Bank in its recently held Country Awards for Achievement 2016.

“BDO Unibank has had a long run winning this award from FinanceAsia, and if anything, it has only further consolidated its position over the past year,” FinanceAsia stated in its anniversary issue.

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End-August 2016 GIR Level Rises to $85.9B

Manila—(PHstocks)—Bangko Sentral ng Pilipinas (BSP)—Preliminary data showed that the country’s gross international reserves (GIR) rose to US$85.90 billion as of end-August 2016, Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco, Jr. announced today.

This level was higher by US$0.39 billion than the end-July 2016 GIR of US$85.51 billion due mainly to the National Government’s (NG) net foreign currency deposits and the BSP’s foreign exchange operations and income from investments abroad. These were partially offset by payments made by the NG for its maturing foreign exchange obligations and revaluation adjustments on the BSP’s gold holdings resulting from the decrease in the price of gold in the international market.

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Globe Telecom Signs PhP20B Term Loan Facility

Taguig—(PHStocks)—Globe Telecom Inc. (PSE: GLO) signed a 12-year and 15-year PhP20 billion term loan facility arranged by First Metro Investment Corp. with Metropolitan Bank and Trust Co. (PSE: MBT) as lender. The loan shall be used to finance the acquisition of a 50% equity interest in Vega Telecom Inc., Bow Arken Holdings Co. Inc., and Brightshare Holdings Corp. Globe’s acquisition relates to the companies’ owning and operating telecommunications services, licenses, and all other assets.

Mobile internet customers are expected to benefit from the added capacities and greater geographic coverage from the acquisition. This exemplifies Globe’s continuous commitment and investments in improving the network and quality of service. These investments will enable Globe to support the data needs of existing and new customers and allow them to enjoy their digital lifestyles.

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Trans-Asia Oil Changes Corporate Name, Ticker Symbol

Makati—(PHStocks)—After 47 years of existence, Trans-Asia Oil and Energy Development Corp. (TA) has evolved and grown into a bigger and brighter company, which is to be known moving forward as, PHINMA Energy Corp.

PHINMA Energy shall adopt the ticker symbol “PHEN” upon completion and effectivity of the change in PSE’s system on September 2, 2016 to reflect the company’s new name and ticker. PH represents its parent, PHINMA, while EN represents the business of ENERGY.

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