Ayala Restructures Energy Business

Ayala Corp.’s (PSE: AC) board of directors approved the restructuring of Ayala’s energy business that will result in the creation of two wholly owned platforms, Renewable Energy and Thermal Energy.

The restructuring will be undertaken through the following steps:

1. Creation of a new holding company: AC Renewables Inc.

2. Transfer of renewable assets to AC Renewables Inc.

3. Rename existing Thermal Holdings company to ACE Thermal Inc.

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Nickel Asia Estimates 9% Growth in 2017 Shipment Value

Nickel Asia Corp. (PSE: NIKL) has announced that the company’s estimated value of shipments in 2017 rose by 9% to PhP14.45 billion from PhP13.23 billion in 2016. Although shipment volumes were lower compared to the prior year, the increase in revenues was due to higher average prices, in part the result of a change in the ore mix to higher value ore, and a more favorable Peso to US dollar exchange rate.

The estimated realized price on 9.64 million WMT of ore sales to Japanese and Chinese customers in 2017 averaged $24.46 per wet metric ton (WMT) compared to an average of $20.77 per WMT on 11.69 million WMT of ore sales realized in 2016.

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2017 Foreign Portfolio Investment Transactions Show Net Outflows

Registered foreign portfolio investments for 2017 aggregated $16.1 billion, 8.9 percent lower than the $17.6 billion level in the previous year, according to the Bangko Sentral ng Pilipinas (BSP). On a monthly basis, the lowest gross inflows were recorded in August ($936 million) while the peak was noted in June ($2 billion).

On a quarterly basis, the largest inflows were noted in the second quarter at $4.8 billion, representing 30 percent of the total for the year. This may be attributed to positive investor sentiment arising from the World Bank’s view that the Philippines will continue to be a top performer in the region, and the conflict resolution in Marawi City. These were further supported by accelerated net foreign buying as well as the approval by Congress of the first phase of the tax reform package.

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BPI Approves Stock Rights Offer for Up to PhP50 Billion

Bank of the Philippine Islands (PSE: BPI) approved a stock rights offering (SRO) of common shares to eligible shareholders to raise up to PhP50 billion to support its growth and strategic initiatives in the coming years.

The bank believes that the Philippine banking sector continues to present significant medium and long-term growth prospects and that it is well-positioned to capitalize on them.

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GT Capital to Subscribe in Metrobank Stock Rights Offer

GT Capital Holdings Inc. (PSE: GTCAP) has disclosed that it intends to fully subscribe in Metropolitan Bank and Trust Co.’s (Metrobank, PSE: MBT) stock rights offer (SRO), as disclosed by Metrobank on 17 January 2018.

GT Capital currently owns 36.09% of Metrobank, one of the country’s largest banks in terms of assets, deposit base, and equity.

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Metrobank Board Approves SRO

Metropolitan Bank & Trust Company (Metrobank, PSE: MBT) received Board approval to conduct a Stock Rights Offer (SRO) by way of issuance of up to a maximum of 819,827,214 common shares, which is equivalent to the remaining unissued shares from the bank’s authorized capital stock. 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.

The bank believes that the robust growth of the Philippines will continue to support the prospects for accelerated loan expansion across the various segments of the economy. Metrobank seeks to capitalize on the growth opportunities of large cap corporates and especially in its core franchise, the middle market and small to medium enterprises (SME) segments. Rising per capita levels also bode well for the potential in the growing consumer space, specifically in credit cards, auto loans and home mortgage.

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BSP and PPMI Sign MOA to Strengthen Governance in the Retail Payment System

The year 2018 ushers in a milestone for reforms in the retail payment system as the Bangko Sentral ng Pilipinas (BSP), represented by Governor Nestor A. Espenilla Jr., and the Philippine Payments Management Inc. (PPMI), represented by Chairman Justo A. Ortiz, signed the Memorandum of Agreement (MOA) between the BSP and PPMI on 12 January 2018.

Under the MOA, the BSP recognizes PPMI as the payment system management body (PSMB) while the PPMI recognizes the authority of the BSP as the primary overseer of the retail payment system given its critical role in the financial infrastructure as envisioned under the National Retail Payment System (NRPS) Framework.

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Phoenix Petroleum Inks Joint Venture Agreement

The Board of Directors of Phoenix Petroleum Philippines Inc. (PSE: PNX) has approved and authorized the execution of a joint venture agreement with TIPCO Asphalt Public Co. Ltd and Carlito B. Castrillo of PhilAsphalt (Dev’t) Corp. for the purpose of operating, marketing and distribution of Bitumen and Bitumen-related products in the Philippines.

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