Manila Water Receives Franchise to Provide Water Supply and Sanitation Services in San Fabian, Pangasinan

Manila Water Philippine Ventures Inc. (MWPV), a wholly-owned subsidiary of Manila Water Co. Inc. (PSE: MWC), received a Notice to Proceed from the Municipality of San Fabian, Pangasinan following the enactment by said Municipality of Ordinance No. 19, Series of 2018 or “An Ordinance Granting Manila Water Philippine Ventures Inc. a Franchise to Establish, Construct, Operate, Manage, Repair, and Maintain Water Supply System and Facilities, and the Provision of Septage Management in the Municipality of San Fabian, Pangasinan.”

The Municipality of San Fabian is located North East of Calasiao in the Province of Pangasinan, where Manila Water has a Concession Agreement with the Calasiao Water District. The franchise granted to MWPV shall be for a term of 25 years with an assumed billed volume of 12.6 MLD by the end of the franchise period. Total CAPEX of the project is estimated at PhP742 million. The project is expected to be operational by 2019.

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Net FDI More Than Doubles in July 2018 to US$914 Million

Foreign direct investments (FDI) rose significantly in July 2018 to $914 million from the $344 million posted in July 2017. This reflected the continued positive investor sentiment on the Philippine economy on the back of strong macroeconomic fundamentals and growth prospects, according to the Bangko Sentral ng Pilipinas (BSP).

More than 60% of FDI net inflows during the month were in the form of non-residents’ investments in debt instruments issued by local affiliates (intercompany borrowings), which expanded to $584 million from $136 million in the same period last year. Net equity capital investments grew by 90.2% to reach $261 million from $137 million in 2017. This was on account of the 60.6% increase in equity capital placements to $278 million coupled with the decline in withdrawals by 52.3 percent to $17 million.

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CLI Posts 9-Month Record Sales

Cebu Landmasters Inc. (PSE: CLI) is poised for double-digit financial growth after registering record reservation sales of Php6.17 billion in the first nine months, 69 percent increase year-on-year. The figure represents 88 percent of the listed company’s 2018 goal of PhP7 billion.

CLI President and CEO Jose Soberano III credited the strong performance to robust sales from Cebu properties carrying its economic housing brand Casa Mira and high-end projects in Cebu. A mid-market project in Bacolod is likewise boosting performance.

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Singapore High Court Upholds Arbitral Award in Favor of Maynilad

Maynilad Water Services Inc.’s Singapore-based counsel formally confirmed yesterday afternoon that the decision of the Singapore High Court, (orally) issued on 4 September 2018, dismissing the Philippine Republic’s Setting Aside Application has become final as of 4 October 2018.

The decision became final after the Philippine Republic has decided to no longer appeal the dismissal of its Setting Aside Application to the Singapore Court of Appeal within 30 days from 4 September 2018, or until 4 October 2018.

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Integration of PNB Savings Bank to Philippine National Bank

During a special joint meeting held October 10, 2018, the Board of Directors and stockholders of PNB Savings Bank approved the sale and conveyance of all of its assets and liabilities to Philippine National Bank (PSE: PNB) in exchange for cash.

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September Year-on-Year Inflation Hits 6.7 Percent

Headline inflation rose in September to 6.7 percent year-on-year from 6.4 percent in the previous month, according to the Bangko Sentral ng Pilipinas (BSP). The year-to-date average of 5 percent is above the government’s announced inflation target range of 3 percent ±1 percentage point for 2018.

By contrast, core inflation—which excludes selected volatile food and energy items to measure underlying price pressures—eased to 4.7 percent in September from 4.8 percent in the previous month. Likewise, month-on-month seasonally-adjusted headline inflation slowed down to 0.8 percent in September from 0.9 percent in August.

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Cebu Air Forms Offshore Business Company

Cebu Air Inc. (PSE: CEB) has formed CAI Ltd, an offshore business company, as its wholly owned subsidiary for the purpose of holding legal title to its aircraft.

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Megaworld Ramps Up Projects in Arcovia City

Megaworld Corp. (PSE: MEG), the country’s leading developer of integrated urban townships, is ramping up its developments inside the 12.3-hectare Arcovia City township along C-5 in Pasig City. The company has allocated PhP35 billion to develop this township for 10 years since 2015.

The company is now simultaneously constructing its first office tower, the 17-storey One Paseo, offering 23,000 square meters of leasable office spaces; and a lifestyle mall that has its own walk parks, viewing deck and leisure facilities.

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