JG Summit Holdings Inc., the flagship of the Gokongwei Group, has announced the shutdown of its petrochemical business, JG Summit Olefins Corporation (JGSOC), due to substantial losses incurred amid challenging market conditions. In a statement, JGSOC said, "Given persisting unfavorable market...
Lottery firm Pacific Online Systems Corporation (POSC) is investing P150 million to diversify into the online gaming business through the acquisition of a 37.5 percent stake in the owner of Buenas e-casino. In a disclosure to the Philippine Stock Exchange (PSE), the firm said it has entered into an...
Gabriela Party-list Rep. Arlene Brosas (left); President Ferdinand "Bongbong" Marcos Jr. (PPAB, Facebook) Gabriela Party-list Rep. Arlene Brosas is doubtful that Marcos government's deal with privately-owned transmission company...
Three Philippine power giants—Manila Electric Company (Meralco), Aboitiz Power Corporation (AboitizPower), and San Miguel Global Power Holdings Corporation (SMGP)—have strengthened their alliance with the recent financial close of a $3.3 billion (approximately ₱192.9 billion) deal. In...
The Philippine Dealing & Exchange Corporation (PDEx) is launching a new derivative product on Monday, Feb. 3, the first purely Philippine peso-denominated interest rate hedge. On the sidelines of the Financial Executives Institute of the Philippines' inaugural meeting, PDEx President Antonino...
Vivant Renewable Energy Corporation (VREC), a subsidiary of Vivant Corporation, has divested its stake in local solar power provider Buskowitz Energy Inc. (BEI). In a disclosure to the Philippine Stock Exchange (PSE) on Tuesday, Jan. 28, VREC announced the completion of post-closing requirements...
The local stock market fell to a 14-month low as investors turned cautious and sold off shares ahead of the Chinese New Year holiday. The main index dropped 43.41 points, or 0.70 percent, to close at 6,153.47. The services sector plunged, while the banks and industrials sectors managed to gain....
Global Dominion Financing Inc. (GDFI), a member of the Asialink Group, has been assigned an Issuer Credit Rating of PRS A plus (corp.), with a stable outlook, by the Philippine Rating Services Corporation (PhilRatings). In a statement, PhilRatings said a company rated PRS A has an above average...
UPLB Chancellor Dr. Jose V. Camacho, Jr. (second from left, seated) and First Gen Vice President Shirley H. Cruz (third from left, seated) signed the MOA establishing the landmark partnership between UPLB and the Lopez-led clean energy company. UPLB Technology Transfer and Business Development...
The Maharlika Investment Corporation (MIC) has expressed interest in acquiring China's stake in the National Grid Corporation of the Philippines (NGCP), following its recent share acquisition in Synergy Grid and Development Philippines Inc. (SGP). In a briefing on Tuesday, Jan. 28, MIC President...
Following a major investment by the Maharlika Investment Corporation (MIC) in the National Grid Corporation of the Philippines (NGCP), the Department of Energy (DOE) announced that this partnership aims to resolve ongoing delays in transmission and interconnection projects that have long plagued...
The Philippine Stock Exchange (PSE) index continued its decline as investors awaited the results of the US Federal Reserve meeting and the release of Philippine economic growth figures. The main index plunged 99.32 points, or 1.58 percent, to close at 6,196.88, with the Industrial sector leading...
