Zobel-led Ayala Corp., the country’s oldest conglomerate, is raising up to ₱31.5 billion through the issuance of preferred shares and Samurai loans from two Japanese banks to fund the expansion of its diversified businesses. In a disclosure to the Philippine Stock Exchange, the firm said...
Zobel-led Ayala Corporation’s access to yen-denominated loans to fund growth initiatives at competitive rates has been enhanced after being assigned an inaugural foreign currency long-term issuer rating of “A-” by Japan Credit Rating Agency Ltd. (JCR). According to the report released by JCR,...
Expectations that the Philippines' debt as a share to economic output would stay elevated in the coming years were flagged by debt watcher Moody's Ratings over the weekend, highlighting concerns on affordability when repaying obligations. "Debt to GDP [gross domestic product] will remain higher...
Senate President Pro Tempore Jinggoy Ejercito Estrada has filed a bill banning the issuance of pre-approved credit cards to individuals who did not apply for them. Although such practice is already provided under Bangko Sentral ng Pilipinas (BSP) Circulars Nos. 702 and 845 issued on December...
The Court of Tax Appeals (CTA) has denied the petition of Avaloq Philippines Operating Headquarters which sought from the Bureau of Internal Revenue (BIR) a tax refund of P3 million for its zero-rated sales for the 3rd and 4th quarters of 2017. Avaloq Philippines is engaged in the sourcing...
The Court of Tax Appeals (CTA) has denied the petition of Philippine Airlines, Inc. (PAL) which sought a refund of more than P20 milion it paid under protest in 2019 for excise taxes on imported liquor and tobacco products. In a decision promulgated last Jan. 24, the CTA as a full court rules that...
For "lack of jurisdiction," the Court of Tax Appeals (CTA) has dismissed the petition filed by Schaeffler Philippines, Inc. seeking a tax refund of P10.27 million from the Bureau of Internal Revenue (BIR). Schaeffler, a firm engaged in the manufacture of high-precision components and systems for...
Security Bank Corporation and its shareholder, Bank of Ayudhya PCL (Krungsri), may soon merge Home Credit Philippines (HCP) following the recent exit of MUFG Bank Ltd. from HCP. Security Bank has entered into an agreement to acquire MUFG’s 25 percent stake in HC Consumer Finance Philippines Inc....
Speaker Martin Romualdez led House of Representatives officials Wednesday, Nov. 27 in hailing the Philippines’ recent credit rating outlook upgrade from "stable" to “positive” by S&P Global Ratings. Romualdez said the credit rating boost reflected the unified leadership and...
Debt-watcher S&P Global Ratings (S&P) has revised the Philippines' credit rating outlook to "positive" from "stable," citing the country's strong economic performance and effective policymaking. S&P said the improved outlook reflects the Philippines' "effective policymaking, fiscal...
By DERCO ROSAL The Philippines is poised for potential credit rating upgrade given the country’s resilient economy and positive growth outlook, global banking giant Citi executives stated. “Citi executives expressed confidence that the country is well-positioned for a credit...
With the launch of the latest iPhone models and appealing financing options, an increasing number of Filipinos are turning to Home Credit Philippines to turn their smartphone dreams into reality. Consumer finance firm Home Credit expects that iPhone sales in the Philippines will reach P10 billion...
