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San Miguel Brewery Inc., the beer unit of food and beverage giant San Miguel Corp., may cancel plans to sell bonds in dollars after demand for its local currency notes exceeded the amount offered.
Thrift banks want new rules on foreclosure
By Eileen A. Mencias
The Chamber of Thrift Banks is seeking the support of Congress to help rationalize the rules on foreclosure and sale of bad assets to facilitate the release of additional liquidity and bring down the cost of banks, chamber president Pascual Garcia III told reporters in a briefing yesterday.
Philam Life welcomes AIG move to halt sale
By Lawrence Agcaoili
Insurance giant Philippine American Life and General Insurance Co. yesterday welcomed the decision of beleaguered American International Group to scrap its sale and make it part of the company’s Hong Kong-based subsidiary.
Mobile phone penetration rate topped 75% last year
By Roderick T. dela Cruz
Mobile phone penetration rate in the Philippines hit 75 percent as of end-2008, as the number of subscriber identity module, or SIM cards, sold by the country’s top three operators reached 67.9 million.
BDO, China Bank posted lower ’08 profits
Banco de Oro Unibank Inc., the country’s largest bank, yesterday reported a net income of P2.2 billion in 2008, sharply down from P6.5 billion in 2007 because of challenging conditions, the bank said in a disclosure to the stock exchange.
Meralco control is latest twist to MVP-Ang rivalry
By Ray S. Eñano
Manuel V. Pangilinan, or MVP, chairman of Philippine Long Distance Telephone Co., is on a mission. Slighted by an unsavory remark dished out repeatedly by San Miguel Corp. president and chief operating officer Ramon Ang, MVP is dead set to contest every major corporate move of Ang to teach his rival a lesson in humility.
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