ANGELICA BALLESTEROS, TMT

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GOKONGWEI-LED conglomerate JG Summit Holdings, Inc. is spending P48.2 billion ($960 million) this year to fund the expansion of its businesses including in petrochemicals. Of the total amount, JG Summit is allocating about P18 billion to P20 billion for its airline business, Cebu Air, Inc.; P7 billion for its food…

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SM Prime Holdings, Inc. (SMPH), the property arm of the SM Group, said on Wednesday it is set to open its 63rd mall, SM Cherry Antipolo in Antipolo, Rizal, on Friday. In a disclosure to the Philippine Stock Exchange (PSE), SMPH said the new mall is located along the bustling…

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SHARE prices rebounded on Tuesday, the first trading day of the week, as the market went on window dressing. The bellwether PSEi closed up 0.80 percent or 62.20 points to finish at 7,876.37. The wider All Shares climbed 0.54 percent or 25.18 points to 4,704.47. “Philippine markets started their window…

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LISTED retailer Robinsons Retail Holdings, Inc. (RRHI) said Tuesday it is allocating P4 billion for its capital expenditure (capex) program this year in line with its goal to expand its presence nationwide. Following the company’s annual stockholders’ meeting held in Pasig City, RRHI President and Chief Operating Officer Robina Gokongwei-Pe…

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LISTED commercial bank China Banking Corp. said on Tuesday it has secured a ‘Baa2’ investment grade credit rating from Moody’s Investors Service due to its strong capitalization underpinned by strong support from key shareholders. The rating is the same level as the Philippine sovereign rating and is at par with…

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AGRIBUSINESS firm Calata Corp. said Tuesday it has started the construction of its first greenhouse model in Mendez, Cavite, a project in partnership with Israeli irrigation firm Netafim. In a disclosure to the Philippine Stock Exchange (PSE), Calata said all land preparation including the laying of foundation has been completed.…

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CONGLOMERATE Ayala Corp.’s property unit Ayala Land, Inc. (ALI) is accelerating the development of Ayala Vertis North in Quezon City amid robust demand for its residential offerings. “Originally, we expected the project to take 10 to 15 years, but now we’re seeing that in about 10 years this will be…

SHARES OUTLOOK FOR THE WEEK:

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PHILIPPINE shares are seen likely to be on the soft side this week as market consolidation continues, although investors appear eager to jump on catalysts for window-dressing as the end of the month approaches. Summit Securities President Harry Liu said the market seems to have absorbed the events of recent…

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THE United Coconut Planters Bank (UCPB) and the Armed Forces and Police Savings and Loan Association, Inc. (AFPSLAI) have signed a memorandum of agreement (MOA) to facilitate the payout of loans that AFPSLAI issues to its members. Through UCPB’s U-Remit platform, AFPSLAI members can opt to receive their loan proceeds…

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