Katrina Mennen A. Valdez

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The Cooperative Development Authority (CDA) is asking for the reinstatement of its supervisory powers over electric cooperatives, saying that the latter’s members have long been unjustly deprived of the monetary benefits due them. In an interview with The Manila Times, Undersecretary Orlando Ravanera, CDA chairman, said that while there are…

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The Duterte administration has tapped Agnes Devanadera to head the Power Sector Assets & Liabilities Management Corp. (PSALM). Devanadera, who served as the Solicitor General during the Gloria Macapagal-Arroyo administration from March 2, 2007 to January 15, 2010, and as the justice secretary, will now be PSALM’s new president and…

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Sets up B1-B financing program Department of Trade and Industry (DTI) on Wednesday said an initial P1-billion financing program for micro and small businesses, aimed at crippling the notorious “5-6” money lending scheme, will be available in the first quarter of next year. In an interview in Quezon City, Trade…

WEEKLY SHARES OUTLOOK

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Trading of local shares is likely to be subdued this week as the market continues to consolidate in the “ghost month,” with only strong earnings reports by some big tier-listed firms—Ayala Land, Ayala Corp., and GT Capital Holdings Inc—seen possibly giving the market any push. “Our stocks are already on…

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Anna Bettina Ongpin resigned as vice chairman and director of PhilWeb Corp. Friday, a day after her father, business tycoon and former Trade minister Roberto “Bobby” Ongpin, severed his ties with the company. In a disclosure to the Philippine Stock Exchange, PhilWeb said Anna Bettina’s resignation takes effect immediately. She…

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THE building of a common rail station between Trinoma mall and SM North Edsa may be the “win-win” compromise that may finally end the row over where the station should be located. Jose Sio, executive vice president and chief finance officer of SM Investments Corp., the parent firm of SM…

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Ayala Corp., the country’s oldest conglomerate, has sold its entire stake in the business process outsourcing company IQ BackOffice Holdings Ltd. (IQB) to the IQB’s management team on Friday. In a disclosure to the Philippine Stock Exchange, the group said it has disposed of its 82.5 percent interest in the…

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TYCOON Roberto Ongpin resigned as chairman and director of listed online gaming firm PhilWeb Corp. on Thursday, a day after he was singled out by President Rodrigo Duterte as one of many “oligarchs” who have benefited from government connections. “I hereby tender my resignation, with immediate effect, as Chairman and…

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SY family-led conglomerate SM Investments Corp. (SMIC) said on Thursday they would seek clarification from the government on what jobs are considered covered by the prohibition on “contractualization.” Jose Sio, SMIC executive vice president and chief finance officer, said that although they are willing to follow labor laws–the strict enforcement…

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PHILIPPINE share prices retreated on Wednesday as the ghost month officially started, giving no impetus for a market already fretting over the weak earnings results of index heavyweight PLDT. August 3 marked the beginning of the ghost month, when most Chinese traders sell off and close their positions, AB Capital…

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