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Latest Stock Market News

JP Morgan Securities Inc. has announced that it has upgraded the standing of the Philippines to �Overweight� due to a number of positive developments in the country�s economy. The securities firm cited improving fiscal and economic outlook as the reasons for the upgrade. It noted that the country is on track to produce a balanced budget by 2008 and that the country�s stock market is now picking up after lagging behind the other Asian equities market. Share prices on Friday jumped to the biggest 1 day gain in 5 years as it climbed 99.95 points to close at 2,470.24. The Philippine Stock Market�s main index (PSEi) has already gained 18% since the start of the year.

Union Bank of the Philippines (Stock Code : UBP) has announced that it is acquiring up to 100% of medium-sized International Exchange Bank (Stock Code : IBNK). Should UBP decide to buy 100% of IBank, the deal would amount to Php 13 billion. Major shareholders of IBank have already accepted the proposal from UBP. The merger would result to the Philippine�s 9th biggest bank in terms of assets. The deal is expected to be completed within 30 days.

Empire East board approves PHP 1B stock buyback plan - Empire East Land Holdings Inc. (Stock Code : ELI) has announced that it will buy back Php 1 billion of its stock from the Philippine stock market over the next 2 years. The objective of the move is to increase value for its shareholders. ELI's management has yet to determine the terms and conditions of the stock buyback plan.

Megaworld to announce pricing of stock offer or April 6 - Megaworld Corp. (Stock Code : MEG) has announced that it will set the final price of its stock offer on April 6, 2006. A trading suspension of the company's shares will start the day after the stock offer and will stay until April 21. The stock covered by the offering willbe publicly listed on April 24, 2006.

GMA Network to hold IPO in July - GMA Network Inc., the Philippines' No. 1 Television network has announced that it will finally offer its stock to the public via an initial public offering (IPO) by July this year. GMA was supposed to list at the Philippine Stock Exchange last year but was delayed due to internal disagreements between its major stockholders.

BPI declares 20% stock dividend - The Bank of the Philippine Islands (Stock Code : BPI) has declared a 20% stock dividend for its shareholders. The date of record and payment have yet to be set by the company pending the approval of the Philippine Central Bank.

Empire East declares 15% stock dividend - Empire East Land (Stock Code : ELI), one of the Philippines' top real estate companies also announced a 15% stock dividend to all shareholders on record as of July 13, 2006. The payment date will be on Auguest 8, 2006.

PNB to issue $100M Tier-2 Notes - The Philippine National Bank (Stock Code : PNB) has announced that it plans to issue at least $100 million worth of Tier-2 notes. This issuance will still have to be approved by the Philippine Central Bank. PNB is currently contolled by Philippine taipan Lucio Tan.

Robinsons Land Corporation (Stock Code : RLC) has acquired prime real estate at the heart of Manila after it completed negotiations for the 4 hectare property of the Philippine government-owned Manila Gas Corporation. RLC has paid Php 573 million for the said property which used to house an LPG refilling plant until it was shuttered a few years ago. Robinsons Land is the property arm of JG Summit Holdings, which is controlled by Philippine Taipan John Gokongwei.

Petron Corporation (Stock Code : PCOR), the Philippines' largest oil refiner and distributor has been granted a credit rating of 'AAA' by Philratings. This is the highest credit rating given out by the Philippine based ratings company. This means that Petron Corporation has a very strong capacity to meet its financial commitments relative to other Philippine corporations. Petron has maintained its 38% overall market share in the country despite the entry of new market players due to the deregulation of the Philippine oil industry.

Megaworld Corporation (Stock Code : MEG), one of the Philippines' premier real estate developers has announced that its board of directors has approved the issuance of 3.5 billion common shares from the unissued portion of the company's authorized capital stock. The planned offering is targeted at international and institutional investors and aims to expand the company's stockholder base. The proceeds from the stock offering will be used to fund the company's existing and future projects.

Equitable PCI Bank (Stock Code : EPCI), the Philippine's third largest bank in terms of assets, has announced the election of Ms. Corazon dela Paz as its new chairperson. Ms. dela Paz is the current president of the Philippines' Social Security System, which controls 29% of EPCI. The election was made possible with the support of the SM group of Philippine taipan Henry Sy. who controls the biigest block of EPCI with a 34% share. This new development may lead to an eventual merger between Equitable PCI Bank and Banco de Oro, the banking arm of the SM group.