Philippine businessman Manuel Pangilinan, otherwise known as MVP in the local business community, who ran into trouble with a borrowing binge two decades ago, is pursuing the biggest-ever Philippine initial public offering (IPO) in order to reduce the risk of a repeat. Pangilinan is attempting to pull off a giant share sale for Metro Pacific Investments Corp.’s (MPIC) hospital unit, one t...
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MANILA, Philippines — AC Energy Inc., the power generation business of the Ayala Group, is investing $20 million to build a one-gigawatt (GW) portfolio of solar projects across Asia. The company has formed a joint venture with UPC Solar Asia Pacific—the solar platform of UPC Renewables—to expand their reach in the region. AC Energy said the $20 million investment would be i...
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MANILA, Philippines — The Philippine Competition Commission has charged Urban Deca Homes Manila Condominium Corporation and its parent 8990 Holdings, Inc. for abuse of dominance, marking the end of a months-long case against the mass-housing leader and the country's first abuse of dominance case. The case dates back to March 27 when the PCC filed a "statement of objec...
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The Securities and Exchange Commission has ordered Scentko World Corp. and its parent firm Brendahl Cruz Holdings Inc. to stop what the corporate regulator deemed as illegal solicitation of investments in the guise of marketing perfume and cosmetics. Under a “buy and earn” investment scheme, Scentkoworld entices the public to buy perfume and beauty products in exchange for &ldq...
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THE export industry in Cebu has caught itself in a growing business uncertainty, as global trade remains lackluster and the cost of doing business rises. Philippine Exporters Confederation Inc. (Philexport)-Cebu executive director Fred Escalona asserted that if the downward trend continues, “it will be catastrophic” for the export sector not only of Central Visayas but of the countr...
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DEVELOPING the fourth district into an economic zone and improving health services are among the priorities of former congressman Benhur Salimbangon as consultant of the Provincial Government. This early, he is already wooing locators at the Mactan Economic Zone that will be affected by the construction of the second airport runway in the next 24 years. Benhur was tapped by Gov. Gwendolyn Ga...
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