Maniolas

In a disclosure to the Philippine Stock Exchange (PSE), EastWest said the BSP has approved its proposed P100 million initial equity investment in a wholly owned financial leasing company subject to regulatory conditions set by the bank regulator. File photo MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) has given East West Banking Corp. the green light to venture into the financial leasing business. In a disclosure to the Philippine Stock Exchange (PSE), EastWest said the BSP has approved its proposed P100 million initial equity investment in a wholly owned financial leasing company subject to regulatory conditions set by the bank regulator. EastWest said it has a pending application with the Securities and Exchange Commission (SEC) for the registration of the proposed financial leasing company. “We shall inform the Exchange as soon as we receive approval of the registration of the financial leasing company by the SEC,” the bank said in the disclosure. As early as 2014, the bank owned by the family of the late Andrew Gotianun announced plans to venture into the finance leasing business to complement EastWest’s core lending activities. The bank’s profits jumped 31 percent to P789.6 million in the first quarter of the year from P600 million in the same quarter last year on the back of sustained double-digit growth in its core businesses. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Net interest income surged 32 percent year-on-year to P3.6 billion, driven by robust growth across the different business units: consumer, business Read More …

HEIGHTENED de-risking among foreign correspondent banks likely led to slower growth in monthly remittance inflows, a senior central bank official said, even though more Filipinos are leaving the country to pursue jobs abroad.

This column was originally published on July 21 and is being reprinted in this issue because of a computer error that garbled parts of the originally published piece. We apologize to Mr. Villalon for the error. — Ed. Change has come even in the field of real estate broker licensure examinations.

The connector road project which has an estimated construction cost of P15.74 billion and right-of-way cost of P7.46 billion, involves an elevated four-lane, eight-kilometer tolled expressway starting at NLEX Segment 10 at C-3 or Fifth Avenue, Caloocan City and connecting to the SLEX, through Stage 3 of the Metro Manila Skyway System Project in Manila. STAR/File photo MANILA, Philippines – The Department of Public Works and Highways (DPWH) is set to award to a unit of Metro Pacific Investments Corp. (MPIC) the contract for the North Luzon Expressway – South Luzon Expressway (NLEX-SLEX) connector road after no comparative proposals were submitted yesterday. “As of today, because there is no other proponent, no challenger…so we have to prepare resolution of award recommending Metro Pacific and it will be submitted to the Secretary,” Public Works assistant secretary Eugenio Pipo Jr., who is also the Special Bids and Awards Committee chairman for civil works, told reporters. He said the project would be awarded to the original proponent Metro Pacific Tollways Development Corp. (MPTDC) within the week. The contract is expected to be signed by November. A Swiss challenge was conducted for the project as it is an unsolicited proposal received by the government from MPTDC in April 2010. Among the firms which expressed interest in the project by purchasing bid documents are San Miguel Holdings Corp., Obrascon Huarte Lain SA, Hunan Road and Bridge Corp. and four law firms. The connector road project which has an estimated construction cost of P15.74 billion and Read More …