Top Business News

Ayala Land eyes direct overseas investments
[ABC-CBNNEWS]SINGAPORE - Ayala Land, the Philippines' largest developer, said on Monday it may revive its long-held ambitions of growing its overseas business and will invest directly in foreign projects if the opportunity arises.
Chief Financial Officer Jaime Ysmael also said there were "early signs" of an improvement in the Philippines' residential market although that will not be reflected in 2009 earnings because of the way the firm accounts for property sales.
"Now is the time to revisit our overseas initiatives to rebalance our portfolio," Ysmael said at the Reuters Global Real Estate Summit in Singapore.
Piltel shares rally after parent Smart prices offer for buyout
[BUSINESSWORLD]SHARES IN Pangilinan-led Pilipino Telephone Corp. (Piltel) rallied yesterday following parent Smart Communications, Inc.’s offer to buy out shares of Piltel’s minority stockholders for P8.50 apiece.
An analyst interviewed however said investors were still wary of the impact of Piltel’s purchase of a 20% stake in electric distribution utility Manila Electric Co. (Meralco) on the profits of ultimate owner Philippine Long Distance Telephone Co. (PLDT), which explains its lackluster performance in past trading.
PhilNaRe earmarks P150M for IT upgrade
[BUSINESSMIRROR]LISTED National Reinsurance Corp. of the Philippines (PhilNaRe) will be spending P150million to upgrade its technology infrastructure despite the crisis which has hurt many insurance companies, considered primary clients for PhilNaRe.
At the sidelines of the PhilNaRe shareholders meeting on Monday, senior vice president John Huang said the company will implement over the next five years upgrades to automate most functions to improve efficiency. He said the move will eventually translate to improvements to the firm’s bottomline.