1.) Airlines allowed to raise fuel surcharge on domestic flights (ABS)
The Civil Aeronautics Board (CAB) has allowed Philippine Airlines (PAL), Air Philippines Corp., which operates Airphil Express and Cebu Air, Inc., operator of Cebu Pacific, to temporarily raise the fuel surcharge on domestic flights for 3 months.
2.) Cebu Pacific eyes flights to Middle East (ABS)
Cebu Pacific is eyeing routes to the Middle East, as the Gokongwei-led budget carrier prepares to launch long-haul flights next year.
Cebu Pacific is planning to lease up to 8 Airbus A330-300 aircraft to serve new markets beyond the range of its current fleet of Airbus A320 aircraft. It earlier mentioned international destinations such as Australia, Middle East, Hawaii and Guam as potential long-haul routes.
3.) MPIC raises indirect stake in Meralco (Philstar)
Metro Pacific Investments Corp. (MPIC), the local flagship of Hong Kong-based conglomerate First Pacific Co. Ltd., has increased its indirect stake in power utility giant Manila ElectricCo. with the purchase of P3.56 billion worth of preferred shares of Beacon Asset Holdings Inc.
Beacon, a joint venture between First Pacific units MPIC and Philippine Communications & Energy Ventures, holds a controlling stake in Meralco at 48.02 percent.
The Manuel Pangilinan-led group has taken over Meralco through the purchase of shares from the Lopezfamily, which is now left with a 3.9 percent stake in the power distributor. Diversifying conglomerate SanMiguel Corp. is the second biggest shareholder with a stake of at least 34 percent.
4.) GIR up 10% to $76 B in May (Philstar)
The Philippines’ foreign exchange reserves posted a double-digit growth of 10.4 percent in May, further boosting the country’s buffer fund to deal with the adverse effects of the sovereign debt crisis in Europe and the economic slowdown in the US, the Bangko Sentral ng Pilipinas (BSP) reported yesterday.
BSP Governor Amando Tetangco Jr. said the country’s gross international reserves (GIR) reached $76.015 billion in end-May or $7.162 billion higher than last year’s $68.853. The latest figure, however, is lower by $522 million from end-April level of $76.537 billion. The GIR is the sum of all foreign exchange flowing into the country.
5.) Cirtek eyes acquisitions abroad (Philstar)
Laguna-based chip maker Cirtek Holdings Philippines Corp. is expanding horizons with plans to acquire two outsourced semiconductor assembly and test companies in Malaysia and Thailand. Cirtek is eyeing $4.2 million (P180.6 million) in additional annual revenues from new orders. The company earlier approved the declaration of cash dividends, amounting to around P34 million, and 20 percent in stock dividend.
EastWest said Deutsche Bank took up an additional 36.715 million shares at P18.50 apiece for a total of P679.23 million. EastWest grew its first quarter net profit 4.9 percent to P464 million on higher interest and fee-based earnings as well as trading gains.
Core earnings from lending as well as fees/commissions rose 18.1 percent, mainly driven by the expansion in assets and consumer loan portfolio.
7.) Chinabank issues dividends (PSE)
Chinabank’s board approved cash dividends (Php12.00) and a 10% stock dividend, payable by July 18, 2012 for all stock holders on record as of June 22, 2012. Ex date is on June 19, 2012.
– Faceless Trader