PH adds $1.25B to COVID war chest

PH adds $1.25B to COVID war chest

The Philippines secured a total of $1.25 billion in loans from two multilateral lenders last Thursday, beefing up its war chest in the fight against the COVID-19 pandemic. The Beijing-based Asian Infrastructure Investment Bank (AIIB) green-lighted a loan of $750 million, part of a co-financing arrangement with the Asian Development Bank (ADB) for the Philippines’ […]
Sumitomo takes 19.2% stake in LRT1

Sumitomo takes 19.2% stake in LRT1

Japanese conglomerate Sumitomo Corp. has acquired a 19.2-percent stake in the company that holds the concession to operate, maintain and extend the 20.7-kilometer Light Railway Transit 1, giving more financial muscle and technical expertise to Metro Manila’s oldest...
SMC operations suffer due to pandemic

SMC operations suffer due to pandemic

Conglomerate San Miguel Corp. (SMC) saw a 91-percent year-on-year drop in first-quarter net profit to P1.09 billion as the lockdown measures required to address the new coronavirus (COVID-19) pandemic gnawed on its beer, oil, infrastructure and energy businesses. The...
BSP sees steady inflation rate in May

BSP sees steady inflation rate in May

The steady increase in fuel prices in May—after dropping sharply in the previous month at the height of the lockdown imposed to fight the coronavirus pandemic—may have pushed the country’s inflation rate to accelerate slightly, according to the central bank’s...