Quantcast
Latest Stories

Biz Buzz: Imminent union

By

The union of the Philippine Stock Exchange and the Philippine Dealing System (PDS) group looks on track to meet the 90-day target to come up with a definitive framework. Sources privy to the discussions said most issues had been resolved, with share valuation as the only remaining hurdle.

As to previous stumbling blocks, it has been agreed that to align the payrolls of the merging capital market infrastructures, the top officials of PDS (with emphasis on one particular official) will be given a generous retirement package, or what people fondly call a “golden parachute.” As the merger will happen through a share-swap transaction, most of the investors in the exchanges have also agreed to stay put.

Meanwhile, the Bankers Association of the Philippines and Singapore Exchange Ltd.—the biggest stockholders of PDS with a combined interest of 46 percent—have tapped KMPG as their adviser to conduct a valuation of the shares to be swapped. JP Morgan is the adviser of the PSE side on the negotiating table.

There’s no stopping the merger, especially with regulators closely monitoring its progress. The usual line whenever someone from the negotiating panel of either side bumps into regulators: “Is it done yet?”—Doris C. Dumlao

iRemit, MyRemit, whose remit?

The money transfer business continues to grow as more Filipinos cast their eyes on jobs overseas to add to the billions of dollars ($8.78 billion of as May) already being sent home annually.

But perhaps as a victim of its own success, one non-bank remittance company has grown irked that its name, or rather something with a similar ring to it, is being used by a smaller but potentially influential competitor.

We’re talking about the Tiu family’s iRemit, a leading non-bank money transfer firm that is also listed on the Philippine Stock Exchange, and MyRemit, which is owned by the international unit of ABS-CBN Corp.

We heard that iRemit is in talks with its lawyers over what it believes is causing confusion for its customers. It is claimed that the rival was also “riding on our goodwill.”

iRemit, owned by the same group behind Sterling Bank and the Discovery hotel chain, said it has not decided yet on how it would proceed with the issue.

MyRemit, recently re-branded from the less catchy Easy Remit, falls under ABS-CBN Global, the same unit that operates The Filipino Channel (TFC), the company’s overseas arm.

It was hard to get a handle on the size of MyRemit although information provided by ABS-CBN indicated that it was aggressively expanding in the Middle East as well as the United States, United Kingdom and Canada.

It’s too early to say how this matter would resolve itself. ABS-CBN, when asked by Biz Buzz for comment, has yet to respond. In the meantime, it might be good for OFWs to read the names of their money service providers more carefully or risk having their beneficiaries receive “no remit.”—Miguel R. Camus

Get business alerts and a preview of Biz Buzz the evening before it comes out. Text ON INQ BUSINESS to 4467 (P2.50/alert).


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Business , iRemit , mergers , MyRemit , Philippine Dealing System , Philippine Stock Exchange , remittance firms

  • blue_57

    ouch…bakit kasi inapprove ng DTI…

  • manufacturer2

    If MyRemit is forced to change its name because of iRemit, then MyPhone is in trouble with Apple and its product iPhone.

  • denillepascual

    its KPMG not KMPG :)



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • Obama due in Seoul as North Korea nuclear test fears grow
  • Hold departure order out vs Corona, Singson
  • Malaysia to release MH370 report–PM
  • Man found dead in Quezon City, alleged victim of summary execution–report
  • Aquino to lead Air Force turnover rites
  • Sports

  • Michael Phelps loses to Lochte in comeback meet
  • Sharapova advances to Stuttgart quarterfinals
  • Galedo caps ride of redemption
  • Beermen, Express dispute second semis slot today
  • Lady Agilas upset Lady Bulldogs in four sets
  • Lifestyle

  • ‘Recovered’ Banksy works on display ahead of sale
  • Marinduque: Visiting the ‘palm of the ocean’
  • First at Vatican in 60 years
  • How Jing Monis Salon gave Krissy the pixie
  • Want to be a supermodel? Work on your inner beauty, says Joey Espino
  • Entertainment

  • Paul McCartney to play at Candlestick concert
  • Kristoffer Martin: from thug to gay teen
  • Has Ai Ai fallen deeply with ‘sireno?’
  • California court won’t review Jackson doctor case
  • Cris Villonco on play adapted from different medium
  • Business

  • PAL hailed for ban on shark fin cargo
  • BSP to change tint of P100 bill
  • Nielsen sees car buying boom in the Philippines
  • How author of best-seller exposed ‘one percent’ economic elite
  • Bangko Sentral readies new bank lending rules
  • Technology

  • Cloud strength helps Microsoft earnings top Street
  • Vatican announces hashtag for April 27 canonizations
  • Enrile in Masters of the Universe, Lord of the Rings?
  • Top Traits of Digital Marketers
  • No truth to viral no-visa ‘chronicles’
  • Opinion

  • Editorial Cartoon, April 25, 2014
  • No deal, Janet
  • Like making Al Capone a witness vs his gang
  • MERS-CoV and mothers
  • A graduation story
  • Global Nation

  • China welcomes PH apology
  • Only 4 Etihad passengers not accounted for
  • Abandoned in Malta,15 PH seamen return
  • Senator hopes PH will also get same vow
  • HK victims to get P115M; traders raised money
  • Marketplace