Hong Kong-based First Pacific Co. Ltd. has extended a $200-million loan to Philex Mining Corp. to pave the way for the resumption of mining operations at the Padcal mine in Benguet.
The First Pacific group will invest around P73 billion in the Philippines this year through various operating businesses such as water, toll road, power generation, hospitals, telecommunications and mining.
Increased contribution from Philippine businesses boosted the net profit of Hong Kong-based First Pacific Co. Ltd. by 16.3 percent to $219.3 million in the first six months, compared with the same period last year. The unaudited six-month financial results of First Pacific—a regional company owned by the Salims of Indonesia and led by Filipino businessman [...]
Hong Kong’s First Pacific Co. Ltd., led by local business tycoon Manuel V. Pangilinan, may scale back its investments in the Philippines following a recent Supreme Court decision that may change rules on the participation of foreigners in certain industries. Pangilinan said the high court’s decision, which declared First Pacific’s ownership of Philippine Long Distance [...]
MANILA, Philippines—The First Pacific group has cemented its position as the single largest voting bloc in Manila Electric Co. with the purchase of a 4-percent additional stake in the utility, an acquisition backed by an P11-billion credit facility. In a disclosure to the Philippine Stock Exchange on Tuesday, Metro Pacific Investments Corp. president Jose Ma. [...]
