Moody’s Investors Service upgraded the credit ratings of several large private and government firms in the country, saying factors that led to the improved credit standing of the Philippine government have the same positive impact on the financial performance of the companies.
The state-run Philippine National Oil Co.-Exploration Corp. (PNOC-EC) registered losses of more than P122.4 million in an allegedly anomalous importation of almost 70,000 metric tons of Indonesian coal in 2009, according to an internal audit conducted by the energy firm.
The Home Guaranty Corporation, tasked with providing shelter for the homeless and the poor, has a P12-billion deficit and may not be able to accomplish all of its duties, according to the Commission on Audit.
The state-owned Home Development Mutual Fund or the Pag-IBIG is working with housing developers to ease constraints on house financing without sacrificing prudential remedial measures introduced in the aftermath of the Globe Asiatique (GA) controversy.
The state-owned Philippine Amusement and Gaming Corp. chalked up record-high revenues for the fourth consecutive month in August as robust gaming operations were complemented by the agency’s cost-saving measures.
The state-owned Development Bank of the Philippines posted a decline in net income in the first half, but said the profit during the period still kept the bank on track to meeting its target for the full year.
