The board of Ayala Land Inc. (ALI) has approved a strategic partnership with a group led by Ignacio Ortigas for the purpose of allowing the property giant to invest in privately held OCLP Holdings, the parent company of urban property developer Ortigas & Co.
Land Bank’s loans to its priority sectors reached P177.2 billion as of June 2012, representing 73.9 percent of the bank’s total loan portfolio of P239.9 billion.
Moody’s Investors Service improved its outlook on the country’s four biggest banks from “stable” to “positive,” indicating a probability of better credit ratings in the near term given their generally sound financial performance.
High-rise residential developer SM Development Corp. has acquired for P1.25 billion a prime property on EDSA corner Madison Street, currently occupied by pharmaceutical manufacturer Euro-Med Laboratories Phils. Inc.
State-run Philippine National Oil Co. (PNOC) has tapped Land Bank of the Philippines to manage P141 million worth of funds that it has earmarked for the commercialization of renewable and other off-grid energy technologies in the Philippines.
Land Bank of the Philippines generated a net income of P6.2 billion as of July, growing by 24 percent from P5 billion in the same period last year. LBP is thus confident that it would be able to exceed its net income target of P8.5 billion for the whole of 2011. “Definitely, we [the bank] [...]
MANILA, Philippines—Loans extended by the Land Bank of the Philippines to its so-called priority sectors increased during the first quarter as the government financial institution ramped up its lending efforts to its constituents. In a press statement, Landbank said that loans to its priority sectors reached P160.8 billion as of end-March. That was 22.8 percent, [...]
