House Has Enough Votes to Pass Budget Easing $63 Billion in Cuts
Philippine Stocks: Bank of Philippine Islands, Lepanto, Metro
The Philippine Stock Exchange Index (PCOMP) rose 0.1 percent to 5,043.52, its first gain in four days.
Bank of the Philippine Islands (BPI PM), the nation’s biggest bank by market value, increased 2.7 percent to 75.45 pesos, the steepest advance since March 13. The bank’s lending grew 16 percent in the first two months of the year, compared with a 12 percent forecast in the near term, a stock exchange filing showed in response to a Philippine Daily Inquirer report.
Lepanto Consolidated Mining Co.’s Class B shares (LCB PM), which have no ownership restrictions, jumped 6.5 percent to 1.63 pesos, the most since Nov. 22. Its Class A shares (LC PM), which are reserved for Filipinos, gained 5.6 percent to 1.52 pesos.
Gold Fields Ltd. said it completed the purchase of a 40 percent stake in the company’s Far Southeast project. Gold Fields also plans to buy an additional 20 percent in the project from Lepanto and expects to complete this purchase in the second half of the year, it said in a statement.
Metro Pacific Investments Corp. (MPI) rose 4.2 percent to 4.18 pesos, the largest increase since March 15. A toll-road project that the government plans to open for bidding may receive funding from investors of a casino complex being built in Manila, ABS-CBN News reported, citing Public Works Secretary Rogelio Singson. The toll road is one of the state projects that Metro Pacific plans to bid for, the company said in January. Metro Pacific President Jose Lim couldn’t be reached in his office for comment.
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