Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Philippine Stocks: Bank Philippine Islands, Energy Development

March 13 (Bloomberg) -- Shares of the following companies had unusual moves in Philippine trading. Stock symbols are in parentheses and prices are as of the close of trading in Manila.

The Philippine Stock Exchange Index rose 0.6 percent to 5,005.75.

Banks: Bank of the Philippine Islands (BPI PM), the nation’s third-largest bank by assets, increased 4.4 percent to 75.20 pesos, a record close. The shares led gains in Philippine lenders on speculation lower interest rates will boost loan demand. Metropolitan Bank & Trust Co. (MBT PM), the second-largest, climbed 4.8 percent to 86.30 pesos, the highest close since March 1997.

The stocks advanced as the yield on the 8 percent peso bond due July 2031 fell for the fifth day in six, dropping seven basis points to 5.66 percent, according to Tradition Financial Services. Bangko Sentral ng Pilipinas may pause after cutting benchmark interest rates twice so far this year to 4 percent, the lowest level in a year, Governor Amando Tetangco wrote in a March 10 e-mailed reply to questions.

“When interest rates are low, that’s the time when demand for loans pick up,” April Lee Tan, head of research at, said by phone.

Energy Development Corp. (EDC PM), the nation’s largest power producer using geothermal energy, climbed 2.5 percent to 5.73 pesos, the highest close since Feb. 6, after reiterated a buy rating on the stock.

“Energy Development’s valuation is still very compelling,” said George Ching, an analyst at Manila-based He forecast the stock will rise to 8.36 pesos in 12 months. Thirteen of 16 analysts recommend investors own the shares, while three have “sell” ratings.

SM Development Corp. (SMDC PM), a builder of residential towers, climbed 1.3 percent to 7.31 pesos, the sharpest gain since March 5. Its parent SM Investments Corp. (SM PM) said the property company will start five new projects this year. SM Investments increased 3 percent to 659 pesos, the highest close since Feb. 10.

To contact the reporter on this story: Ian Sayson in Manila at

To contact the editor responsible for this story: Darren Boey at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.