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PHILIPPINE DAYBOOK: Ayala, Philex, Stock Index, San Miguel

Sept. 21 (Bloomberg) -- The benchmark Philippine Stock Exchange Index may continue to climb to a record on earnings and economic growth, Leo Quinitio, vice president and head of capital markets development, said in an interview.

EVENTS: *Central bank to hold press briefing on the nation’s balance of payments position at 2:30 p.m. *Budget Secretary Florencio Abad and Senator Teofisto Guingona to speak at a forum on open budget at 9 a.m. *Target subscription payment date for San Miguel Corp.’s (SMC PM) Series 2 preferred shares

EQUITIES: *Ayala Corp. (AC PM) and A. Brown (BRN PM) to start building a 135-megawatt power plant in Iloilo province in the fourth quarter and target starting operations by 2015. Ayala through a unit is gradually building its power portfolio, the company said in a disclosure to the stock exchange. *Globe Telecom (GLO PM) said a test conducted by the industry regulator showed its legacy network outperformed rival Smart Communication’s modernized network in terms of grade of service. *Philex Mining (PX PM) cuts 2012 profit forecast to between 1.5 billion pesos and 1.7 billion pesos from original target of 4 billion pesos because its Padcal mine is expected to be shut until year-end following a spill in August, Chairman Manuel Pangilinan said in a pre-taped interview shown at a mining conference in Manila yesterday. *San Miguel (SMC PM) hasn’t decided whether to re-issue its Series 1 preferred shares. The redemption proceeds of the shares and their unpaid cash dividends will be paid on Oct. 5.

MARKETS: *Philippine Stock Exchange Index falls 0.4 percent *Peso falls 0.3 percent *MSCI Asia Pacific Index falls 1.4 percent *Dow Jones Industrial Average gains 0.1 percent

To contact the reporter on this story: Cecilia Yap at cyap19@bloomberg.net

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