The Philippine Stock Exchange Index rose 0.8 percent to a record 4,458.74.
Banks & Builders: Funds sent home by overseas Filipinos grew 6.9 percent in May from a year earlier to $1.7 billion, accelerating from a 6.3 percent gain in April, according to the central bank. Remittances usually pass through banks and help fund property purchases. Banco de Oro Unibank Inc. (BDO) , the nation’s largest bank by assets, increased 0.9 percent to 57 pesos. Ayala Land Inc. (ALI) , the nation’s largest developer, rose 0.6 percent to 16.20 pesos.
Cebu Air Inc. (CEB) : The nation’s largest budget carrier signed six-year operating lease agreements with RBS Aviation Capital for two new Airbus A320 aircraft for delivery on March 2012, a stock-exchange filing showed. The stock gained 0.5 percent to 86.50 pesos.
Energy Development Corp. (EDC) : The largest Philippine geothermal company has applied for more than 10 projects in Chile and expects $75 million in loans from the International Finance Corp., the Philippine Star reported, citing President Richard Tantoco. Tantoco couldn’t be reached in his office for comment. The stock fell 0.6 percent to 6.88 pesos.
First Philippine Holdings Corp. (FPH) : The company bought back 129,530 of its own shares at 60.90 pesos each in the open market, a stock exchange filing showed. The stock climbed 0.6 percent to 61.25 pesos.
MacroAsia Corp. (MAC) : The Philippine provider of in- flight services forecast net income to range between 200 million pesos to 300 million pesos this year, lower than the 401 million pesos reported in 2010, President Joseph Chua said. The stock increased 1 percent to 3.18 pesos.
San Miguel Corp. (SMC) : The nation’s largest food and drinks company may bid for contracts to explore for oil and gas and a $1.3 billion natural gas pipeline in the Philippines, the Philippine Daily Inquirer reported, citing President Ramon Ang. Ang couldn’t be reached in his office for comment. The stock decreased 0.4 percent to 128.60 pesos.
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