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The bulls are loose at the Philippine Stock Market as stock prices continued to climb rapidly. The market outdid itself and the PSEi gained another 118.93 points to close 4.81% higher at 2,589.17, topping last Friday’s gain of 99.95 points. The PSEi has now gained over 23% since the start of the year. Foreign funds are snapping up local shares as Philippine companies have started announcing impressive first quarter results in the midst of an oil price crisis. Value turnover was huge with Php 5.3 billion worth of stock exchanging hands. Gainers decimated losers 69 to 38 while 52 shares were unchanged. Analysts believe that the market is currently at overbought levels but there is no end in sight for the buying spree. Analysts are expecting a correction anytime soon as investors seek to cash in their profits. However, the Philippines’ improving economy as well as other positive developments in fiscal policy are expected to prop up the local equities market in the near term.

JP Morgan upgrades Philippine Economy to “Overweight” as Stock Market posts biggest 1 day gain in 5 years - 5/8/2006

JP Morgan Securities Inc. has announced that it has upgraded the standing of the Philippines to “Overweight” due to a number of positive developments in the country’s economy. The securities firm cited improving fiscal and economic outlook as the reasons for the upgrade. It noted that the country is on track to produce a balanced budget by 2008 and that the country’s stock market is now picking up after lagging behind the other Asian equities market. Share prices on Friday jumped to the biggest 1 day gain in 5 years as it climbed 99.95 points to close at 2,470.24. The Philippine Stock Market’s main index (PSEi) has already gained 18% since the start of the year.

Union Bank of the Philippines (Stock Code : UBP) has announced that it is acquiring up to 100% of medium-sized International Exchange Bank (Stock Code : IBNK). Should UBP decide to buy 100% of IBank, the deal would amount to Php 13 billion. Major shareholders of IBank have already accepted the proposal from UBP. The merger would result to the Philippine’s 9th biggest bank in terms of assets. The deal is expected to be completed within 30 days.

Empire East board approves PHP 1B stock buyback plan - Empire East Land Holdings Inc. (Stock Code : ELI) has announced that it will buy back Php 1 billion of its stock from the Philippine stock market over the next 2 years. The objective of the move is to increase value for its shareholders. ELI's management has yet to determine the terms and conditions of the stock buyback plan.

Megaworld to announce pricing of stock offer or April 6 - Megaworld Corp. (Stock Code : MEG) has announced that it will set the final price of its stock offer on April 6, 2006. A trading suspension of the company's shares will start the day after the stock offer and will stay until April 21. The stock covered by the offering willbe publicly listed on April 24, 2006.

GMA Network to hold IPO in July - GMA Network Inc., the Philippines' No. 1 Television network has announced that it will finally offer its stock to the public via an initial public offering (IPO) by July this year. GMA was supposed to list at the Philippine Stock Exchange last year but was delayed due to internal disagreements between its major stockholders.

BPI declares 20% stock dividend - The Bank of the Philippine Islands (Stock Code : BPI) has declared a 20% stock dividend for its shareholders. The date of record and payment have yet to be set by the company pending the approval of the Philippine Central Bank.

Empire East declares 15% stock dividend - Empire East Land (Stock Code : ELI), one of the Philippines' top real estate companies also announced a 15% stock dividend to all shareholders on record as of July 13, 2006. The payment date will be on Auguest 8, 2006.

PNB to issue $100M Tier-2 Notes - The Philippine National Bank (Stock Code : PNB) has announced that it plans to issue at least $100 million worth of Tier-2 notes. This issuance will still have to be approved by the Philippine Central Bank. PNB is currently contolled by Philippine taipan Lucio Tan.

Robinsons Land Corporation (Stock Code : RLC) has acquired prime real estate at the heart of Manila after it completed negotiations for the 4 hectare property of the Philippine government-owned Manila Gas Corporation. RLC has paid Php 573 million for the said property which used to house an LPG refilling plant until it was shuttered a few years ago. Robinsons Land is the property arm of JG Summit Holdings, which is controlled by Philippine Taipan John Gokongwei.

Petron Corporation (Stock Code : PCOR), the Philippines' largest oil refiner and distributor has been granted a credit rating of 'AAA' by Philratings. This is the highest credit rating given out by the Philippine based ratings company. This means that Petron Corporation has a very strong capacity to meet its financial commitments relative to other Philippine corporations. Petron has maintained its 38% overall market share in the country despite the entry of new market players due to the deregulation of the Philippine oil industry.

Philippine Companies' Earnings Reports for Q1 2006 - 5/8/2006

San Miguel posts PHP 2.7 B Q1 net income; Up 7% - Philippine food and beverage giant San Miguel Corp. (Stock Code : SMC) has announced a net income of Php 2.7 billion for the first quarter of 2006. The amount is an improvement of 7 percent over last year's figures. Increased volume as well as the consolidation of recently acquired Australian dairy unit National Foods were cited as the drivers for the growth. The company has set a full year revenue growth target of 30%.

Globe posts PHP 3.5 B net income for Q1 2006; Up 19% - Globe Telecoms (Stock Code : GLO) has reported a net income of Php 3.5 billion for the first quarter of 2006, beating analyst expectations that the company’s growth will slow down this year. The company itself expects single digit growth for the Philippine telecoms industry as subscriber uptake is expected to decrease in the near term. The 19% growth rate was declared by the company as figures for last year were not available since Globe had to restate its income due to its adoption of new accounting standards.

SM Prime posts PHP 1.3 B net income for Q1 2006; Up 8% - SM Prime Holdings (Stock Code : SMPH), the country’s biggest mall operator controlled by Philippine Taipan Henry Sy has posted a net income of Php 1.3 billion for the first quarter of 2006. Increase in rental revenues from the opening of 4 new malls were cited as the main drivers for growth. The company is set to open 4 malls this year including the Php 7 billion Mall of Asia on May 21, 2006.

BENPRES Posts PHP 1.14 B Net Profits; Reverses 2004 losses- Benpres Holdings (Stock Code : BPC), the Lopez-controlled conglomerate has announced a net income of Php 1.14 billion pesos for 2005. This is a complete reversal from 2004’s losses of Php 1.83 billion. The bulk of the income was from power generation subsidiary First Philippine Holdings Corp (Stock Code : FPH).