THE board of directors of lender Makati Finance Corp. has approved the declaration of stock dividends worth P2.26 million payable to shareholders as of July 17, 2008, the firm said in a disclosure to the Philippine Stock Exchange.

The board also approved the declaration of cash dividends totaling P2.26 million or an equivalent of P0.025 per share payable to all shareholders as of July 17, 2008.

Makati Finance said both dividends will be taken from the unissued capital stock. Stock dividends will be paid not later than August 12, 2008. It said fractional shares will be paid in cash. Cash dividends will also be paid on the same date.

The board, in its June 19 meeting, also approved a tentative record date of July 4, 2008, and a payment date of July 7, 2008, for the 55.8244-percent stock dividend representing a maximum amount of 50,241,970 shares of stock declared by the firm on November 6, 2007. 

For the first quarter of 2008, the firm posted a net income of P4 million. Its net income for 2007 was P15 million 2007. 

BANKS lapped up every single one-year paper that the Bureau of Treasury auctioned on Monday.

The government sold all P6 billion worth of Treasury bills at 8.7 basis points lower than the rate two weeks earlier.

Peso falls as funds abroad may sell shares

THE Philippine peso fell by the most in almost two weeks on speculation foreign funds will add to sales of the nation’s stocks on slowing economic growth and higher interest rates.

PNB completes Tier 2 notes issuance; offer is oversubscribed

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THE Bank of the Philippine Islands (BPI) has been named the Best Sub-Custodian Bank in the Philippines in the 2008 Global Finance magazine survey. The survey measures the reliability of custody services provided in local markets and regions to global clients.

THE board of directors of lender Makati Finance Corp. has approved the declaration of stock dividends worth P2.26 million payable to shareholders as of July 17, 2008, the firm said in a disclosure to the Philippine Stock Exchange.