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Business Mirror

Saturday
Nov 21st
Banking & Finance
SBC stock-rights offer fully subscribed PDF Print E-mail
Banking & Finance
Written by Erik de la Cruz / Reporter   
Thursday, 19 November 2009 21:10

SECURITY Bank Corp. (SBC) has sold a total of 89.3 million new common shares to eligible shareholders, completing its stock- rights offering that raised P2.5 billion in fresh capital for expansion.

In a disclosure to the stock exchange, the midsize lender said shareholders had bought a total of 86.87 million shares during the first round of the offer and another batch consisting of 2.4 million shares in the second round.

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Peso stays firm despite runaway deficit, seen at 44:$1 by end-2010 PDF Print E-mail
Banking & Finance
Written by Erik de la Cruz / Reporter   
Thursday, 19 November 2009 21:07

THE peso appears to be more resilient now to the country’s budget-deficit woes, staying on Thursday within a familiar range and is projected to appreciate further toward the 44-per-US dollar level by the end of 2010.

The government on Wednesday announced the deficit had ballooned to P266 billion as of end-October, exceeding the full-year deficit ceiling of P250 billion, and may widen further to P300 billion by end-2009.

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Nonprofit microfinance organizations seek tax exemption PDF Print E-mail
Banking & Finance
Written by Jun Vallecera / Reporter   
Thursday, 19 November 2009 21:06

Nonprofit microfinance entities under the Microfinance Council of the Philippines Inc. (MCPI) urged regulators to exempt them from all tax impositions in exchange for an all-inclusive 2-percent tax on gross income.

MCPI president Ruben de Lara explained that as nongovernment organizations (NGOs), their members perform a service rather than engage in a business where money is the ultimate goal.

Lara then urged House ways and means committee chairman Exequiel Javier to craft the proposed legislation in a manner consistent with this view and honor a service that has a P9-billion loan portfolio benefiting some 1.7 million Filipino households.

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