Balita.org: Your Premier Source for Comprehensive Philippines News and Insights! We bring you the latest news, stories, and updates on a wide range of topics, including politics, culture, economy, and more. Stay tuned to know everything you wish about your favorite stars 24/7.
MANILA, Philippines — The Department of the Interior and Local Government (DILG) stressed that it does not have the power to impose a preventive suspension on an official of a local government unit (LGU).
MANILA, Philippines — Ramon Ang-led San Miguel Corp. is set to build an airport express hotel next to the Ninoy Aquino International Airport Terminal 2 north wing, the Department of Transportation said.
MANILA, Philippines — The Philippine Coast Guard (PCG) on Monday sent 110 personnel to six “critical” regions to enhance law enforcement at sea.
Agriculture Secretary Francisco P. Tiu Laurel Jr. said Monday the government is promoting sustainable agriculture to ensure sufficient supply of and affordablly-priced food for future generations.
MANILA, Philippines — The Bureau of Immigration (BI) has apprehended an Australian national who is said to be an alleged member of the Mexico-based Sinaloa drug cartel.
Ayala Corp [AC 620.00 ?1.3%; 131% avgVol] [link] disclosed that its subsidiaries, Michigan Holdings and Philwater Holdings, would sell their combined holdings in Manila Water Company [MWC 26.60 ?1.5%; 123% avgVol] to Trident Water Company Holdings (TWC), which is owned by MWC’s current owner, Enrique Razon. The combined value of the two sales to TWC is P14.5 billion. The block of shares coming to TWC through Michigan Holdings was already processed and paid for (~P12.9 billion), and the remaining P1.6 billion worth of shares from Philwater Holdings will be purchased in installments over the next five years. AC confirmed that it will have no post-transaction common share interest in MWC, and that its voting stake will be “nil”. MB BOTTOM-LINE: In a weird way, the transfer of ownership and control of MWC from the Zobel Family to the Razon Family is one of the few lasting “achievements” of the Duterte administration. I put “achievements” in quotation marks because it’s not clear how the President’s overreach into the public markets benefitted anyone other than the obvious (MWC’s current owner). As longtime readers of MB will know I have a deep respect for Mr. Razon’s business acumen and operational quality, but I don’t know that MWC customers have necessarily felt any change as a result of this transfer, and I don’t know that minority shareholders have felt any change either. So maybe it was just Mr. Razon in the right place at the right time while Duterte rode the media waves of threatening the Zobels with death and dismemberment? Yeah, it was a weird time.
MANILA, Philippines — State gaming regulator and operator Philippine Amusement and Gaming Corp. (PAGCOR) has issued a total of 40 licenses to so-called offshore gaming operators – previously referred to as Philippine offshore gaming operators or POGOs – which it has now termed as internet gaming licensees (IGL).
MANILA, Philippines — Protests will continue today amid the ongoing crackdown against colorum or unauthorized public utility jeepneys (PUJ), transport group Manibela said.