BDO Unibank Inc., the biggest Philippine lender, may raise more capital after a $1 billion share sale two years ago as it expands outside Metro Manila to prepare for increased competition from foreign banks.
Melco Crown Entertainment Ltd.’s Philippine unit is seeking to raise as much as $129 million selling shares after it increased the budget for its Manila casino by about a third to 37 billion pesos ($840 million).
Bond investors are endorsing Philippine President Benigno Aquino’s view that his country has outgrown its label as the Sick Man of Asia, awarding it the same default risk as a nation rated two levels higher.
Teresita Sy-Coson sits down with her five siblings for lunch every Tuesday to plot the direction of the Philippines’ largest family-run conglomerate. The sessions start at 11 and invariably spill over the allotted two hours, says Sy-Coson, 63, chairman of BDO Unibank Inc. and the eldest child of Henry Sy, the country’s richest man.
SM Investments Corp., Philippine billionaire Henry Sy’s holding company, climbed to a record after it said it may merge its property units, which could unseat Ayala Land Inc. as the nation’s largest developer.
Henry Sy went from running a shoe store in Manila to become the Philippines’ richest billionaire and owner of the nation’s largest retailer. Now the Chinese immigrant plans to raise $1 billion to expand his bank.
SM Development Corp. , owned by Philippine billionaire Henry Sy , plans to build apartments in China as he aims to double the group’s number of shopping malls in the world’s fastest growing major economy. The stock rose to a record.