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PHL shares climb on last-minute bargain hunting


PHL shares climb on last-minute bargain hunting
April 29, 2021 | 9:00 pm
COURTESY OF PHILIPPINE STOCK EXCHANGE, INC.
SHARES closed higher on Thursday on last-minute bargain hunting and as the country recorded slightly lower new coronavirus disease (COVID-19) cases the previous day.
The Philippine Stock Exchange Index (PSEi) rose by 18.37 points or 0.28% to close at 6,487.51 on Thursday, while the broader all shares index gained 10.46 points or 0.26% to end at 3,967.96.
“The local bourse traded mostly in the red territory after the government extended the MECQ (modified enhanced community quarantine) in Greater Manila, which would adversely affect those businesses that are prohibited to operate, as well as those whose operations are at a limited capacity only like restaurants, malls, etc,” Philstocks Financial, Inc. Research Associate Claire T. Alviar said in a Viber message. ....

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New lockdown threatening economic recovery


BusinessWorld
April 22, 2021 | 8:15 pm
REUTERS
THE new lockdown imposed on Metro Manila and nearby provinces is threatening the economic recovery, according to First Metro Investment Corp. (FMIC) and University of Asia and the Pacific (UA&P).
“The uncertainties (as to duration and extent) arising from the new quarantine restrictions (Enhanced Community Quarantine, ECQ, as the most stringent) imposed by the government since Holy Week as COVID cases surged to new highs can sideswipe the still-fragile recovery,” FMIC and UA&P said in their April issue of The Market Call released Thursday.
The new lockdown will exert upward pressure on prices, especially with supply chains disrupted again. However, it said the decline in global oil prices will temper inflation. ....

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Monetary Board approves FMIC's surrender of quasi-bank license


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THE CENTRAL BANK has approved First Metro Investment Corp.’s (FMIC) voluntary surrender of its quasi-banking license, with the firm to continue operating as an investment house.
The BSP’s Monetary Board approved the voluntary surrender through Resolution No. 355 dated March 25, according to Circular Letter No. 2021-027 signed by Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi G. Fonacier.
“Just to clarify, what is being surrendered is just the quasi-banking license of FMIC and not its investment house license,” Ms. Fonacier said in a text message. “Quasi-banking license is a special authority granted by the BSP.”
Under the BSP’s Manual of Regulations for Non-Bank Financial Institutions, an entity with a quasi-banking function can borrow funds from 20 or more lenders at any one time through instruments such as acceptances, promissory notes, participations, certificate of assignment, trust certificates, and repurcha ....

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