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It is not every day that conglomerate head Jaime Augusto Zobel de Ayala addresses the employees of an Ayala company directly. But the impending leadership change at Bank of the Philippine Islands prompted just such a message. The unusual communication underscored the importance Ayala places on succession at one of the country's biggest commercial banks.
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Talk of a leadership change is brewing at Bank of the Philippine Islands (BPI), where Jose Teodoro “TG” Limcaoco has spent the past five years building one of the strongest runs in the bank's history.
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Philippine-listed DoubleDragon Corporation is expanding its hospitality footprint into Africa after subsidiary Hotel101 Global signed binding agreements to develop hotels across Egypt, beginning with a P6.44-billion project in Cairo.
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GCash is set to become the Philippine Stock Exchange’s biggest listing today, but the stock performance of other large firms on the bourse suggest its first trading day may be anything but spectacular. The country’s five largest completed IPOs, ranked by total offer size including secondary shares and overallotments, all failed to deliver positive first-day returns.
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The chair of the Philippines’ oldest conglomerate called on business leaders to work together on issues that shape the country’s competitiveness, saying private enterprise and national progress remain deeply linked as the Philippines enters a more uncertain global environment.
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The business organization announced the selection on Friday, October 16, recognizing the two executives for their leadership, management accomplishments and contributions to Philippine business and society. The recognition places Gokongwei and Salazar among a select group of business and government leaders honored by MAP over the award's six-decade history.
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San Miguel said it did not receive dividends on the Meralco shares during the 17-year period because ownership had not yet been transferred. It estimates that dividends that would have accrued over that period reached about P13 billion. After factoring in the cost of money over the same period, it placed the present value of those forgone dividends at about P21 billion.
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GCash’s nearly $1-billion IPO is already drawing several billion dollars in institutional demand, giving early backers a lucrative exit as a new wave of global money piles in.
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GCash has come a long way from moving money by text message, with its record IPO now valuing the fintech at P442 billion and placing it among the country’s three most valuable financial firms and even some top conglomerates.
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