News

San Miguel Corp. continues to invest heavily in the Philippines’ future

The work of nation-building never stops. And for San Miguel Corp. (SMC), one of the country’s largest and most diversified and profitable conglomerates, not even the unprecedented COVID-19 pandemic should get in the way. Its history is so intertwined with that of the Philippines that it believes that it has the moral commitment to push ahead with key multibillion-peso investments neede...

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PDIC’s foreclosed real estate portfolio hits P19 billion

MANILA, Philippines — State-run Philippine Deposit Insurance Corp. (PDIC) has more than P19 billion worth of real estate properties from banks ordered closed by the Bangko Sentral ng Pilipinas (BSP). The money could be used to beef up PDIC’s buffer to pay out deposit insurance claims. PDIC president Roberto Tan earlier told the Senate Committee on Banks, Financial Institutions, a...

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DILG lifts ban on demolition, eviction of informal settlers

MANILA, Philippines — Local government units (LGUs) may now resume the eviction of informal settler families (ISFs) in so-called danger areas. The Department of the Interior and Local Government (DILG), in a memorandum circular dated March 11, has lifted its previous directive last April 2, 2020 postponing all administrative demolition and eviction activities. The national government o...

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Housing department seeks higher funding

MANILA, Philippines — The local housing sector is in need of more funding from the government to ensure decent living conditions for all, according to the Department of Human Settlements and Urban Development (DHSUD). DHSUD chief Eduardo del Rosario said he is optimistic that the National Housing Development, Production and Financing Act of 2019 would soon be enacted into law. The bill...

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Nat'l housing dev’t, financing bill passage pushed

MANILA – Citing the urgent need to eradicate homelessness in the country, Senator Christopher Lawrence “Bong” Go on Wednesday called for renewed support for a bill he has filed in July 2019, which aims to provide continuous funding support for a large scale pro-poor housing program in the country. Senate Bill No. 203, or the National Housing Development, Production and Fi...

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Fast facts about REIT

A Real Estate Investment Trust (REIT) is a corporation that: • is listed on a public stock exchange with at least 33 percent of its outstanding shares owned by the investing public; • must invest 75 percent of its total assets in income-generating real property; • must distribute 90 percent of its unretained earnings to its shareholders; and • must have a minimum pa...

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