Fitch lowered outlook on banking sector. Fitch downgraded its sector outlook on local banks to ‘deteriorating’ from ‘neutral’, citing the Philippine’s vulnerability to higher inflation & weaker economic growth with the Middle East conflict.
Latest WESM rates up. Independent Electricity Market Operator of the Phils. (IEMOP) reported the systemwide Wholesale Electricity Spot Market (WESM) rate jumped 38.5% to P7.79/kWh in May due to tighter supply conditions amid extreme summer heat.
$NIKL unit signed Operating Agreement for Zambales mineral claim. NIKL’s fully-owned unit, Samar Nickel Mining Resources Corp. entered into an Operating Agreement with San Juanico Resources,
granting Samar Nickel the right to operate San Juanico’s mineral claim holdings under MPSA 265-2008-III, covering 3.432mn ha. In Candelaria & Sta. Cruz, Zambales, believed to contain nickel ore & other associated minerals.
$PLUS unit-NCLI entered collaboration for online gaming project of LaVie Casino Manila. New Coast Leisure (NCLI), & PLUS’ fully-owned, Total Gamezone Xtreme Inc. (TGXI),
entered into a 2-year Cooperation Agreement for non-exclusive collaboration on integration, aggregation, provision, technical support & operation of approved online games & gaming content through the online gaming platform & operations of LaVie Resort & Casino Manila.
$ROX unit raises P600mn from sale of sugar refinery equipment. ROX’s fully-owned unit, Central Azucarera don Pedro, Inc. (CADPI), signed a Deed of Absolute Sale (DoAS)
covering idle machineries & equipment used in the operations of sugar refinery in Nasugbu, Batangas, in favor of Infinity Multi-Agri Dev’t. Corp. for P600mn. Full payment is seen by Dec. 2026.
$ASLAG gets CoC for Pampanga solar photovoltaic facility. ASLAG has received from ERC the Certificate of Compliance (CoC) for RASLAG-IV in Magalang, Pampanga, with rated capacity of 36.646MWp/26.4MWac. This facility has been operational & generating electricity since Oct. 2024.
$MEG unloaded MREIT shares to raise P3.4bn. MEG sold 246mn MREIT shares at P13.75/share, or P3.384bn via a block sale last 9 June 2026. Proceeds shall be settled 11 June.
$RLC unit-Bahaideals tandem. RLC Residences of RLC teamed-up with digital real estate platform, Bahaideals to give access to homebuyers. The collab supports RLC’s international marketing initiatives.
Talks with KKR on Maya IPO ongoing. $TEL chief Manuel V. Pangilinan (MVP) said discussions are ongoing with KKR & Co., on Maya’s planned IPO. MVP noted once the issues are addressed, Maya’s IPO plan may proceed, as KKR may opt for a trade sale instead.
US shares lower. Renewed US-Iran tensions weighed on equities, after Pres. Trump said the US would attack Iran again if no peace deal is secured. DJIA -953 points, 49,918 (-1.87%), Nasdaq Comp. -509 points, 25,169 (-1.98%).
Compliance on building code at the center of OCD’s scrutiny. Office of Civil Defense (OCD) spokesperson Junie Castillo said building-code enforcement is being scrutinized, given the 7.8 magnitude earthquake that struck Mindanao.