THE Philippine Stock Exchange index Tuesday declined 14.84, or 0.5 percent, to 2,969.83 at the close, extending this year’s loss to 18 percent.

The measure had its first loss after completing a 7.5-percent climb in the previous seven days, its longest winning streak in almost four months.

Ayala Land Inc. (ALI PM), the largest Philippine builder by value, added 25 centavos, or 2.3 percent, to P11. The company said yesterday it sold a property in the nation’s financial district to rival, Megaworld Corp.

IPVG Corp. (IP PM), the Philippine Internet content and online games provider, dropped 20 centavos, or 3.3 percent, to P5.80, its sharpest slide in two weeks. The company said it guaranteed a $7 million loan obtained by its call-center unit.

Lepanto Consolidated Mining Co.’s Class A shares (LC PM), equity exclusively for Filipinos in the nation’s largest gold producer, dropped 1 centavo, or 2.8 percent, to 35 centavos, its biggest loss since March 13. Its Class B shares (LCB PM), which have no ownership restrictions, dropped 3 centavos, or 7.9 percent, to 35 centavos, its largest decline in two months. Gold for immediate delivery fell 1.5 percent to $916.88 an ounce Monday.

Makati Finance Corp. (MFIN PM) jumped P1.30, or 50 percent, to P3.90 on its first day of trading since March 24 and since it won approval to sell shares to raise up to P166.2 million of capital. The stock is the biggest gainer on the stock market so far Tuesday.

Robinsons Land Corp. (RLC PM), the third-largest Philippine homebuilder by market value, fell 50 centavos, or 4.9 percent, to P10.75, the sharpest gain since January 25. The company said today that it will build homes in a 7-hectare property adjacent to a former US airbase north of Manila. (Bloomberg)

GLOBE Telecom expects revenue growth to taper off this year, saying the trend appears to have softened amidst a slowdown in the economy.

FPHC may raise funds to refinance $70-M debt

FIRST Philippine Holdings Corp. (FPHC) may raise more funds this year to refinance a $70-million maturing loan in 2009.

THE Philippine Stock Exchange index Tuesday declined 14.84, or 0.5 percent, to 2,969.83 at the close, extending this year’s loss to 18 percent.

CISCO Systems Inc. said it has beefed up the Web Reputation Filters of its IronPort Systems business unit with significant enhancements.

PROPERTY developer Ayala Land Inc. (ALI) has sold its ownership in three minor subsidiaries to Megaworld Corp. for P902 million. The transaction was completed on Monday.

CEBU Pacific (CEB), the airline unit of JG Summit Holdings Inc., is adding a fourth daily service to its Manila-Hong Kong route starting June 30 in response to growing demand.

Jurisprudence teaches that the governing principle is primus tempore, potior jure (first in time, stronger in right) is utterly significant in the use of a corporate name.