THE Lucio Tan group, through Allied Banking Corp., is raising to 75 percent its stake in New York Life Insurance (Phils.) Inc., acquiring the controlling position in the life insurance firm.

Through a share purchase deal with New York Life International LLC., Allied Bank will increase from 25 percent to 75 percent its ownership in New York Life Philippines.

The 25 percent belong to shareholders of Allied Bank, led by business tycoon Lucio Tan.

Upon approval of the sale by the Philippine Insurance Commission, New York Life International will cease to own equity in New York Life Philippines.

“We saw an opportunity to build upon our successful bancassurance channel and extend our reach throughout the Philippine life insurance market. Moving forward, we are dedicated to improving our services by adding new, innovative products that meet our clients’ diverse requirements,” Allied Bank president Reynaldo Maclang said in a statement.

Bancassurance is the selling of insurance through a bank’s distribution channel. New York Life International’s agency distribution expertise and international knowledge paved the way for a strategic partnership between New York Life Philippines and Allied Bank in 2002. With the backing of the two companies, the growth of the bancassurance channel in a period of five years made Allied Bank keen on gaining a larger share in New York Life Philippines.

Maclang said with 283 branches nationwide and a competent bancassurance force, Allied Bank is well positioned to further expand New York Life Philippines’ operations.

Allied Bank is ninth in terms of resources among private commercial banks in the Philippines. It ranks fifth in terms of branches, with 283 offices and 230 ATM’s nationwide.

In February 2000, the Insurance Commission granted New York Life International’s arm in the Philippines a license to operate. New York Life Philippines started its operations in August 2001, becoming involved in non-traditional methods of policy selling via agency distribution, bancassurance, direct, worksite and brokerage marketing.

New York Life Philippines has 10 general offices in key cities nationwide with more than 1000 licensed agents. Earlier, the company sealed a marketing alliance with Loyola Plans allowing customers of both companies to get the best protection and insurance products in the market today.

THE Lucio Tan group, through Allied Banking Corp., is raising to 75 percent its stake in New York Life Insurance (Phils.) Inc., acquiring the controlling position in the life insurance firm.

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THE Philippine peso rose on speculation investors are buying the currency to take part in initial public share sales. Bonds may fall on budget deficit concerns.

The Philippines’ key stock index dropped for a second day since advancing to a record. Investors judged recent gains as excessive and many cashed in on gains.

PHILIPPINE Long Distance Telephone Co. (PLDT) wrote the Philippine Stock Exchange on June 12, 2007 that on May 17, 2007, Philippine Telecommunications Investment Corp. (PTIC) lodged 12,695,848 PLDT common voting shares with Philippine Depository and Trust Co. The lodged shares reduced PTIC’s directly owned 26,034,263 PLDT common voting shares to 13,338,415 shares.

LOS ANGELES—The PlayStation 3 plays video games and high-definition movies. Now Sony Corp. wants the game console to play better with consumers’ wallets.