PHILIPPINE stocks fell, posting their first back-to-back loss in three weeks. Megaworld declined after interest rates climbed for the fifth time since May.

“Higher rates will make mortgages expensive and slow property sales,’’ said Astro del Castillo, managing director of Manila-based First Grade Holding Inc., a financial management and advisory company. “Higher rates also mean higher cost of doing business.’’

Bank of the Philippine Islands and Banco de Oro-EPCI Inc. rose after the stocks were rated “outperform’’ by Credit Suisse Group in initial coverage. Ayala Corp. climbed after the company said it will buy back shares from the market.

The Philippine Stock Exchange index lost 13.11, or 0.4 percent, to 3,267.97 at the close, after sliding 1.6 percent Monday. It’s the first back-to-back decline since a six-day losing streak ended August 17.

Megaworld, the second-biggest developer by market value, dropped 5 centavos, or 1.5 percent, to P3.20, completing a 5.9 percent, two-day loss. That’s the stock’s biggest two-day drop since the week ended August 17.

Vista Land, the fourth-biggest property builder by market value, declined 10 centavos, or 2 percent, to P4.90. Filinvest Land, the fifth-largest builder by market value, fell 6 centavos, or 4.1 percent, to P1.40.

The yield on the 91-day security, which banks use as a benchmark for loan rates, increased yesterday to 3.769 percent from 3.731 percent at the previous sale of the debt on August 28. It’s the fifth time the yield has risen since May 21.

Bank of the Philippine Islands, the nation’s largest lender by market value, gained 50 centavos, or 0.8 percent, to P62.50. The bank “has the strongest franchise in consumer lending, which should remain the main growth driver for Philippine banks,’’ Gilbert Lopez, head of research at the Manila unit of Credit Suisse, said.

Banco de Oro, the second-largest lender by assets, gained 50 centavos, or 0.9 percent, to P57. The bank’s share price may climb to P68 in the next 12 months, Lopez said.

Ayala Corp., the biggest developer by market value, climbed P7.50, or 1.6 percent, to P470 after it said it will spend P2.5 billion to buy back its shares from the market and boost the value of the stock. Ayala has declined 4.4 percent this year, compared with a 9.6-percent gain in the main stock index.

“The program should be more bullish for the stock price as the program reflects the confidence of management in its own stock amid market volatility,’’ Jeanette Yutan, a Manila-based analyst at JPMorgan Chase & Co., said.

Shares worth P3.67 billion were traded, 33-percent less than the six-month daily average. Losers beat gainers 83 to 30, with 51 stocks unchanged in the broader market.

GREENWICH Pizza Corp. has embarked on a new marketing strategy, investing hard-earned cash to attract young professionals.

The pizza restaurant operator, a unit of Jollibee Foods Corp., has also opened its 244th store Tuesday.

SEC OKs Asian Hospital, Health Care merger

THE Securities and Exchange Commission has approved the merger of Asian Hospital Inc. and Health Care Properties Inc. with the former as the surviving entity.

PHILIPPINE stocks fell, posting their first back-to-back loss in three weeks. Megaworld declined after interest rates climbed for the fifth time since May.

SAN Miguel Corp. (SMC), Southeast Asia’s largest food and beverage conglomerate, will likely go into a massive propagation of the lowly malunggay—Moringa oleifera—as part of efforts to help government fight hunger and poverty.

A company specializing in enterprise security solutions said yesterday that ways in protecting the enterprise is now experiencing a paradigm shift.

The Securities Regulation Code of 2000 has provisions on the powers and functions of the SEC to issue cease and desist orders (CDO) to prevent fraud or injury to the investing public (Section 5 (i) of the SRC) and to punish for contempt of the Commission, both direct and indirect, in accordance with the pertinent provisions of and penalties prescribed by the Rules of Court (Section 5 (j) of the SRC).