More financial institutions have come forward to declare that they have no exposure to bankrupt Lehman Brothers Holdings Inc.

The House of Investments Inc. and Bankard, both members of the Yuchengco Group of Companies, have said they have no exposure in Lehman.

Banco Filipino Savings and Mortgage Bank, First Metro Investment Corp., ATR KimEng Financial Corp., Vantage Equities Inc. and First Abacus Financial Holdings Corp. also said they have no exposure to the failed US bank.

Earlier, Bangko Sentral ng Pilipinas governor Amando Tetangco said there are some banks that have exposures to Lehman Brothers in the form of structured products but the total amount is minimal, representing 0.3 percent to 0.4 percent of total assets in the local banking system.

Banco de Oro Unibank, Development Bank of the Philippines, Metropolitan Bank and Trust Co., Rizal Commercial Banking Corp., Standard Chartered Bank Manila, Bank of Commerce, and United Coconut Planters Bank reported a total of $386-million exposure to Lehman Brothers. 

Since the BSP has a stand-by facility for bank that need funds, Tetangco said lenders are unlikely to use it because there’s adequate money supply.

He said remittances remain to be a significant source of the money-market liquidity. Remittances from Filipinos working abroad increased by 18 percent in the first seven months of the year to $9.6 billion.

Connectivity Unlimited Resource Enterprise’s (Cure) ad-funded mobile phone service may have created a huge interest, forcing the company to temporarily suspend the processing of new subscriber applications and combine its systems with parent firm, Smart Communications Inc.

Epson targets graphics firms with new printer

DIGITAL imaging products provider Epson Philippines Corp. has introduced its 64-inch-wide large format printer (LFP) Stylus Pro 11880 to tap multiple graphics services companies in the country.

Aboitiz firms sell shares in transport subsidiary

LISTED Aboitiz Equity Ventures Inc. (AEV) is selling its entire interest in its shipping arm Aboitiz Transport System Corp. (ATS) to KGLI-NM Holdings Inc. (KGLI-NM).

More financial firms declare no exposure to Lehman

More financial institutions have come forward to declare that they have no exposure to bankrupt Lehman Brothers Holdings Inc.

Manila Water reports 17% income increase

AYALA-OWNED Manila Water Co. Inc. (MWCI) reported on Tuesday a 17-percent increase in its net income for the first half of the year to P1.26 billion on the back of higher revenues from volume billings and water rates.

Del Monte goes for SaaS

The Corporate Corner: A dissenting stockholder: Appraisal right

Is a minority stockholder—in the exercise of his appraisal right as dissenting stockholder—entitled to the payment of the fair value of his shares? If so, what steps should be taken to protect his interest if the company refuses to pay?