PHILIPPINE stocks climbed for a second day on speculation consumer spending is holding up in the US, the world’s biggest economy, even as oil trades at a record.

“The US is giving investors some reason to be optimistic,’’ said Ron Rodrigo, head of research at DBP Daiwa Securities. “A positive US outlook will be good for emerging markets like ours.’’

Ayala Corp. and Metropolitan Bank & Trust Co. paced the advance. Philex Mining Corp. rose to its highest in five days, leading other metal producers higher after prices of copper and gold rose.

The Philippine Stock Exchange Index added 42.85, or 1.2 percent, to close at 3,537.29, after gaining 0.5 percent on November 23.

Ayala Corp., the nation’s second-biggest company by market value and which counts on overseas Filipinos for 30 percent of its property units’ home sales, gained P15, or 2.7 percent, to P570, its first advance in seven days. Metropolitan Bank, the largest Philippine lender by assets, gained P3, or 5.8 percent, to P55, its biggest climb in more than a month.

Sales on November 23, called Black Friday because it is the day that US retailers traditionally turn a profit for the year, rose 8.3 percent from a year earlier to $10.3 billion, Chicago-based research firm ShopperTrak RCT Corp. said.

The US is the biggest overseas market for Philippine products and is home to the largest population of Filipinos outside of the Southeast Asian nation. Funds sent home by Filipinos overseas, make up about 10 percent of the economy.

Oil for delivery in January closed at a record $98.18 a barrel on November 23. Prices are up 66 percent from a year ago.

International Container Terminal Services Inc., the largest Philippine port operator, jumped P2, or 5.1 percent, to P41. Globe Telecom Inc., the nation’s No. 2 mobile-phone company, increased P60, or 4.2 percent, to P1,480.

Philex, the largest Philippine miner, jumped 20 centavos, or 2.1 percent, to P9.90. Class A shares of Lepanto Consolidated Mining Co., equity reserved for Filipinos in the second-largest miner by market value, surged 4 centavos, or 8.5 percent, to 51 centavos. Its Class B shares, which have no restrictions in ownership, added 4 centavos, or 7.8 percent, to 55 centavos.

Gold for immediate delivery recently rose 0.4 percent to $827 an ounce. Copper for delivery in three months rose 2.2 percent to $6,710 a ton on the London Metal Exchange on November 23; the contract was recently at $6,685 a ton.

Shares worth P3.84 billion were traded, 30 percent less than the six-month daily average. Almost four stocks rose for each that fell.

THE Intellectual Property Office of the Philippines (IP Phils.) endorsed to President Arroyo an IP policy strategy designed to turn the country into a global source of technology from a mere importer.

Smart expands network coverage

Smart Communications Inc. is increasing its capital expenditure (capex) to P10 billion this year as it adds more cellular sites to expand its network coverage.

PUBLICLY listed manufacturer TKC Steel Corp. said Monday its Iligan-based unit Treasure Steelworks Corp. got incentives from the Board of Investments (BOI) for capacity expansion and capability upgrade.

PHILIPPINE stocks climbed for a second day on speculation consumer spending is holding up in the US, the world’s biggest economy, even as oil trades at a record.

DO you know that PNOC Energy Development Corp. (EDC) was no longer a government-owned and controlled corporation (GOCC) even before the Lopez-led consortium acquired through a public bidding the remaining stake of Philippine National Oil Co. in what used to be PNOC’s wholly owned subsidiary?