HONG KONG—Philippine stocks rose, pushing the benchmark index to a two-week high.

Metropolitan Bank & Trust Co. (Metrobank) and Megaworld Corp. advanced on continued speculation the US Federal Reserve will cut interest rates, helping avert a recession in the Southeast Asian nation’s biggest overseas market for labor and goods.

“We are bullish on property and banking sectors in general,’’ said Patrick Manaloto, who helps oversee $5.3 billion of assets at BPI Asset Management Inc. “The fundamentals of the Philippines are still intact. Investors are transferring their assets from the US to emerging markets, such as the Philippines.’’

The Philippine Stock Exchange index climbed 17.57, or 0.5 percent, to close at 3,644.45, its highest close since November 19. Almost two stocks rose for each that fell on the stock exchange.

Metrobank, the No. 3 Philippine lender by market value, added P2.50, or 4.4 percent, to P59, its highest close since November 9. Megaworld, which counts on overseas Filipinos for 20 percent of its home sales, climbed 10 centavos, or 2.5 percent, to P4.10.

Interest-rate futures show-traders forecast a 60-percent chance the US Federal Reserve will lower borrowing costs by a quarter-percentage point to 4.25 percent when it meets on December 11 while 40 percent of them expected a 0.5 percent cut.

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

Philippine Long Distance Telephone Co. (PLDT), its largest-phone company, advanced P30, or 1 percent, to P3,090.

PLDT named the former head of the nation’s largest mobile-phone company as chief adviser of its wireless business to develop new revenue sources. Orlando Vea, previously president of Smart Communications Inc., will “strengthen ongoing efforts’’ to expand sales beyond calls and text messages, PLDT said Monday.

MAJOR film and entertainment firm Viva Communications Inc. said Tuesday a chunk of the proceeds its initial public offering (IPO) next year will go to content creation and acquisition as well as pay for loans.

Empire East sees ’07 income up 10%

LISTED Empire East Land Holdings Inc., the affordable housing arm controlled by businessman Andrew Tan, expects to end the 2007 with a net income of P271.26 million, up 10 percent from P247 million a year earlier.

INSULAR Life, the largest Filipino life insurance company, said its gross premium income (GPI) from January to October this year reached P6.8 billion up 28 percent from a year earlier.

HONG KONG—Philippine stocks rose, pushing the benchmark index to a two-week high.

Metropolitan Bank & Trust Co. (Metrobank) and Megaworld Corp. advanced on continued speculation the US Federal Reserve will cut interest rates, helping avert a recession in the Southeast Asian nation’s biggest overseas market for labor and goods.

CHINA Banking Corp. (China Bank), plus other local banks signed a notes facility agreement with power producer Quezon Power Phils. Ltd. Co. to participate in the $100-million, seven-year, fixed-rate note facility arranged and underwritten by local-investment house BDO Capital and Investment Corp., a wholly-owned investment banking subsidiary of Banco de Oro Universal Bank (BDO).

WITH current globalization trend, it is timely to discuss the legal implications foreign equity of a corporation as regards ownership of private lands in our jurisdiction. Section 7, Article XII of the 1987 Constitution provides that save in cases of hereditary succession, no private lands shall be transferred or conveyed except to individuals, corporations, or associations qualified to acquire or hold lands in the public domain.