The Philippine stock index Tuesday fell for a second day, extending the worst percentage slump in two weeks. Filinvest Land Inc. paced the slide among builders on speculation a rising peso will slow real-estate purchases by overseas Filipinos.

“A stronger peso erodes the purchasing power of overseas Filipino workers, who are paid in foreign currencies,’’ said Astro del Castillo, managing director of Manila-based First Grade Holding Inc., a financial management and advisory company. “As the peso gets stronger, overseas Filipinos will be more selective with their purchases.’’

Manila Electric Co. (Meralco) declined after the power regulator said it is reviewing a rate increase implemented by the nation’s largest electricity retailer.

The Philippine Stock Exchange index lost 3.14, or 0.1 percent, to close at 3,672.38, after sliding 1.9 percent Monday. Tuesday’s loss trimmed the benchmark’s advance this month to 2.6 percent.

Filinvest Land, which makes about a quarter of its home sales to Filipinos working overseas, dropped 8 centavos, or 5.1 percent, to P1.50, its biggest loss since October 22. Megaworld Corp., which generates 20 percent of its residential sales from Filipinos based abroad, declined 10 centavos, or 2.4 percent, to P4.15.

Shares worth P3.63 billion were traded, 33-percent less than the six-month daily average. Gainers beat losers 57 to 54, with 59 stocks unchanged in the broader market.

SM Prime Holdings Inc., the largest Philippine shopping-mall operator, dropped 25 centavos, or 2.2 percent, to P11. Robinsons Land Corp., the No.2 mall operator and which makes about a fifth of home sales to overseas Filipinos, fell 25 centavos, or 1.4 percent, to P17.50.

Overseas Filipinos sent home a record $12.9 billion in 2006 and the central bank said this might grow up to 15 percent this year. There are more than 8 million Filipinos working overseas.

Separately, Meralco fell 50 centavos, or 0.6 percent, to P86, rounding a 2.8-percent, three-day slump.

Philippine Long Distance Telephone Co. added P15, or 0.5 percent, to P3,050, snapping a two-day, 2.9 percent slide.

A HONG KONG-based diamond trader and his Cebuana wife will build budget housing for employees of business process outsourcing companies in the Cebu export zone.

Stock index falls for second day

The Philippine stock index Tuesday fell for a second day, extending the worst percentage slump in two weeks. Filinvest Land Inc. paced the slide among builders on speculation a rising peso will slow real-estate purchases by overseas Filipinos.

Semirara Mining Corp. said 2007 sales may rise by 62 percent as the company starts exports to China and India.

INDIA is one of the leading countries when it comes to information technology that a lot of Indian IT professionals find employment in different countries all over the world.

PHILIPPINE Long Distance Telephone Co. (PLDT) has tapped British Telecom (BT) to assist the phone giant in its transformation to a new  generation communications company.

Business activities regarding the production, milling, processing, trading except retailing of agricultural products as provided for under Republic Act   8762 and P.D. 194, contracts for supply of materials under R.A. 5183, project proponent and facility operator of Build-operate-and-transfer (BOT) (R.A. 7718), operation of deep-sea commercial fishing (R.A. 8550), adjustment companies (P.D 612 as amended by P.D. 1814) and ownership of condominium units (Condominium Act) are also covered by the 60-40 foreign-equity ratio.