PHILIPPINE stocks Thursday rose, led by Bank of the Philippine Islands, also known as BPI, on speculation a cash infusion by the Federal Reserve and four other central banks into the financial system will stabilize credit markets.

“The Fed doesn’t want a credit crunch because that can exacerbate the slowdown in the economy to a recession,’’ said Fitz Aclan, who helps manage more than $4 billion at BDO Unibank Inc.

The Philippine Stock Exchange Index gained 20.62, or 0.6 percent, to 3,626.21 at the noon close, after sliding 3.7 percent in the previous three days. Three stocks rose for every two that fell in the 32-member benchmark.

Bank of the Philippine Islands, the nation’s biggest lender by market value, added P1.50, or 2.4 percent, to P63. BDO Unibank Inc., the second largest, gained P1, or 1.7 percent, to P60.

The Fed in coordination with the European Central Bank, Bank of England, Bank of Canada and Swiss National Bank will add cash to the financial system to lower the cost of short-term financing in the biggest concerted liquidity injection since the 2001 terrorist attacks. The infusion sent US shares higher.

A. Brown, a property builder and petroleum trader, surged 70 centavos, or 49 percent, to P2.12, its biggest gain since July 2002. A. Brown owns up to 19 percent of Monte Oro Grid Resources Corp. that won the power-grid contract in Wednesday’s auction.

International Container Terminal Services (ICTSI), the largest Philippine port operator, advanced P1, or 2.3 percent, to P45. Razon, who is also president of ICTSI, owns 2 percent of Monte Oro Grid.

“Some of these stocks may not have direct ownership of the group yet there are speculations that a big project like the power grid can open businesses for companies that are remotely connected to the direct investors,’’ said Claire Quiray, analyst at Accord Capital Equities Corp.

iVantage Corp., a financial services company, jumped 24 centavos, or 16 percent, to P1.74 on speculation that it is a shareholder in Monte Oro Grid. The group, whose members have not all been disclosed, is one of three partners, including State Grid Corp. of China, in the bidding.

Philippine Realty & Holdings Corp., a property builder, surged 9 centavos, or 20 percent, to 55 centavos after news reports that a shareholder, Campos Lanuza & Co., owns shares in Monte Oro Grid.

“Some investors piled into these stocks when the shares started surging even though they didn’t exactly know what is going on,’’ Quiray said.

A total of P4.76 billion worth of shares were traded on the exchange, 12-percent less than the six-month daily average. One stock rose for each that declined in the broader market.

US-based PeopleSupport Inc., a leading offshore business process outsourcing (BPO) provider, has refused the acquisition bid of IPVG Corp. and AO Capital Partners saying the unsolicited offer “is inadequate and fails to take into account its strategic value and success in implementing its growth strategy.”

PLDT Global eyes partnerships overseas

PLDT Global Corp. (PGC), the international sales and marketing arm of Philippine Long Distance Telephone Co.  (PLDT) Group, will forge partnerships with mobile phone operators in Italy and Macau next year.

MEGAWORLD Corp., the listed property unit controlled by businessman Andrew L. Tan has renamed its controversial and latest residential project in Makati City from The Trumps to One Central, but said that it is not waiving its right to the brand.

UNIONBANK of the Philippines has invested P300 million for the implementation of various initiatives in information technology to further scale up its level of competitiveness in the banking industry.

PHILIPPINE stocks Thursday rose, led by Bank of the Philippine Islands, also known as BPI, on speculation a cash infusion by the Federal Reserve and four other central banks into the financial system will stabilize credit markets.

Hybrid rice production took a backseat as the sole Philippine seed producer SL Agritech founded by Henry Lim Bon Liong focuses on exports to other Asian countries like Bangladesh.