The Philippine Stock Exchange Inc. (PSE) has trimmed down the roster of Shariah-compliant firms in its most recent review of listed firms to only 53 from 60 only three months earlier, data released on Friday show.
The PSE said more than 260 listed companies reported adherence to the Shariah standard of the Islamic finance model. The number was down from 60 in the previous quarter’s list.
There were six new Islamic finance-compliant entities, namely, A. Soriano Corp., Crown Asia Chemicals Corp., Global Ferronickel Holdings Inc., Robinsons Land Corp., Vivant Corp. and Xurpas Inc.
A total of 13 firms were removed from the roster during the period, including AP Group Inc., Bogo-Medellin Milling Co. Inc., Century Peak Metals Holdings Corp., Dizon Copper Silver Mines Inc., DoubleDragon Properties Corp., EEI Corp., Forum Pacific Inc., Keppel Philippines Properties Inc., NiHAO Mineral Resources International Inc., Philex Petroleum Corp., The Philodrill Corp., Trans-Asia Petroleum Corp. and Victorias Milling Co. Inc..
A company must be compliant with the moral code and religious laws of Islam for a publicly listed company to be included.
Shariah covers the rules, regulations and teachings that govern the lives of Muslims.
The PSE said the primary business of the companies that made it to the list are not in conventional interest-based lending, financial institutions, insurance, mortgage and lease derivatives, pork, alcohol, intoxicants, tobacco, arms and weapons, embryonic stem-cell research, hotel, gambling, casinos, music, cinema and adult entertainment. The PSE said the total revenues derived by these companies from the list of prohibited business, if any, should not exceed 5 percent.
Other Shariah-compliant firms were MacroAsia Corp., SSI Group Inc., ATN Holdings, Inc. A and B shares, Abra Mining and Industrial Corp., Concepcion Industrial Corp., Da Vinci Capital Holdings Inc., IRC Properties Inc., Island Information & Technology Inc., Liberty Telecoms Holdings Inc., Now Corp.;
Roxas and Co. Inc., SPC Power Corp., Swift Foods Inc., United Paragon Mining Corp., Wellex Industries Inc., Globe Telecom Inc., Apex Mining Inc., Araneta Properties Inc., Asian Terminals Inc., Calapan Ventures Inc.;
Centro Escolar University, Cirtek Holdings Philippines Inc., D&L Industries Inc., DMCI Holdings Inc., Holcim Philippines Inc., iPeople Inc., Jollibee Foods Corp., Lafarge Republic Inc., Liberty Flour Mills Inc., Mabuhay Vinyl Corp.;
Manila Bulletin Publishing Corp., Manila Electric Co., Marcventures Holdings Inc., Nickel Asia Corp., Oriental Peninsula Resources Group Inc., Pepsi-Cola Products Philippines Inc., Philex Mining Corp., Philex Petroleum Corp., Philippine Long Distance Telephone Co., Semirara Mining Corp., Starmalls Inc., STI Education Systems Holdings Inc., Universal Robina Corp. and Vulcan Industrial and Mining Corp.