Instead of giving tax perks to businesses cashing in on the tourism windfall, Finance Secretary Cesar Purisima prefers to fund infrastructure projects meant to improve access to tourist destinations
San Miguel-CIMB bank deal to be completed in January
MANILA, Philippines - Malaysia's CIMB has received approval from the Bangko Sentral ng Pilipinas (BSP) to buy a portion of San Miguel Corp.'s controlling stake in Bank of Commerce, bringing the deal closer to completion.
San Miguel announced the approval in a disclosure to the Philippine Stock Exchange on Friday, November 23. It attached a separate disclosure made by CIMB to Bursa Malaysia.
"Barring any unforeseen circumstances, the proposed acquisition is expected to be completed by January 2013," CIMB said in its stock exchange filing.
San Miguel is selling a 60% stake in Bank of Commerce, the Philippines' 16 largest lender, to CIMB, Malaysia's second-largest.
The sale will bring down the diversified conglomerate's stake in the banking unit to 27%.
The completion of the sale will mark CIMB's entry into the local banking industry and allow San Miguel to focus on new, heavy industries such as power and infrastructure. - Rappler.com
EDITOR'S PICK
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How important is Taiwan for PH?
As economic sanctions loom over the Philippines as a result of the increasing tension between the Philippines and Taiwan what kind of effect will it have on the two countries?
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