Philippine stocks: Gainers, losers, market-moving news – December 2022

Globe’s non-telco revenues jumped to ₱2.8 billion in the first nine months of 2022, a 101% increase from the same period in 2021. The company cited substantial revenue contributions from Electronic Commerce Payments Incorporated (ECPay), Yondu, and Asticom.

Globe said in a statement on Wednesday, December 28, that ECPay reported significant growth in digital merchant partners as many Filipinos shifted to digital channels. “As of November, the company has grown its general trade retail base to 398,358,” Globe said.

Globe acquired a 77% equity interest in ECPay in October 2019.

Embattled telco giant PLDT addressed questions about its P48-billion budget overrun in a closed-door briefing with fund managers, investment analysts, and bankers on Wednesday, December 21. It noted that the overspending occurred at a time when the company faced tirades from then-president Rodrigo Duterte and intense competition in the telco space.

PLDT emailed to media on Thursday, December 22, a summary of the key points of the briefing. Reporters were barred by security personnel from attending the meeting held in Dusit Thani Manila.

However, PLDT has yet to elaborate as to how or why auditors and bookkeepers were unable to catch the budget overrun for the past four years.

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