Philam Life buys BDO stake in PELAC
MANILA, Philippines – The Philippine American Life and General Insurance Company (“Philam Life”), the country’s number one life insurance company, bought 5% stake in Philam Equitable Life Assurance Corporation (PELAC) from Banco de Oro (“BDO”) on February 28, 2011. PELAC was a bancassurance joint venture between Philam Life and Equitable PCI Bank (EPCIB). When BDO [...]
BoC tightens safeguards against sugar smuggling
MANILA, Philippines – All importations of pre-mixed sugar concentrates and pre-mix sugar products will no longer be released by the Bureau of Customs without a validating certification issued by the Sugar Regulatory Administration (SRA). Customs Commissioner Angelito Alvarez said the new directive was issued in the wake of reports that unscrupulous importers were misdeclaring their [...]
Malayan Insurance now ISO 9001: 2008 certified
MANILA, Philippines – Certification International U.K., Ltd recently upgraded Malayan Insurance’s certification from ISO 9001:2000 to ISO 9001:2008. The confirmation was based on the successful audit of Malayan’s Quality Management System (QMS) conducted in 2010. ISO 9001:2008 is a new standard model for a well planned quality management system, a foundation for organizations seeking disciplined [...]
Cebu Pacific slashes fares to Hong Kong
MANILA, Philippines – Cebu Pacific is slashing fares to Hong Kong by as much as 64% in a seat sale until March 25, 2011 for travel from July 1 to September 30, 2011. Passengers can avail of P899 ‘Go Lite’ seats from Manila, Cebu and Clark to Hong Kong. CEB flies to Hong Kong five [...]
Dubai port firm profits rise 22 percent in 2010
DUBAI, United Arab Emirates (AP) – Port operator DP World says its profit jumped 22 percent last year as it benefited from a pick-up in shipping fueled by an improving global economy. The Dubai-based cargo handler said Wednesday its 2010 profit rose to $451.1 million from $370.1 million a year earlier. After accounting for one-time [...]
