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March 01, 2024

BPI, Manila Water ink P200 million loan for Bulakan Water

Manila Water Company Inc’s subsidiary Bulakan Water has signed a P200 million 10-year term loan facility with the Bank of the Philippine Islands.

“The proceeds of the loan will be used to finance the refurbishment, expansion, and improvement of the service facilities and the water source and distribution system, and provision of sanitation services in the service area of Bulakan Water,” Manila Water said in a disclosure to the stock exchange on Monday.

Enrique Razon replaced Fernando Zobel de Ayala as chairman of the firm’s board of directors after the Razon’s Prime Metroline Holdings Inc’s Trident Water Company Holdings acquired 51 percent voting interest in Manila Water Co.


Security Bank posts net income of PHP9.1 billion in 2023

Security Bank Corporation (PSE: SECB) posted net income of PHP9.1 billion in 2023. Total revenues grew 8% year-on-year to PHP43.0 billion. Net interest income increased 19% to PHP34.7 billion. Net interest margin for the full year was 4.49%, higher compared to 4.23% in 2022. Total non-interest income was at PHP8.2 billion. Service charges, fees and commissions grew 15% to PHP6.1 billion, led by increase in fees from credit cards, remittances (which include Instapay fees) and bancassurance.

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