PSE Market Summary:
The Philippine Stocks Market was up for the third straight trade, moving up by 34.51 or .54% to close at 6,470. Total trades reached 35,154 with 87 stocks advances, 84 declines and 48 stocks unchanged.
SECB Posts P7.5B Net Income
Security Bank (PSE:SECB) reported an all time high of P7.5 billion net income. The positive result was mainly due to customers loans growing by 30% and deposits increasing by 19%.
TEL to Sell its BPO to CVC
Philippine Long Distance Company (PSE:TEL) entered into an agreement to sell its business process outsourcing unit SPi Global Holdings, Inc to CVC Capital Partners. The transaction is expected to be complete by March with TEL retaining 20% ownership.