Ditas B Lopez

The Philippine economy kept its momentum in the first quarter, placing it on track to outdo Southeast Asian neighbors yet again on the back of likely resilient consumer spending.

The president of San Miguel Corp., the Philippines’ largest conglomerate by sales, on Friday struck a confident tone on the company’s earnings prospects for the rest of the year, after foreign exchange losses weighed heavily on first-quarter profit.

The Philippines is setting its sights on becoming the next manufacturing and logistics hub in Asia, President Ferdinand Marcos Jr. said, as Manila capitalizes on its growing ties with Washington.

The first typhoon to enter the Philippines this year killed at least three people in the Southeast Asian nation, further gaining strength as it heads to Japan.

Jollibee Foods Corp., the Philippines’ largest restaurant operator, will acquire a 70% stake in South Korea’s Compose Coffee in its latest move to grow its coffee and tea business.

A unit of Japan’s Universal Entertainment Corp. will no longer invest in a Philippine casino project, in a fresh setback for tycoon Dennis Uy’s bid to find a partner for his unfinished integrated resort.

Philippine President Ferdinand Marcos Jr. appointed banker Walter Wassmer to the central bank’s rate-setting panel.

Maynilad Water Services Inc. is planning a maiden share sale as early as next year, its CEO said, after the company this month raised 15 billion pesos ($257 million) from a public offer of blue bonds.

The Philippine central bank on Wednesday announced a new set of foreign exchange guidelines seen to strengthen its market surveillance weeks after the peso neared a record low.

Top Philippine mall operator SM Prime Holdings Inc. is accelerating expansion plans at home and not investing aggressively in its China business where competition is tighter, according to a top official.