Philippines

National carrier Philippine Airlines, which has bled more than P15 billion ($337.6 million) in the past two fiscal years, is spinning-off its three non-core units as a last resort to avoid bankruptcy, Philstar.com reported. PAL will spin off the following units: in-flight catering services; airport services, including ground handling, cargo handling and ramp handling; and call center reservations by end of May. The move will enable PAL to save as much as P1 billion ($22.5 million) a year, PAL President and COO Jaime Bautista said in a press briefing today.

The Bangko Sentral ng Pilipinas (BSP) placed the Apex Rural Bank (Bulacan), Inc. under receivership, the first one to be taken over by the Philippine Deposit Insurance Corp. this year, BusinessWorld reported. "Notice is hereby given that the Monetary Board decided to prohibit the Apex Rural Bank from doing business in the Philippines and to place its assets and affairs under receivership," it said in a directive. The supervision and examination sector of the BSP, however, declined to disclose details on the Apex Rural Bank’s financial condition.