THE COMPANIES adhering to the principles of Islamic finance remained intact in the first quarter of 2018, according to the results of a quarterly review published by the bourse.
A list, uploaded on the PSE’s website on April 7, showed there were 60 Shariah-compliant firms as of March 26 comprised of the same securities that were found to be compliant in the October to December period.
The roster of Shariah-compliant securities includes:
• 2GO Group, Inc.
• Abra Mining and Industrial Corp.
• Acesite (Philippines) Hotel Corp.
• AgriNurture, Inc.
• Araneta Properties, Inc.
• ATN Holdings, Inc. “A”
• ATN Holdings, Inc. “B”
• Bogo-Medellin Milling Company, Inc.
• Centro Escolar University
• Century Peak Metals Holdings Corp.
• Chemical Industries of the Philippines
• Concepcion Industrial Corp.
• Crown Asia Chemicals Corp.
• D&L Industries, Inc.
• Da Vinci Capital Holdings, Inc.
• DMCI Holdings, Inc.
• Eagle Cement Corp.
• Easycall Communications Philippines, Inc.
• Far Eastern University, Inc.
• Global Ferronickel Holdings, Inc.
• Golden Haven Memorial Park, Inc.
• Holcim Philippines, Inc.
• Ionics, Inc.
• iPeople, Inc.
• IRC Properties, Inc.
• Island Information & Technology, Inc.
• Jollibee Foods Corporation
• Keppel Philippines Properties, Inc.
• LBC Express Holdings, Inc.
• Lepanto Consolidated Mining Company “B”
• Lepanto Consolidated Mining Company “A”
• Liberty Flour Mills, Inc.
• Mabuhay Vinyl Corp.
• MacroAsia Corp.
• Manila Electric Company
• Marcventures Holdings, Inc.
• MRC Allied, Inc.
• Now Corporation
• Oriental Peninsula Resources Group, Inc.
• Philab Holdings Corp.
• Philex Mining Corp.
• Philippine H2O Ventures Corp.
• The Philodrill Corp.
• Pilipinas Shell Petroleum Corp.
• Primex Corp.
• PTFC Redevelopment Corp.
• PXP Energy Corp.
• RFM Corp.
• Semirara Mining and Power Corp.
• SFA Semicon Philippines Corp.
• SPC Power Corp.
• Starmalls, Inc.
• Swift Foods, Inc.
• United Paragon Mining Corp.
• Universal Robina Corp.
• Vitarich Corp.
• Vivant Corp.
• Wellex Industries, Inc.
• Wilcon Depot, Inc.
• Xurpas Inc.
These Shariah-compliant equities do not derive sales from conventional interest-based lending, financial institutions, pork, alcohol, intoxicants, tobacco, arms and weapons, gambling, casinos, derivatives, pornography, music/entertainment and human stem-cell research.
Companies may engage in these businesses but their total revenues must not exceed 5%.
On financial ratios, their cash and interest-bearing investments must not exceed 30%, interest bearing debts must not go beyond 30% and accounts receivables must not surpass 67% of market capitalization.
The standards for Shariah compliance are different from the set of filters that govern other PSE sub-indexes such as market capitalization, public float and liquidity.
The PSE engaged the services of San Francisco-based IdealRatings to screen the companies according to the standards set by the Accounting and Auditing Organization for Islamic Finance Institutions. — Krista Angela M. Montealegre

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