60 securities deemed Shariah-compliant by Philippine Stock Exchange

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A trader in the Philippine Stock Exchange looks at the electronic board in Manila’s financial district on July 6, 2015. -- AFP

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