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PSEi falls to 6,100 level on flood control, corruption woes

MANILA, Philippines – Mounting concerns over anomalous flood control projects and corruption allegations against high-ranking government officials dragged the bourse near the 6,100 barrier on Tuesday. The benchmark Philippine Stock Exchange Index (PSEi) tumbled to 6,118.54 by the closing bell, losing 1.55 percent, or 96.29 points. READ: Robinsons Land trims RCR stake Likewise, the broader

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Robinsons Land trims RCR stake

MANILA, Philippines – Robinsons Land Corp. (RLC) sold P7.75 billion worth of its shares in its real estate investment trust (REIT) arm, making room for possibly more asset infusions. In a regulatory filing on Tuesday, RLC said it had sold 1 billion common shares of RL Commercial REIT Inc. (RCR) at P7.75 each, a 5.14-percent discount