PHILIPPINES BUSINESS BRIEFS: Union Bank Declares Cash Div

MANILA (Dow Jones)--Union Bank of the Philippines (UBP.PH) said its board approved the declaration of a PHP1.60 a share cash dividend, equivalent to a total of PHP881.9 million. Union Bank said the record date of shareholders entitled to the cash dividend and payment date will be determined after it secures central bank approval.

First Metro Investment Corp.'s (FMIC.PH) non-performing loans were reported at PHP478.2 million, or 5.91% of its total portfolio, as of Dec. 29. In the period ended Sept. 30, First Metro's non-performing loans totaled PHP489.9 million, or 6.95% of its loan portfolio. First Metro is the investment house of Metropolitan Bank & Trust Co. (MBT.PH), the largest commercial bank in the Philippines by assets.

Philippine Long Distance Telephone Co. (PHI) will list 300 shares Friday that were issued under the company's executive stock option plan. This will bring to 678,330 the number of shares issued to executives under the plan and listed on the exchange. A total of 1.29 million shares have been set aside for the plan.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.