To increase and guarantee oil stock inventories in the region, Japan expressed its intention to finance ASEAN +3 (Japan, China and Korea) plan and initial feasibility studies to put up strategic petroleum reserve facilities.
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The Energy Regulatory Commission (ERC) has allowed state-owned National Power Corp. (Napocor) to increase its generation rates nationwide to reflect the higher cost of fuel and the peso’s weakness against the US dollar.
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Japanese companies operating in the Philippines and the Asean region would be investing more to expand their operations over the next two years.
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After disagreements over the granting of tax incentives to capital equipment importation of enterprises registered with the Board of Investments (BoI) under Executive Order 313, government agencies have finally come to terms and approved the order’s implementing Rules and Regulations.
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Gross portfolio investment inflows for the first five months of the year increased by 134 percent to $910.7 million, from $387.7 million in 2003 due to the stronger dollar that gave investors more value for their money against the local peso.
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The peso closed lower at P55.795 to the US dollar yesterday at the Philippine Dealing System of the Bankers Association of the Philippines from P55.675 the previous day. The weighted average rate depreciated to P55.745 from P55.697. Total volume amounted to $165.5 million.
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