The listing of Philtrust Bank’s 35.7589% stock dividend declaration of P1.317 billion equivalent to 131,700,000 common shares at R10.00 per share, in relation to the increase of its Authorized Capital Stock to P22 billion and Paid-up Capital to R5 billion, as declared by the Philtrust Bank Board of Directors on December 31, 2004, and as approved by the Bangko Sentral ng Pilipinas, and the Securities and Exchange Commission, is set for today, March 14, 2005, by the Philippine Stock Exchange, Inc.

Initial investment leads of P150 billion indicated that the P230 billion investments target for the year by both the Board of Investments (BoI) and the Philippine Economic Zone Authority (PEZA) could be easily exceeded.

France has agreed to help push the country’s plea for increased tuna exports to the European Union but, as a quid proquo, has pressed the Philippines to level the huge excise tax difference between imported wines and locally produced liquor.

Some 5,000 farmers tending marginalized farms in the Negros uplands have found haven in using earthworm African night crawlers as natural decomposers for their organic fertilizers while sustaining the environment and earning higher income.

The peso rate closed at P54.13 to the US dollar last Friday at the Philippine Dealing System of the Bankers Association of the Philippines. The weighted average rate stands at P54.173.

The peso closed at its new record of P53.97 per $1 above the crucial P54 level during Monday’s foreign exchange trades.

Treasury bill rates fell at yester-day’s auction, with the government making full awards on all tenors, on the back of increasing liquidity in the market, the Bureau of Treasury said.

Developing countries in East Asia need to spend more than a trillion dollars over the next five years in roads, water, communications, power, and other infrastructure to cope with rapidly expanding cities, increasing populations, and the growing demands of the private sector.

The Philippines, through Philippine National Oil Co. (PNOC), has formally entered into a tripartite agreement with China and Vietnam to conduct pre-exploration studies for oil and gas resources in the South China Sea, including the disputed Spratley Islands.

The Chamber of Mines has identified 37 new exploration projects, which may require between $10 to $15 million investments each or about $500 million total cost for full exploration development activities.

The peso rate closed higher at P53.97 to the US dollar yesterday at the Philippine Dealing System of the Bankers Association of the Philippines from P54.13 last Friday. The weighted average rate appreciated to P53.932 from P54.173. Total volume amounted to $416 million.