The peso rate closed higher at P55.815 to the US dollar yesterday at the Philippine Dealing System of the Bankers Association of the Philippines from P55.83 last Friday. The weighted average rate appreciated to P55.796 from P55.844. Total volume amounted to $158.3 million.
Few Filipino businesses use ICT
Of the total 750,000 Micro, Small and Medium Size Enterprises (MSMEs) that form the backbone of the Philippine economy today, less than 10,000 use Information Communication Technology (ICT), such as broadband. "Most of them are unaware of the benefits, unsure where to start and how to implement ICT, do not have enough funds and unwilling to cut over," according Commission on ICT (CICT) Commissioner Damian Domingo O. Mapa. This is alarming news considering that 90 percent of Philippine enterprises are MSMEs and they employ 10 million people. "Our target is to increase the number of MSMEs using ICT to 250,000 by 2010," he noted. "MSMEs deliver 60 percent of our output and employ 80 per cent of our workforce." Using ICT, these businesses can increase their profit margins by as much as 150 percent and bring down their costs, Mapa underscored. However, the commission has to do it gradually. (EVA)
PLDT to reduce debts
Philippine Long Distance Telephone Co. (PLDT), the country’s biggest telecommunications firm, will cut overall debts by more than its target of $600 million this year because it plans to settle some obligations ahead of schedule as the company takes advantage of its strong cash flow, chairman Manuel Pangilinan said. "All told, consolidated debts will be reduced by more than $600 million for 2005. This will be in excess of our debt reduction target," Pangilinan said. The company had so far repaid $550 million in debts this year. PLDT’s total debt stood at $2.8 billion at the start of the year, $2 billion of which are owed by its fixed-line business. Mobile phone service provider Smart Communications Inc. and unit Pilipino Telephone Corp. have combined debts of $718 million.
British trade show slated here
The British Embassy in partnership with Standard Chartered Bank will be holding the UK Show, the first ever British-focused tradeshow in Manila at the Intercontinental Hotel from November 10 to 12, 2005. The UK Show, featuring 37 companies, highlights the diversity and excellence of an impressively wide range of British goods, services and investments available in the Philippines today. These include well-known household and consumer products, banking and financial services, security services, shipping, IT consultancy, power, engineering, education and much more. With a remarkable trading relationship between Britain and the Philippines stretching back for over 400 years, it is no surprise that the event is able to showcase a range of companies that would be the envy of any trading nation.
Cityland to issue P595-M STCPs
Cityland Development Corp., a real estate concern, said it plans to raise P595 million through the issuance of short-term commercial papers. Proceeds from the issue will be used to cover the funding requirements of the company, said Cityland in a disclosure to the stock exchange. Cityland said it will seek a renewal of its application to issue short-term commercial papers with the Securities and Exchange Commission for the capital raising plan. This is a standard requirement under SEC rules for companies seeking to issue commercial paper.
PNB opens branch at GSIS in Pasay
The Government Service Insurance System’s (GSIS) own banking center at its main office in Pasay City is now fully operational with the opening early this week of a branch of the Philippine National Bank (PNB) in the center, joining Union Bank of the Philippines (UBP) which also has a full service branch there since May this year. The two banks are the official depositories of the GSIS, and the operations of their branches at the main office will further bring closer GSIS services to its members and pensioners. GSIS President and General Manager Winston Garcia said the full operation of the GSIS banking center, located at the ground floor of the GSIS central office in Pasay City, will ensure that members and pensioners can immediately deposit or negotiate their checks upon their release.
