The Philippines and South Korea are drafting a framework of agreement for the proposed free trade area in time for the visit of South Korean President Roh Moo-hyun to the Philippines in December this year.

The Bangko Sentral ng Pilipinas expects higher balance of payment surplus of $900 million this year against forecast of $853 million.

The influential Philippine Chamber of Commerce and Industry (PCCI) has called on the Arroyo administration the modernization of air transportation particularly the opening of the mothballed NAIA 3 terminal.

Domestic home appliance makers have asked the government to exclude 13 locally manufactured items including karaoke, refrigerators and flat iron, from among the electronics products whose tariffs will be eliminated by 2007 under the accelerated ASEAN sectoral integration.

Asia Development Bank (ADB) has tapped the services of HSBC to lead underwrite its five-year zero coupon bonds with a face value of roughly between P2.3 billion and P3 billion, which will be used for relending.

The peso rate closed at P55.83 to the US dollar last Friday at the Philippine Dealing System of the Bankers Association of the Philippines. The weighted average rate stands at P55.844.

The domestic industry is pushing for a renegotiation of steel tariffs under the Japan-Philippines Economic Partnership Agreement (JPEPA) as they batted for the reduction of the agreed quota that will be allowed zero tariffs, an issue that is expected to further delay the implementation of the bilateral free trade pact.

Investors are positioning on selected blue chips and mining issues ahead of the third quarter corporate performance amid the oil prices and the political uncertainty during the period.

Private investors undertaking due diligence on the 600-megawatt Calaca coal-fired power plant being set for re-bidding by the Power Sector Assets and Liabilities Management Corporation (PSALM) are seemingly shocked to discover that the facility’s permit to operate is already expired.

Universal and commercial banks’ real estate loans dropped 0.82 percent in the first six months of the year to P184.259 billion from P185.784 billion the same period in 2004, the Bangko Sentral ng Pilipinas reported.

Robinsons Land Corporation (RLC) will spend more than P500 million for the construction of Cybergate Center Tower 2, a 28-storey office building that will cater to BPOs and call center locators.

The name of Argentina is often used in vain in economic circles because of the debt crisis it faced in 2001. Declared insolvent by its international creditors, Argentina became almost a financial outcast, derided as the worst model to emulate among developing countries.

The National Development Co. (NDC), the government’s investment arm, has deferred plan for a P3-billion bond float this year as the government is shying away from granting sovereign guarantee.

Winsource Solutions, Inc., a subsidiary of Winsource Holdings Philippines, Inc. with a British affiliate, will join the information technology (IT) outsourcing call center business and contribute its share in giving vibrancy to the country’s economy.

Voice over Internet Protocol (VoIP) is the transmission of voice traffic over Internet Protocol (IP) based networks. The IP was originally designed for data networking. VoIP or Internet Voice allows you to make telephone calls over a data network like the Internet. In other words, communication services — voice, facsimile, and voice messaging applications — that pass through traditional telephone lines are transported via the Internet, rather than the public switch telephone network (PSTN).

The group of independent power producers will formally lodge with the Department of Finance (DoF) a compromise deal that would finally put to rest the complications wrought by their real property tax (RPT) payments, so that a default condition with project lenders or forcible buyout of their contracts can still be prevented.

The International Monetary Fund (IMF) expressed support to an additional monetary tightening policy of the Bangko Sentral ng Pilipinas (BSP) to stave-off inflation.

The government expects to collect higher non-tax revenues this year or P25 billion more than programmed, reports said.

The Board of Investments (BoI) and Clark Development Corp. (CDC) are signing a memorandum of agreement allowing on an interim basis new locators in Clark Special Economic Zone to register with the BoI and avail its incentives until the incentives issue is finally settled.

NEW YORK, Oct 14 (AFP) — The dollar tumbled Friday as data that showed tame US core inflation and disappointing consumer confidence suggested less aggressive moves by the US Federal Reserve on interest rates.

WASHINGTON, Oct. 16 (Reuters) — US consumer prices soared 1.2 percent last month, the biggest gain in more than 25 years, as hurricanes led to a record surge in energy prices.

XIANGHE, China, Oct. 16 (AFP) — Finance ministers and central bankers from 20 major economies meeting in China will call on the world community to act on high oil prices, according to a draft communique obtained by AFP on Saturday.

SEATTLE (AP) — Here’s a possible slogan for Microsoft Corp.: If you can’t beat ’em, join the guys who are having the same problem.

Treasury bill rates fell for the second consecutive week as banks continued to buy government debt papers after the Bureau of Treasury reduced the size of its weekly offer and cancelled several auctions.

Commercial bank loans rose 3.3 percent in August to P1.557 trillion from P1.507 trillion the same period in 2004, the Bangko Sentral ng Pilipinas reported yesterday.

The Philippine economy is expected to have grown by at least 5 percent in the third quarter from a year earlier helped by a recovery in agriculture, Economic Planning Secretary Augusto Santos said on Monday.

In light of the global energy crisis, a memorandum of agreement was signed by the Department of Trade and Industry and the Department of Energy to develop 21 new standards aimed within 18 months to make lighting products sold in the local market more energy efficient.

Export of Philippine coconut fiber and by-products to China is gaining ground following global interests on their use for environmental protection and health values.

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.