Asahi Glass Philippines (AGP), the country’s biggest glass maker, is seeking incentives with the Board of Investments for its P1.8-billion expansion project as the Japanese-owned firm continues to aggressively position itself.

The decline in investments inflow into the country slowed down to 4.6 percent in the January-August period this year from 7.78 percent in the January-July period of the same year with combined investments of the Board of Investments and the Philippine Economic Zone Authority reaching P145.61 billion versus P152.63 billion in the same period last year.

The government’s never-ending tendency to renege on power contracts with private investors, this time being perpetrated by the Senate, was listed among the top concerns dampening the appetite of American investors to invest in the privatization of the National Power Corporation (NPC) and in sinking fresh round of capital for the domestic electricity sector.

The government has drawn up measures and strategies to cushion the impact of Expanded Value-Added Tax (EVAT) law on the prices of agricultural products.

The peso rate closed lower at P55.46 to the US dollar yesterday at the Philippine Dealing System of the Bankers Association of the Philippines from P55.45 last Friday. The weighted average rate appreciated to P55.433 from P55.581. Total volume amounted to $502 million.

The Bangko Sentral ng Pilipinas expects lower foreign direct investments or FDIs for the year of $600 million from original forecast of $1 billion.

Globe Telecom Inc. may soon be the country’s first Third Generation (3G) services provider.

In a bid to further boost the country’s micro, small enterprises (MSMEs) industry, property developer Filinvest Land, Inc. has for its newest venture Asenso Village, an MSME Business Park.

As provided in the website of the National Statistical Coordination Board (NSCB), the annual per capita poverty threshold in 2003 for the Philippines was P12,267 and for NCR at P16,796. More critically is that in 2003, 30.4 percent of the entire population is below the poverty line. Surprisingly, in NCR only 7.3 percent of the population is below the poverty line. Given the number of NPA (No Permanent Address) residents and informal settlers we have in this Metropolis, I would have thought that the figure would be much higher, but who am I to question government statistics. Of course, a number of Regions in the country have close to or more than 50 percent of the population living below the poverty line.

A multi-sectoral committee is drafting a legislative measure that would create a national product labelling system to ensure the safe usage of chemicals that are hazardous to human health and environment.

Ayala Hotels, Inc. has renewed the management contract of InterContinental Hotels Group to manage InterContinenal Manila for another five years.

SINGAPORE, Oct. 24 (Reuters) — The Taiwan dollar fell to one-year low on Monday, as Asian currencies extended last week’s losses after a strong batch of US economic data bolstered expectations for further Fed rate rises.

The government has assured, in the light of new calls to reopen contracts with the independent power producers (IPPs), that it will not in any way attempt to pursue unilateral renegotiation of contracts; especially so since the entire power industry is struggling to set in place a stable and predictable regulatory environment for investments to be enticed.

Sun Life Financial Philippines chair Esther Tan is reviving the issue of taxation for life insurers "to see the immediate resolution of tax issues adversely affecting the sector" now that the additional burden of the expanded value-added tax is at hand.

Philam Life and General Insurance Corporation, a local subsidiary of American International Group, favored the move of the Philippine Insurance and Reinsurers Association (PIRA) to form a consortium that will have the sole authority to issue the comprehensive third-party liability (CTPL).

Can Filipino farmers and food processors meet stiff European standards on healthy and safe food and expand their markets in the European Union?

The Securities and Exchange Commission (SEC) has suspended the Certificate of Registration and Permit to Sell Securities of Montemar Beach Club, Inc. due to the latter’s violation of the Securities Regulation Code (SRC).

Pacific Plans, Inc. (PPI) said that rehabilitation is a legal tool available to corporations who seek to implement revised plans to service liabilities.

With government already close to declaring that the 600-megawatt Masinloc sale transaction was a failure, privatization implementers are being prodded to decide on whether it wants to rebid the facility or flip it to another interested investor.

The Philippine Long Distance Telephone Company (PLDT) yesterday notified Depositary, JPMorgan Chase Bank, N.A., of the mandatory conversion of all of its outstanding 4.6 million shares of Series III Convertible Preferred Stock into shares of PLDT Common Stock.

Despite overall electricity demand crunch in the country, state-owned National Power Corporation (NPC) has reported a dramatic revenue rise in its sold energy by 45.27-percent to P62.28 billion in the first six months of the year as compared to a year-ago figure of P42.87 billion.

Loans by banks’ foreign currency deposit units dropped 3.9 percent in the first six months of the year to $4.62 billion from $4.81 billion the same period in 2004, the Bangko Sentral ng Pilipinas said.

The government has raised its target for average inflation next year to 8-8.5 percent from 4 percent to 5 percent due to the recent surge in oil prices, a senior official said yesterday.

The government has created a council to advance the sustainable and responsible development of the country’s mineral resources.

Universal Robina Corp said it expects sales for the current year to September 2006 to reach P38 billion as it triples production at its iced tea business. The food and beverage unit of conglomerate JG Summit Holdings Inc. earlier reported net sales of P22.8 billion for the nine months to June, up 14.8 percent year-on-year. It has yet to report its financial performance for the past fiscal year. In a disclosure to the stock exchange, Universal Robina also confirmed a newspaper report that the company will start a second $10 million iced tea production line next week and a third in December. Universal Robina said its iced tea drink under the C2 brand will boost its ready-to-drink business by 10 percent to 12 percent of the total. No other details were provided in its disclosure.

The Subdivision and Housing Developers Association (SHDA) has explored the opportunities in tapping idle assets of financial institutions to spur the housing industry, further developing the overseas housing market, and batted for closer government-private sector efforts in promoting the country as a retirement destination for the world.

SINGAPORE, Oct. 24 (Reuters) — Oil deepened losses to a near three-month low under $60 a barrel on Monday after Hurricane Wilma missed the storm-battered US oil and gas facilities in the Gulf of Mexico.

TOKYO, Oct. 24 (Reuters) — Mizuho Financial Group Inc., Japan’s second biggest bank, will raise $4.6 billion in a share sale designed to strengthen its balance sheet on the back of its soaring stock price.

The Asian Development Bank will help provide safe drinking water to more than 1 million people living around the Tonle Sap river basin in Cambodia, through a grant approved for US$18 million.

LONDON, Oct. 24 (Reuters) — Global talks to reduce trade barriers will fail unless all sides make concessions over farm policy, World Bank President Paul Wolfowitz, said in comments published on Monday.

HONG KONG (AP) — InterContinental Hotels Group PLC expects China to account for up to a third of the company’s global expansion over the next three years during which the British company plans to add up to 60,000 new rooms.