One of Israel’s biggest investment groups is investing US$100 million in various projects in the Philippines, and has made the country the hub of its interest in Asia.
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The Department of Finance expects to collect P94.34 billion in non-tax revenues in 2006 or 1.6 percent of gross domestic product, higher than the adjusted target of P91.86 billion this year.
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A new US Food and Drug Administration (FDA) regulation mandating labelling of trans-fat contents in all manufactured foods is anticipated to benefit the Philippines’ healthy, medium-chain fatty acid coconut oil largely exported to the US.
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The fishery sector is pressing for the elimination of $14-$20 billion fishery subsidies of developed countries which is causing unfair competition and accelerating exhaustion of fishery resources.
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Employing various strategies, including a renegotiated power supply contract, the Subic EnerZone Corporation (SEZ) is now able to offer electricity rates to business locators in the freeport by a rate that is P1.20 per kilowatt hour (kWh) cheaper than what is being normally offered for other customers in the Luzon grid.
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The peso rate closed at P54.94 to the US dollar last Friday at the Philippine Dealing System of the Bankers Association of the Philippines. The weighted average rate stands at P55.049. Financial markets will be closed on Monday, Tuesday and Friday next week for public holidays.
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