The Philippine peso closed yesterday at its strongest level against the dollar in nearly 2-1/2 years due to strong remittance inflows and offshore selling of the US currency, traders said.
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The World Trade Organization (WTO) has approved changes to the intellectual property agreement making permanent a decision on patents and public health originally adopted in 2003.
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More than two years after the Supreme Court ordered Manila Electric Company (Meralco) to refund its commercial and industrial customers nearly P23-billion in excess charges since 1994, local industries have yet to collect from the power distribution firm.
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With the Power Sector Assets and Liabilities Management Corporation (PSALM) failing in its mandate to accomplish at least 70-percent privatization of the generation assets of National Power Corporation, a tripartite power supply arrangement is now being offered as an option for the large customers such as industries and commercial establishments.
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The National Government (NG) will offer few but bigger and longer maturing bonds next year at the same time favoring more peso borrowings rather than foreign loans if the strong dollar inflows are sustained, National Treasurer Omar Cruz said yesterday.
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Monetary authorities hinted yesterday that they are done with moves to raise policy rates this year, after adjusting key rates three times in past months.
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The peso rate closed higher at P53.67 to the US dollar yesterday at the Philippine Dealing System of the Bankers Association of the Philippines from P53.985 the previous day. The weighted average rate appreciated to P53.769 from P53.925. Total volume amounted to $570.5 million.
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The government is inclined to buy nearly all 350,000 metric tons (MT) of 25 percent brokens of rice import from Vietnam suppliers led by state-owned Vietnam Southern Foods Corp. (VSFC) which offered the lowest prices in a tender Thursday.
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Probably the biggest adverse factor that made it difficult for the masses to get relief from the burden of having to pay too high for almost anything for their daily needs has been the continued weakness of the peso which has sunk to an all-time low over 13 tunes below to which it had been officially devalued from R2 to R4 per US dollar in the 1960s.
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KUALA LUMPUR, Malaysia — Intel, the world’s largest chipmaker, is banking on Wi-MAX (Wireless Inter-operability for Microwave Access) to integrate the Southeast Asian region, with the Philippines, Malaysia and Thailand currently in the forefront.
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Forecasting some stability in prices by next year, one of the country’s independent oil players Seaoil Philippines has programmed about P270-million capital expenditures (capex) that it primarily allots for expansion projects.
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STEAG State Power Inc., the local subsidiary of STEAG AG of Germany, has finalized a total of US$210 million in primary loans from an international banking consortium led by the Kreditanstalt fur Wiederaufbau (KfW of Germany), the Japan Bank for International Cooperation and HypoVereinsbank AG to finance the construction of a power plant Mindanao.
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HONG KONG, Dec. 8 (Reuters) — Philippine government peso bonds, buoyed recently by a sea of cash from redemptions and remittances, are likely to suffer a reverse in coming weeks as inflows slow and inflation fears take hold, analysts say.
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HONG KONG, Dec. 8 (Reuters) — Philippine government peso bonds, buoyed recently by a sea of cash from redemptions and remittances, are likely to suffer a reverse in coming weeks as inflows slow and inflation fears take hold, analysts say.
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Electronics Manufacturing Service (EMS) provider Integrated Microelectronics, Inc. (IMI) plans to expand its facilities in the country and in China following its acquisition of Singaporean firm SpeedyTech Electronics, Ltd.
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SINGAPORE, Dec. 8 (Reuters) — The Indonesian rupiah rose sharply and the Philippine peso hit a 2-/2-year high on Thursday as local sentiment stayed bullish, while other Asian currencies drew some support from a recovery in Japan’s battered yen.
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As the Philippines contends with its fiscal constraints (such as its streams of revenue not being able to match its planned match expenditure requirements), the need for a breathing room or fiscal space becomes more imperative. As against fiscal constraints, therefore, which generally operate on a system of rigidity, fiscal space allows for flexibility in the use of government’s resources.
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GENEVA, Dec. 8 (Reuters) — Foreign banks dominate the financial sectors in emerging economies to such a degree as to pose problems for regulators and potential threats to domestic financial systems, the Bank for International Settlements said.
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WASHINGTON, Dec.87 (Reuters) — The World Bank is likely to approve a $300 million to $500 million line of credit to help countries deal with bird flu before a global summit in Beijing on Jan. 17-18, a senior bank official said.
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BANGKOK, Dec. 8 (XFN-Asia) — Honda Motor Co. unit Asian Honda said it is considering plans to build its hybrid car in Thailand, its first outside Japan, if the government provides tax incentives.
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