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DA to surpass rice production target
The government is expecting to exceed by 500,000 metric tons (MT), or by 3.3 percent, its 14.75 million MT rice production target for the year with the absence of a major calamity and the increasing national average yield which is close to hitting the four MT per hectare mark due to high-yielding varieties (HYVs).
PSE starts today new industry classification
The Philippine Stock Exchange will start using a new industry classification for listed firms starting January 2, 2006 to make it easier for stock market investors to track down their Philippine stocks.
FCDU loans plunge by 16% in Sept.
Loans by banks’ foreign currency deposit units as of September 2005 was lower by 16.3 percent or 0 million to .110 billion from .911 billion the same period in 2004, the Bangko Sentral ng Pilipinas said.
BoI approves P158.7-B worth of investments in 2005, up by 14%
The Board of Investments (BoI) has approved a total of P158.67 billion investments in 2005, exceeding by 14.44 percent its 2004 total registered investments of P135.75 billion, indicating that investments inflow into the country has finally recovered after a severe drought since the 1997 financial crisis.
BSP sets -B GIR target in 2006
Gross international reserves or the country’s dollar stock is expected to climb to its highest level of billion this year.
Motorcycle assemblers eye 27% sales rise
Domestic motorcycle assemblers are targetting for a 27 percent growth in motorcycle sales in 2006 to reach 625,000 units from the 2005 expected overall sales of half a million units as local players now target the working class as a new market for motorcycles.
Gov’t slates up to B in new foreign borrowings
The national government is expected to raise billion to as much as billion from the international financial market within the first two months of 2006 for its funding requirements.
NEWS IN BRIEF
The peso rate closed at P53.09 to the US dollar last Thursday, the last trading day of 2005, at the Philippine Dealing System of the Bankers Association of the Philippines. The weighted average rate stands at P53.062.
DBP beefing up microfinance operations to support gov’t thrust
State-owned Development Bank of the Philippines (DBP) is beefing up its microfinance operations in support of the national government’s thrust of promoting the growth of entrepreneurs in the country.
Stock investors likely to sustain accumulation of blue chips
Investors are likely to continue accumulating on select blue chips following a correction in the last week of the trading days in 2005.
Dollar advances slightly on final 2005 trading
NEW YORK (AP) — The dollar advanced modestly versus its major counterparts in thin, choppy trading Friday in the final global foreign exchange session of 2005.
BUSINESS and SOCIETY
In the first Spain-Philippines Council held last November 30 to December 1 in Madrid, the participants considered how to build on mutual strengths and opportunities instead of dwelling on the weaknesses and obstacles to social and economic progress.
Planned revenue cap dims TransCo sale
The indication set forth by the Energy Regulatory Commission (ERC) that would practically slash into just one-fourth the maximum allowable revenue (MAR) applied for by the National Transmission Corporation (TransCo) is seen dimming prospects of the assets’ privatization as targeted around April next year.
Foreign bourses outshine NY
NEW YORK (AP) — Investors marked the last trading day of 2005 with the same conundrum they faced all year — trying to find a good reason to buy stocks and coming up short. Stocks fell to their December lows, and the Dow Jones industrials finished the year with a loss.
91-day treasury bill rate falls to 4.961% from 5.146%
Treasury bill rates fell sharply across-the-board at the first auction this year yesterday after the government decided to downsize its offer for the first quarter of 2006, the Bureau of Treasury said.
Through stock rights offering
Makati Medical Center, a once premier hospital now overshadowed by the likes of Asian Hospital and Medical City, hopes to raise P160 million through a stock rights offering to existing shareholders and doctors.
Project seen reducing corn imports
The government foresees a substantial reduction in corn imports or even a zero importation within two crop years as the National Agribusiness Corp. (NAB) partners with the private sector on a P400-million post-harvest joint venture project.
EIB boosts capital to P3 billion with entry of more foreign investors
Export and Industry Bank (EIB) announced yesterday a R3 billion increase its capitalization through infusion from existing shareholders, plus the entry of additional foreign investors Extra Year Investments Limited, a designated investment vehicle of the Raiffeisen Zenwalbank Osterreich AG (RZH) Group of Austria and AO Capital Partners Limited of Hong Kong.
Peso gains further, now in P52/ range
The Philippine peso climbed to a fresh 2-1/2-year high yesterday, breaking a key technical level, on optimism about the government’s fiscal reform programme and lower yields at a regular auction of government debt.
P/$ rate closed at P52.835 to
The peso rate closed higher at R52.835 to the US dollar yesterday at the Philippine Dealing System of the Bankers Association of the Philippines, from R53.09 last Thursday, the last trading day of 2005. The weighted average rate appreciated to R52.903 from R53.062 last Thursday. Total volume amounted to 2.52 million.
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