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BUSINESS and SOCIETY
The top economic news in 2005 was that for the first time, official remittances from overseas Filipino workers (OFWs) exceeded US billion. If the unofficial amounts are included, the total could be anywhere from US to billion. That’s a lot of money, constituting 12 to 14 percent of GDP of the country. These remittances explain to a great extent the strengthening of the peso to below R53 to as the year ended.
Petrochemical group questions lowering of tariffs on eleven midstream products
The Association of Petrochemical Manufacturers of the Philippines (APMP) has asked the Pasig City Regional Trial Court to order the government to provide them with a copy of the minutes that led to a decision in lowering tariffs on 11 midstream petrochemical products.
Organic coconut sugar seen as potential export
Many Filipinos may not have even heard of it, but a specialty organic sugar derived from coconut is becoming a top export potential that can earn dollars for farmers in Balingasag, Misamis Oriental.
Bullish outlook on equities in first quarter
Stock brokers are bullish on the equities market in the near term particularly in the first quarter of the year with the increase in the value-added tax rate to 12 percent that would result to an upgrade in the country’s credit standing.
P4.24 billion porked out to power projects
The Department of Energy (DoE) has reported that it so far forked out to host communities roughly P4.24 billion, primarily for electrification projects, at its latest financial report for last year.
Contract to upgrade Mactan airport done
Mactan-Cebu International Airport Authority (MCIAA) has awarded Geneva-based SITA Information Networking and Computing Inc. the .3- million contract to upgrade the check-in system for the country’s second international gateway with state-of-the-art system.
PCCI bats for free trade with US
The Philippine Chamber of Commerce and Industry (PCCI) has sought its counterpart chambers in the United States to push for the speedy forging of a free trade agreement between the two countries.
Philippines’ Ayala Corp. poised for take off
MANILA (Dow Jones) — Ayala Corp. trimmed debt and nurtured its various operating units to achieve double-digit earnings growth last year, while preparing for a new expansion opportunity this year.
Stocks rally, dollar falls, gold climbs
NEW YORK, Jan. 8 (Reuters) — Stocks rose on Friday, capping a weeklong rally at 4-1/2 year highs, on optimism about the US interest-rate outlook, while weaker-than-expected payrolls data pushed the dollar lower.
Average 182-day T-bill rate falls to 6.435% from 6.807%
The average 182-day rate fell to 6.435 percent from 6.807 percent previously, with tenders reaching P9.01 billion. But bids for the 91-day T-bill were rejected by the auction committee due to the high rates submitted.
DENR slaps P10.4-M fine on mining firm
The government has imposed a P10.4-million fine on the Rapu Rapu gold operation and has required Australia-based Lafayette Phils. Inc. to obtain an ISO 14001 certification so as to assure that a cyanide spill in Bicol region’s forest and marine resources will not recur.
New oil players market share widens to 14%
The share of the new players in the oil industry has been levered up to 14.2 percent in 2005; with the aggressive marketing strategy they have been employing, especially in the liquefied petroleum gas (LPG) business.
CITEM posts 8.18 M in exports earnings
The Center for International Trade Expositions and Missions (CITEM), the export trade promotions agency of the Department of Trade and Industry, has generated 8.18 million in exports earnings last year from its international fairs.
Business leaders to meet on No-El proposal
Business leaders are expected to meet soonest to come up with a common position on the controversial proposal by the Consultative Commission (ConCom) on Constitutional changes to cancel the scheduled 2007 elections for elective officials with expiring term and extend it to June 2010 coinciding with the President, vice president and the 12 Senators elected in 2004.
P/$ rate closes at P52.480 to
The peso rate closed higher at P52.480 to the US dollar yesterday at the Philippine Dealing System of the Bankers Association of the Philippines from P52.52 last Friday. The weighted average rate appreciated to P52.421 from P52.646. Total volume amounted to 4.3 million.
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