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Existing foreign companies staying put in the country
Existing foreign companies said they would continue to invest and stay put in the country ignoring the ongoing political noise saying the local politics do not interfere with their businesses.
GM crop value may reach .5 B
An international agency foresees global value of biotechnology crops in the world market to grow to .5 billion in 2006, indicating a more stellar growth than the previous decade’s adoption even as their use expands from pest-resistance to the more novel nutrient-fortification.
IPOs raised P55.5 billion in 2005
Public offerings last year raised P55.5 billion in fresh capital, the first time the equities market breached the P50 billion mark since the 1997 Asian financial crisis.
ePLDT, NTT in Instant Messaging tieup
Japan-based NTT Communications and ePLDT, the Information Communication Technology arm of the Philippine Long Distance Telephone Company, recently forged a partnership to offer secure Instant Messaging services in the country.
BSP sees bank lending picking up
Bank lending is expected to pick up this year as banks are more encouraged to release loans and clean up their portfolios.
Gov’t allots P10 B for 2006 retiring employees
The Arroyo administration has reserved a budget of P10 billion to pay government workers who will voluntarily retire this year.
NEWS IN BRIEF
The peso rate closed higher at P52.64 to the US dollar yesterday at the Philippine Dealing System of the Bankers Association of the Philippines from P52.875 the previous day. The weighted average rate appreciated to P52.747 from P52.867. Total volume amounted to 4.5 million.
FLI raising capital to P16 B
Filinvest Land, Inc. (FLI), a property firm controlled by the Gotianun family, has filed an application to increase its authorized capital stock from P10 billion to P16 billion.
Japanese firms’ business sentiment in RP improves
Business sentiment of Japanese companies operating in the Philippines has improved in January 2006, according to the latest survey conducted by Japan External Trade Organization (Jetro).
DA issues restrictions on corn Chinese imports
The government has issued restrictions on corn importation from China in a move to prevent any possible bird flu contamination from cheap corn sources but bird flu-infected areas in China.
PBSP sets aside P3-B budget for MDG poverty alleviation
The Philippine Business for Social Progress (PBSP), the lead convenor for private participation in the UN’s millennium development goals (MDG), has committed a budget of P3.2 billion over the next four years.
NPC seeking 3-month extension on Meralco transition supply contract
The National Power Corporation (Napocor) is seeking a three-month extension from the Energy Regulatory Commission (ERC) to come up with a transition supply contract (TSC) with the Manila Electric Company (Meralco).
RP not ready to adopt Kyoto customs standards
The Philippines is not prepared to adopt the simpler and uniform system of customs procedure that would hasten trade worldwide.
Gov’t mulls coco levy settlement
The government is looking for an amicable settlement on the 20-year protracted battle for the now P100-billion coconut levy fund in fresh anticipation of shutting all disputes and drawing on the fund to finance coconut sector programs.
Ford to cut up to 30,000 jobs, close 14 plants in restructuring
DEARBORN, Michigan, Jan. 24, 2006 (AFP) — Ford Motor Co. said Monday it will eliminate 25,000-30,000 jobs and close 14 plants in North America in a bid to staunch crippling losses in its auto operations.
Greenspan leaves big footprints after leading US Fed for 18 years
WASHINGTON (AP) — America has embraced Alan Greenspan with irrational exuberance.
Singapore $ nears 10-mo high; peso gains
SINGAPORE, Jan. 24 (Reuters) — The Singapore dollar traded near a 10month high against the US dollar on Tuesday while the South Korean won edged towards an 8-year high after a Fed official suggested the US rate-rising cycle was near its end.
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