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RP to import 50,000 MT sugar to avert speculation
The Philippines is set to return to the world market for a sugar importation of some 50,000 metric tons (MT) in view of a speculation in sugar price along with a need to fill up an expanded US export sugar quota arising from the Louisiana hurricane.
Seaweed farming in Mindanao pushed
The Department of Agriculture’s office at the Autonomous Region in Muslim Mindanao ((DA-ARMM) is propagating the farming of seaweeds as alternative livelihood for fishermen suffering from diminishing marine fish stock in Mindanao.
Economist Villegas sees 5% growth
Economist Bernardo M. Villegas said the country’s economy remains good with some factors working on its favor but the growth has to accelerate to catch up with the rest of its neighbors or else the Philippines would continue to lag behind in the region.
Bangko Sentral tightens rules on reporting of physical movements of foreign exchange
The Bangko Sentral ng Pilipinas will impose stricter rules on the reporting of foreign exchange movements, a requirement under the global anti-money laundering measures.
VAT hike to 12% may lead to credit upgrade
An increase in the value-added tax rate, which the government plans to implement next month, may lead to an upgrade in the country’s sovereign credit ratings, Finance Secretary Margarito Teves said yesterday.
NEWS IN BRIEF
The peso rate closed higher at P52.440 to the US dollar yesterday at the Philippine Dealing System of the Bankers Association of the Philippines from P52.46 the previous day. The weighted average rate appreciated to P52.431 from P52.556. Total volume amounted to 0.2 million.
BDO may extend January 31 deadline on EPCIB merger offer
Banco de Oro Universal Bank (BDO) President Nestor Tan said yesterday his bank may extend the Jan. 31 deadline for its offer to merge with Equitable PCI Bank (EPCIB).
Goldilocks to expand in US East Coast, plans -M commissary
Goldilocks USA, affiliate of the highly successful Goldilocks Bakeshop Inc., has plans of putting up another commissary in the United States in line with plans of expanding in the East Coast.
Next Mobile not gunning for 3G, current technology suited for Wi-Max
While the biggest carriers are poised to offer Third Generation (3G) services this year, Next Mobile Inc. (NMI) remains unfazed.
RP urged to improve EU-GSP utilization
The European Commission to the Philippines has urged the Philippines to improve its utilization of the duty-free privileges under the European Union Generalized System of Preferences (EU-GSP) by exporting more to the 25-nation regional block.
Online stock broker drums up technology
Online stock brokerage firm CitisecOnline, Inc. is eyeing to capture a bigger share of the investing public as it goes full blast in educating the public about trading online.
Energy superbody will not lower electricity rates, utilities say
The effort of the government to bring back to life the creation of an "energy super body" through Executive Order 474 is seen as a "futile exercise," because this will not, in any manner, bring down electricity rates for Filipino consumers. Instead, this will just encumber the implementation of policy reforms for the power industry, especially the mandated privatization of the generation and transmission assets of the National Power Corporation.
DBP-financed cold storage facility opens
A 9,870 cubic-meter glacier cold storage plant partly financed by the Development Bank of the Philippines under its Sustainable Logistics Development Program (SLDP) was inaugurated recently at the FTI Complex in Taguig City.
CTB pushes for creation of reg’l banks
Chamber of Thrift Banks (CTB) President Alfonso Salcedo is pushing for the formation of regional banks with special niche that would service the financial requirements of the communities in the 12 regions of the country.
Rapu Rapu waters now free of cyanide; more tests due
Rapu Rapu island’s coastal waters’ have passed the government’s cyanide standards but more tests have been scheduled to revalidate these findings and until a multi-party group mandated to monitor Lafayette’s project is fully convinced that the company can safely resume operations.
ING raises 2006 copper price forecast to /lb
LONDON, Jan. 26 (Reuters) — ING Wholesale Banking has revised its 2006 copper price forecast higher by nearly 54 percent from September’s forecast, and the outlook for other metals was also bullish, the bank said.
New US Fed chief devoted history student
WASHINGTON, Jan. 25, 2006 (AFP) — As a devoted student of history, incoming Federal Reserve chairman Ben Bernanke is all too aware that policy missteps can lead to economic disaster.
China overtakes UK as world’s 4th largest economy
LONDON (Dow Jones) — China has overtaken the UK and almost certainly France to become the world’s fourth-largest economy, according to official data released Wednesday.
P&O agrees to .4-B Singapore takeover
LONDON, Jan. 26 (Reuters) — UK ports and ferries group P&O said on Thursday it had agreed a takeover bid from Singapore’s PSA International, valuing it at over 3.5 billion pounds (.4 billion).
Exports lift Asian economic growth forecasts
SINGAPORE, Jan. 27 (Reuters) — From Hong Kong to Thailand to South Korea, economists have upgraded their growth forecasts for Asian economies in 2006 after a pick-up in demand from the US and Japan gathered momentum last quarter.
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