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Spex, First Gas finalize 8-M settlement deal
Gas seller Shell Philippines Exploration B.V. (Spex) has successfully concluded a 8-million settlement agreement with First Gas Power Corporation for the unconsumed gas supply contracted for its two gas-fired power facilities.
Gov’t drafts measures to keep incentives enjoyed by EPZ locators
The government is eyeing some measures to enable locators inside Clark, Camp John Hay, Morong and Poro Point special economic zones to continue with their tax and fiscal incentives following the Supreme Court decision denying the government’s petition for reconsideration of its earlier ruling that declared null and void the incentives granted to the locators of these ecozones.
NG debt service to hit P340 B in 2006
National Government’s estimated cost of debt servicing this year is 13.4 percent higher at P340 billion from P299.8 billion as of the end of 2005, according to the Department of Budget and Management.
ALI puts in P1 B more in Greenbelt dev’t
Giant real estate developer Ayala Land Inc. is spending over P1 billion to build the fifth installment of the Greenbelt mall in the wide commercial complex in Makati.
Gov’t rationalization nets P5.2-B savings
The Arroyo administration has P5.2 billion in savings from the rationalization or streamlining of agencies and government offices last year, which is about P1.2 billion more than target.
NEWS IN BRIEF
The peso rate closed at P51.91 to the US dollar last Friday at the Philippine Dealing System of the Bankers Association of the Philippines. The weighted average rate stands at P51.949.
Priority mining exploration projects trimmed to keep focus
The government has trimmed down to 18 its priority mining exploration projects to build up focus on investments in active exploration sites even as it seeks to lure more global investments in an ongoing mining roadshow in South Africa.
PSALM splits sale sequence for decommissioned generation assets
The Power Sector Assets and Liabilities Management Corporation (PSALM) has formally separated in the sale sequence the privatization of the decommissioned power plants previously held under the charge of the National Power Corporation.
Stock investors remain positive on corporate earnings prospects
Stock investors remain positive on expectations of positive earnings for 2005 and 2006 and the implementation of the 12 percent value-added tax (VAT).
Business and Society
BRIC stands for the four largest countries that will account for the most dramatic increase in consumer demand for all goods and services imaginable in the next twenty years. Brazil, Russia, India and China are the most populous nations in the world that will see hundreds of millions transitioning from low-income to middle-income status, inducing high single-digit or double-digit growth rates in the demand for basic goods, including energy products.
NPC lenders want common effort to settle privatization concerns
The multinational lenders of the National Power Corporation have agreed to take ‘common path’ effort in addressing what lingers as major issues and concerns in the power firm’s privatization and the overall restructuring and deregulation of the electricity sector.
BSP, BAP set meet to resolve FIE snag
The Bangko Sentral ng Pilipinas (BSP) is scheduled to meet the market players and the officers of the Bankers Association of the Philippines (BAP) to iron out the issues and differences facing the smooth operation of the Fix Income Exchange (FIE).
Sugar price rally continues unabated
NEW YORK, Feb. 5 (Reuters) — Sugar’s sizzling rally may soon lift prices to 25 cents a pound for the first time since 1981 due to relentless buying by investment funds and tight supplies, industry analysts said on Friday.
Peso continues to gain, closes at fresh 3-year high
The peso closed at a fresh three-year high against the US dollar yesterday, driven by expectations that the local currency will strengthen further amid a slew of positive domestic news, traders said.
NIA needs P10.5 B for irrigation works
The National Irrigation Administration (NIA) needs P10.5 billion for the next four years to support a rice program that will at least fill up 95 percent of the country’s heftily increasing rice requirement.
PEZA eyes 22 has. for BCEZ expansion
The Philippine Economic Zone Authority (PEZA) is negotiating with the Bases Conversion Development Authority (BCDA) to annex a total of 22 hectares in Baguio to accommodate existing and new investors that continue to flock into the already fully-occupied Baguio City Economic Zone (BCEZ).
BIR, SMC finalizing tax compromise
The Bureau of Internal Revenue is hoping to settle San Miguel Corp.’s offer of compromise in paying back taxes worth P655 million.
Total NG debt drops to P3.91 T in Nov.
The National Government debt is a percent lower at P3.91 trillion as of November 2005, the Department of Finance and its attached agency the Bureau of Treasury said yesterday.
P/$ rate closes at P51.605 to
The peso rate closed higher at P51.605 to the US dollar yesterday at the Philippine Dealing System of the Bankers Association of the Philippines from P51.91 last Friday. The weighted average rate appreciated to P51.698 from P51.949. Total volume amounted to 5.5 million.
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