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Share prices to consolidate after heavy selling last week
Share prices are likely to consolidate in the short-term following a heavy selling on blue chips particularly PLDT last week.
TVI of Canada taps independent team to evaluate mining impact
Canada-based TVI Pacific Inc. (TVI) has tapped an independent team to evaluate its Canatuan gold-silver’s human rights projects in an aim to strengthen its social-economic programs including those for expansion sites that will extend the mine’s five-year life.
Dollar firms on euro, falls against yen
NEW YORK, Feb. 12, 2006 (AFP) — The dollar traded mainly higher despite news of a wider-than-expected US trade gap in December, but the yen rallied on speculation about a monetary move by the Bank of Japan.
DTI prefers 3-year duty freeze on most of country’s tariff lines
The Department of Trade and Industry (DTI) prefers to freeze tariffs on most of the country’s tariff lines to a four-year period from 2006-2009 to give businesses predictability to plan for their operations as well as provide some stability and clarity to the country’s tariff policy, which has been criticized by multilateral financial institutions as being unclear.
Land Bank to issue up to 0-M Tier 2 capital notes this quarter
Government financial institution Land Bank of the Philippines will issue up to 0- million Tier 2 capital this quarter to boost bank coffers.
Business and Society
To counter the negative views towards the mining industry among a vocal and influential minority, it is important that the government and the mining executives focus a great deal of their communication efforts towards the benefits of the industry to the poorest of the poor. Such benefits as foreign exchange earnings, level of Foreign Direct Investments (FDIs) and even employment generation may fall on deaf ears because of the usual claim that these benefits do not trickle down to the poorest of the poor.
NPC allots P90M for oil spill clean-up
SEMIRARA ISLAND, Antique — State-owned National Power Corporation (NPC) revealed that it is allotting a P90-million budget for the clean-up of the oil spill accident which primarily hit a mangrove area here.
NG pays BSP P6.8 B for advanced IMF dues
The National Government paid independent Bangko Sentral ng Pilipinas P6.8 billion for arrears due since 2002 when the bank settled the country’s membership or subscription quota with the International Monetary Fund.
Oil falls to lowest levels of year
NEW YORK, Feb. 12, 2006 (AFP) — Oil prices slipped Friday to their lowest levels of 2006 as traders focused on supply and demand factors, putting aside for the time being concerns about Iran and other geopolitical hot spots.
P1.1-B tourism project given perks
Chinese-led China Oceanis Philippines Inc. was granted a package of pioneer incentives by the Board of Investments for its P1.1 billion-tourism project, which sought to transform the 1.2 hectare lot in Luneta into a state-of-the-art theme park.
RP mission to US for trade talks
A high-level Philippine mission is leaving for the U.S. this week to formally start negotiations with the US garment private sector and other lobby groups in the U.S. Congress for the proposed special trading arrangement with the country’s export exports.
Credit Suisse bullish on RP bonds
The credit outlook for Philippine sovereign bonds is expected to shift to stable from negative by March followed by a one-notch upgrade by the third quarter, according to Credit Suisse .
First Holdings spends P250 M for expansion
First Philippine Holdings Corporation will spend P250 million for additional investments in its manufacturing operations, FPHC president and chief operating officer Elpidio Ibañez said.
NEWS IN BRIEF
The peso rate closed at P51.48 to the US dollar last Friday at the Philippine Dealing System of the Bankers Association of the Philippines. The weighted average rate stands at P51.499.
ADB bans 40 firms, 22 persons for corruption in 2005
MANILA (AFP) - The Asian Development Bank last year banned 40 firms and 22 individuals from working for the multilateral agency due to corruption.
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