The national government has no plans to prefund, in part, next year’s foreign commercial financing requirement, the amount of which is expected to be lower, due to its improving fiscal position. Also, National Treasurer Omar T. Cruz is unlikely to wait until September of this year to go back to the market to raise close to a billion to complete this year’ s .1 billion foreign commercial financing program. "We are closely watching and monitoring developments in the market for a window that would allow us to raise money at a least cost to the government," Cruz said. The national treasurer gave this comment in reaction to the observations of Albay Solon Jose Sarte Salceda that the government can well afford to defer any offshore borrowings. Cruz said that the national coffers has more than enough buffer but quickly stressed the "need to be market savvy" and cash-in on an any window of opportunity to borrow. He added that if the government sustains its good revenue collection efforts, "then, we may be able to go back to balance in 2008," a year earlier than 2009 under the revised scenario of the government.

State-owned Philippine National Oil Company-Energy Development Corporation (PNOC-EDC) has tapped Spanish firm Elecnor, S. A. to undertake feasibility study to assess viability of potential wind power projects in Camiguin island and Taytay, Palawan. Financing for the study would be extended by the Spanish FEV (Linea deFinanciacion de Estudios de Viabilidad) to the PNOC–EDC by the Spanish government through its (Instituto de Credito Oficial (ICO) lending unit. The worth of contracts has been placed at 145,360 Euros for the Camiguin project and 149,490 Euros for the Palawan prospect. The project covers a duration of 18 months and shall include site identification, wind resource assessment, and feasibility study of the wind farm sites. The deal was inked by PNOC-EDC president Paul A. Aquino and Elecnor, S.A. head of International Business Development for SoutheastAsia Antonio Piñon Rodriguez; and witnessed by Spanish Embassy Economic and Commercial Counselor Jose Miguel Cortes. Aquino noted that this newly-cornered deal is all in keeping with the company’s bid "to pursue opportunities for the development, utilization, and commercialization of wind power resources in the Philippines."

A South Korean Trade Mission from Jeonbuk will hold a one-on-one business meeting with Philippine business on March 31 at the Hotel Intercon in Makati. Various industrial and consumer products will be discussed with Philippine importer distributors, agent companies and buyers who may wish to carry them in the local market. Most of the products to be presented are games for mobile phones and PDAs, water treatment apparatus and ionizers for household and industrial use, plasticizers for concrete, elevators for various use, hydraulic breakers, LEDbased multi-display advertising media, herbal medicinal products and specially designed plow for tractors. The Korea Trade Center Manila coodinated the trade mission visit in cooperation with several Philippine trade and industry associations.

Credit Suisse has slashed its 2006 net profit forecast for dominant telecommunications firm Philippine Long Distance Telephone Co. by 16 percent, citing higher depreciation expenses from the upgrade of its fixed-line network. Credit Suisse which has a "neutral" rating on the stock, said it expects PLDT to make P28.24 billion in net profit this year. "We adjusted our long-term capex forecast and lowered our 2006 net income estimate by 16 percent to reflect higher-than-expected depreciation expenses from the fixed line network upgrade," Credit Suisse said in a research note. "We believe 2006 will be challenging as management is guiding for modest growth in revenue against rising depreciation, taxes and capex. This concurs with our view of limited scope of positive earnings surprises — hence our neutral rating." PLDT reported that net profit last year rose 22 percent to a record P34.1 billion, after expenses declined and due to gains from foreign exchange and derivative transactions. Credit Suisse said PLDT rival Globe Telecom remains its preferred pick given higher relative upside.