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P0.9-B new investments tallied in 2 months, up 2.3%
Despite the political turbulence in the first two months of the year, which are also historically investment lean months, the country pulled a surprise 2.29 percent growth in new investments compared to the January-February period last year.
Nestlé seeks DTI help to fight fakes
Nestlé Philippines has sought the help of the Department of Trade and Industry (DTI) on how to stop the sale of counterfeit Nestlé products saying the illegal practice has worsened and is even damaging its reputation as producer of quality branded products.
Forfeiture of .14-M Masinloc bond seen
The array of stakeholders in the power industry and even those in capital markets are placing bets that the government may end up forfeiting the .14-million performance bond for the Masinloc deal as they see dim prospects for YNN Pacific Consortium raising the upfront payment of 3 million at deadline time this month-end.
PNOC-EDC posts record P8.9-B profit
Counting an exceptional 30 years of operation, the Philippine National Oil Company-Energy Development Corporation (PNOC-EDC) logged its highest net income so far of P8.9 billion last year from P2.9 billion in 2004 and a low of P0.1 billion in 2003.
SPV Law extension mired in Senate
It looks like the banks’ hopes of enjoying two more years of tax breaks under the Special Purpose Vehicle Law will not be realized anytime soon.
Economic team sets international roadshow
After the political noise and security concerns of the past two weeks and the consequent lifting of the national state of emergency, President Arroyo’s economic team is back to promoting the country’s fundamentals and are now preparing its next international roadshow this month or April.
NEWS IN BRIEF
The peso rate closed at P51.18 to the US dollar last Friday at the the Philippine Dealing System of the Bankers Association of the Philippines. The weighted average rate stands to P51.192.
Fixed Income Exchange adopts new platform
The Fixed Income Exchange (FIE) will introduce another platform — the straight through processing (STP) — this month that would allow interbank transactions to be automatically settled via the delivery versus payment (DVP)-ROSS (registry of scriptless securities) of the Bureau of Treasury (BTr).
East West Bank nets P180 million
East West Banking Corp. reported an unaudited net income after taxes of P180 million in 2005, P34 million more than its profit the year before, capping a successful year of focusing more on consumer financing.
‘1017’ lifting to boost stocks
The stock market is likely to sustain its upward momentum following the lifting of the state of emergency by President Gloria Macapagal-Arroyo on Friday.
Inter-agency body mulled for renewable energy investments
The creation of an interagency body to entice investments has been one of the key provisions set forth in the proposed Renewable Energy Act of 2006, which recently mustered the approval of the House Committee on Energy.
SRA assures enough supply of sugar
The Sugar Regulatory Administration (SRA) has assured the public of enough supply of sugar over the next several months until July this year.
Fin’l advisor for Al-Amanah bank sale eyed
The government has appointed a privatization committee to dispose assets in Al-Amanah Islamic Investment Bank (formerly Philippine Islamic Bank) and to hire a financial adviser by April 7.
Guidelines adopted for rolled steel coil tariffs
The Cabinet-level Committee on Tariff and Related Matters (CTRM) has approved the guidelines on Executive Order 375 specifying the basis for the increase on tariffs for hot rolled coils (HRC) and cold rolled coils (CRC) from the present three percent to seven percent.
LRWC acquires gaming firm
Leisure & Resorts World Corporation (LRWC) has acquired majority control of First Cagayan Leisure and Resorts Corporation (First Cagayan) after pumping in new capital into the gateway for interactive gaming in Asia.
ERC suspends confirmation for generation cost recovery of DUs
The Energy Regulatory Commission (ERC) has suspended confirmation or evaluation process of the submitted documents that would justify cost recovery of generation charge adjustments passed on to consumers by the distribution utilities.
LRTA surpasses targets, pares losses substantially in 2005
The Light Rail Transit Authority has exceeded its operation, maintenance, and finance targets in 2005, according to Takeshi Kikukawa a rail export of the Japan International Cooperation Agency (JICA).
Oil prices stabilize at high range
NEW YORK, Mar. 5 (AFP) — World oil prices steadied on Friday as traders eyed two crucial meetings in Vienna next week, dealers said.
Business and Society
A good number of business executives are not convinced that a parliamentary form of government will improve the over-all economic performance of the Philippines. They agree with the minority group from the 55-member Constitution Commission created by President Gloria Macapagal Arroyo who objected to a parliamentary system for the following reasons:
Philippine shares close 0.84 percent higher
MANILA (AFP) - Philippine share prices rose 0.84 percent Monday to their highest levels in a month as political tensions eased after President Gloria Arroyo ended the state of emergency imposed to combat an alleged coup attempt, dealers said.
Higher taxes narrows Philippines budget deficit
MANILA (AFP) - The Philippines' budget deficit has narrowed sharply from government targets amid improved revenue collections, President Gloria Arroyo said Monday after ringing the opening bell at the stock exchange.
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