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Alindogan appointed new DBP Chairman
President Gloria Macapagal Arroyo has appointed former Monetary Board member Antonino L. Alindogan, Jr. as the new chairman of the Development Bank of the Philippines (DBP).
Israeli firm sets $ 300-M investment
Africa Israel Investments Ltd., an Israel-based conglomerate, will invest between $ 250 million and $ 300 million in the Philippines, in real state, infrastructure, energy and water sectors.
Gov’t economic team off to Singapore
Senior members of the government’s economic team and Bangko Sentral ng Pilipinas Deputy Governor Nestor A. Espenilla Jr. left for Singapore yesterday to promote the country’s improving economic climate and investment opportunities in the mining, banking, business process outsourcing, infrastructure, energy and power sectors.
UK firm to build P2-B HQ at the Fort
The Mabey Group of UK, one of the world’s leading manufacturers of steel bridging with a presence in 120 countries worldwide, will set up its Asia Pacific Headquarters in Bonifacio Global City, Taguig City, David Mabey, chairman of the Mabey Group of Companies, announced.
DoF extends payment of IMF dues by 5 years
The Department of Finance has renewed for another five years the settlement of P13 billion subscription fees to the International Monetary Fund advanced by the Bangko Sentral ng Pilipinas.
NEWS IN BRIEF
The peso rate closed lower at P51.42 to the US dollar yesterday at the Philippine Dealing System of the Bankers Association of the Philippines from P51.06 the previous day. The weighted average rate depreciated to P51.313 from P50.963. Total volume amounted to 3.5 million.
RP economy takes coup attempts in stride
MANILA (AFP) - When President Gloria Arroyo declared a state of emergency on February 24 to thwart an alleged plot to oust her, critics charged she was crippling the economy.
Hike in VAT to 12% pulls down February auto sales by 22.4%
The implementation of the Expanded Value-Added Tax (EVAT), which raised the rate from 10 percent to 12 percent on Feb. 1, has pulled down sales of the automotive industry by 22.4 percent in February and trimmed down industry growth for the January-February period to 3.1 percent only.
ECoP vows to step up initiatives in population management in 2006
Voicing grave concern over the rapid growth of the country’s population, the Employers Confederation of the Philippines (ECoP) has vowed to step up initiatives on population management this year in collaboration with other sectors and various organizations, both government and non-government.
Telecom firms lead Top 5000 most profitable companies in 2004
Smart Communications, Inc. topped the list of the Securities and Exchange Commission’s list of the 5,000 most profitable registered corporations in 2004 with a net income of P19.61 billion.
La Niña may force hike in sugar imports
The Philippines’ sugar import may reach to 80,000 metric tons (MT) as ouput may fall below projections due to La Nina’s excessive rains, but any import should be subjected to open bidding rather than to an arbitrary countertrade.
Smart schools partners now number 38, eye 60 more
Smart Communications Inc.’s two-year-old community service initiative, the Smart Schools Program, now covers 38 public schools and will include 60 more within 2006, according to Ramon R. Isberto, Public Affairs Head.
PNOC-EDC still to settle P2.9-B BOT obligations
With the first power plant due for turnover under its charge starting June this year, Philippine National Oil Company-Energy Development Corporation (PNOC-EDC) still has to brace for payment of remaining P2.9-billion worth of obligations under its build-operate-transfer (BOT) contracts.
NPC, PSALM split WESM trading functions
State-owned National Power Corporation (NPC) and successor-company Power Sector Assets and Liabilities Management Corporation (PSALM) have acquiesced to split responsibility in trading capacity at the Wholesale Electricity Spot Market.
SMIC putting up P1.5-B call center complex
SM Investments Corporation broke ground on its P1.5-billion 94,000-square meter e-commerce building yesterday.
Minola opens P180-M coco refinery in Bauan
The Minola Refining Corp. (MRC) yesterday opened a P180-million refinery at the Cocochem Agro-Industrial Park (CAIP) in Bauan, Batangas.
Political turmoil won’t slow Asia growth
SINGAPORE, Mar 8 (XFN–Asia) — Asian economies — including Thailand and the Philippines, which are beset by political turmoil — will grow strongly this year despite high oil prices and interest rate increases, according to the vice-president of the Asian Development Bank (ADB), Jin Liqun.
Penguin to publish Greenspan memoirs
NEW YORK (AP) — The memoirs of Alan Greenspan, one of the hottest properties in publishing, have been acquired reportedly for $ 8 million by The Penguin Press, which has set a 2007 release date for the book by the former chairman of the Federal Reserve.
Cathay Pacific profit falls
HONG KONG, Mar. 8 (AFP) — Cathay Pacific Airways, Asia’s second largest airline, Wednesday posted a sharper-than-expected fall of 25.3 percent in annual profits, as high fuel costs offset a solid boost in sales.
Thailand hikes rates
BANGKOK, Mar. 8 (Reuters) — Thailand raised interest rates on Wednesday by an expected 25 basis points to 4.5 percent, their highest since the central bank began targetting inflation in 2000.
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