Total gross assets of the nine overseas banking units or OBUs surged 212.8 percent to $ 2.654 billion last year from $ 848.81 million in 2004, the Bangko Sentral ng Pilipinas said. OBUs’ net income after tax, in the meantime, was up 80.4 percent to $ 9.58 million from $ 5.31 million in the previous year. The BSP also said OBUs’ net interest income and other operating income increased by 79.9 percent to $ 7.1 million and 38.5 percent to $ 7.5 million, respectively. Offshore banking units’ investments in bonds and other securities for the twelve-month period also improved to $ 1.3 billion million from $ 474 million last year. The share of investments in bonds and other securities however declined to 48.4 percent from 51.2 percent in 2004. On the other hand the BSP said there were more funds in 2005 that went to banks than in lending. Due from banks went up by 363.9 percent to $ 816 million while total loans grew by 115.3 percent to $ 550 million. OBU loans to residents of $ 147 million were lower by 30.6 percent from last year. There were declines across sectors, residents, non-residents and private and public borrowers. The BSP said assets lodged with OBUs and foreign currency deposit units serve as secondary reserves that help keep the local financial system stable during periods of economic or political difficulty.

Businessman Jose Marie Chan is expanding his sugar production business in Negros Occidental. Chan is investing P700 million for BISCOM Inc. as new producer of refined sugar/mollases in San Vicente, Binalbagan, Negros Occidental. BISCOM Inc. is among the projects approved by the BoI under its simplified registration process. This wholly-owned Filipino venture is expected to employ 60 individuals. It will start commercial production by January 2007. Jose Marie Chan is the president of BISCOM Inc. Other projects approved by the BoI last week were RG Offshore Financial Services Ltd. Philippines Inc. and Venvi Agro-Industrial Ventures Inc. RG Offshore is a business process outsourcing company that is expected to hire 15 workers. It has a project cost of P2 million. Venvi is investing P55 million as new producer of live hogs in San Nicolas, Ilocos Norte. It will start commercial operation in January 2007.

The Securities and Exchange Commission (SEC) has approved the application of Mercantile Care Plans for the additional registration of P300-million worth of pension plans with a price increase. The pension plan has three products: Pensioncare Classic, Pensioncare Value Plus and Pensioncare Advantage. These plans pays a subscribed maturity value or maturity value plus a return of the contract price. SEC documents show that the price increase was brought about mainly by the change in interest rate assumption to 8 percent from 11 percent in its previous pricing. The pension benefit of P10,000 per unit was also changed to P1,000 per unit. "Based on the review of the actuarial considerations, the benefits and guarantees have been quantified and considered in the pricing, trust fund contributions and termination values and were found to be in accordance with the generally accepted actuarial principles," said the SEC. The commission added that the company’s assumptions were tested to determine the viability of the pricing of the plan using the SEC Asset Share Viability Model for Pricing, Reserving and Viability Analysis Spreadsheet. (JAL)

Philex Gold Inc., a subsidiary of publicly-listed Philex Mining Corp, reported "excellent" drilling results at the Boyongan site in the province of Surigao del Norte in southern Philippines. "PGI is very pleased with the excellent drill results from initial in-fill holes at Boyongan," Philex Gold Chairman and Chief Executive Officer Walter Brown said in a statement. He said Philex Gold’s joint venture partner, Anglo American Exploration, has committed to 17,000 meters of confirmatory drilling. "(This) will upgrade the resources from the ‘inferred’ to the ‘indicated’ category necessary to advance the project to a prefeasibility stage," Brown added.

Filipinas Shutters, Inc., one of the largest manufacturers of roll-up shutters and steel flush doors, is celebrating its 33rd year anniversary this month. Filshutters has been consistently voted as No. 1 Shutter Door Manufacturer (National Category) by the National Shoppers’ Choice Award; and as No. 1 High Quality Shutter Door Manufacturer by the National Marketing Excellence Awards. The company said it will introduce another breakthrough in overhead coiling door/shutter door design. The first is ECO-Shutters. It will also introduce the MetaLite Flush Door to answer the growing demand for a more economical, termite-free and sturdy flush door.