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SMIC posts 24% rise in net income at P7.1 B in 2005
SM Investments Corporation (SMIC), the investment firm of Henry Sy’s SM Group, registered a 24 percent jump in consolidated net income last year to P7.1 billion from the restated P5.8 billion in 2004.
Exporters urge balanced forex policy
The abrupt rise in the value of the local currency against the U.S. dollar has alarmed local exporters even as they warned of a grave danger not just on the country’s exports but also on the dollar remittances of the overseas Filipino workers, two of the country’s major sources of foreign exchange.
Gov’t to seek new $ 303-M WB loan
The World Bank and the Department of Finance are preparing for a higher and longer-term loan worth $ 303.5 million for the healthcare and education sectors this year.
Black bug threatens Luzon rice farms
Agricultural experts are finding means to fight rice black bug which had once damaged 4,500 hectares of rice land in Palawan, infested farms in Mindanao and Sorsogon, and is now threatening to plague rice fields in Luzon that could adversely affect the country’s rice production.
PSE recasts, renames stock index
The Philippine Stock Exchange board has decided to rename the PSE Composite Index and confirmed the implementation of the "free float" method in determining the composition of the renamed index.
A strong peso slows down inflation — BSP
Inflation growth — which is expected to hit a high of 8.3 percent this year — would be better managed or controlled because of the strong peso, a monetary official said.
NEWS IN BRIEF
The peso rate closed higher at P51.14 to the US dollar yesterday at the Philippine Dealing System of the Bankers Association of the Philippines from P51.24 the previous day. The weighted average rate appreciated to P51.193 from P51.259. Total volume amounted to 2 million.
Ethanol alliance contends 10% mix compatible with automobiles
The Philippine Fuel Ethanol Alliance (PFEA) has assured car manufacturers that a 10 percent ethanol blend on gasoline has been accepted worldwide as a technically-feasible mix for use in vehicles.
DTI monitors quality of construction materials
As the construction season picks up, the Department of Trade and Industry has strengthened its monitoring and enforcement activities against the sale of substandard construction materials.
Chinese investors eye Batong Buhay
Chinese investors have looked into possible investments in the Batong Buhay gold project in Kalinga-Apayao whose big resource is estimated to have a gross value of $ 1.1 billion.
Cebu Pacific’s P10 one-way fare promo sold out in 6 days
Cebu Pacific (CEB) has sold in six promotion days more than 150,000 seats at P10 each for its 10th anniversary last week and pledged to continue promoting domestic tourism.
DTI deputizes CDC, SBMA for project screening
The Board of Investments has deputized Clark Development Authority (CDC) and Subic Bay Metropolitan Authority (SBMA) to receive and evaluate applications of projects that seek to register with the Board of Investments but are locating in these ecozones.
ERC to firm up timeline for open access
The power industry regulator and government-run energy agencies will be undertaking industry-wide consultation next month onward to their decision to finally firm up a timeline for open access or the regime where consumers would finally be given the power of choice on their electricity suppliers.
Testing costs trigger snags in wider use of alternative fuels
The concern on who shall rightfully shoulder the costs that would account for testing, primarily on vehicle engines and related handling infrastructure on the use of biofuels, has apparently been the main reason for snagged wider use of alternative fuels in the domestic oil market.
Oracle offers products for telecom applications
PHUKET, Thailand — Oracle is offering applications and an industry-leading technology platform to help telecommunications firms in the Philippines and the rest of the world adapt to key trends and technology developments which are driving unprecedented change in the industry.
Shakey’s breaks P1-B sales level in 3 years
In less than 3 years, the Shakey’s pizza brand posted a 90 percent turnaround in sales. In fact, according to the most recent figures, the brand has realized over a billion in system sales, despite the pressing oil crisis.
Trading halt lifted on JG Summit shares
MANILA (XFN-ASIA) - The Philippine Stock Exchange said it has lifted the trading suspension order on shares of JG Summit Holdings Inc. after the company issued a clarification on a newspaper report, which said the conglomerate made P70 billion in revenue and less than P3 billion in profit last year.
2.8M jobless Filipinos at end-January -- NSO
MANILA (XFN-ASIA) - The unemployment rate rose to 8.1 percent as of end-January up from 7.4 percent at end-October 2005, the National Statistics Office (NSO) said in a statement.
Central bank to repay early $ 500-M loan
MANILA (XFN-ASIA) - The Bangko Sentral ng Pilipinas (BSP) said it will repay next month a $ 500-million loan that is scheduled to mature in October.
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