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Gov’t to borrow $ 900 M this year
Finance Secretary Margarito B. Teves said yesterday the national government is returning to the foreign debt markets to borrow $ 900 million despite talks of adjusting the borrowing mix.
Investment in power infrastructure seen as anchor to Mindoro’s dev’t plan
The inflow of capital for power infrastructure projects is seen as the first key to ensuring that more investments would be enticed for various opportunities that the province of Oriental Mindoro has to offer.
Gov’t pushes Halal standard program
The government is harmonizing all its efforts related to the compliance to international standards of the Halal trade to capture a sizeable share of the overall Halal trade export market.
China’s Fuhua Group to invest in hybrid corn, infrastructure projects
A consortium led by the Fuhua Group of China is investing multi-million dollars in the Philippines’ grains sector initially involving hybrid corn planting on one million hectares and upgrading into construction of industrial processing facilities that will make the country a major corn exporter.
Further consolidation expected in domestic sugar milling sector
Although sugar milling operations in the Philippines have undergone consolidation over the past two decades, industry officials and regulators believe a few more mills may fold in the coming years, in light of the large investments needed to cope with the country’s more stringent anti-pollution standards.
Chowking steps up global forays
Chowking Food Corporation stepped up its global expansion with the recent opening of a fifth store in the United Arab Emirates (UAE), boosting its international presence to 17 stores.
TransCo bats for reclassification of Cebu-Mactan line as network asset
For the sake of delivering cheaper-priced electricity to end-consumers, the National Transmission Corporation (TransCo) is currently batting for the final reclassification of the Cebu-Mactan transmission line as a "network asset," instead of a "connection asset" which is normally a dedicated line to a specified customer.
Gov't ties up with LBP to help farmers sell their products
The government is tying up with Land Bank of the Philippines (LBP) and online portal b2bpricenow.com to enable farmers in 80 Farmers’ Information and Technology Services (FITS) centers nationwide to have marketing access through the Internet.
ATM network notes growing use of bills payment facility
Since its introduction in the country more than 25 years ago, ATMs have evolved from its initial function of facilitating cash withdrawals to other services such as bills payment transactions.
Nescafe Classic launches 1st harvest coffee variant
Nestle Philippines, Inc. (NPI) is perking up the Philippine coffee industry with the introduction of its newest coffee product, the NESCAFE Classic First Pick, a limited edition soluble coffee made special by its unique taste and intense aroma.
Davao opens e-academy and language institute
Davao City will soon have its first e-academy and language institute.
Gov’t explores ways on how to shift part of foreign loans to local currency
SINGAPORE (Dow Jones) — After completing a P111 billion (US$ 2.2 billion) local currency bond swap last month, the Philippine government is training its sights on its massive foreign currency portfolio.
Chevron eyes market share hike with new products in the pumps
After lackluster market performance in the last two years, Chevron Philippines, Inc. (CPI) promises to come back with reprisal, setting off not only a more aggressive marketing strategy but also taking reign in the introduction of new products at the pump.
SGS offers program for ISO 22000 Certification
SGS Philippines, Inc. recently launched its ISO 22000 Certification Program for its clients and partners.
24 major mining projects in the pipeline
The 24 major mining projects are expected to generate about $ 8 billion in new investments over the next six years.
Oil holds near $ 64
LONDON, Mar. 25 (Reuters) — Oil held near $ 64 after hitting a near seven-week high on Friday as renewed supply woes in Nigeria increased expectations of prolonged outages in Africa’s largest producer.
China emerges as new property frontier
HONG KONG, Mar. 25 (Reuters) — Carolyn Chin, a US real estate investor who owns about 20 properties in the New York area and Florida, is out shopping in China.
Immigration Solutions
Although the Senate Judiciary Committee has taken a recess without reaching a consensus on Senator Specters Chairman Mark-up, Committee members have vowed to continue working towards a comprehensive immigration reform proposal that would include many of the benefits found in the Mark-up, also known as the "Comprehensive Immigration Reform Act of 2006." Despite many Senators call for legislation to include benefits such as the "gold card" or a temporary guest worker program, the Senate Majority leader, Senator Bill Frist, has placed a deadline of this Monday, March 27th to produce a proposal "with or with out the benefits."
Alcatel, Lucent eye $ 33-B merger
PARIS, Mar. 25 (AFP) — French telecom technology provider Alcatel and US equipment firm Lucent Technologies revealed on Friday that they were considering a marriage creating a group worth about P33-billion.
Faster remittances seen with thrift banks’ FCDUs
The delivery of remittances to the beneficiaries of overseas Filipino workers (OFWs) in the countryside is expected to be fasttracked with the granting of FCDU (foreign currency deposit unit) license to rural bank, cooperative banks and thrift banks.
GSIS offers to buy 10.8% EPCIB block of treasury shares for P8 B
The Government Service Insurance System (GSIS) offered to buy the contentious 10.8 percent stake of EBC Investments Inc. (EBCII) in Equitable PCI Bank at a price of R92 per share, a move that would consolidate and strengthen its position in the bank.
IMF eyes role in reg’l forex schemes
WASHINGTON, Mar. 25 (Reuters) — The head of the International Monetary Fund said the global lender should be open to backing regional schemes like the Chiang Mai Initiative (CMI), a network of currency swap lines created by Asian government to avoid a repeat of the 1997/98 crisis.
Arroyo approves twin proposals
President Gloria Macapagal Arroyo has approved the twin proposals of the Sugar Regulatory Administration (SRA) to address the spiralling prices of sugar in the domestic market.
More Pag-IBIG housing funds at lower rates
The Pag-IBIG Fund is earmarking more funds for housing financing this year and plans to lower interest rates on its enduser housing loan program.
Priority export products not covered by new law?
Individual exporters and companies whose products are considered priority exports are not covered by a newly implemented law on customs brokering that adds a new layer of red tape and added costs to exporting.
NEWS IN BRIEF
The peso rate closed at P51.26 to the US dollar last Friday at the Philippine Dealing System of the Bankers Association of the Philippines. The weighted average rate stands at P51.211.
Seaports urged to prepare for arrival of mega-container ships
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