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Former Iloilo solon Garin named PCA administrator
Malacañang has appointed former Iloilo Rep. Oscar Garin as administrator of the Philippine Coconut Authority (PCA), replacing Jesus Emmanuel Paras who assumes an undersecretary position at the Department of Agriculture (DA).
ADB equity eyed to complete $ 561.7-M Masinloc plant payment
The private sector arm of the Asian Development Bank (ADB) is eyeing equity investment in the privatized 600-megawatt Masinloc coal-fired power facility; so it could help put up the $ 561.74 million total payment to the Power Sector Assets and Liabilities Management Corporation for complete turn over of the asset.
BSP amends rules for external auditors
The Monetary Board, the policy-making body of the Bangko Sentral ng Pilipinas, has amended the rules governing banks’ external auditors.
Local producers to hike steel prices
Domestic steel manufacturers are adjusting upward their prices this month due to high cost of imported raw materials following a tight global supply situation.
To stop new Customs Brokerage Law
"It is now up to President Arroyo to help save the embattled export industry," says Philippine Exporters Confederation (Philexport) president Sergio R. Ortiz-Luis, Jr. following a last-ditch attempt to stop the Bureau of Customs (BoC) from giving licensed customs brokers the exclusive right to sign import and export documents.
Money supply (M3) rose 9.4% to P2.32 T in Feb.
The Bangko Sentral ng Pilipinas said broad money or M3 rose 9.4 percent in February to P2.32 trillion compared to P2.12 trillion the same period in 2005.
NEWS IN BRIEF
The peso rate closed at P51.125 to the US dollar last Friday at the Philippine Dealing System of the Bankers Association of the Philippines. The weighted average rate stands at P51.167.
Hollywood studios to start selling films online
LOS ANGELES (AP) _ Hollywood studios will start selling digital versions of films such as ``Brokeback Mountain'' and ``King Kong'' on the Internet this week, the first time major movies have been available online to own.
Meralco allows open access for large clients
MANILA (XFN-ASIA) - Power distributor Manila Electric Co (Meralco) has allowed large customers with electricity requirements of at least one megawatt to choose their own suppliers, government officials said the weekend.
US newspapers try to cash in on blogs
CHICAGO (AFP) - With a new blog created every second, some media futurists have predicted that ''citizen journalists'' will be producing half of the world's news by 2021.
Supreme Court upholds legality of foreign mining project in N. Vizcaya
MANILA (AFP) - Australia's Climax Mining has won a major legal challenge which has held up a copper-gold mining project in the Philippines for more than 12 years, court officials said Monday.
ADB plans new issue of peso zero coupon bonds
Buoyed by success of its first foray, Asian Development Bank (ADB) is planning to tap the domestic market this year through the issuance of zero coupon bonds.
Final 2006 Investment Priorities Plan now awaits President Arroyo’s approval
Trade and Industry Secretary Peter B. Favila has submitted for Malacañang’s approval the proposed 2006 Investment Priorities Plan (IPP) which expanded its coverage with the inclusion of three sectors as the government seeks to retain investments, bring back those that left and encourage new locators in critical sectors of the economy.
Online stock broker sets IPO
Online stockbroker CitisecOnline.com Inc has filed application with Securities and Exchange Commission (SEC) for its initial public offering of 110 million common shares with a par value of P1 per share and at the offer price of P1 to P1.50 per share.
Share prices to consolidate ahead of Lenten holiday break
Share prices are likely to undergo some consolidation as most traders and investors are usually sidelined ahead of the Lenten break.
RP seeks more WB, ADB loans for fiscal reforms
The Department of Finance is negotiating for the release of several fiscal strengthening loans from the World Bank, Asian Development Bank and from other multilateral funding agencies to add to the pot of foreign aids.
Meralco gives in to open access for its large electricity customers
The government finally won its battle to compel giant utility firm Manila Electric Company (Meralco) to agree on the implementation of open access to its contestable market even without yet the mandated substantial privatization of the National Power Corporation’s (NPC) generation assets that would supposedly spur competition in the marketplace.
Business and Society
The Executive Opinion Survey sent by the World Economic Forum on the Global Competitiveness Report 2006-2007 contained, among others, the following questions:
Philex granted accounting rule exemption
The Securities and Exchange Commission has granted the request Philex Mining Corp. for exemption from the application of Philippine Accounting Standards (PAS) 39, particularly the provision for recognition of market-to-market gain or loss on derivatives.
What it pays to be US bank chief
NEW YORK, Apr. 2 (Reuters) — Record earnings on Wall Street yielded windfall bonuses and pay packages for its top executives and some of the heads of the big US commercial banks. Details of the 2005 pay packages released so far in regulatory filings, listed by size:
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