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CalPERS beefs up its
The California Public Employees’ Retirement System (CalPERS), the biggest US pension fund, is investing more funds in the Philippine stock market due to the country’s improving business climate.
Investments rise 16% in 4 months
Investments are pouring into the country not just in the stock market but in hard investments as well with a total of P77.67-billion worth of investments have been registered with the Board of Investments (BoI) and the Philippine Economic Zone Authority (PEZA) for the January-April period this year reflecting a 16.25 percent improvement over P66.81 billion in the same period last year.
To veer away from consensus-based
ASEAN economic ministers are expected to discuss the possibility of moving towards a rules-based charter rather than maintain the current consensus-based, which is perceived to be dragging the region’s march into a fully integrated single economy.
Comm’l bank lending dips in March
The Bangko Sentral ng Pilipinas said commercial bank lending as of end-March declined 0.5 percent to P1.53 trillion from P1.54 trillion the same period in 2005.
Chinese contractor completes scoping work for Dinagat chromite
The United Philippines China Mining Corp. (UPCMC) has completed scoping work for the Dinagat chromite mine as part of its environmental impact statement (EIS) even as the project is programmed to begin producing chromite for the China market this year.
News in Brief
Business Options
Last April 6, 2006, President Gloria Macapagal Arroyo described in glowing terms the prospects for rapid industrialization and modernization of the province of Oriental Mindoro. Delivering the keynote address in the Oriental Mindoro Investment Summit organized by the House of Representatives and the Provincial Government of Oriental Mindoro with the assistance of Malampaya (Shell Petroleum Exploration) and the University of Asia and the Pacific (UA&P), the President waxed lyrical about the vast potentials that have been opened now that the Island of Mindoro has become fully integrated with the bustling CALABARZON region. Because of its strategic location in the Strong Republic Nautical Highway, Oriental Mindoro has become a vital link connecting Luzon to Visayas and Mindanao. Together with its natural resources, Mindoro’s geographic advantage may help it attain growth rates above the national average of 5 to 6 percent. In the next ten years, its regional domestic product could very well grow at 7 to 9 percent, replicating Cebu’s feat in the 1980’s and 1990’s. As Congressman Rodolfo Valencia announced, some P3 billion of investments have been pledged by those present in the Investment Summit.
DA project implementation backlogs threaten future FAPs
The Department of Agriculture (DA) has incurred serious backlogs in implementation of its foreign projects (FAP) which threatens approval of its future FAPs and for which it was penalized with more than P50 million in commitment charges as of 2005.
AEV wooed as FMIC power partner
Aboitiz Equity Ventures (AEV) is being wooed to get in as a new partner to First Metro Investment Corporation (FMIC) in power generation assets in Visayas that it recently acquired from Mirant Corporation.
WTO anti-dumping cases drop in 2005
The number of new anti–dumping investigations worldwide has been on a downtrend in 2005, marking the fourth consecutive year of declines.
Ernst & Young cites business impact of Basel II regulations
Professional services provider Ernst & Young recently published a new survey, citing that financial institutions worldwide are recognizing and embracing a new era of banking, instigated by Basel II.
WB, PIDS to hold infra forum
The Philippine Institute for Development Studies and the World Bank is jointly sponsoring a roundtable discussion (RTD) on Infrastructure as Building Blocks to Development tomorrow, May 16, 2006, at the EDSA Shangri-La Hotel in Mandaluyong City.
ALI profit up slightly at P1.17 B in Q1
Ayala Land Inc. (ALI) posted a marginal improvement in first quarter earnings, as the country’s largest property group by assets said the year-earlier period took into account extraordinary gains from an asset sale.
ERC Commissioner Butalid eyed to head PSALM; Osorio to ERC
With the government’s desperate bid to fast track the privatization of the National Power Corporation’s (NPC) generation assets, Malacañang is seriously considering to install retiring Energy Regulatory Commissioner Oliver B. Butalid to head the Power Sector Assets and Liabilities Management Corporation (PSALM) after he bows out of current office next month.
Efforts to increase Mindanao fruit exports start to bear fruit
DAVAO CITY — Heeding importers’ call for more Philippine-produced fruits, Mindanao fruit growers and processors are expanding operations, in anticipation of a more robust export market.
Dollar suffers from bearish sentiment
NEW YORK, May 12 (Reuters) — The dollar fell on Friday, and even better-than-expected US trade data for March failed to lift the market’s overwhelmingly bearish sentiment on the currency.
Creditors give Lafayette a week to reopen Albay mine
Creditors of Lafayette Philippines Inc. (LPI), which operates the Rapu Rapu Processing Inc., have given the mining firm up to this week if they can reopen the copper and gold mining operation in Albay or not.
ECoP to hold Nat’l Employers Confab May 22-23
The Employers Confederation of the Philippines (ECoP) will hold its 27th National Conference of Employers (NCE) on May 22-23, 2006, at the historic landmark Manila Hotel, to discuss solutions to issues affecting competitiveness of companies and the preservation and promotion of employment, ECoP President Rene Y. Soriano said yesterday.
Metals forge new highs; crude oil volatile
LONDON, May 14, 2006 (AFP) — Metals prices rallied to all-time highs this week on a rush of speculative buying amid geopolitical concerns and tight supplies.
Dow Jones Average falls on second day
NEW YORK, May 14, 2006 (AFP) — Stocks tumbled Friday in the second straight big selloff on Wall Street, as fresh economic data and rising bond yields heightened jitters about inflation and the outlook for interest rates.
Shares close 3.16 percent lower
MANILA (AFP) - Philippine share prices closed 3.16 percent lower in their sharpest fall for nearly a year as investors took profits across the board after a 20-plus percent run-up this year, dealers said.
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