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4-month net foreign buying at PSE up 61% to P19.5 B
Net foreign buying in the Philippine Stock Exchange rose 61.3 percent during the first four months of the year to P19.49 billion from P12.09 billion a year ago as investors’ perceptions about the country’s economic and political prospects improve.
AEV allots P10.2 B for expansion
Aboitiz Equity Ventures expects to spend at least P10.2 billion this year for the expansion of power business and other subsidiaries.
NDC slates P10-billion bond issue
The National Development Co. will float P10 billion worth of bonds next quarter to raise funding for pump priming, according to Socio-Economic Planning Secretary Romulo L. Neri.
Filinvest Land earns P154 M in Q1
Net profit of Filinvest Land Inc. (FLI) grew 11.7 percent in the first quarter of the year to P154.08 million from P137.95 million in the same period in 2005 despite lower real estate sales.
VAT collection tops Q1 goal at P16.1B
The Department of Finance said value added tax or VAT collection for the first three months of the year totalled P16.1 billion or P600 million more than its target for the quarter.
Private sector urged to invest in infras
The National Economic and Development Authority (NEDA) has urged the private sector to invest on some infrastructure projects to help meet the country’s development goals.
NEWS IN BRIEF
The peso rate closed lower at P52.595 to the US dollar yesterday at the Philippine Dealing System of the Bankers Association of the Philippines from P52.060 the previous day. The weighted average rate depreciated to P52.572 from P52.120. Total volume amounted to 0 million.
Business sentiment remains upbeat — BSP
Business sentiment is still positive for the second and third quarters since they generally believe "better times" are ahead, a central bank survey said.
Big China trade mission due June 3
Chinese Trade Commerce Minister Bo Xilai is leading a 300-man business delegation to explore investment opportunities in the country.
NPC allowed limited cost recovery for Mt. Apo 2 power plant
The National Power Corporation (NPC) has been allowed to recover and pass on generation cost for the 52-megawatt Mindanao 2 geothermal (Mt. Apo) power plant in Mindanao, but it shall be limited to P1.2008 per kilowatt hour (kWh) plus escalation costs.
ERC adjusts TransCo revenue cap
The Energy Regulatory Commission (ERC) has adjusted the revenue cap of National Transmission Corporation (TransCo) for year 2006 based on recalculated under recovery of 4.87 percent to P29.472 billion from the previously approved P27.085 billion.
ICTSI subsidiary in $ 25-M upgrading
Madagascar International Container Terminal Services Ltd., a subsidiary of International Container Terminal Services, Inc. (ICTSI), is gearing up to be Africa’s secondary hub.
Equatorial Guinea taps Bank of Commerce to set up national bank
The government of the Republic of Equatorial Guinea announced that it has entered into a partnership with the Bank of Commerce (Bancommerce) in the Philippines to set up the national bank in that oil-producing nation in Central Africa.
Coco farmers get P95-M new loans
Amidst the average slowdown in credit availments by corporates, borrowing in the countryside remains positive, said UCPB-CIIF Finance and Development Corp. President Edgardo Amistad.
Asian currencies slump on US rate hike fears
SINGAPORE, May 18 (Reuters) — Asian currencies resumed their slide against the dollar on Thursday, with the Indonesian rupiah losing as much as 3 percent, after stronger-than-expected US inflation figures reignited talk of rising US interest rates.
Asian stocks fall on rate hike fears
SINGAPORE, May 18 (Reuters) — Asian stock markets fell heavily on Thursday, with Tokyo shares hitting a two-month low, as investors were spooked by big losses in US stocks and bet interest rates would keep rising.
Nissan affirms $ 890-M Thailand expansion
BANGKOK, May 18 (AFP) — Nissan Motor, the world’s fourth largest automaker, forecast Thursday a sharp slowdown in growth of its Thai vehicle sales this year but will still press ahead with its 0-million expansion plans.
Mittal launches bid to take over Arcelor
BRUSSELS, May 18 (Reuters) — Mittal Steel launched its hostile takeover offer for rival Arcelor on Thursday, giving Arcelor shareholders the chance to determine its future after a months-long war of words between the steelmakers.
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