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BoI grants perks to Smart’s P33-B 3G phone network
The Board of Investments has approved on pioneer status the P33.178 billion third-generation radio mobile telephone system (3G) of Smart Communications Inc. but has required the company to submit a program on how it can reduce subscribers’ cost.
Firm to put up 1,400-ha. rubber farm
The Japan-Philippines Latex Technology Inc. (JPLT) has programmed a 1,400-hectare planting of rubber in Bukidnon in order to supply a rubber processing facility in Laguna.
BSP okays LBP’s $ 150-M Tier 2 issue
The Monetary Board, the Bangko Sentral ng Pilipinas’ policy-making arm, has approved government financial institution Land Bank of the Philippines’ Tier 2 issue of up to $ 150 million.
PSALM requires $ 500 M-market capitalization for TransCo bidders
Hounded by delays in some auctioned National Power Corporation (NPC) assets, the Power Sector Assets and Liabilities Management Corporation (PSALM) has laid down stringent requirement of at least 00-million market capitalization for those interested in the concession deal for the spinoff National Transmission Corporation slated for bidding in September this year.
Exporters get 2-month BoC reprieve
The Bureau of Customs (BoC) has given small exporters ,who have been handling the processing of their own export papers at no added cost from government, two months before they are required to hire licensed brokers to sign their papers.
PSE seeks neighbors’ support on cross-listing
The Philippine Stock Exchange (PSE) will seek the support of a big association of stock exchanges in Asia to speed up its program for the cross-listing of shares of corporations in stock exchanges operating across national borders.
NEWS IN BRIEF
The peso rate closed at P52.78 to the US dollar last Friday at the Philippine Dealing System of the Bankers Association of the Philippines. The weighted average rate stands at P52.822.
Business and Society
In the book The World Is Flat by Thomas Friedman, the author gives examples of how hard it is today to identify a company’s country of origin because of globalization. He cites the outstanding example of the famous British company Rolls Royce. Sir John Rose, the CEO of Rolls Royce, told Mr. Friedman: "We have a big business in Germany. We are the biggest high-tech employer in the state of Brandenburg. I was recently at a dinner with Chancellor (Gerhard) Schroeder. And he said to me. ‘You are a German company, why don’t you come along with me on my next visit to Russia—to try to drum up business there for German companies.’ The German chancellor, said Rose, ‘was recognizing that although my headquarters were in London, my business was involved in creating value in Germany, and that could be constructive in his relationship with Russia.’"
PNOC-EDC eyeing foreign buyers for its planned IPO
To build up its cash hoard, the Philippine National Oil Company-Energy Development Corporation will be pursuing initial public offering (IPO) of 30 to 40 percent of its shares at the Philippine Stock Exchange by September this year.
Tampakan copper-gold mine project to need new 100-MW power facility
The Tampakan copper-gold mine project in South Cotabato, one of world’s largest undeveloped mineral deposits, will need 100 megawatt (MW) power capacity that will spur development in the upland town that dreams to become a first-class municipality.
Investors see volatile trading
Investors are cautious and awaiting positive news as the equities remain volatile following last week’s rebound after several days of correction.
Smear job on BIR chief decried
Leading businessmen and several business groups recently warned against an apparent smear campaign against the Bureau of Internal Revenue (BIR) Commissioner Jose Mario Buñag, saying a vilification campaign "is unfair, unnecessary and counter-productive."
BoI to continue promoting investments in mining projects
Citing Malacañang’s pronouncement of no-ban on mining activities in the country, the Board of Investments said they will continue to promote mining investments into the country as interest for this sector remains very strong.
CDC sets aside P200 million for Clark airport terminal expansion
Clark Development Corp. (CDC) is allocating P200 million for the expansion of the terminal for the low cost carrier (LCC) airlines and P75 million for the conduct of a feasibility study of the gateway airport terminal.
Earnings of listed firms rose 24% in 2005
The combined earnings firms listed in the Philippine Stock Exchange (PSE) went up by 24.1 percent to P191.26 billion last year from P154.1 billion in 2004.
Fair play seen at risk as Asia adopts Basel II
MANILA, May 28 (Reuters) — Most of Asia will be adopting new bank capital rules at different phases, raising questions about fair play in the market, regulators and a bank official said on Saturday.
PFA gears up for Franchise 2006 in July
The country’s premier franchise show is back as the Philippine Franchise Association (PFA) gears up for Franchise 2006, the Philippine International Franchise Conference and Expo (PIFCE) scheduled this July at the Hotel Philippine Plaza and the World Trade Center Manila.
Carat wins $ 272-M adidas/Reebok account in global consolidation
Jocelyn F. Domingo, Carat Philippines president, announced that Carat will handle the planning and buying of media for both the adidas and Reebok brands worldwide, with estimated billings of US$ 272 million. Carat pitched both adidas and Reebok, supported by specialist digital services from Isobar.
Dollar rebounds ahead of holiday weekend
NEW YORK, May 26, 2006 (AFP) — The dollar firmed Friday as investors pondered the impact of US inflation data and decided to close out positions ahead of a three-day weekend in New York and London
Cebu Pacific in talks to use Singapore's new Budget Terminal
Singapore (DPA) - Cebu Pacific Air is in talks to use Changi's new Budget Terminal as the low-cost Philippine carrier plans to restart flights from Manila to Singapore, news reports said Monday.
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