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Gov’t to seek 5-yr extension of land reform program
President Gloria Arroyo will ask Congress to extend a land reform program for an extra five years after 2008 to help some two million farmers become self-sufficient, officials said yesterday.
French banks lend NPC $ 22.6 M
French investment bankers Natexis and BNP Paribas will extend .6 million (Euro17.5 million) to fund National Power Corp.’s rural electrification program.
BIR may wind up tax credit scheme
Availment of tax credit certificates — which reached P200 million in April to the surprise of the Bureau of Internal Revenue, could be winding down since most of the credits were collected in advance in 2005, the agency’s highest official said.
Int’l oil prices jump to over $ 73/bbl
SINGAPORE (AP) - Oil prices jumped Monday in reaction to a threat by Iran’s supreme leader that his nation could jeopardize the world’s oil supply if the West punished Tehran over its nuclear program.
Petron studies oil refinery expansion
Setting its sights beyond the proposed Mindanao refinery, oil industry giant Petron Corporation bared that it is undertaking a comprehensive feasibility study for possible facility expansion in the future.
Deutsche Bank AG London acquires 21.6% VMC stake
Deutsche Bank AG London has acquired a 21.64 percent stake in Victorias Milling Company, which is currently undergoing the final stages of its rehabilitation program.
Strict monitoring set on preferential rates offered by power utilities
To preclude any scheme of cross-subsidization among clusters of electricity end-users, the Energy Regulatory Commission (ERC) is to enforce strict monitoring of the preferential rates being offered by power utilities.
Asian currencies gain as dollar weakens
SINGAPORE, June 5 (Reuters) — Asian currencies rose on Monday against a broadly declining dollar after weaker-than-expected US jobs growth in May raised expectations that the US Federal Reserve will pause in its two-year rate-raising campaign.
Business Options
When company sales figures start to plateau and targets are not being met for years, while Capital and Operating expenditures continue to rise, most companies look at downsizing as their last resort to continue their operations, protect their market, recover their margins and improve their bottom lines. Results could be more devastating as workers are laid off, departments are collapsed, local manufacturing facilities of multinationals are closed down in favor of their foreign subsidiaries.
DBP posts P1.6-B profit in 4 months
The Development Bank of the Philippines (DBP) continued to perform strongly with its net profit going up to P1.62 billion for the first four months of the year despite the sluggish overall lending activities in the industry.
BoP yields $ 277-M deficit in April
The country’s balance of payments reported a deficit of $ 277 million for the month of April, after paying off debt obligations, due for the period.
Banco Filipino appeals for negotiated settlement
Invoking the decision of the Court of Appeals (CA) that affirmed the rulings of the trial court, Banco Filipino Savings and Mortgage Bank has asked the Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP) for a negotiated settlement of the P18.8 billion damage suits filed in connection with the bank’s illegal closure in 1985.
Inflation eases to 6.9% in May
MANILA (AFP) - Inflation slowed to a 6.9 percent year-on-year rate in May from 7.1 percent in April due to slower increases in food and utility costs, the National Statistics Office said Tuesday.
Metro Pacific says several groups eyeing investment in Nenaco
MANILA (XFN-ASIA) - Metro Pacific Corp said it is negotiating with several groups interested in investing in its shipping subsidiary, Negros Navigation Co (Nenaco).
Container lines to raise prices on Asia-US route
SINGAPORE (Reuters) - Shipping lines serving the busy route from Asia to North America will further increase the price of container shipments to the US East Coast in the upcoming peak season to cover higher costs.
Megaworld sells 1.2-hectare property to British Embassy
MANILA (XFN-ASIA) - Property developer Megaworld Corp said it sold to the British Embassy in Manila a 1.2-hectare property, which will house the latter's new embassy building.
P/$ rate closes at P52.725 to $ 1
The peso rate closed higher at P52.725 to the US dollar yesterday at the Philippine Dealing System of the Bankers Association of the Philippines from P52.85 last Friday. The weighted average rate appreciated to P52.694 from P52.846. Total volume amounted to $ 376 million.
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