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SEC to monitor spending of funds by foundations
The Securities and Exchange Commission has revised and adopted new guidelines for the monitoring of foundations to ensure that the funds raised by these firms are used in accordance with the purposes stated in their articles of incorporation.
BSP forecasts $ 2-B BoP surplus
The Bangko Sentral ng Pilipinas said continued dollar inflows from migrant workers, exports’ receipts and portfolio investments will push the country’s balance of payments surplus to billion this year, exceeding target of .6 billion.
SCB sees robust RP economic growth
UK-based Standard Chartered Bank sees the Philippine economic growth to remain robust.
Banks’ loan portfolio up 2.9% in April
The Bangko Sentral ng Pilipinas said the industry’s total loan portfolio as of April increased 2.91 percent to P1.870 trillion from P1.817 trillion the same period in 2005.
Philippines-China relations strengthened
The joint celebration of the 108th Philippine Independence Day and the 5th Filipino-Chinese Friendshp Day strengthened the relations between China and the Philippines which dates back even before the Spanish arrival in the Philippines in 1521.
New team formed to decide on Rapu Rapu test run
The Department of Environment and Natural Resources (DENR) has appointed another team of volunteer experts to help validate its recommendation on whether to allow a test run of Rapu Rapu’s copper-zinc mine.
NEWS IN BRIEF
The peso rate closed at P53.17 to the US dollar last Friday at the Philippine Dealing System of the Bankers Association of the Philippines. The weighted average rate stands at P53.198.
Philippines' financial markets closed for public holiday
MANILA (AFP) - Financial markets in the Philippines are closed Monday for a public holiday, the nation's celebration of Independence Day. Trading will resume Tuesday.
Business and Society
John Kenneth Galbraith, Harvard economics professor for some fifty years, died last April 29, 2006 at the age of 97. I am proud to have been one of his students in a course he taught at Harvard in the first semester of School Year 1960-1961, just before he was named Ambassador to India by the late US President John F. Kennedy.
Favila orders restraint in granting of incentives
Trade and Industry Secretary Peter B. Favila, who is also chairman of the Board of Investments, has ordered a policy of restraint in the granting of incentives to projects as he demanded a very thorough evaluation of projects seeking fiscal perks in light of the government’s need to prioritize fiscal consolidation and balancing the budget.
Bearish stock trading seen
Share prices are likely to consolidate in the absence of market-moving news to attract inventors back to the equities market.
LBP to delay $ 100-M tier 2 capital notes
The Land Bank of the Philippines may postpone the issuance of its 0-million tier 2 subordinated notes due to the volatile market conditions offshore, particularly with the expectation of another rate hike by the US Federal Reserves.
NPC stranded debts remain high at $ 7 B
The stranded debts of the National Power Corporation (NPC) remain high at .0 billion, and the Power Sector Assets and Liabilities Management Corporation (PSALM) admitted that it can only rely on the proceeds of privatization to cut this figure down.
Local firm eyes 20% share of beauty product market
Psalmstre Enterprises, a home-grown manufacturer of skin whitening soaps, has vowed to grab 20 percent of this growing beauty product segment that is dominated by big and established players.
Group cites benefits of ethanol fuel
Ethanol fuel will cut down fuel costs for consumers, reduce emission of pollutant carbon dioxide which is good for human health, and is compatible with vehicles and engine parts as evidenced by the Worldwide Fuel Charter.
Asia-Pacific is world’s most prolific mobile phone market
You would be hard pressed these days to find anyone over the age of 15 in Hong Kong that doesn’t own a mobile phone, with Koreans, the British, Singaporeans and the Australians not that far behind, according to latest findings from Media Index and Panorama, Nielsen Media’s single source multi-media surveys providing insights into media habits, lifestyles, attitudes and product consumption across Asia-Pacific.
HK mission eyes property, construction ventures here
A high-level mission from Hong Kong representing China’s special administrative region’s (SAR) property sector is visiting the country on June 13 to 15 to explore local ventures.
PCCI sets Visayas business gab
The Philippine Chamber of Commerce and Industry (PCCI) will kick-off its annual business conference with the 2006 Visayas Area Business Conference (VABC), on June 15 to 17, 2006 to be held in the booming city of Dumaguete in Oriental Negros.
Dollar mixed as market digests US trade data
NEW YORK, June 9 (AFP) — The dollar traded mixed against the other major currencies Friday after the US trade deficit came in lower than analysts had expected.
G8 nations optimistic on world economy
ST. PETERSBURG, Russia, June 11 (Reuters) — Finance ministers from the G8 economic powers predicted a year of strong economic growth on Saturday despite high oil prices, skidding US stock prices, rising interest rates and fears of inflation.
Wall Street tries to shake off fears
NEW YORK, June 9 (AFP) — After Wall Street’s drubbing over the past month, the question for investors is whether the market is spooked by irrational fears about the economy, or presaging an ominous picture.
ERC closes ranks behind Alcordo
Energy Regulatory Commission (ERC) recently closed ranks behind one of its members amid the brewing controversy on the privatization of the National Power Corporation’s 800-megawatt Masinloc power plant in Zambales.
IBM chief calls for MNCs to end 'colonial approach' to foreign opportunities
HONG KONG (XFN-ASIA) - Sam Palmisano, head of IBM, called on multinationals to evolve into a new type of corporation if they are to avoid an anti-globalization backlash that leads to the election of governments hostile to the interests of big business.
Brunei warns citizens to curb 'extravagant lifestyle,' stop wasting fuel
BANDAR SERI BEGAWAN, Brunei (AP) -- Brunei's energy minister has warned people of this cradle-to-grave welfare state to curb their ``extravagant lifestyle'' of wasting fuel and electricity, saying the country's dwindling oil reserves will not last forever.
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