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RP gets $ 200-M loan from WB for education
The Philippines has secured a $ 200 million loan from the World Bank to help address the declining quality and accessibility of elementary and secondary education in the Philippines.
GMA lauds banks on ATM link-up
President Gloria Macapagal-Arroyo yesterday praised commercial banks for setting aside rivalry to provide better service to the public following the momentous interconnection of all of automated teller machine (ATM) networks in the country.
ECoP warns on wage hike impact
The Employers Confederation of the Philippines (ECoP) yesterday said the proposed P75 daily wage hike across the board for Metro Manila would translate to P68.45 billion in total additional labor cost annually for enterprises in the National Capital Region (NCR) alone even as it warned this would trigger adverse impact on the government’s economic goals.
UK backs RP’s economic program
The United Kingdom yesterday expressed readiness to help the country sustain economic growth by opening the channels of business process outsourcing and encouraging more private sector participation in various government projects.
SMEs require P500 billion in loans
The local banking sector should tap more small and medium business loans since credit required by 64, 791 small enterprises alone will amount to P518 billion, based on a survey.
OFW remittances to top 10% growth in 2006
Bangko Sentral ng Pilipinas Governor Amando M. Tetangco Jr. said he is confident that the projected ten percent growth for migrant workers’ remittances will be surpassed this year since banks’ penetration of the fund transfer business is now higher.
NEWS IN BRIEF
The peso rate closed higher at P53.21 to the US dollar yesterday at the Philippine Dealing System of the Bankers Association of the Philippines from P53.25 the previous day. The weighted average rate appreciated to P53.206 from P53.313. Total volume amounted to 1.7 million.
Ranhill submits ‘comfort letter’ to Meralco; WESM a crucial condition to contract signing
Malaysian firm Ranhill Power Bhd submitted yesterday (June 21) its ‘letter of comfort’ to Manila Electric Company (Meralco) signifying its intent to take managerial control of the corporate vehicle to operate the privatized 600-megawatt Masinloc coal-fired power facility.
Neri: Economy stands on solid fundamentals
The Philippine economy stands on solid fundamentals despite shaken markets worldwide.
NDC to borrow P2.5 B from LBP, DBP
The National Development Co., the investment arm of the Department of Trade and Industry, will borrow P2.5 billion from government financial institutions Development Bank of the Philippines and the Land Bank of the Philippines.
Amended PPA of First Gas to benefit customers
Electricity consumers being served by the Manila Electric Company (Meralco) will be able to benefit from the three-tiered concessions provided for in its amended power purchase agreement (PPA) with First Gas Power Corporation given that the latter’s power generation plants are dispatched beyond contract levels.
Meralco cites opening of spot electricity market
The Manila Electric Company (Meralco) recently lauded the forthcoming opening of the Wholesale Electricity Spot Market (WESM) saying this would hasten the advent of a "truly competitive environment in the power industry.’’
Phil. Seven to open 50 new outlets
Philippine Seven Corporation, the listed holder of the local 7-Eleven convenience store franchise, is allotting P200 million to open 50 new stores and P50 million to P75 million for the renovation of existing stores this year.
New Mimosa operator vows to retain workers
CLARK, Pampanga — The new Mimosa operator vowed to retain the services of its employees to help them run the premier tourism estate in Clark Special Economic Zone while ensuring at the same time that playing rights and shares of members of the Mimosa Golf and Country Club will be honored.
Retail suppliers set to converge at 15th Stores Asia Expo here
August opens with the biggest retail suppliers event of the year — the 15th Stores Asia Expo 2006 at the EDSA Shangri-La Hotel, Mandaluyong City, organized by the Philippine Retailers Association.
Asian currencies trade in tight range
SINGAPORE, June 21 (Reuters) — Asian currencies steadied in narrow ranges on Wednesday, mimicking the lackluster moves in regional stock markets, in trading driven mainly by the yen’s strength in anticipation of higher Japanese interest rates.
Leo Burnett Manila bags Bali awards
After taking home two Bronze Awards (Spikes as they’re more commonly known) for its work on Procter and Gamble’s Perla, local advertising agency Leo Burnett Manila topped the Philippine rankings at the recently concluded Asian Advertising Awards held in Bali, Indonesia.
RP banks need more time to hike capital
To rebuild capital, the Philippine banking system needs two to four more years to bring capital adequacy ratios to levels that would spur economic growth, according to Moody’s Investors Service.
PCCI calls for better scheme to replace ODPS
The Philippine Chamber of Commerce and Industry (PCCI), the country’s largest business organization, wants the National Power Corporation (Napocor) to devise a more reliable mechanism governing the One Day Power Sale (ODPS) to avoid sudden suspensions of the scheme.
Waste water treatment facility may be replicated
LILO-AN, CEBU — The $ 50,000 waste water treatment facility could be duplicated in other towns and cities which have problems in disposing waste water from the public market and residences.
Coco-diesel emerges as top fuel additive in RP
MANILA (dpa) — Jun Ang Lao could not hide his excitement over the prospects for Philippine coco-diesel, which is slowly emerging as the world’s most preferred diesel additive.
Digitel, Banco de Oro launch ‘Own A PC’ deal
Digital Telecommunications Philippines, Inc. (Digitel) has teamed up with Banco de Oro Universal Bank (BDO) to offer consumers a complete personal computer with DSL Internet package on easy terms and affordable prices.
Thai airlines set to test new Bangkok airport
BANGKOK, June 21 (AFP) — Thailand’s domestic carriers are confident that Bangkok’s new international airport can handle test flights next month, but say they still doubt that all flights can move there in September.
Japan agrees to lift ban on US beef imports
TOKYO (AP) — Japan has agreed to lift its ban on US beef imports, pending planned inspections of US meat processing plants, an agriculture ministry official said Wednesday.
World Cup losses undermine stock markets, says a study
OSLO, June 21 (AFP) — Defeats in football World Cup games, depressing enough for teams concerned, also weigh heavily on the stock markets in their home countries, a study to be published this month shows.
Deloitte ASEAN formed to spearhead organization expansion in the region
SINGAPORE — William G. Parrett, CEO of Deloitte Touche Tohmatsu, announced yesterday the establishment of Deloitte ASEAN. This development is part of the organization’s aggressive plans to double Deloitte’s strength in Asia within the next five years.
Thailand proves a vital base for Japan’s ever-expanding automakers
SAMUT PRAKARN, Thailand (AP) — Every 60 seconds, a shiny new pick-up truck rolls off the assembly line at Toyota’s factory outside of Bangkok, a third of them bound overseas for places like Australia, Europe and the Mideast.
China steelmakers agree to 19% hike in iron ore price
CHANGSHA, China (AP) — China’s steel mills have agreed to a 19 percent price increase for iron ore, yielding after extended negotiations with the world’s three biggest mining companies, the government said.
Bidding war seen for PCCW
HONG KONG, June 21 (AFP) — Hong Kong’s ultra-competitive telecom market faces a major shakeup after Australia’s Macquarie Bank confirmed it is in talks to buy PCCW’s telecom and media assets with reported interest also coming from US firm Texas Pacific.
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