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BSP targets up to $ 30-B forex reserves in 5 years
The country’s dollar reserves, now at a record high of $ 21 billion, are targetted to amount to billion within five years, boosted by strong inflows from remittances, foreign direct investments, portfolio monies and exports.
Tariff revisions on 11,000 items loom
The technical committee and the high level technical working group of the Committee on Tariff and Related Matters (CTRM) have finally completed the reviews on the country’s 11,000 tariff lines following the resolution of tariff issues on the automotive sector, which have largely caused the delays in the review.
Retired plants to shift to natural gas
The Department of Energy (DoE) is looking at the conversion of retired oil-based power plants into natural gas fuel as a way of shoring up power supply and bring notches higher the country’s bid for energy independence.
Terms for ‘choice’ program readied
Negotiations are reportedly moving forward into concluding the terms for the customer choice program (CCP) that enables big-ticket end-users within the Manila Electric Company (Meralco) franchise area to have their initial choice of power supplier.
Wheat, corn imports seen to double
Philippine wheat imports this year for animal feed may double from 2005 and corn imports could grow six times due to strong demand by local meat producers.
TransCo earns P1.5 B proceeds from asset sale
With the latest sale it made to Ilocos Norte Electric Cooperative, the Transmission Corporation (TransCo) has already posted record proceeds of P1.5 billion for the divestment of its sub-transmission assets.
NEWS IN BRIEF
The peso rate closed at P52.165 to the US dollar last Friday at the Philippine Dealing System of the Bankers Association of the Philippines. The weighted average rate stands at P52.201.
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