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IMF forecasts lower GDP growth for 2006 and 2007
The International Monetary Fund has lowered its gross domestic product or GDP forecast for 2007 to 5.4-5.5 percent from 5.6 percent because of the persistent high oil prices and weak investments – two major risks to economic growth.
Makro taps micro retail enterprises
Makro Pilipinas Inc., a joint venture between SM Prime Holdings of the Sy Group and Makro SHV Netherlands, is now tapping the country’s micro retail enterprises as a strategy to further expand its coverage as total solutions provider to local retailers.
RP on track in renewable energy dev’t
MANILA (Dow Jones) — Soaring world oil prices are providing a fresh impetus for the Philippines to develop renewable and indigenous sources of energy, with potential sources of as much as 4,900 megawatts of electricity and alternative fuel for transportation already identified, a senior energy official said.
Oil climbs anew on hurricane fears
SINGAPORE, Aug. 2 (Reuters) — Oil edged higher on Wednesday as a storm was forecast to head for the cluster of oil production rigs in the Gulf of Mexico this week and gasoline stocks in the United States were expected to fall.
Further fall in local oil demand seen
Further contraction in the country’s consumption of oil products has been forecast, primarily due to escalating pump prices that would force consumers to save on their usage.
P/$ rate closes at P51.62 to $ 1
The peso rate closed lower at P51.62 to the US dollar yesterday at the Philippine Dealing System of the Bankers Association of the Philippines from P51.48 the previous day. The weighted average rate depreciated to P51.581 from P51.575. Total volume amounted to $ 406.35 million.
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