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Imports of farm products top $ 1-billion mark in 1st quarter
The country’s farm import bill topped the $ 1-billion mark in the first quarter of the 2006, a 19.05 percent increase over importations last year.
IFC to sort out contractual issues on SPUG privatization
The International Finance Corporation (IFC), engaged as transaction adviser for the privatization of the Small Power Utilities Group (SPUG) of the National Power Corporation, bared that it needs to sort out some legal and contractual issues relating to the plan of privatizing and shoring up power capacity investments for Masbate.
Gov’t pushes processing of minerals
The government will push for the mineral sector’s industrialization to boost the economy from value-adding and enable the Philippines to substitute import including a $ billion iron and steel products (as of 2000) and export finished commodities.
BSP readies guidelines for banks participating in global bond offering
The Bangko Sentral ng Pilipinas will issue guidelines for banks that will participate in the government’s global bond offering.
Forex dealing platform being tested
The automated peso-dollar trading will remain under its present system for the time being as the platform under the Fixed Income Exchange (FIE) is still being prepared for its eventual migration.
NPC to help Mirant employes on ‘severance package’ issues
Both embroiled in their respective claims in the forthcoming sale of Mirant Corporation’s interests in the Philippines, state-owned National Power Corporation (NPC) has opened its door on the appeal of the US firm’s employees to help them in their bid for severance packages.
BSP to help finalize action agenda on financing SMEs
The Bangko Sentral ng Pilipinas (BSP) has volunteered to help refine a national action program on financing that will be finalized during the Sept. 29 National Competitiveness Summit.
First RP Media Atlas survey launched
Synovate, market research arm of Aegis Group plc, launched the first Media Atlas survey in the Philippines, providing advertisers and media agencies with rich insights into the ABCD socio economic classes of Greater Manila.
Follow-through stock buying seen to continue this week
Investors are positive in the equities market and are likely to continue buying on the blue chips and select issues.
NPC bids out P10.4-B worth of fuel
To partly meet its fuel requirements for the year, state-owned National Power Corporation (NPC) has solicited tenders for P10.365 billion worth of fuel contracts both for its oil-based and coal-fired plants.
Public sector borrowings fell to 4.8% of GDP in Q1
The borrowing requirement of the non-financial public sector (public sector borrowing requirement or PSBR) including the National Government and the Bangko Sentral ng Pilipinas declined from 6 percent of gross domestic product to 4.8 percent of GDP as of March this year.
Honda bares new ethanol fuel technology
TOKYO (Dow Jones) — Imagine a car that runs on leaves and rice straw.
Business and Society
On September 11, 2001, I was having dinner with some of my closest friends with whom I have been meeting monthly for the last twenty years or so. Exceptionally, we decided to hold the monthly meal in the home of one of us instead of in a restaurant. Thus, we were within the reach of a television set.
New review of IPP contracts slated
The call for a new round of review of contracts with the independent power producers (IPPs) is seen causing snags in the ongoing privatization of the National Power Corporation (NPC) and also the sale of equity shares for Philippine assets being pursued by US firm Mirant Corporation.
Banks’ real estate loans rise 4.8% at P210 B
The banking industry’s real estate loans including commercial papers and equity investments for the first six months increased 4.78 percent to P210.2 billion from P200.6 billion last year, the Bangko Sentral ng Pilipinas said yesterday.
CeMAP claims undervaluation
The Cement Manufacturers’ Association of the Philippines (CeMAP) has requested Philippine Ambassador to Beijing, PRC Sonia Cataumber-Brady to look into the issue of undervalued cement imports flooding some areas of Mindanao.
BCDA asked to explain seaport takeover
Bases Conversion Development Authority (BCDA) President Narciso Abaya was recently urged to explain the basis for the attempted armed take over of the Poro Point seaport last August 5 following recent statements by its subsidiary Poro Point Management Corporation (PPMC) that it did not lay the groundwork for the incident.
Lafayette still needs to build acid mine drainage system
The Rapu Rapu mine has to ensure that an effective control against polluting acid mine drainage (AMD) is in place before government can lift its suspension to ensure that it will not bring adverse effects on human, aquatic life, and the environment.
GNPower proposes to build 600-MW plant
GNPower Ltd. Co., a Nauru-registered firm, has proposed to put up its second power project for a 600-megawatt coal-fired power plant in the country at a cost of P43.9 billion.
WB seeks programs to nurture youth
SINGAPORE (AP) — Developing nations can generate economic growth and reduce poverty by investing in better education, health care and job training for their record numbers of young people between 12 and 24 years old, the World Bank said Saturday.
US urges G7 to revive world trade round talks
SINGAPORE, Sept. 17 (AFP) — US Treasury Secretary Henry Paulson pressed G7 partners Saturday to "breathe new life" into embattled world trade talks and to clamp down on extremists’ finances, an aide said.
ADB chief calls for more appreciation of Chinese yuan
SINGAPORE (AP) — Asian Development Bank President Haruhiko Kuroda on Saturday called for an appreciation in the value of the Chinese yuan.
NGOs reject Singapore offer
BATAM, Indonesia, Sept. 17 (AFP) — Foreign activists Saturday rejected an offer by Singapore to admit 22 of their delegates to the IMF and World Bank meetings in the city-state and stood firm on a decision to boycott the gathering.
Dollar mixed ahead of G7 meeting
NEW YORK, Sept. 17 (AFP) — The dollar traded mixed Friday, getting some help from recent declines in oil prices, but trading remained hesitant ahead of a meeting of finance chiefs of the Group of Seven nations.
IMF forecasts strong Asia growth
SINGAPORE, Sept. 17 (Reuters) — Asia’s economic output is likely to remain strong this year and in 2007, but monetary and fiscal policy will prove challenging during this period, the International Monetary Fund said on Saturday.
Ford to close more plants, ax more jobs
CHICAGO, Sept. 17 (AFP) — Ford Motor Co. said Friday it plans to cut a third of its North American workforce and close more plants as it accelerates its restructuring plan in the face of massive losses.
Oil price slide seen to test OPEC resolve
LONDON, Sept. 17 (Reuters) — Oil slid briefly below $ 63 a barrel on Friday, touching its lowest level since March as US fuel stockpiles grew ahead of winter and investors probed for a price that would trigger an OPEC supply cut.
Vitarich files petition for rehabilitation
MANILA (XFN-ASIA) - Poultry and animal feeds producer Vitarich Corp said it has filed a petition before a regional trial court to undergo rehabilitation.
Bank of America to focus on cards, corp. banking in Europe, Asia -- CEO
HONG KONG (XFN-ASIA) - Bank of America Corp will expand into Europe and Asia chiefly through credit cards and corporate banking, rather than through acquisitions, the Wall Street Journal quoted the bank's chairman and chief executive officer Kenneth Lewis as saying.
Local stocks close 2.75% higher, above 2,500 pts
MANILA (AFP) - Local share prices jumped 2.75 percent Monday, taking the market to an 18-week high as investors cheered news of an August budget surplus and chased dominant telecom, Philippine Long Distance Telephone, dealers said.
Nokia wins upgrade contract from Globe Telecom
HELSINKI (XFN-ASIA) - Nokia said it has signed a contract with Globe Telecom Inc of the Philippines to upgrade the latter's network to be 3G enabled.
Meralco to start refunding consumers in January
MANILA (Dow Jones) -- Manila Electric Co. or Meralco, said Monday it will start refunding customers about P829 million in January for power generation charges it collected that were later voided by the Supreme Court.
P/$ rate closed at P50.26 to $ 1
The peso rate closed at P50.26 to the US dollar last Friday at the Philippine Dealing System of the Bankers Association of the Philippines. The weighted average rate stands at P50.269.
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