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OFW remittances seen to reach $ 13 B this year
Cash remitted by overseas Filipino workers will amount full-year to $ 13 billion, higher than original central bank forecast of $ 11.87 billion.
Mitsubishi recasts RP AUV hub plan
Mitsubishi Motor Philippines Corp. is repackaging its original plan to transform the Philippines as a regional production hub for an Asian Utility Vehicle (AUV) model as it is now considering the production of an entry-level sports utility vehicle instead.
NRMDC lists 23 copper-gold prospects
State-owned Natural Resources Mining Development Corp. (NRMDC) has identified seven copper prospects and 16 gold prospects in its North Davao project making it one of the single most mineralized areas in the country.
Muscovado sugar export promo sought
Camarines Sur Rep. Luis Villafuerte has urged the agencies concerned to purposely mount a big push to develop the country’s production of muscovado sugar, also known as "the poor man’s sugar," so that Filipino growers can tap the rapidly growing global market for the commodity.
PCCI backs trade rep office creation
The business community has endorsed a proposal for Congress to pass the pending bill creating the Philippine Trade Representative Office (PTRO) to consolidate and coordinate all efforts of the different branches of government in order to formulate a cohesive and coherent international trade policies and negotiation strategies.
P/$ rate closed at P50.105 to $ 1
The peso rate closed at P50.105 to the US dollar last Friday at the Philippine Dealing System of the Bankers Association of the Philippines. The weighted average rate stands at P50.081.
Mirant employees seek DoLE’s intervention on separation package
The 1,200 employees of Mirant Philippines Corporation formally elevated their case seeking entitlements for a separation package before the Department of Labor and Employment (DoLE) after all negotiations with their management turned into futility.
Philex Mining remains bullish on earnings outlook this year
Philex Mining Corporation continues to be optimistic of its earnings prospects despite hiccups in world metal prices.
PCCI hosts ASEAN Business Summit in Dec.
The Philippine Chamber of Commerce and Industry (PCCI), the country’s largest business organization will play host to this year’s ASEAN Business and Investment Summit on December 8-10, 2006 in Cebu City.
Stock prices due for correction after sustained buying momentum
Investors are likely to accumulate select blue chips as the market is due for some corrections after a sustained upward momentum last week.
Credit rating adjustment for RP imminent — Tetangco
Bangko Sentral ng Pilipinas Governor Amando M. Tetangco Jr. said a credit rating adjustment on sovereign credit is imminent.
Local food exporters eyeing new niches
Local small enterprises are eyeing new niches for their Philippine food products in Tokyo’s annual ASEAN Food and Beverage Exhibition this month, reported the Center for International Trade Expositions and Missions (CITEM).
Business and Society
The first thing students of economics learn is the wisdom of the adage "you cannot have your cake and eat it too." Economics is all about making choices concerning alternative uses of scarce resources. At any given time, human wants are too unlimited and resources are too scarce.
Better perks for ‘corridor’ projects sought
Taiwan has urged the Philippines to sweeten further its incentive package to lure its private sector to choose the country as an alternative offshore investment location in light of the more competitive countries like Vietnam, China and Thailand.
Study finds labor unions becoming irrelevant
Labor unions my find themselves obsolete in the Philippines if they do no reinvent with the threat of irrelevances facing the labor code written way back in 1973.
Most hybrid rice farmers have no subsidy
Majority of farmers will continue to plant the profitable hybrid rice even if government takes out the P1,000 per bag subsidy, a study of the Philippine Rice Research Institute (Philrice) revealed.
ERC vows to slap penalties on WESM price-fixing offenders
Should investigation proves beyond reasonable doubt that any of the trading teams of the Power Sector Assets and Liabilities Management Corporation (PSALM) arbitrarily initiated acts to manipulate prices at the Wholesale Electricity Spot Market (WESM), the Energy Regulatory Commission (ERC) declared that those found responsible shall be slapped with penalties.
Dollar gains slightly vs euro, yen, Swiss franc
NEW YORK (AP) _—The dollar made modest gains against the euro and yen on Friday, despite disappointing US economic reports a day earlier.
Oil prices tumble as traders cast doubt on OPEC move
NEW YORK, Oct. 22 (AFP) — World crude prices slumped Friday to their lowest points in nearly a year as traders cast doubt on the OPEC cartel’s plans to cut its oil output in a bid to shore up prices.
Wall St. cheers record-breaking week as US Fed meeting looms
NEW YORK, Oct. 22 (AFP) — US investors cheered a record-breaking week on Wall Street Friday which saw the leading Dow Jones index smash the 12,000-point barrier for the first time.
Grasso faces long, tough battle on ruling to return $ 100-M NYSE pay
NEW YORK, Oct. 22 (Reuters) — Former New York Stock Exchange Chairman Richard Grasso is determined to fight back against a ruling that he return millions of dollars of compensation, but his battle will be long and tough.
Analysts bullish on outlook for Filinvest Land stock price
MANILA (Dow Jones) — Despite dilution worries, Filinvest Land Inc.’s stock has jumped this year following its shares-for-property swap deal and analysts think there may be more gains ahead.
GM peanut is enriched with vitamins
ANDHRA PRADESH, India — A genetically-modified (GM) peanut will no longer merely be protein-rich but also pro-Vitamin A-rich with betacarotene genes from corn now being embedded into it by a Filipino-headed international research agency.
Napocor picks banks for bond sale
MANILA/HONG KONG (Reuters) - National Power Corp. (Napocor), which owns most power plants in the Philippines, has hired Citigroup and Deutsche Bank to handle a bond sale, a government agency confirmed on Monday.
Submarine cable operator plans Asia expansion
Singapore (dpa) - Submarine cable operator Asia Netcom has set up a US$ 200-million war chest to expand its operations in the region over the next five years, chief executive officer Bill Barney said in a published report on Monday.
San Miguel starts non-alcoholic beverage plant operations in Thailand
MANILA (XFN-ASIA) - Food and beverage conglomerate San Miguel Corp said it has begun operations at its non-alcoholic beverage plant in Thailand's Rayong province.
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