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BSP may redefine banks’ allowable dollar purchases
The Bangko Sentral ng Pilipinas is studying big banks’ proposal to base their dollar purchases based on capital adequacy ratio (CAR).
NG, private sector borrowed $ 15.4 B
The total National Government and private sector borrowings as of September reached .39 billion, finance and central bank data show.
SMIC to keep China Bank as is
CEBU CITY — China Banking Corp. will be maintained as a stand-alone bank and would not be merged with Banco de Oro and Equitable PCI Bank Inc., said Tessie Sy-Coson, vice chair of SM Investments Corp. (SMIC), the holding firm of SM Group of Companies.
SEC’s OTC rules take effect Dec. 19
The rules governing the trading of securities over-the-counter (OTC) issued by the Securities and Exchange Commission will take effect on December 19, 2006.
ADB: RP sure to grow 5.4% in 2006
In its latest assessment, the Asian Development Bank (ADB) has maintained its 5.4 percent gross domestic product (GDP) growth forecast for the Philippines this year, at par with its mid-year estimate but higher than the original 5.0 percent projection for 2006.
NEWS IN BRIEF
The peso rate closed at P49.67 to the US dollar last Friday at the Philippine Dealing System of the Bankers Association of the Philippines. The weighted average rate stands at P49.604.
NPC inks power supply deal with Albay agro-industrial firm
State-run National Power Corporation (NPC) inked a three-year power supply agreement with Albay Agro-Industrial Development Corporation (ALINDECO) which is into production of high-quality abaca products for exports, chiefly to Japan.
Investors upbeat with PNOC-EDC IPO
Investors are likely to focus on the listing of PNOC-EDC and the Metro Pacific Investments Corp. as trading would remain upbeat for the near term.
Marubeni/TEPCO offers $ 3-B highest bid for Mirant
The Japanese consortium of Marubeni Corp./Tokyo Electric Power Co. (TEPCO) appeared over the weekend to have bagged the power assets of Mirant Corp. in the Philippines with its hiked bid of $ 3.0 billion which prompted the other bidder, One Energy group, to pull out from the auction after failing to match the price offer of the former.
ASEAN allows integration flexibility
CEBU CITY — ASEAN Secretary General Ong Keng Yong yesterday said that Economic Ministers agreed to grant flexibilities to member countries, which have difficulties complying with the agreed accelerated economic integration, on condition to make the request ahead of time.
Business and Society
George Judan, Commercial Attaché of the Philippine Embassy in Beijing, gave the simplest advice to those who want to do business in and with China: Keep it simple. According to this street-smart diplomat, there is absolutely nothing complicated about the Chinese market. Chinese consumers are no different from consumers all over the world. Among the 1.3 billion Chinese, 250-300 million have the purchasing power equivalent to that of the mass consumers of the U.S., Japan, or Europe. Marketing goods to these affluent Chinese is no different from selling to consumers anywhere in developed world. A recent front page news of the International Herald Tribune reported that rich Chinese families are starting to teach their five-year-old children how to play golf.
Auto sector a contentious ASEAN issue
The automotive sector has emerged as the most contentious issue ASEAN’s move to accelerate economic integration as Malaysia insisted on restricting imports of motor vehicles not to exceed 10 percent of its total production, an internal policy that irked other ASEAN car producers such as Thailand, Indonesia and the Philippines.
Malampaya oil rim bid terms readied
As it moves to finalize the terms of reference (TOR) for the scheduled bidding of the Malampaya oil rim project, Energy secretary Raphael P.M. Lotilla bared that there are issues they have been clarifying for the prospective consortium to undertake the project.
Gov’t gaining in battle vs costly drugs
The government continues to wage war against the high cost of medicine, and it appears to be winning some battles.
High nickel prices bode well for deal
Current record highs in nickel prices bode well for the National Government to conclude soonest an agreement with Jinchuan International Group for the rehabilitation and redevelopment of the Nonoc nickel mine and refinery.
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