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Shell plans IPO to fund refinery capacity expansion
The anticipated moves for cash infusion via an initial public offering (IPO) is seen propping up the plans of Pilipinas Shell Petroleum Corporation to expand the capacity of its refinery facility in Tabangao, Batangas.
$ 10-B mining investments seen
A scaled up $ 10 billion investment is seen in the mining sector as global investors are pouring in money in the Philippines, now known as one of world’s top five mineralized nations (particularly copper, gold, nickel).
SSS says it can’t use fund for elections
The Social Security System (SSS) is only allowed by its charter to spend 12 percent of total contributions and three percent of investment income every year for our operations," said SSS President and CEO Corazon de la Paz, as she denied speculations that the Pension Fund would use its money in election activities.
Buenaventura quits top EPCIB post
Rene J. Buenaventura yesterday tendered his irrevocable resignation as president and chief executive officer of Equitable-PCI Bank (EPCI Bank), the country’s third largest lender he valiantly steered during the tumultous impeachment trial in 2001.
SMIC plans P10 B in new loans
SM Investments Corporation is borrowing a total of P10 billion in several tranches to finance its capital expenditures next year.
National government forecasts full-year budget deficit of P80 B
The National Government expects a budget deficit of P80 billion to P90 billion this year, or as low as 1.3 percent of gross domestic product against original projection of 2.1 percent or P125 billion.
Filinvest Land to sell P16 B worth of shares after PSE okay
Filinvest Land Inc. is selling some P14.6 billion to P16.1 billion worth of its shares via a primary and secondary offering to both international and domestic investors.
Bottom Line
Businessman, government advisor, and entrepreneurship evangelist Joey Concepcion III believes the Philippines — and Philippine entrepreneurs — should develop a "giant challenging" mindset. Concepcion first made a name for himself, differentiating his personal brand from that of his famous father, industrialist and civil society activist Jose Concepcion II in the process, by taking on global giants in 1987 as just-appointed president and CEO of the RFM Group.
Thai markets tumble as baht rules scare foreign investors
BANGKOK, Dec. 19 (Reuters) — Thai stocks suffered their biggest drop since Asia’s 1997 financial crisis as foreign investors took fright at drastic measures to rein in the baht, prompting calls for a central bank U-turn.
RP to sustain growth momentum into 2007 -- NEDA official
MANILA (AFP) - The Philippines is likely to sustain its growth momentum into 2007, with gross domestic product (GDP) expected to expand 5.7 percent after an estimated 5.5 percent this year, officials said Wednesday.
P/$ rate closes at P49.72 to $ 1
The peso rate closed lower at P49.72 to the US dollar yesterday at the Philippine Dealing System of the Bankers Association of the Philippines from P49.32 the previous day. The weighted average rate depreciated to P49.566 from P49.339. Total volume amounted to $ 668.5 million.
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