The country’s external debt is lower at $ 54.1 billion as of end-September, down 2.6 percent or by $ 1.4 billion from last year’s $ 55.5 billion, the Bangko Sentral ng Pilipinas said. External debt went down because of net loan repayments and from the $ 1.8 billion prepayments during the period. The current external debt ratio vis-à-vis gross domestic product also fell to 48.6 percent of GDP. The declining debt ratios represent a positive development, as this indicates that the economy is growing faster than the rate it accumulates external debt and is better able to service its debt on a sustained basis, BSP said. BSP Governor Amando M. Tetangco Jr. said the gross medium and long term loan availments amounted to $ 2.3 billion for the period, while repayments totaled $ 2.5 billion, of which $ 545 million are prepayments for the future maturing obligations. However, added Tetangco, the net increase in bank borrowings, primarily by overseas banking units and branches of foreign banks, as well as the reduction in residents’ holdings of debt papers issued abroad, increase the debt stock by $ 452 million and $ 115 million, respectively. He said the maturity profile of the country’s external debt remained favorable with medium and long term loans accounting for 89.5 percent of the total. These loans, with original tenors of more than one year, had a weighted average maturity of 17.9 percent years. Public sector borrowings had a longer average term of 20.4 years, compared to 9.4 years for the private sector.

The government said yesterday it had set a budget of P8.37 billion ($ 170 million) to buy 500,000 tons of rice in a tender on Jan. 16. State trading firm National Food Authority said it would buy 25-percent broken rice variety coming from Vietnam, China, Thailand, Pakistan, India, Australia or the United States. The maximum quantity to be awarded for suppliers offering Indian rice was 25,000 tonnes. Pakistan, Australia or US rice have a maximum quota of 50,000 tonnes each. The Philippines is one of Asia’s largest rice buyers as domestic production cannot cope with a rising population. The NFA said state firms with a good record with the NFA between 2004 and 2006 can supply a maximum of 300,000 tonnes each, while those without a track record can have a quota of up to 25,000 tonnes each. Private firms with a good record with the NFA can supply up to 50,000 tonnes each, and those without record 25,000 tonnes each.

Smart Communications Inc.’s postpaid and broadband subscribers can now monitor their accounts via the Internet using the carrier’s new Smart Bills Online service. As of end-November, 2006, Smart has 22.9 million users on its network. Of these, 16.5 million are under the brands Smart Buddy, Smart Gold, Addict Mobile , Addict Mobile Prepaid, Smart Infinity, Smart Kid, Smart Kid Prepaid and Smart ACeS. Another 6.4 million subscribers are served through its subsidiary, Pilipino Telephone Corp., under the GSM brand Talk ‘N Text. Now, Smart postpaid (Smart Gold and Addict Mobile) and Smart Bro subscribers will be able to view their bills in advance or even those generated in the past two months. As an added convenience, they can save and print their billing statements without visiting a Smart Wireless Center or calling the Smart hotline. The telco’s postpaid subscribers will likewise receive a monthly notification through text once their bill is ready for viewing online. (EVA)

Fairs & More Inc., the country’s leading service provider for trade fairs, recently brought eight of the Philippines top design companies to the highly prestigious 5th Index Dubai interiors exhibition. FMI vice president for international trade fairs Wilbert Novero said the country’s participation in the event was part of its commitment to have Philippine designs further penetrate the international market. "We have seen Filipino designs get wide acceptance in the European market. This year we again took the Philippines to Dubai where we continue to see tremendous possibilities," Novero said. Dubai serves as the gateway for countries in the Gulf region and North Africa. Selected by FMI to participate in the event were Asia Embroidery Inc., Catalina Embroideries, Inc., Cielito Manufacturing Co. Inc., Demex Rattancraft Inc., Idianale Inc., Janice Minor Export Inc., SKM Artcraft Corp., and Tambuli Fashion & Home Accessories Inc.