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NPC remits P2.6-billion dividends to nat’l government
After posting income of P85.99 billion in 2005 primarily due to foreign exchange gains, state-run National Power Corporation (NPC) managed to remit P2.6-billion worth of dividends to the national government.
Low inflation cuts revenues by P7 B
Government is losing P7 billion in potential revenues every time inflation is reduced by one percentage point, the Development Budget Coordination Committee said.
Remittances to top $ 12.3 B in 2006
Foreign exchange remittances of the eight million overseas Filipino workers will exceed the $ 12.3 billion 2006 projection, the Bangko Sentral ng Pilipinas said yesterday.
Sunlife targets 30% growth in sales
Sun Life of Canada Philippines is aiming to raise its cumulative pre-need, insurance and mutual fund sales by about 30 percent this year to P12 billion from roughly P9 billion last year.
Biotechnology research up on 4 crops
A move that has long been due, the Department of Agriculture (DA) is carrying out biotechnology research projects for four major Philippine crops — rice, coconut, papaya, and abaca — that have huge potential for export growth and job generation.
RP not yet ready to commercialize jatropha biodiesel
The Philippines is not yet ready to commercialize jatropha biodiesel as further studies on the development of an economicallyfeasible jatropha varieties has yet to be conducted.
APC Group plans energy dev’t project
Aragorn Power and Energy Corporation, a wholly-owned unit of the APC Group, is spending an initial P500 million for further studies needed to develop its energy resources while scouting for a foreign partner to provide much-needed capital.
TransCo raises P2 billion from sale of sub-transmission assets
The aggressive undertaking pursued by the National Transmission Corporation (TransCo) on the divestment of its sub-transmission assets already registered revenues of P2.02 billion, the company has reported.
PhilEquity to launch new fund products to meet investors’ demand
Buoyed by its robust performance in 2006, PhilEquity Management Inc. (PhilEquity) will be launching new fund products in the market this year to satisfy the growing appetite for investors.
Business Options
The ASEAN Summit ended with the usual Declarations aimed at strengthening the 10 nation block both economically and politically. However, many observes that the organizations’ slow pace approach will only make the economies of its member-countries lag behind their counter parts in Europe, Middle Asia, the South American groupings and even Africa.
ECoP wants wage-setting strengthened
The Employers Confederation of the Philippines (ECoP) has appealed to Malacañang and Congress to prioritize measures that would strengthen the current wage-setting mechanism and empowering the various regional tripartite wage and productivity boards (RTWPBs).
BAP resets adoption of BARR to February
The adoption of Bankers Association of the Philippines Reference Rates (BARR), the new system of computing the benchmark for corporate borrowing rate, which will replace the MART 1 has been pushed back to February as the market is still awaiting for a new regulation that the Bangko Sentral ng Pilipinas (BSP) that would govern the shift.
Chinese firm bags P424-M deal to repair TransCo towers
Chinese firm Xian Electric Engineering Co. bagged the P424.4 million contract for the restoration of 42 steel towers of the National Transmission Corporation (TransCo) toppled due to the onslaught of super typhoon Milenyo in September
RP eyes Taiwan investors in aquaculture after lifting of ban
The Philippines plans to attract Taiwanese investments in aquaculture following the decision of the government to lift the ban on the proposition of Penaeus vannamei or the cost white shrimp variety after the issue of pathogens has been resolved, the Manila Economic and Cultural Office (MECO) in Taiwan said.
Shares close 1.7 percent higher
MANILA (AFP) - Philippine share prices rose 1.7 percent higher to finish at their best level since early 1997 on continuing hopes that faster economic growth will boost corporate earnings, dealers said.
P/$ rate closes at P48.86 to $ 1
The peso rate closed higher at P48.86 to the US dollar yesterday at the Philippine Dealing System of the Bankers Association of the Philippines from P49.015 last Friday. The weighted average rate appreciated to P48.861 from P49.018. Total volume amounted to 3.7 million.
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