The manufacturing industry continued its downtrend as the value of production index (VaPI) posted a 3.7 drop in November 2006 compared to the 2005 level. Preliminary results of the monthly integrated survey of selected industries (MISSI) conducted by the National Statistics Office (NSO) showed that machinery excluding electrical posted the highest decrease of 48.8 percent, followed by five other major sectors with two-digit decreases in production value. These were textiles, petroleum products, tobacco, rubber products and non-metallic mineral products. On a month-on-month basis, VaPI expanded, posting a 2.3 percent increase in November. The expansion was significantly contributed by petroleum products and fabricated metal products which posted a high turnaround of 16.4 percent and 10.2 percent in November, respectively. Volume of Production Index (VoPI) declined at a slower rate of 15.3 percent growth in November compared with the 16.6 percent in October.

DMCI Holdings Inc. yesterday was considering selling new shares to raise $ 50 million, which will be invested in Maynilad Water Services Inc. DMCI has tapped Macquarie Securities (Asia) Pte Ltd as financial adviser to evaluate the options available to enhance the liquidity of its shares and raise funds for Maynilad. "This may involve the placement and/or issuance of primary shares in the corporation approximately amounting to $ 50 million," DMCI vice president and chief financial officer Herbert Consunji told the stock exchange. DMCI’s 50-50 joint venture with Metro Pacific Investments Corp has acquired an 83.47 percent stake in Maynilad for over $ 500 million.

Alliance Global Group Inc.’s one-for-one stock rights offer will run from Feb. 23 until March 1, the stock exchange said. Up to 2.2 billion common shares will be offered at P1.50 apiece. The company will use the expected net proceeds of P3.27 billion to finance expansion. Alliance Global owns 49 percent of Golden Arches Development Corp., the local franchise holder of McDonald’s food chain. Alliance Global shares last traded at P8.00.

Publicly listed state-run firm Philippine National Oil Company-Energy Development Corporation (PNOC-EDC) is reportedly eyeing a 40-megawatt Manito-Kayabon geothermal project in Albay, which is targeted for commissioning in 2012. This venture alone needs cash infusion of 9.43 million. The drilling of the first exploration well for this prospect was done in 2006 within the Kayabon segment. The other project it is pursuing is the $ 109.92-million Tanawon geothermal project in Sorsogon for a 40-MW capacity. This undertaking was already given a go-signal by the Investment Coordination Committee-Technical Board of the National Economic and Development Authority (NEDA). Another geothermal development project planned by the company is the proposed 50MW Mindanao 3 geothermal facility to help shore up electricity supply on the island. (MMV)

Bureau of Internal Revenue (BIR) Commissioner Jose Mario Buñag lauded the performance of the various units of the agency, saying the "teamwork and cooperation among the men and women of the BIR was the most important anchor of our achievements in 2006." Buñag said the BIR’s feat of eclipsing its 2005 record by some 24.4 percent or more than P100 billion "would not have been possible without such teamwork and cooperation." The BIR chalked up P644 billion in overall revenue collection in 2006, up from the P542.7 billion level it marked in 2005. Buñag noted that the over P100-billion jump in revenue collection performance by the BIR "was accomplished without additional budget or manpower, and basically using the same technology as the previous year." This means the performance was driven by sheer human resolve and by the impressive teamwork of the various units of the agency, he pointed out. "I, therefore, congratulate all the men and women of the BIR for the record they marked in 2006," Buñag said. He added that the feat was accomplished "despite the incessant brickbats and obstacles being thrown in our way by detractors."