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Oil firms implement 3rd round of P.50/liter rollback this month
The much-awaited third tranche of rollback amounting to P0.50 per liter for gasoline, diesel and kerosene products was already implemented by the oil companies, with majority of them reflecting it at their pumps effective 2 p.m. Friday.
Chemrez can meet blending rules fast
The implementation of the mandated blending of one percent coco-biodiesel under the Biofuels Act or RA9367 can immediately be done since the combined capacity of domestic cocobiodiesel producers is already enough for a 2 percent biodiesel blend or B2 nationwide.
Fruit exporters sell P200 M in Fujian fair
The country’s continuous foray in the international market of local crops netted over P200 million for Philippine tropical fruits, and gave leading Filipino exporters and producers who participated in the recently held 8th Cross Strait Floral Expo in China a very positive outlook for the remainder of 2007.
Mining exports seen doubling in 3 years
The mining industry expects last year’s $ 1.2-billion metal exports to double in three years time as more mining projects come on stream. This year alone, investments in mining is also projected to reach $ 00 million from only $ 120 million last year.
Asian growth not reflected in employment
BANGKOK, Jan. 27 (AFP) — Not everyone is benefitting from China’s phenomenal economic growth, a UN labor agency report showed Wednesday, with unemployment levels in Asia rising slightly in 2006.
Cement prices rise P5 per bag despite claims of weak demand
Despite claims of local cement manufacturers of weak cement demand, cement prices have gone up by as much as P5 per bag prompting the Department of Trade and Industry to warn that it is ready to intervene in the market if manufacturers and retailers of construction materials do not behave.
RLC allots P15 B for capex in 2 years
Robinsons Land Corporation is earmarking capital expenditures (CAPEX) of about P15 billion in the next two years for new malls, offices, land acquisitions and housing projects after raising fresh capital from the stock market.
MARKET TRACK
Investors were all smiles throughout the most part of the trading week until yesterday, when the local bourse bled 59.14 percent of what it gained during the week, closing at 3,162.82 Friday, a loss of 112.37 index points based on previous day’s performance. This may be attributed to the sharp decline of American and Asian stocks as oil firms hemorrhaged on lower oil prices. In addition, most investors decided to reap their profits after a six-day rally and dispose off blue chip Philippine Long Distance Telephone Company (PLDT) after it edged a record high of P2,795 last Thursday.
Export Action Line
Last January 4, 2007, President Gloria Macapagal Arroyo promulgated Memorandum Order No. 238 which designated Secretary Cerge M. Remonde as the Oversight Official for the MSME enterprises (micro, small and medium enterprises). Let me share with you the full text of Memorandum Order No. 238 titled:
AEV sets private placement for P6.76-B worth of treasury shares
Aboitiz Equity Ventures, Inc. (AEV) is undertaking a private placement of up to 743 million of its treasury shares with a market value of P6.76 billion for domestic and international investors.
Ford posts record loss of $ 12.7 B
DEARBORN, Mich. Jan. 26 (XFN-Asia) — Ford Motor Co. lost a staggering $ 12.7 billion in 2006, an average of $ 1,925 for every car and truck it sold and the worst loss in the company’s 103-year-history.
Thailand gov’t stuns drug firms with generic licenses
BANGKOK, Jan. 26 (Reuters) — Thailand’s army-installed government has issued licenses for cheap generic versions of a heart disease and an AIDS drug, the health minister said, dealing a shock blow to foreign pharmaceutical firms.
Emerging nations seek clean fuel tech to tackle climate change
DAVOS, Switzerland, Jan. 26 (AFP) — Booming emerging economies like China and India need help to obtain cleaner technologies because attempts to tackle climate change are being outstripped by the pace of their economic development, officials said at the World Economic Forum.
P/$ rate closes at P49.090 to $ 1
The peso rate closed lower at P49.090 to the US dollar yesterday at the Philippine Dealing System of the Bankers Association of the Philippines from P48.95 the previous day. The weighted average rate depreciated to P49.072 from P48.885. Total volume amounted to $ 462.5 million.
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