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Foreign direct investments hit 5-year high at $ 2 billion
Foreign direct investments in the Philippines rose to a five-year high of $ 2.0 billion in the 11 months to November 2006, buoyed by a much-improved economy, the central bank said Friday.
P166-M coco oil plant to rise in Leyte
Filipino-owned SC Global Coco Products Inc. is investing P166 million for the establishment of a modern coconut oil refining facility that is expected to somehow improve the quality of life of the impoverished province of Leyte, the home province of former First Lady Imelda R. Marcos.
BIR, BoC get P259 M for tax drive
The Department of Budget and Management has released P258.6 million to the country’s top two revenue agencies as government counterpart to a US-supported project to promote transparency and integrity in tax collection.
SMIC raises 0 M from bond issue
SM Investments Corporation successfully launched and priced its 5-year convertible bonds with the deal expanded to 0 million (including the greenshoe option) from the original offer size of 0 million.
Exports reach $ 47 B in 2006, up 14%
The country’s total exports for 2006 grew 14 percent to $ 47.03 billion, outpacing the government’s growth target of 10 percent, the National Statistics Office reported yesterday.
PSALM holds decision on new TransCo bidding
The Power Sector Assets and Liabilities Management Corporation delays its decision on whether to negotiate with the lone bidder for the 25-year concession of the government’s power transmisssion assets or to schedule another bidding.
Norkis Group to refocus business thrust to consumer financing
The Norkis Group of Companies, which is celebrating its 45 years anniversary, is shifting its business resources by expanding its financial services to be in tune with the expected economic turnaround beginning this year.
UBS AG to exercise option on Filinvest Land shares
Filinvest Land Inc. has been informed by UBS AG that it will exercise the over-allotment option for its recently-concluded $ 203-million follow-through offering shares.
MARKET TRACK
The local stocks index finished in the green yesterday closing at 3,245.81, recovering almost 58 percent of what it lost during the week, spearheaded by telecommunications Goliath, PLDT, which rose by P80 to P2,550 based on previous day’s performance. Investors were on bargain hunting most likely following a three-day drop. Gainers strongly whipped losers, 79 to 19 with 64 unchanged. A total of 4.79 billion shares changed hands worth P6.18 billion.
Export Action Line
A question on microfinance so often asked: — What are some major alternative or substitute sources of credit for microfinance? To answer this question, let us take the exposure of microfinance in one specific country – Brazil, officially known as the Federative Republic of Brazil.
Crude oil hits month’s high at $ 60
SEOUL, Feb. 9 (Reuters) — Oil prices rallied above $ 60 for the first time in a month on Friday before paring some gains, lifted by signs of falling crude exports from producer group OPEC and an outage at a US oilfield.
P/$ rate closes at P48.305 to $ 1
The peso rate closed slightly higher at P48.305 to the US dollar yesterday at the Philippine Dealing System of the Bankers Association of the Philippines from P48.39 the previous day. The weighted average rate appreciated to P48.308 from P48.422. Total volume amounted to $ 422.17 million.
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