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Intel staying put, keeping manufacturing facilities here
Intel Technology Philippines Inc., subsidiary of giant chipmaker Intel Corporation of the US, has categorically denied that it was pulling out its $ 1.5-billion test and assembly facility in Gen. Trias, Cavite putting an end to a lingering speculation that the establishment of a similar facility in Vietnam is in preparation for its eventual pullout.
Gov’t seeks private sector support
The National Economic and Development Authority (NEDA) has urged the private sector to support government’s priority infrastructure projects at a recent meeting of the American Chamber of Commerce of the Philippines (AmCham) in Makati City.
OFW inflows to hit $ 14.7 B this year
The Bangko Sentral ng Pilipinas (BSP) expects overseas Filipino workers (OFWs) to remit $ 14.74 billion this year.
To invest $ 1 B of funds overseas GSIS seeks investment advisor
Government Service Insurance System (GSIS) is proceeding with its plan to engage a foreign investment firm to handle its $ 1-billion worth of Philippine debt papers with the end in view of earning more money for the state-pension fund.
PSE to ask SEC for more time to reduce shareholdings of brokers
The Philippine Stock Exchange intends to ask the Securities and Exchange Commission to again give it more time to look for a way to whittle the shareholdings of stock brokers in the bourse down to the 20 percent ownership cap imposed by the Securities Regulation Code for each industry group.
Masinloc package may just get 137-MW for supply deal
The long-standing negotiations initiated by the Power Sector Assets and Liabilities Management Corporation (PSALM) with National Power Corporation may only result in a 137.5-megawatt transition supply contract (TSC) that would be attached to the sale of the 600-megawatt Masinloc coal-fired power facility.
Emirates Airline recruits increasing number of Filipinos for its cabin crew
Demand for more Filipino cabin crew are on the rise, especially for Emirates Airline — one of the world’s most profitable and fastest growing international airlines. To meet the demands of flying to more than 80 cities in 57 countries, Emirates conducts global assessment workshops. They recently concluded their assessment and final interview of short-listed candidates for cabin crew personnel with the assistance of its exclusive Philippine recruitment agent, Industrial Personnel and Management Services, Inc. (IPAMS) in Manila.
Gov’t beefs up investment in corn production, post-harvest facilities
The government is reviving the Grains Highway corn bulk handling program but will initially focus on a P4.5 billion post-harvest program at farm level to make the country’s dreams of corn sufficiency and corn export more realizable.
Stock market strong, seen testing highs
Given the generally positive market indicators such as strong value turnover and sustained buying support from foreign fund managers, the equities market is likely to test the year’s high at 3417 points.
Business and Society
One of the provinces that can be expected to experience sustainable development over the next three to six years is Oriental Mindoro. There is the great likelihood that the present local officials would be re-elected. I know of few other provinces in which the Governor, the mayors of the different towns, and the congressmen of the two districts are all united in their vision of how the entire province should be developed over the next ten or more years. Thanks to the leadership of Congressman Rodolfo Valencia, who was Governor of the province for nine years before he was elected into the House of Representatives, the province has a very detailed socio-economic plan till the year 2020.
Gov’t mulls agri ecozones with own perks
The government is eyeing the development of agricultural economic zones in the country with separate incentive package to encourage investors develop large tracks of agricultural land into productive uses for both local and export market.
BIR wants to impose 20% tax on BSP’s reverse repurchase transactions
The Bureau of Internal Revenue (BIR) wants to slap withholding tax on the central bank’s reverse repurchase open market operation.
NPC suspends one-day power sales scheme
State-run National Power Corporation has scheduled suspension of trading at its one-day power sales (ODPS) program until April 27 due to ‘fuel constraint’ at its Pagbilao coal-fired and Malaya thermal plants.
AT&T CEO leaving with $ 158-M pay
NEW YORK, Apr. 29 (AFP) — AT&T chairman and chief executive Edward Whitacre will retire with a $ 158.5-million payout, figures released from a corporate watchdog group showed Friday.
US economic growth slows down to 1.3% in 1st quarter
WASHINGTON (AP) — Economic growth slowed to a near crawl of 1.3 percent in the first three months of 2007, the worst performance in four years. The main culprit: the housing slump.
Euro hits record high against US dollar, yen
NEW YORK (AP) — Friday was a day of record highs for the euro as it finally burst through its all-time high against the dollar, setting a record at $ 1.3682 and logging a new high against the yen.
P/$ rate closed at P47.46/$ 1
The peso exchange rate closed at P47.46 to the US dollar last Friday at the Philippine Dealing Exchange. The weighted average rate stands at P47.51.
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