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Banks to set up P14-B loan facility for Citra road projects
Several banks are setting up a loan facility for the P14-billion skyway toll road project of Citra Metro Manila Skyway Corp. in the next few weeks.
Korean firm to process Bicol pineapple
A South Korean food processor is interested in turning Philippine Queen pineapples into delicacies for the export market which may expand the 3,000-hectare pineapple land in the Bicol Region.
Peso gain this year seen tempered
The central bank does not expect the peso to appreciate as rapid and as large this year compared to 2007, when the local currency increased by 18.8 percent to close the year at P41.28:$ 1.
WESM set to start operations in Visayas
The board of directors of the Philippine Electricity Market Corporation (PEMC) has finally certified readiness of the Wholesale Electricity Spot Market (WESM) in the Visayas for commercial operations.
Masinloc owners to sell excess output
Masinloc Power Partners Corporation, the corporate vehicle of US firm AES Corporation to manage its newly-acquired Masinloc coal-fired power facility, has put up marketing arm to sell its capacity not covered by transition supply contracts.
DTI told to substantiate petition for power rate cut
The Energy Regulatory Commission (ERC) has directed the Department of Trade and Industry (DTI) to substantiate its omnibus petition for the lowering of power rates, primarily its bid to expand the coverage of lifeline rate users.
King-king Mines owners ready IPO; beef up board, capital base
Nationwide Development Corp. (Nadecor), a mining investment firm and owner of the King-king Mines, one of the country’s biggest gold and copper mineral reserves located in Compostela Valley in Mindanao, disclosed yesterday that it has been taking the necessary steps to prepare itself for an Initial Public Offering (IPO) later this year including the additional exploration needed to improve resource base information on the King-king project.
Premiere Entertainment to acquire Korean firm
Publicly-listed Premiere Entertainment Productions, Inc. (PEP) is set to acquire Korean controlled Digiwave Solutions, Inc. (DWI), one of the leading online gaming and software development companies in the Philippines, through a P200-million deal.
DENR asks Rapu Rapu to set up P137-M rehab fund
The Department of Environment and Natural Resources (DENR) has ordered the Rapu Rapu Polymetallic project to come up with a P137 million rehabilitation fund in light of the company’s financial rehabilitation.
Business Options
It all started with the crash in subprime mortgages, followed by successive blows in the credit markets, including a rogue trader in Societe Generale, France’s second largest bank.
P/$ rate stands at P40.64/$ 1
The peso rate closed at P40.64 to the US dollar last Friday at the Philippine Dealing & Exchange Corp. (PDEx). The weighted average rate stands at P40.643.
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