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Government asked to rethink extension of agrarian program
The government should rethink its agrarian reform policy if it has to raise food production as this socially "popular" system has only widened Philippines’ rich- poor gap and pushed back agricultural production.
Cebu tycoon diversifies investments, goes into food supplements business
Cebuano tycoon Richard L. King continues to diversify his business and investments and has now ventured into food supplements "in pursuit of its Corporate Social Responsibility in its more profound sense."
MSCB accepted as MegaLink member
MegaLink, the country’s pioneering ATM consortium, has accepted Metro South Cooperative Bank (MSCB) as its first cooperative member bank.
UnionBank 1st quarter income improves
UnionBank of the Philippines posted a net income of P602.49 million in the first quarter of 2008, showing better performance in net interest income and operational costs.
Pre-need firm to release education plan benefit checks to planholders
Leading pre-need company Eternal Plans Inc. is set to release to its branches nationwide the education plan benefit checks of planholders for the first semester of schoolyear 2008-2009.
ADFIAP names DBP president Outstanding CEO
TEHRAN, Iran — Development Bank of the Philippines (DBP) president and chief executive officer Reynaldo G. David has been named Outstanding CEO of the Year by the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) in recognition of his dynamic leadership and performance in the state-owned bank.
Business Agenda Report
An interesting article for job seekers recently came out in the Internet and since we are a nation where the siren call of working overseas is irresistible, I saved it in my documents knowing that it would be a good reference material for a future column.
MasterCard takes the lead in premium card segment
MasterCard Worldwide continues to take the lead in the premium card segment as it works hand-in-hand with leading banks to develop the most innovative and rewarding premium cards (Platinum and Titanium cards) in the Philippines.
Magnolia Chicken awarded Seal of Excellence by the meat body
Magnolia Chicken was recently awarded the Seal of Excellence by the National Commission for Meat Establishments and Technology (NACOMEAT).
Independent groups tapped to assess, review CARP
The Congressional Oversight Committee on Agricultural and Fisheries Modernization (COCAFM) has commissioned three prestigious institutions to conduct a comprehensive assessment and review of the Comprehensive Agrarian Reform Program (CARP) which will expire in June 2008.
TVIRD Canatuan mine rehabilitation on track
After nearly four years of operations had been completed and with another six years of operations anticipated, TVI Resource Development Philippines, Inc. (TVIRD) has been busy implementing the Final Mine Rehabilitation and Decommissioning Plan for the Canatuan Project in Siocon, Zamboanga del Norte. Over 100,000 trees planted under TVIRD reforestation program.
IBM global financing (IGF) goes to Davao
IBM Philippines recently hosted a C-level event on IBM Global Financing (IGF) held in the Marco Polo Hotel, Davao City.
Why has coffee developed into a thriving industry in Philippines
Filipinos have developed their own unique ways of drinking NESCAFÉ and these have all been largely influenced by practices handed down to them by their elders, their living conditions, and their work environment.
Age is no deterrent to business success
Ronald Espinoza started his first Seaoil gas station in Gulod, Novaliches, Quezon City at the age of 23.
Business Agenda Report
Although it is not a declared State policy, we are concededly one of the world’s major human labor exporters – euphemistically termed service provider – as evidenced by more than 8 million Filipino migrant workers now deployed globally in search of the proverbial greener pastures.
Great summer travel deals from Citibank credit cards
Get ready for an exciting summer with your family and friends as Citibank credit cards let you fly to your dream destinations at very affordable rates.
SMC plans to list all operating units; food, packaging next
San Miguel Corporation is also planning to list its food division after the successful listing of San Miguel Brewery Inc. and the planned initial public offering of San Miguel Packaging Specialists Inc.
40% stake in Petron for $ 550 M
The government, through the Philippine National Oil Company (PNOC) board of directors, has decided not to exercise its right of first offer and has approved the sale of Saudi Aramco’s 40 percent stake in Petron Corporation to fund manager Ashmore for $ 550 million.
Investors want stability in power policies
As intensifying political noise is again raising odds of possible policy tweaks in the deregulated power industry, multilateral lenders and investors have been appealing to the Philippine government, primarily the Executive and Legislative branches, to assure them of stability of policies if continuous flow of investments in the sector are to be assured.
Some exporters seek wage hike exemption
The Philippine Exporters Confederation, Inc. (Philexport) has appealed to the wage boards in exporting regions for the exemption of indigenous exporters affected by the impact of a strong peso from any salary increases it will be granting.
Asus Technology bullish on PC sales here
Asus Technology Philippines Inc. expects sales of its lightweight Eee PC netbooks to hit 70,000 units to account for 25 percent of its total brand sales in the country this year.
Digitel revenues up 48%, income before taxes rises 5-fold to P2.7 B
Market valuation gains on derivative instruments along with foreign exchange gains drove Digital Telecommunications Philippines Inc. (Digitel) consolidated revenues up by 48.3 percent from P11.294 billion in 2006 to P16.746 billion last year.
Shemberg hit hard by peso appreciation
The country’s biggest carrageenan producer, Shemberg Corp., has started partially shutting down operations of its plant for lack of raw material seaweed supply and competitiveness-averse factors, mainly the peso’s strengthening.
World Bank extends $ 1.16-M new grants
The World Bank has approved a total of $ 1,159,985 in grants under its Institutional Development Fund (IDF) to strengthen capacity and improve efficiency of the Commission on Audit ($ 300,000), the Department of Budget and Management’s PhilGEPS Group, Procurement Service ($ 299,985), the Fiscal Planning Bureau ($ 300,000), and the Local Government Academy ($ 260,000).
FDI flows fall to $ 327 million in 2 months
The Bangko Sentral ng Pilipinas (BSP) said the country’s foreign direct investments (FDIs) amounted to $ 327 million in the first two months of the year, 74.5 percent lower compared to the same period in 2007.
Business Options
In the Philippines, where poverty remains one of the biggest problems especially in the rural areas, access to microfinance services offers a means to alleviate poverty in the segment of the society composed of small- and microentrepreneurs, small farmers, the landless and low-income people. Microfinance Institutions (MFIs) here in the country are typically composed of small local financial institutions such as rural banks, savings and credit cooperatives, credit-granting non government organizations (NGOs) and credit union cooperatives.
P/$ rate closes at P42.655/$ 1
The peso exchange rate closed lower at P42.655 to the US dollar yesterday at the Philippine Dealing & Exchange Corp. (PDEx) from P42.48 last Friday. The weighted average rate depreciated to P42.623 from P42.548. Total volume amounted to $ 650 million.
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