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Thursday, December 11, 2008 |
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Move comes after failed talks with private
consortium
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Govt eyes foreign aid to buy MRT 3 trains
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STATE-RUN Metro Rail Transit Authority (MRTA) is seeking foreign
donor aid to fund the procurement of more trains for the Metro Rail
Transit Line 3 (MRT 3) after the government backed out of
negotiations for the early termination of the facility’s lease
contract with a private consortium.
Roberto Lastimoso, MRTA general manager, said
the government decided to procure additional trains for the line
after months of negotiations with the Metro Rail Transit Corp.
(MRTC) failed to bear fruit.
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Exports contract to seven-year low
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SALES abroad of Philippine-made products in October contracted the
most in seven years, as the country’s major exports, including
electronics, suffered a decline owing to weak global demand, the
government reported Wednesday.
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More bargain hunting drives share prices to close higher
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Local share prices closed 0.2 percent higher on Wednesday as
investors took advantage of drops in early trading to hunt for
bargains, dealers said.
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FDI decline continues on global financial crisis
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FOREIGN direct investment (FDI) inflows to the Philippines continued
to decline in the first nine months of the year due to global
financial uncertainties, the Bangko Sentral ng Pilipinas (BSP) said.
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Moody’s trims outlook for Philippine banks
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MOODY’S Investors Service cut its outlook for the Philippine
banking industry to negative from stable despite the limited impact
so far of the global financial crisis on the local lenders’
balance sheets.
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Govt still to release full VAT windfall to public
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LESS than a month before the New Year, the government has yet to
release in full the multibillion-peso windfall from the value-added
tax (VAT) on oil products, according to Department of Budget and
Management (DBM) data.
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Global forecast becomes bleaker as Canada enters recession
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WASHINGTON, D.C.: The World Bank offered a grim 2009 outlook Tuesday
of just 0.9 percent growth for the global economy, while a recession
was declared in Canada and a rescue for US automakers hung in the
balance.
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BDO says slowdown may dampen loan growth
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BANCO de Oro Unibank (BDO) expects slower net income growth next
year as the economic slowdown dampens its lending business.
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US Millenium Challenge to fund six RP projects
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THE Cabinet Committee of the National Economic and Development
Authority (NEDA-Cabcom) has approved a billion-dollar foreign
assistance program from the US Millenium Challenge Account (MCA).
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PNB sells stakeholding in BenLife
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PHILIPPINE National Bank (PNB) said it sold its stake in insurance
affiliate Beneficial-PNB Life Insurance Co. Inc. (BenLife).
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LandBank expands loan to priority sectors in third quarter
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THE LandBank of the Philippines expanded its loans to its priority
sectors higher by 21 percent in 3rd quarter this year than in the
same period last year.
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BSP places RBPI under receivership
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The Bangko Sentral ng Pilipinas said it has placed the Rural Bank of
Parañaque Inc. (RBPI), which recently made voluntary closure, under
receivership.
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Prime eyes loan for capex, debt
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DESPITE the volatility in the financial markets, the Philippines’
biggest mall owner and operator said it would seek fresh loans next
year to fund its capital expenditures and refinance old
dollar-denominated debts.
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Pfizer to curb hiring, ad spend
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THE Philippine unit of Pfizer expects flat growth next year as the
government starts importation of cheaper medicines amid the
company’s slowing sales due to the global economic crisis, a
company executive said.
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Total Philippines to expand retail network despite low crude prices
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UNDETERRED by low crude prices, Total Philippines Corp. plans to
proceed with its retail expansion next year.
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Local firm wins bid for Visayas-based hydroelectric power plant
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ICS Renewables topped the bidding for the Amlan hydroelectric power
plant in a state auction conducted Wednesday, the Power Sector
Assets and Liabilities Management Corp. (Psalm) said.
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