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Friday, July 18, 2008 |
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As BSP jacks up interest rates
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S&P warns subsidies to worsen economy
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STANDARD & Poor’s (S&P) Ratings
Service warned that state subsidy of food and fuel in countries like
the Philippines compounds existing economic difficulties by bloating
the government’s budget deficit and widening its trade gap.
The credit-rating company’s warning came ahead
of the Bangko Sentral ng Pilipinas’ (BSP) decision to raise its
key interest rates by 50 basis points. After the increase, the
BSP’s overnight borrowing and lending rates now stand at 5.75
percent and 7.75 percent, respectively.
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PNOC to boost solar power capacity
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STATE-OWNED Philippine National Oil Co. (PNOC)
bought solar power installations from Shell for the government’s
rural electrification program.
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DOE, private sector to put up CNG stations
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THE Department of Energy plans to team up with the private sector to
establish compressed natural gas (CNG) refilling stations in Metro
Manila.
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7-11 operator hikes prices,
sees flat sales this year
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PHILIPPINE Seven Corp. (PSC) on Thursday said it expects sales to be
flat this year owing to soaring inflation and a weak domestic
economy.
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Government unlikely to borrow offshore
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THE Philippines is unlikely to pursue a plan to
take on more commercial borrowings abroad in the second half this
year due to the slow pace of spending and forthcoming revenues, the
Bureau of Treasury said Thursday.
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NEDA-RDC approves key
Central Luzon road project
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THE National Economic and Development
Authority’s Regional Development Council (NEDA-RDC) has approved
the implementation of a multibillion-peso road project in Nueve
Ecija.
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Fruit, vegetable processing
plant planned for Dole
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THE Department of Agriculture and the local
government of La Trinidad in Benguet will open a P9-million modern
fruit and vegetable processing facility to improve the province’s
prospects of selling more of its highland crops both here and
abroad.
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Fil-Estate Land unit sees windfall
from Camp John Hay development
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FIL-ESTATE Land Inc. (FELI) told the Philippine Stock Exchange that
it expects unit Fil-Estate Urban Development Corp. (FEUDC) to
generate more than half a billion pesos from its Camp John Hay
Suites and Forest Cabins once the lined-up projects are completed.
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Metrobank opens new
branches in Luzon, Cebu
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METROPOLITAN Bank & Trust Co. opened new
branches in the key areas of Luzon and Cebu to support the growth of
its retail business.
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Seair seeks Macau, Hong Kong flights
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SOUTHEAST Asian Airlines (Seair) has asked the Civil Aeronautics
Board (CAB) for seat entitlements to mount flights in Macau and Hong
Kong from Clark, in a bid to serve the growing demand for overseas
Filipino workers and local tourists.
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Napocor signs deal to
maintain Albay cooperative
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STATE-OWNED National Power Corp. (Napocor) has inked a deal for the
rehabilitation of the Albay Electric Cooperative (ALECO).
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Local stock market rises on Wall St. upturn
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LOCAL share prices closed higher on Thursday, lifted by the upturn
on Wall Street, dealers said.
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