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Friday, June 27, 2008 |
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Slowdown blamed on mining issues
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Foreign investments to ease this year,
warns Bangko Sentral
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THE Bangko Sentral ng Pilipinas (BSP) warned
that foreign investments—both direct and portfolio inflows—would
ease this year due to higher inflation and a global economic
slowdown.
In a briefing, Iluminada Sicat, BSP director for
the economic statistics department, said the central bank revised
downwards its forecast for foreign direct investments (FDI) and net
foreign portfolio investments for this year.
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Economic managers project higher revenue
collections from BIR, Customs
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THE government found another way to plug the
projected budget deficit this year, as the Philippines’ economic
managers expect higher revenue collections on the back of
skyrocketing commodity prices.
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Public sector surplus seen
to narrow on BSP losses
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DUE to losses incurred by the Bangko Sentral ng Pilipinas (BSP) last
year, the country’s public sector registered a smaller surplus
than earlier announced, the Department of Finance said Thursday.
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RP, Hong Kong agree to increase seat
entitlements to favor OFWs, tourists
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THE Philippines and Hong Kong have agreed to
increase seat entitlements in a bid to serve the growing number of
overseas Filipino workers (OFWs) and local tourists going to the
former British colony.
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Current account surplus dips
due to wider trade deficit
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THE country’s current account surplus narrowed in the first
quarter of the year due to a wider trade deficit, the Bangko Sentral
ng Pilipinas (BSP) said Thursday.
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State of Illinois, RP forge ties
to strengthen trade relations
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The State of Illinois may grant its two-billion
dollar endowment to the Philippines’ small and medium enterprises
in a bid to spur trade relationship between the republic and the
state.
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PNOC-AFC intensifies RP’s biofuel development
program
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State-owned Philippine National Oil Co.-Alternative Fuels Corp. (PNOC-AFC)
moves to intensify development of alternative sources of energy in
the country, starting with the acquisition of new equipment for the
Department of Science and Technology’s biofuel processing
facility.
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IPVG unit strikes licensing
deal with Chinese firm
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IPVG Corp. expects to expand its game portfolio as its subsidiary IP
E-Game Ventures Inc. has struck a licensing deal with a leading
online game developer in China.
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SMIC unit launches Pico de Loro country club
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SM Investments Corp. told the Philippine Stock Exchange that its
subsidiary has launched the exclusive country club of its premiere
leisure and residential development in Batangas that will give
buyers access to seaside facilities and beach resort.
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Amid ad spend slowdown
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ABS-CBN expects to sustain profit
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ABS-CBN Broadcasting Corp. on Thursday said it
expects to sustain a billion-peso profit this year amid weaker
advertising revenue caused by soaring inflation and a slump in the
domestic economy.
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PLDT’S CURE seeks hike in 3G rates
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A NEW unit of Philippine Long Distance Telephone Co. (PLDT) is
seeking regulatory approval for an increase in its service rates,
citing soaring inflation and foreign exchange rates.
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ICTSI takes over Mindanao terminal
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INTERNATIONAL Container Terminal Services Inc. (ICTSI) on Thursday
announced that its subsidiary has taken over operations of a
container terminal in Mindanao.
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Stock market inches up
on Fed hints, momentum
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LOCAL share prices closed slightly higher on Thursday after the US
Federal Reserve dropped hints it would not raise rates, dealers
said.
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