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Friday, September 19 2008 |
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Higher OFW remittances to offset imbalance
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BSP forecasts wider gap in trade of goods
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The Bangko Sentral ng Pilipinas (BSP) expects wider merchandise
trade deficit due to higher inflation, but projects higher
remittances from overseas Filipinos for this year.
The merchandise trade gap could widen to $13.2
billion this year, higher than the earlier forecast of $8.6 billion
and last year’s deficit of $5.047 billion, Iluminada Sicat, BSP
director in the Department of Economic Statistics, said at a
briefing on central bank’s balance of payments report for the
second quarter.
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RP share prices
pulled down by financial turmoil in U.S.
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Philippine share prices plummeted 4.25 percent on Thursday, pulled
down by the financial turmoil in the United States, dealers said.
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Fiscal deficit may double next year, says DBS
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Seeing that the Arroyo administration will spend more next year
ahead of the presidential election in 2010, the Development Bank of
Singapore (DBS) projects election-related expenses may double the
Philippines’ budget deficit next year.
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S&P: Exposure to Lehman will not hurt Asian banks’ rating
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The Philippine banks direct exposure of structured products to
Lehman Brothers is not material enough to damage their credit
profiles, credit rating firm Standard and Poor’s said yesterday.
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IMF sees Philippines overcoming global woes
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THE Philippines have avoided higher risks posed by the current
global financial turmoil because of its recent economic reforms,
such as the expanded values added tax (VAT), the International
Monetary Fund (IMF) said Thursday.
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Transco activates
new line to replace downed plant
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The National Transmission Corp. has activated a new transmission
line in place of its downed facility in Bulacan, which earlier
caused electricity spot prices to soar.
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Vis-Min power transmission project gets Neda’s OK
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THE National Economic and Development Authority Cabinet Committee (NEDA-Cabcom)
has approved a multibillion-peso power transmission projects in
Visayas and Mindanao to ensure continuous supply of adequate power
in the regions.
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Globe to build second cable landing station
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Globe Telecom will construct an international cable landing station
in the northern part of the country following the regulatory
approval of its facility expansion in which the telco is investing
millions of dollars.
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HK Securities given until today to avert PSE takeover
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The Philippine Stock Exchange (PSE) has given HK Securities Inc.
until today to infuse the amount it needs to improve its security
position and avert a forced takeover by the exchange.
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Aboitiz consortium secures IFC loan to
rehabilitate hydroelectric plants
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International Finance Corp. (IFC) has extended
financial support to SN Aboitiz Power-Benguet, Inc. (SNAPB) for the
rehabilitation of the Ambuklao and Binga hydroelectric plants.
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Customs to impose fuel marking by November
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THE Department of Finance said Thursday that the fuel-marking
technology, which will curve rampant oil smuggling problem in the
country, will start by November this year.
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People Support buyout set for October completion
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THE acquisition of business process outsourcing (BPO) firm
PeopleSupport Inc. by an Indian company would be a done deal in
October this year, according to Rainerio Borja, president of
PeopleSupport Philippines.
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Story>>
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