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Friday, June 05, 2009 |
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San Miguel says First Pacific made offer for Meralco
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By Chino S. Leyco, Reporter
SAN Miguel Corp. (SMC) said the local unit of Hong Kong-based First
Pacific Co. Ltd. has offered to buy out the Philippine food and
beverage firm’s stake in the country’s biggest electricity
distributor.
The disclosure comes a week after SMC lost a
boardroom battle to snatch ownership of Manila Electric Co. (Meralco)
from the Lopez group. Manuel Pangilinan, chairman of Metro Pacific
Investments Corp. (MPIC) and Philippine Long Distance Telephone Co.
(PLDT), struck a deal to maintain the Lopezes’ hold over Meralco.
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FPI bucks House call for foreign land ownership
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The Federation of Philippine Industries (FPI) on Thursday said it
will continue to oppose moves that will allow foreigners to own land
in the country despite Congress’ passage of Charter change that
would make this possible.
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Electricity distributor claims system losses fell
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MANILA Electric Co. (Meralco) said it brought down its system losses
in the first quarter this year.
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Moody’s unit warns RP budget deficit to widen on election spending
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HIGHER fiscal and election-related spending would widen the
Philippines’ budget deficit, according to Moody’s Economy.com,
adding the Bangko Sentral ng Pilipinas (BSP) would further cut
interest rates to prop up growth.
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NTRC bats for tax collectors training school
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The National Tax Research Center (NTRC) is pushing for a legislative
measure that would create the Philippine Tax Academy as a separate
component unit of the Department of Finance.
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Japan Inc. shrinks at record pace in first quarter, says govt
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TOKYO: Japan’s corporate sales, recurring profits and capital
spending all plunged at record rates in the first quarter due to the
global downturn, a government survey said Thursday.
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IATA chief says outlookbleak for airline industry
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KUALA LUMPUR: Airline industry association IATA said Thursday the
outlook for the ailing aviation industry remains bleak and warned
airlines that a recovery will take more than three years.
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Life insurers invest big in tobacco companies
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WASHINGTON, D.C.: Major US, Canadian and British life and health
insurance companies have billions of dollars invested in tobacco
companies, a study published Wednesday in the New England Journal of
Medicine said.
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Ayala, SM groups tussle over MRT grand terminal
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THE National Economic and Development Authority (NEDA) Board has
deferred the approval of the construction of the Grand Central Terminal for the three mass rail transits
(MRT)
near SM North EDSA as a rival mall operator lobbied to relocate the
station close to its area.
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LandBank raises capital via debt-paper sale
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LAND Bank of the Philippines said it successfully raised additional
capital, more than double its planned minimum issuance of the debt
papers.
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Globe offers prepaid wireless landline
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GLOBE Telecom Inc. announced on Thursday it will offer prepaid
wireless landline service in Metro Manila and Cebu.
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BOI grants tax perks to ‘green’ power projects
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THE Board of Investments (BOI) approved the grant of tax and other
perks to “green” power generation projects.
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Travel agencies back govt’s arrival-departure card
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The Philippine Travel Agencies Association (PTAA) on Thursday said
it backs the Bureau of Immigration’s (BI) new machine-readable
arrival/departure card (A/D card) that will help the government
gather information about tourists.
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BIZZ
FIZZ
By Rene Martel
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Remittances anywhere and at
anytime
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COMPETING for the patronage of overseas Filipino workers (OFWs) is
big business—especially when it comes to financial services.
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