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Tuesday, May 12, 2009 |
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Beer units lag behind group performance
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San Miguel profit plummets in 1Q
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By Chino S. Leyco, Reporter
SOUTHEAST Asia’s largest food and beverage conglomerate
announced Monday that its first-quarter profit dropped by more than
a third this year.
In a disclosure to the Philippine Stock
Exchange, San Miguel Corp. (SMC) said it suffered a 76-percent
decline in its net income to P2.7 billion from last year’s P11
billion due to one-time gains on sale of investments in 2008.
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RP use of foreign aid rises
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PHILIPPINE disbursement of foreign aid for public projects and
programs improved significantly in the first quarter of the year as
government agencies used available funds to stimulate growth, the
National Economic and Development Authority (NEDA) said.
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New tax cuts to bring down govt revenues
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ECONOMIC managers expect the government to forego revenues running
to billions of pesos this year due to a number of new laws that
would first take effect for a full year in 2009.
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DBS sees further Bangko Sentral rate cut
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DEVELOPMENT Bank of Singapore said it sees the Bangko Sentral ng
Pilipinas (BSP) further trimming its key interest rates by the end
of the third quarter as reserve requirements remain open.
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Ayala Land net income falls on weak revenues
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THE Philippines’ biggest property developer said its earnings in
the first three months of the year fell by a fifth on account of
lower revenues from its residential business and the absence of
one-time gains from large transactions.
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Napocor to tighten bidding rules amid unpaid accounts
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STATE-OWNED National Power Corp. (Napocor) plans to fine tune its
bidding process in light of the review it conducted on errant
suppliers.
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PEZA, BOI promotions dismal–World Bank
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The World Bank said the Philippines’ two investment promotion
agencies were “weak,” especially in inquiry handling and
providing information to foreign companies looking to invest in the
country.
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CURE losses balloon on higher expenses
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CONNECTIVITY Unlimited Resources Enterprises Inc. (CURE) said net
loss ballooned last year due to higher operating expenses.
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PNB first quarter profit up on loan growth
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The Philippine National Bank (PNB) said its first quarter net income
has improved on the back of a robust loan growth despite higher
operating expenses, particularly in its merger with sister firm
Allied Banking Corp.
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Zuellig Pharma to sell generic medicines
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The local unit of Zuellig Pharma Corp. said it will soon include
generic medicines in its product lineup.
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Security Bank net income dips in first quarter
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Security Bank Corp. (SBC) said its profit in the first quarter as
income from securities, foreign exchange, fees, commissions and
miscellaneous income fell.
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Bank resources expand in Feb.
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The Philippine banking industry expanded its resources at
end-February this year as loans and deposits continued to increase
despite the global economic slowdown, the Bangko Sentral ng
Pilipinas (BSP) said.
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MANAGING
FOR SOCIETY
By Evelio G. Echavez
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Engineers’ role
in combating climate change
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Being an academician, I was happy to have been invited to speak on
one of my areas of interest, climate change, during the First
Engineering Summit that was held at the SMX Convention (Mall of Asia
Complex) early this year.
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