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Wednesday, May 13, 2009 |
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Refinery upgrade, network expansion planned
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Petron profit recovers amid falling sales
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By Euan Paulo C. Añonuevo, Reporter
THE Philippines’ biggest oil refiner said its profit recovered in
the first quarter on abating volatility in world prices, adding it
would ramp up the capacity of its refinery plant and expand its
retail network.
Petron Corp. said its net income at end-March
rose by about a third to P874 million from a year ago. Its shares
closed higher Tuesday at P5.70 from its previous close of P5.60.
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Foreign direct investments slump at end-February
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FOREIGN direct investment (FDI) inflows slumped in February amid a
global financial crisis, the Bangko Sentral ng Pilipinas (BSP) said.
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BSP balks at creation of OFW bank
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The Bangko Sentral ng Pilipinas (BSP) said the proposed bill
creating a bank for overseas Filipino workers (OFW) should be
reviewed further to assure its financial viability in a competitive
market.
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Software piracy in RP still high, says group
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SOFTWARE piracy in the Philippines failed to budge last year despite
high-profile raids on establishments selling bootlegged copies,
according to the Business Software Alliance (BSA).
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Five-year interest rate slips ahead of monetary policy meeting
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The interest rate on five-year government securities fell on Tuesday
as investors scrambled to buy the debt papers ahead of the central
bank’s expected rate cut and government’s maturing debts this
week.
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PSALM sets Palinpinon-Tongonan plants’ auction
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State-run Power Sector Assets and Liabilities Management Corp.
(PSALM) has formally opened the packaged sale of the Palinpinon and
Tongonan geothermal power plants.
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San Miguel says fight for Meralco still on
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SOUTHEAST Asia’s largest food and beverage conglomerate said
it may yet gain the upper hand in Manila Electric Co. (Meralco), and
wrest control during the upcoming stockholders’ meeting of the
Philippines’ biggest electricity distributor.
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Metro Pacific profit surges in first quarter
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THE local unit of Hong Kong-listed First Pacific Co. Ltd. said
Tuesday that its net income in the first quarter surged from a year
ago on the back of the additional income from its newly acquired
tollroad business and higher earnings of other operating units.
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UnionBank to raise more funds to boost capital
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Union Bank of the Philippines (UnionBank) said it will raise
additional funds this month to boost its capital.
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Alaska net income doubles on high sales, low prices
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ALASKA Milk Corp. announced Tuesday that its net income in the first
quarter this year grew more than double on the back of higher sales
and lower consumer prices.
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Amadeus, resorts sign deals
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Amadeus Philippines, an information technology (IT) solutions
provider to the tourism industry, has recently signed up two hotel
resorts into its platform.
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VIEWS
FROM
A BRIT
By Mike Wootton
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Blacklists
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It seems that blacklisting is an accepted procedure in the
Philippines—so much so it even gets publicized. This is a damaging
sort of habit. Alas it is a procedure not only used in the
Philippines, at least here it is admitted to.
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