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Thursday, September 17, 2009

Peso surges after remittance report, bond sale

 
By Maricel E. Burgonio, Senior Reporter
 
THE peso surged against the US dollar on Wednesday because of positive investor sentiment after the reported increase in remittances and the government’s successful issuance of retail Treasury bonds (RTBs), traders said.

At the Philippine Dealing System, the local currency closed at 48.050 against the greenback from 48.335 on Tuesday.

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NTC to require telcos to create toll-free consumer hotline

THE National Telecommunications Commission (NTC) plans to require content providers and telecommunications companies to put up a toll free number for customer complaints.

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Investors swamp govt’s sale of small-size IOUs

The Bureau of Treasury said it closed the sale of retail Treasury bonds (RTBs) ahead of schedule in three- and five-year tenors due to “overwhelming demand,” an official from the agency said.

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Downturn encourages new grads to start fresh

THE global slowdown of the past two years left economies high and dry, leaving companies with only three choices to survive: (1) to freeze hiring, (2) to downsize, (3) or to sell out.

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Facebook hits financial milestone

WASHINGTON, D.C.: Facebook announced on Tuesday it was earning more money than it was spending and had signed up its 300 millionth member.

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San miguel to challenge proponent

Metro Pacific group bids for SCTEx

AFTER their tussle over control of Manila Electric Co. (Meralco) early this year, a second front in the war between the PLDT group and the San Miguel Corp. will likely be fought over the franchise of the Subic-Clark-Tarlac Expressway (SCTEx).

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Govt sees strong mining comeback

The Philippine mining industry hopes to make a strong comeback next year with as much as two billion dollars in investments as the global financial slump eases, the government said on Wednesday.

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Govt awards 11 contracts for coal exploration

THE Department of Energy (DOE) has awarded contracts for coal exploration across the country that are expected to bring in more than half a billion pesos in investments.

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SMIC raises money from debt paper sale

THE holding company of the SM group said it raised fresh funds in what it bills as the country’s largest dollar denominated corporate borrowing in more than a decade.

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Sun Cellular interconnection cost dwarfs revenues

DIGITEL Mobile Phils. Inc., (DMPI), the operator of Sun Cellular, its interconnection cost with rival telecommunication companies was higher than what it earned in June.

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Megaworld clears BCDA for joint venture on North Bonifacio lots

STATE-OWNED Bases Conversion and Development Authority (BCDA) said it will sign next month the contract with Megaworld Corp. for the joint development of the 8.38-hectare North Bonifacio lots, after the agency officially announced that the real estate firm won the bidding.

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China Bank, RCBC credit ratings stay

FITCH Ratings Inc. has affirmed the credit ratings of China Banking Corp. and Rizal Commercial Banking Corp. (RCBC), citing both lenders’ good loss absorption capacity arising from their sustained earnings and adequate capital.

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Housing, resort projects bag perks

The Board of Investments (BOI) has recently granted up to four years of income tax holiday and other perks to a mass housing venture and a tourism facility.

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RBAP
By Gregory D. De Guzman

Rural banks: Bridging the digital divide

For many folks in the provinces, I can imagine their difficulty in finding a viable source of financing for their small businesses. But accessing such funding through the help of today’s ever-changing technology? Well, that might be asking way too much of our brothers and sisters in the rural areas.

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