B U S I N E S S

Ayala Land takes a hit from US woes

April 25, 2008, 02:59:04 PM

Likha C. Cuevas-Miel Reporter

With the US slowdown, the Philippines’ biggest real estate developer said it is shifting its focus to the middle-income segment while strengthening its marketing efforts in the Middle East and Europe.

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Increase in price of processed foods looms

April 25, 2008, 03:55:42 PM

After having to absorb an increase in the price of rice, consumers will now have to put up with another increase in the prices of processed foods.

The Philippine Association of Meat Processors Inc. (PAMPI) on Thursday announced that there will be another increase in the prices of local processed foods in the market.

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PLDT to acquire more telcos

April 25, 2008, 03:52:54 PM

By Darwin G. Amojelar Reporter

Philippine Long Distance Telephone Co. (PLDT) plans to acquire more telecom-related businesses this year, according to the chairman of the country’s largest telecom company.

Manuel V. Pangilinan, PLDT chairman, told reporters the company has excess cash of about P5 billion after paying out dividends.

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RP slips in list of IT economies

April 25, 2008, 03:52:31 PM

THE Philippines dropped several notches in the global list of network-ready economies, lagging behind its Asian peers, according to the World Economic Forum (WEF).

In its Global Information Technology Report 2007 to 2008, the WEF said the country ranked 81st among 127 countries included in the survey. The Philippines placed 69th in a previous report, rising one notch from the 2005-2006 report.

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US companies to invest in RP biofuel ventures

April 25, 2008, 03:48:57 PM

By Ira Karen Apanay Reporter

Two American companies in the renewable energy sector will tie up with Filipino investors to develop the Philippines’ emerging bioethanol and coco-diesel industries, the Department of Agriculture said on Wednesday.

Agriculture Secretary Arthur Yap said these job-generating investments worth $55 million will come from FE Clean Energy and Global Renewable Energy Network (GREEN) Inc.

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Poverty grew 16%, says latest government survey

April 25, 2008, 03:25:52 PM

By Darwin G. Amojelar And Angelo S. Samonte Reporters

The number of poor Filipino households during President Gloria Arroyo’s administration has increased and poverty overall has worsened, based on the 2006 Family Income and Expenditure Survey, officials said Wednesday.

The National Statistical Coordination Board attributed the worsening poverty situation to the implementation of value-added tax (VAT), insufficient rise in personal income, high oil prices and population rate. (See related story page B1.)

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Philippines, Austria seek more trade

April 25, 2008, 03:25:16 PM

The energy sector and the environment will be crucial areas for cooperation between the governments of Austria and the Philippines.

The Austrian Federal Minister for Economy and Labor, Dr. Martin Bartenstein, arrived in the Philippines on Tuesday, which the Department of Foreign Affairs lauded as a “watershed for stronger growth of the economic cooperation between the Philippines and Austria.”

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Spratlys controversy may imperil Philippine quest for oil self-reliance

March 28, 2008, 11:36:15 AM

President Arroyo’s critics have trained their sights on the Joint Marine Seismic Undertaking (JMSU), an agreement forged among the Philippines, China and Vietnam in 2005 to transform the contested Spratly Islands into an area of cooperation and development.

Parties to the agreement, which will end this year, are state-run firms Philippine National Oil Co. (PNOC), China National Offshore Oil Corp. (CNOOC), and Petro Vietnam. The accord, which involves data gathering in the contested area, entails no exploration, drilling and production activities.

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Oil price bubbles near $109 a barrel

March 28, 2008, 11:19:21 AM

SINGAPORE: Oil prices were close to $109 in Asian trade on Wednesday, underpinned by the dollar’s dive to a new low against the euro and supply concerns, dealers said.

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Bangko Sentral seento keep key rates steady

March 28, 2008, 11:17:51 AM

THE Bangko Sentral ng Pilipinas (BSP) is seen to leave its key overnight rates unchanged, as monetary authorities shrugged off its US counterpart’s recent effort to pump more liquidity into the world financial system.

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