NEWS IN BRIEF; P/$ Rate Closes at P56.095 to $1

Manila Bulletin, September 9, 2005 | Go to article overview
Save to active project

NEWS IN BRIEF; P/$ Rate Closes at P56.095 to $1


The peso rate closed lower at P56.095 to the US dollar yesterday at the Philippine Dealing System of the Bankers Association of the Philippines from P56.07 the previous day. The weighted average rate appreciated to P56.077 from P56.156. Total volume amounted to $383.1 million.

Sept. 13 T-bond sale scrapped

The Bureau of Treasury said yesterday it had decided to cancel a planned auction of four-year bonds scheduled for September 13. It did not give any reason for the move in its memorandum to government securities dealers. The government recently raised P40 billion from the sale of five-year Retail Treasury Bonds (RTB). National Treasurer Omar Cruz on Monday said six or seven auctions of T-bond sales earlier programmed for the last quarter will also be scrapped following the successful RTBs sale.

Kirin wants 20% on SMC

TOKYO, Sept. 8 (Reuters) - Kirin Brewery Co., Japan's second-biggest brewer, said on Thursday it aimed eventually to raise its 20 percent stake in the Philippines' San Miguel Corp. as a means to grow amid slow demand at home. Like global giants including InBev, the world's biggest brewer, and No. 2 SABMiller, Japanese beer makers are pressed for measures to expand out of a saturated domestic market. The world's biggest brewers have been looking to expanding markets such as Latin America, China and Russia for growth and have been buying up local brands to attract local drinkers, who tend to be loyal to traditional brews. Kirin, which plans to focus on expanding in Asia, had said it aimed to spend [yen]100 billion ($908.8 million) in the three years to 2006 for strategic investment. It has so far spent about [yen]40 billion, the biggest deal being an additional investment in San Miguel in April. "When the Philippine government releases its shares (in San Miguel) or maybe via other ways, we would like to raise our stake," Managing Director Kazuhiro Sato told Reuters in an interview. The government allows foreign companies to own only up to 40 percent of the company, he added. San Miguel, Southeast Asia's largest food and beverage group and the country's most valuable firm with a market value of $4.7 billion, has been key to Kirin's expansion in Asia and is still owned over 36 percent by the government and governmental entities.

HI pays cash dividend

House of Investments Inc. said its board of directors has approved a cash dividend of P42.18 million to holders of its preferred shares as of October 5. The dividend, which would paid on October 31, will be taken from the company's unrestricted retained earnings as of end-2004, it told the stock exchange. The HI board also accepted the resignation of Carlos Dominguez as director. The company's founder, tycoon Alfonso Yuchengco, will replace Dominguez.

Petron Saudi VP reassigned

Petron Corp.'s vice president for corporate planning, Basil Abul-Hamayel, has resigned from his post to take on a new assignment by Saudi Arabian Oil Co., which owns 40 percent of the Philippines' largest oil refiner. He will continue as a director at Petron. Sulaiman Ababtain was named officer-in-charge of the position vacated by Abul-Hamayel.

Regulators okay info sharing

Government financial and monetary agencies have agreed to expand the existing memorandum of agreement on data and information sharing. The Bangko Sentral ng Pilipinas, Securities and Exchange Commission, the Insurance Commission and the Philippine Deposit Insurance Corp. is currently drafting the Multilateral Memorandum of Agreement for Information Exchange. BSP said the MoA is being expanded to cover the sharing of information relating to reputation of agents, which include external auditors, appraisal companies and external credit rating agencies.

Trade data forecasts revised

ATR-Kim Eng Securities Inc. said it has revised its forecasts for Philippine exports and imports owing to drastic changes to official trade data from 2002 to 2004, and the trends in trade for the first six months of the year.

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
Loading One moment ...
Project items
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

Cited article

NEWS IN BRIEF; P/$ Rate Closes at P56.095 to $1
Settings

Settings

Typeface
Text size Smaller Larger
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

While we understand printed pages are helpful to our users, this limitation is necessary to help protect our publishers' copyrighted material and prevent its unlawful distribution. We are sorry for any inconvenience.
Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.

Are you sure you want to delete this highlight?