News in Brief.(Business)

Manila Bulletin, December 30, 2002 | Go to article overview

News in Brief.(Business)


Peso closed at P53.30/$

The peso closed at P53.30 to the US dollar last Friday at the Philippine Dealing System of the Bankers Association of the Philippines. The weighted average rate stands at P53.254. The financial markets are closed Monday, Tuesday and Wednesday for public holidays. Trading resumes Thursday.

ABS-CBN doubles longterm debt

ABS-CBN Broadcasting Corporation has more than doubled its long-term debt to P5.8 billion while its airtime revenues continue to improve in the third quarter of the year.The significant changes in the company's shortterm and long-term debt levels are the result of the finalization of its exchangeable notes facility agreement (ENFA). The ENFA was signed with majority of the company's short-term creditors in September 2002. However, two of ABS-CBN's creditors - BNP Paribas (BNP) and Standard Chartered Bank (SCB) did not participate in the ENFA and have since demanded payment from the company as well as declare an event of default. ABS-CBN's outstanding loans with the two banks amounted to $3.6 million and P100 million, respectively. Loans with BNP and SCB constitute only one percent of ABS-CBN's total assets of P22.9 billion as of September 2002. The company is currently in talks with several financial institutions for the possible financing of the loans from BNP and SCB. With the drawdown from the ENFA last Sept. 16, ABSCBN has brought down its average interest rates on its termed-out loans to nine from 11 percent or an effective savings of two percent. (EHL)

Digitel recognized for CRM

Digital Telecommunications Philippines Inc. (DIGITEL), the second largest fixed wire telecommunications service provider in the Philippines, and Logica, the global solutions company, have been recognized for their innovative application of Customer Relations Management (CRM) solutions and related technologies in customer contact centers by the prestigious Aberdeen Group. The Aberdeen Group, a leading IT market analysis and positioning services firm, ranked DIGITEL's call center among the top 10 in the world, in a report entitled "What works: Ten successful Implementation in CRM/Contact Centers." The report was created to provide CRM users and endusers with hard evidence of successful and best practices of CRM contact center implementations using case studies and customer interviews around the world. …

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