Nido Petroleum Ltd. sold its first oil from the Tindalo oil field off Palawan. The Australian firm has sold to a buyer in South Korea some 230,000 barrels for crude oil cargo. Joanne Williams, Nido deputy managing director, said the sale was confirmed by the joint venture’s marketing agent, Trafigura Pte Ltd., with the lifting [...]

La Filipina Uy Gongco Corp., a relatively unknown local company owned by businessman Alfonso Uy, seems to be just a short step away from clinching the deal to acquire the Mariveles Grains Terminal of Asian Terminal Inc. (ATI).  La Filipina has beaten conglomerate San Miguel Corp. (SMC) in its bid for the purchase of ATI’s [...]

Figaro Coffee Co., a 100-percent Filipino-owned company established in 1993 whose product lines include specialty roasted local coffee varieties and various coffee-related paraphernalia. Currently, the largest Filipino-owned coffee company, with 65 coffee shop outlets nationwide, 35 of which are franchise-owned, and 30 are company-owned.
For 2010, the company plans to increase its 65 outlets by 18 [...]

The Philippine’s top producer of biodiesel, resins and oleochemicals, Chemrez Technologies, Inc. (ChemrezTech), has announced that its board of directors has approved the cash dividends worth a total of about P158.6 million to be declared. The company said in its disclosure to the Philippine Stock Exchange (PSE) that a regular cash dividend of six centavos [...]

The Bangko Sentral ng Pilipinas (BSP) said that approximately 11 million Filipino households do not have bank accounts.
BSP Governor Amando Tetangco Jr. said, “Rough estimates indicate that at the most, only one-third of our households have bank accounts,” during a conference of the Rural Bankers Association of the Philippines held recently at the Sofitel Philippine [...]

Manulife is expecting its business in the Philippines to grow in 2010 by 30 to 40 percent. The Canadian insurer is basing its projection in terms of premiums and beat industry’s growth forecast.
The said projection was feasible, according to president and chief executive officer of Manulife Philippines Indren Naidoo, saying that they are stepping up [...]

The country’s tax agency was able to exceed its collection goal of P86.2 billion for April and was able to collect P87.1 billion for the month. Bureau of Internal Revenue (BIR) commissioner Joel Tan-Torres that the collection for April even exceeded the P87 billion collections for the same period last year.
The collection performance was attributed [...]

Homegrown fastfood giant Jollibee Foods Corp. continues to extend its presence in China as it recently acquired one of the local beef noodle there. In its disclosure to the Philippine Stock Exchange, Jollibee said it will be investing RMB30 million ($4.39 million) to secure 55 percent stake on the San Pin Wang restaurant chain.
Another RMB20 [...]

Total collections reaching an amount of P127.74 million have been gathered by the Social Security System (SSS) from overdue contributions from delinquent employers.
The state-owned pension fund for private employees was able to collect the said amount under an amnesty program offered by the agency to delinquent employers, in order to help workers regain access to [...]

Labor Day, May 1 falls on a Saturday, following the holiday of economics being observed by the government, President Gloria Macapagal Arroyo has declared May 3, the nearest Monday to May 1, as a regular holiday throughout the country in observance of the Labor Day.
The declaration is being consistent with the provision under Republic Act [...]

A new $100 bill has been unveiled by the United States government, and this time, the new bill will give counterfeiters a hard time as it has a unique security feature not seen in any other US dollar bills. According to the US Embassy and the US Secret Service officials, the redesign of the $100 [...]

The Cebu Pacific (CEB) Airline is investing on 22 new aircraft as part of the $1.4 billion expansion over a five-year period, in anticipation of a 50 percent increase in the number of passengers in 2013.CEB president Lance Gokongwei said the 22 brand-new Airbus 320 aircraft will be delivered from 2010 until 2014. These are [...]

SkyCable has approved its budget of P1 billion for this year’s capital expenditures. The country’s leading cable television service provider will use it capex funds to expand its current subscriber base and also to develop technologies that will fight signal piracy.
ABS-CBN Broadcasting Corp. chief financial officer Rolando Valdueza said the network giant’s cable TV subsidiary’s [...]

The sale of $500 million in retail treasury bonds (RTBs) has been launched by the government. This investment instruments are intended for overseas Filipino workers. They are the Fixed Rate Multicurrency Retail Bonds and they will be auctioned on April 20 and will be offered to investors on the same day until April 27, according [...]

The Philippine National Bank (PNB) signed up an agreement with the Bank of China (BOC) in handling remittances of Italy-based Chinese nationals to their homeland. The Lucio Tan-led PNB’s agreement with the state-owned BOC expands the market coverage of unit PNB Italy SpA which was established to facilitate remittances of thousands of Filipinos in Italy.
PNB [...]

The losses in the agricultural sector brought about by the El Niño have already reached P9.58 billion as of the end of March. Report shows 12 regions are experiencing dry spell conditions which affect production of rice, corn, fruits, flowers, high-value commercial crops and livestock.
But in spite of this, the government continues to downplay the [...]

The move against the imposition of the 12 percent value added tax (VAT) on toll found an ally in the person of Senate President Juan Ponce Enrile.
Enrile opposed the imposition of 12 percent VAT on toll, saying that the tax would only bring additional burden for motorists who also pay the road users’ tax. The [...]

The United Pulp and Paper Co. (UPPC) will be procuring a broiler that will use 100-percent biomass. The said equipment would require the company to invest an amount approximate to P 1 billion. Depending on the capacity, they would also buy a second broiler which would cost between P500 million and P1 billion, said company [...]

The plan of the Cebu Pacific Air to conduct an initial public offering worth as much as P25.7 billion has been approved by the Securities and Exchange Commission. The planned offering consists of about 235.6 million shares with an indicative price of P95 per share for a total size of P22.38 million.
Should the demand for [...]

The country’s biggest oil refiner, Petron Corp., may soon become part of the country’s largest food-and-beverage company, San Miguel Corp. (SMC). The company said it will exercise its option within the year to buy 51 percent of Petron, and at the same time make a tender offer to minority shareholders.
Tender offer allows the minority shareholders [...]