| MARKET INFORMATION | |||
| Market Closed | |||
| As of FRI FEB 24, 2012 15:30:00 PM | |||
| PSE COMPOSITE AND SECTORAL INDICES | |||
| VALUE | CHANGE | % CHG | |
| PSEi | 4,893.00 | 0.48 | 0.0098 |
| All Shares | 3,311.45 | 2.41 | 0.0728 |
| Financials | 1,196.83 | 5.4 | 0.4532 |
| Industrial | 7,238.13 | 6.73 | 0.0931 |
| Holding Firms | 4,007.46 | 26.07 | 0.6548 |
| Property | 1,796.96 | 8.34 | 0.462 |
| Services | 1,772.44 | 11.53 | 0.6463 |
| Mining & Oil | 25,192.86 | 100.89 | 0.3989 |
| MARKET ACTIVITY | |||
| Trades |
| 35331 | |
| Volume | 14,165,152,378 | ||
| Value | 9,638,821,349 | ||
| Advances |
| 59 | |
| Declines |
| 111 | |
| Unchanged |
| 39 | |
BANKO SENTRAL NG PILIPINAS
24 February 2012
| US$ 1.00 | PhP 42.7680 |
| Repo Rate | 6.25% |
| Reverse Repo Rate | 4.25% |
| Inflation Rate (Jan '12) | 3.9%(2006=100) |
| 91-day T-bill Rate | 0.92% |
| Gold Buying/ troy oz. | US$1778.25 |
| Silver Buying | US$35.30 |
Treasury Department
Reference Exchange Rate Bulletin
24 February 2012
| UNITED STATES | DOLLAR | USD | 42.768 |
| JAPAN | YEN | JPY | 0.535 |
| UNITED KINGDOM | POUND | GBP | 67.3425 |
| HONGKONG | DOLLAR | HKD | 5.515 |
| SAUDI ARABIA | RIAL | SAR | 11.4045 |
| UNITED ARAB EMIRATES | DIRHAM | AED | 11.6445 |
| CHINA | YUAN | CNY | 6.7902 |
| KOREA | WON | KRW | 0.0379 |
| EUROPEAN MONETARY UNION | EURO | EUR | 57.2065 |
MinDA partners with BOI to boost investments in Mindanao
Seeking to generate more investments for the island, the Mindanao Development Authority (MinDA) is set to forge a partnership agreement with the Philippine Board of Investments (BOI) that would enhance mechanisms on investment promotion in Mindanao.
The MinDA Board has approved during its regular meeting recently a draft memorandum of agreement between MinDA and BOI, underscoring greater collaboration in increasing capacities of MinDA in investment facilitation and generation.
The Regional Board of Investments - Autonomous Region in Muslim Mindanao (RBOI - ARMM) has also expressed its interest to forge cooperation with MinDA. Altogether, the three agencies will undertake collaborative efforts to promote and facilitate investments in Mindanao, both domestic and foreign.
The partnership is already eyeing the Middle East to be one of the major target markets of the now booming Halal production industry in ARMM.
Earlier, through series of discussions on efforts aimed at boosting investments in Mindanao, the BOI agreed to assist MinDA in the implementation of its program called “Investment Facilitation in Mindanao.”
An attached agency of Department of Trade and Industry (DTI), BOI is the lead government agency responsible for the promotion of investments in the country. It also assists both local and foreign investors to venture and prosper in desirable areas of economic activities.
BOI has firmed up its support through the MOA to assist MinDA and RBOI-ARMM in linking with target investors, both domestic and foreign, as well as for investment efforts that cover the regions of Mindanao and Palawan which are the country’s focus areas to the Brunei Darussalam-Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA).
With this strengthened partnership between MinDA and RBOI-ARMM, we are positive that we can expand the investment opportunities in Mindanao to BIMP-EAGA and beyond,” said BOI Director, Raul Angeles.
Angeles also reported that with the specific arrangements they have with RBOI-ARMM, the latter can directly approve and provide for the investment incentives, instead of the central BOI.
Meanwhile, MinDA will focus on coordinating with relevant agencies and linking with the private sector in Mindanao and Palawan to facilitate the marketing of investment opportunities in the said areas. It will also take the lead in preparing the implementation plan and results monitoring framework of the investment program.
“This is a significant move in achieving our vision of a Mindanao that is financially self-reliant and able to effectively use its own funds to direct a self-determined development path,” said MinDA chair Luwalhati R. Antonino.
There are 37 BOI registered investments in Mindanao as of September 2011, mostly driven by local investors in the power industry, mineral development, and real estate development.
“We will work towards having a policy environment that is conducive to private sector investments and partnerships, and this current partnership with BOI will truly speed up the process of getting there,” added Antonino. (APB/MinDA/PIA-10)
Senator Guingona eyes Fair Rules in Trade and Competition
To promote fair trade competition, Senator Teofisto “TG” Guingona III is seeking to institutionalize a Philippine Fair Competition Commission that will reinforce the national competition policy, and will provide stricter penalties for anti-competitive acts.
Sen. Guingona has filed Senate Bill No. 3109, or the Competition Policy Act of 2011, which aims to promote fair competition and prohibit, among others, monopolistic and cut-throat competitive behavior of corporations.
“We need a business environment which promotes innovation and sustained growth, especially of small and medium sized enterprises. We cannot be an economy made up of a few giant corporations who effectively destroy the business of smaller players and those who arbitrarily control market prices and supply,” Sen. Guingona said.
Sen. Guingona, chair of the Senate Blue Ribbon Committee, lamented the unfair trade scenarios where different firms have committed prejudicial act of market manipulation, especially in times of calamities and national shortages.
“A clear competition policy is also a message to foreign investors that the Philippine market is regulated by clear, fair, and reasonable rules. The Competition Policy Act seeks to institutionalize such rules so that investors, Filipino and foreign alike, will know what can and cannot be done, when one can do something and when one must not do something. This is a clear step forward towards ensuring that consumers will be in the position to obtain the best products and services, at the most reasonable prices,” he added.
The proposed institutionalization of Philippine Fair Competition Commission will have a task force that will be composed of members from the Office of the President, Civil Service Commission, Tariff Commission, Department of Trade and Industry, Department of Justice, and the Department of Budget and Management.
As a reforms advocate, Sen. Guingona is committed to pursue good governance to rebuild the people’s trust in government and to enable it as catalyst of development.
A number of legislative reforms that Sen. Guingona introduces such as the SB No. 310 are aimed to transform the government to be transparent in all its actions, decisions and dealing, including cutting anti-fair trade practices and promote investment-friendly environment.
Creditor Status in IMF Signifies Strong Confidence for Philippine Financial System, says Palace
Malacanang welcomed the recent recognition of the Philippines after it became one of the creditor nations in the 180-nation International Monetary Fund (IMF).
“We welcome that recognition from a debtor nation to a creditor nation. That’s a big jump. We’re certainly proud of the recognition by the international financial community of the significant steps that we have taken in improving our financial system. And that’s an indication of the recognition of the international financial community,” Presidential Spokesman Edwin Lacierda said during the regular press briefing in Malacañang on Wednesday.
“We have received several upgrades in the past year and these are all indication of the international community’s confidence on the Aquino administration and on the Philippines,” he added.
The Philippines is looking forward to become an active participant in assisting other nations in distress under the IMF. The country has made available $163.8 million in special drawing rights or SDRs under a currency exchange mechanism known among members as the Financial Transactions Plan or FTP.
The Bangko Sentral ng Pilipinas (BSP) said that with the continued membership of the Philippines with the FTP, it could become part of a new borrowing scheme called the new arrangements to borrow or NAB facility of the IMF. The facility seeks to help distressed countries or institutions.
The Philippines had been a Financial Transactions Plan participant since 2010, funding the loans and repayment operations of the IMF by using the foreign exchange resources of its financially strong members to help weak nations.
The Philippines holds a creditor or reserve position in the IMF through its participation in the FTP, making it a net lender rather than net borrower.
According to the BSP the participation of the Philippines to the FTP contributed to international efforts to mitigate the spillover effects of Europe’s sovereign debt crisis by enhancing global financial safety nets.
Cebu Pacific Air chooses CIT for A330 leases
The Philippines’ largest national flag carrier, Cebu Pacific Air (PSE: CEB) signed operating lease agreements on four new Airbus A330-300 aircraft with CIT Aerospace, a unit of the CIT Group Inc. (NYSE: CIT).
CEB’s four Airbus A330-300 aircraft will be delivered from 2013 to 2014, and will be powered by Rolls-Royce Trent 772B engines.
CEB earlier announced it will commence long-haul flights in the 3rd quarter of 2013. This will allow the airline to serve new markets beyond the range of CEB’s current fleet of Airbus A320 aircraft.
Alex Reyes, CEB General Manager for the Long-Haul Division, said, “These Airbus A330-300 aircraft will allow us to offer our trademark low fares to an even wider market. With the introduction of wide-body aircraft into our fleet, we could offer non-stop services into Australia, India, the Middle East and parts of Europe and the US.”
Since its inception in 1996, CEB has flown over 60 million passengers. It also posted a good track record in stimulating short-haul travel of passengers around Asia, with a 14% system-wide passenger growth in 2011.
CEB currently offers 19 international destinations, namely Bangkok, Beijing, Brunei, Busan, Guangzhou, Hanoi, Ho Chi Minh, Hong Kong, Incheon (Seoul), Jakarta, Kota Kinabalu, Kuala Lumpur, Macau, Osaka, Shanghai, Siem Reap, Singapore, Taipei and Xiamen. It also operates the most extensive network in the Philippines with 33 domestic destinations and hubs in Manila, Cebu, Clark and Davao.
Malacañang Welcomes Report on Business Expectations Survey of the BSP
Malacañang announced that it welcomes the results of the Business Expectations Survey of the Bangko Sentral ng Pilipinas that showed continued improvement in business sentiment for three consecutive quarters now.
The Confidence Index rose from 38.7% in the fourth quarter of last year to 40.5% in the first quarter of this year, respondents cited increased public spending, business expansion arising from steady investment flows, sound macroeconomic fundamentals and political stability, and possible further credit upgrades for the Philippines.
Moreover, bullish sentiment for the next quarter rose significantly to 55.4 percent from 36.1 percent in the previous quarter.
Yesterday, the Department of Budget and Management also reported that 85% of infrastructure projects under the Department of Public Works and Highways have already been bid out as of February 15 this year.
Gains have been achieved from the improved partnership between government and business. This is a continuing affirmation from the business sector of our government’s efforts to curb corruption, strengthen our fiscal position, and ensure the country is on track to achieve equitable and inclusive growth for all.
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