DENR slashes 5-yr mining investment targets

MANILA, Philippines - Mining investment target for the whole of 2012 has been revised downward to just $509.24 million from the previous $2 billion because of project delay. First investment targets from 2013 to 2016 were also revised following of the implementation of Executive Order 79, also known as the new mining policy.

BSP tightens rules on bank ownership

MANILA, Philippines - Shareholders of banks to be established and acquired will have to submit two new requirements to the Bangko Sentral ng Pilipinas (BSP) which wanted to make sure that bank owners are in good standing.

A Brown inks MOU to put up power plant

MANILA, Philippines - A.Brown Co. Inc. (ABCI) has signed a memorandum of understanding with South Cotabato II Electric Cooperative Inc. (SOCOTECO II) to put up a 9.6-megawatt bunker-fired power plant as part of efforts to address the power shortage in parts of Southern Mindanao.

Reforms to propel PSEi to 6,000-level - Malacañang

MANILA, Philippines - Malacañang hopes that the Aquino administration’s continued economic reforms, which it said has bolstered the Philippine Stock Exchange index (PSEi) to a record level this week, would help it eventually breach the 6,000-mark.

Gov’t sets deadline for unified SLEX-NLEX plan

MANILA, Philippines - The Aquino administration is giving First Pacific’s Metro Pacific Tollways Corp. and diversified conglomerate San Miguel Corp. until Dec. 15 to come up with a unified proposal on the common area of the ambitious North Luzon expressway and South Luzon expressway connector roads.

BSP chief is highest paid gov't exec in 2011

MANILA, Philippines - The Bangko Sentral ng Pilipinas chief was the highest paid government executive last year, the Commission on Audit reported on Thursday.

Business confidence up in Q4 - BSP

MANILA, Philippines - Local businesses are more optimistic this quarter from the previous three months as they expect improved consumer demand buoyed by the holiday season and foresee new projects and expansion plans.


PLDT raises P6.2-B to refinance debts

MANILA, Philippines - Philippine Long Distance Telephone Co. (PLDT) has raised P6.2 billion to refinance its existing debts.

Ayala to pursue infra projects in Vietnam

MANILA, Philippines - Ayala Corp. is set to pursue infrastructure projects in Vietnam after forming a joint venture firm VinaPhil Technical Infrastructure Investment JSC.

Philex to appeal P1-B fine anew

Philex Mining Corp. spokesperson Mike Toledo said the company will file a motion for reconsideration on the P1 billion fine imposed by the Department of Environment and Natural Resources (DENR) over the tailings leak at Padcal mine in Benguet.