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P/$ rate closes at P47.42/$1

The peso exchange rate closed higher at P47.42 to the US dollar yesterday at the Philippine Dealing & Exchange Corp. from P47.52 the previous day. The weighted average rate depreciated to P47.496 from P47.325. Total volume amounted to $ 848.92 million.
Firm builds Palawan power Nike Air Max plant
Filipino-owned Palawan Power Generation Inc. is investing P140 million to put up a 9-megawatt power plant in Tiniguiban, Puerto Princesa, Palawan. The project was granted pioneer incentives by the Board of Investments entitling it to income tax holiday incentives and preferential duty on the importation of capital equipment. The company is expected to start commercial operation in March this year employing 39 workers. PPGI will operate, convert and rehabilitate the 9-megawatt Puerto Princesa diesel power plant it leased from the National Power Corp. It will also convert the diesel-fired engine to make it run on bunker fuel. Once operational, the project is expectd to generate savings of at least P2.3 billion over a 15 year period. The proponent said that when the power plant is fully restored, it will be able to service about one-fourth of the total electricity demand in Palawan. PPGI is a unit of Palawan electric Cooperative, which holds the franchise to distribute power in Palawan. PPGI’s major stockholders are FLG Management & Development Corp., Theta Petroleum Corp. and Power One Corp.
NPC buys Indonesian coal
The National Power Corp. has bought 585,000 tons nike free run of coal from three Indonesian suppliers, its first purchase since July after failing to award tenders because of high prices. Australian thermal coal prices, a benchmark for Asia, were quoted around $ 83 a ton at the start of the week, down nearly 60 percent from a record peak above $ 200 a ton in July last year. PT Trubaindo Coal Mining, PT Indominco Mandiri and PT Kaltim Prima Coal will supply coal starting this month to National Power Corp’s Sual and Pagbilao power plants, both located in Nike Air Jordan Shoes the northern Luzon region, according to data posted on the state power company’s website. Napocor said the contracts were awarded on Dec. 18 following tenders on Nov. 26 and 27. The results were posted on the company’s website earlier this week. Kaltim Prima bagged a supply contract for a total 130,000 tons of steam coal, composed of one panamax-sized shipment and the remainder to be shipped through eight barges. The first 65,000 tons, at $ 105.5 per ton, cost and freight, is for delivery between Aug. 28 and Sept. 6. The remaining 65,000 tons, at $ 110.95 a ton, C&F, is for delivery in June. The contracts were higher than Napocor’s budget by 3 to 14 percent. Trubaindo will supply 130,000 tons of steam coal at $ 115.29 a ton, C&F, to the Sual plant for delivery in April and May, a deal that is nearly 9 percent above Napocor’s budget. Trubaindo will also ship another 130,000 tons to the Pagbilao plant at $ 105.93 a ton, C&F, slightly under the government budget, in June and July. A third company, Indominco Mandiri secured a contract to supply a total 195,000 tons of steam coal to Pagbilao at $ 102.32 a ton, C&F, for delivery in February, March and September.
Balangue remains as SGV chair
SGV partners, at a special meeting held on February 3, 2009, affirmed its leadership structure with David L. Balangue as Chairman and Cirilo P. Noel as Acting Managing Partner of SGV & Co., the accounting firm said in a statement yesterday.. Balangue has been with SGV & Co. for the past 36 years. He is past president of the Philippine Institute of Certified Public Accountants, the Financial Executives Institute of the Philippines, and the Management Association of the Philippines. He is chair of the Standing Interpretations Committee of the Accounting Standards Council and the Philippines-Korea Economic Council and the SGV Foundation. He is also a member of the Board of Trustees of Philippine Business for Social Progress, Makati Business Club and Makati Commercial Estate Association, Inc. C.P. Noel, until his appointment, was Deputy Cheap Nike Air Max 90 Managing Partner and co-head of the Firm’s Tax Division. He brings to the Firm extensive experience in business tax advisory and business consulting on mergers and acquisitions, restructuring, and capital markets. He is a recognized leader for business tax services in ASEAN and the Far East. He chairs the Taxes and Tariff Committee of the American Chamber of Commerce of the Philippines.

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