The construction of the P15.18bn Tarlac-La Union expressway will begin in September. The expressway is expected to reduce travel time from Manila to Baguio from 6 to 3 hours. The 88.5km expressway extending from La Paz, Talac to Rosario, La Union will be constructed by Private Infra Dev Corporation (PIDC). The project, which is under a build-operate-transfer scheme, will be developed over a period of 5 years. PIDC is a consortium of Lopez-led First Balfour Inc., DMCI Holdings, Inc. (DMC) with 34% stake each, and the rest is held by EEI Corporation (EEI), C.M. Pancho Construction, RD Policarpio & Co., JV Angeles Construction Corp., J.E. Manalo & Co., New Kanlaon Construction, and Rockford Development Corporation.

DMCI Holdings Inc. (DMC) will sell its idle assets to fund its equity participation in the ambitious Tarlac-La Union Expressway Project (TLUTE). DMC chief Isidro Consunji said they have identified some property assets and is now in talks with potential buyers. The sale could generate around P1.5bn in proceeds.

Universal Robina Corporation (URC) anticipates to generate $200mn (+30% year-on-year) in revenues from overseas operations for fiscal year ending September 2008. URC chief Lance Gokongwei claimed sales have been soaring in Thailand & Vietnam where it holds 30% market share in biscuit & wafer segment. Gokongwei also reportd said ready-to-drink tea 'C2' gained wide acceptance with sales volume in 2007 reached 400,000 cases.

Aboitiz Equity Ventures (AEV) intends to participate in the Tiwi-Makban Geothermal Power Complex bidding on 04 June. AEV chief Jon Ramon Aboitiz said they are definitely bidding for the 747MW power facility, the first of government's geothermal generating assets up for sale, but admitted they are still finalizing a partner for their bid. Aboitiz said, "For geothermal, we are still in the courting stage."

In complying with the Biofuels Act of 2006, Petron Corporation (PCOR) intends to tap foreign ethanol suppliers while the completion of its San Carlos ethanol processing plant might be. PCOR chairman Nicasio Alcantara said the company may have to import requirement for ethanol blend of 5%, but noted the ethanol must be sourced locally to bring prices down. Alcantara, however, said PCOR will still source its ethanol requirements abroad to comply with the law. PCOR intends to source ethanol requirements where it is cheaper, particularly from Brazil, India and Thailand.

Chevron Philippines Corporation (CPC) & Shell Philippines (Shell) are still looking for an alternative site for their Pandacan facility. CPC country Chairman Randy Johnson said they have yet to find a replacement for Pandacan. Johnson said the place must be safe, reliable and efficient. No other details were provided.

Belle Corporation (BEL) is planning to sell its 5has. property in Manila Bay worth P1.5bn. BEL vice-chairman Willy Ocier was said the company is still studying its options. Proceeds will be used by BEL to fund new projects which includes a casino complex at the Bagong Nayong Pilipino Integrated Tourism City along Roxas Boulevard.

Around 6 groups expressed interest to take over Mimosa Leisure Estate at a minimum bid of P1.4bn. Clark Development Corporation (CDC) CEO Liberato Laus said they anticipate to have more bidders purchasing bid documents ahead of 28 April's deadline for filing of bids. No further details were given.

Philippine National Bank's (PNB) board approved the offering of at least P3bn or up to P6bn 3rd tranche Tier 2 capital, subject to the central bank's (BSP) approval. No other details were given.

Bank of Philippine Islands (BPI) & Cordaid, a foundation based in Netherlands, agreed to bankroll P150mn to strengthen micro-financing institutions in Mindanao. Based on the accord, Cordaid will allocate 1mn euros (P70mn), while BPI will shell out another P70mn as the counterpart fund. BPI will be responsible in identifying financing institutions that could avail of the assistance.

The Monetary Board approved the electronic banking product services of Bank of the Philippine Islands (BPI), BPI Family Savings Bank, & BPI Direct Savings Bank. The central bank's (BSP) policy-making body allowed the said firms to offer online foreign exchange facilities which allows clients to convert their dollars to pesos via the internet.

Globe Telecom, Inc. (GLO) will support Nokia's Intellisync, a wireless e-mail service competing with the Blackberry e-mail service. Initially available as a corporate service, Intellisync will soon be available for non-corporate users. GLO will charge each user P150 (in addition to regular subscription charges for postpaid accounts) for every two megabytes of data used. Per kilobyte charges will apply beyond that. Aside from push e-mail, Intellisync also allows users to enter contacts and calendar data. GLO also intends the service for mobile users who have web-based email addresses. Intellisync allows less data consumption than checking web-based e-mail such Yahoo or Gmail via a browser.

Roxas Holdings, Inc. (ROX) will invest P1.4bn in an ethanol distillery to take advantage of the increasing demand for clean energy, as well as add more value to its sugar production business. ROX Chairman and CEO Pedro Roxas said ethanol is a growth area for the company and forms part of a plan to expand and diversify into sugar-related businesses. ROX intends to put up a distillery which will likely be located in Batangas or Negros Occidental where it collectively maintains three sugar plants. Molasses will serve as the raw material and about 75% of the molasses requirements will be obtained internally.

Manulife Financial Corporation (MFC) has extended its small voluntary shareholder sales program, which allows shareholders owning fewer than 100 shares (odd lot) of MFC common stock the option of selling all of their shares. Participating shareholders will receive the weighted average price of all shares sold through the program on the New York Stock Exchange's (NYSE) open market during the week in which their shares are sold. The program began 11 February 2008 in Hong Kong & the Philippines, and will expire 29 May. The program is offered to odd-lot shareholders in Canada & the US from 05 February to 29 May 2008.

In its stockholders meeting, Robinsons Land Corporation (RLC) has approved the plan of merger of Robinsons Homes, Inc., Trion Homes Development Corporation and Manila Midtown Hotels and Land Corporation with and into RLC. No other details were given.

Framework Convention on Tobacco Control Alliance of the Philippines (FCAP) is asking the interagency committee monitoring the implementation of the Anti-Tobacco Law to sanction Philippine Seven Corporation (SEVN) for allegedly violating the ban on tobacco advertising. FCAP accused SEVN of openly displaying banners outside their stores depicting advertisements for Hope cigarettes with the slogan "Live Relaxed." No other details were given.

Cebu Pacific (CEB) is eyeing to achieve 30% growth in revenues from P15bn in 2007. CEB sees good passenger load brought about by their fleet expansion. The firm anticipates to carry over 7mn passengers for its combined domestic & international operations from 5mn passengers in 2006.

The Supreme Court (SC) is ordering Philex Mining (PX) to pay P226.12mn to the government covering income tax deficiencies & interests derived in operating Baguio Gold Mining Company's exploration claims at the Sto. Nino mines in Benguet. The issue stemmed from the supposed commissions that PX obtained from operating the mining site. No other details were given.

Oriental Peninsula Resources Group Inc. (ORE) announced its mineral production sharing agreement (MPSA) for nickel mining in Palawan was granted a consent by indigenous people (IP) through Platinum Group Metals Corporation (PGMC) & Olympic Mines and Development Corporation (OMDC). ORE said subsidiary Citinickel Mines and Development Resources Group (CMDR) obtained the consent through a deed of assignment from OMDC which has an operating agreement with PGMC for the nickel mines.

Harbour Centre Port Terminal Inc. (HCPTI) will acquire 12 units of brand-new TCM forklifts to become more efficient. 10 of the new forklifts have 10-ton capacity each while 2 have 5-ton capacity each. HCPTI said the additions strengthens the company's leadership as the country's premier noncontainerized port with annual handling record of some 5mn metric tons. HCPTI president Michael Romero said the company is committed to translate usage of its port to the best advantage it could muster for its clients through efficient cargo handling and best possible vessel turnaround.

Benguet Corporation (BC) has engaged SRK Consulting, an independent & international mining & exploration consulting specialist, to prepare the Bankable Feasibility Study (BFS) for Kingking, particularly the copper oxide deposit. Kingking is located in Pantukan, Compostela Valley. When completed, the results will be reported in accordance with the Philippine Mining Reporting Code (PMRC) standards.

The Securities & Exchange Commission (SEC) approved Morph Lab's (ML) application for an increase in authorized capital in preparation for its scheduled initial public offer (IPO). Morph Lab's capital will be raised from P15mn to P500mn, which will be financed by converting previous advances made by shareholders. ML will be spending on acquisition of data centers & software, conducting research & development, as well as providing other resources to develop its core product, Morph AppSpace.

All news/research materials and other web site content published by Yapster e-Trade, Inc. are for the exclusive use of 2TradeAsia members and customers and are solely for information purposes only. Use of any of these data for commercial purposes without the consent of Yapster e-Trade, Inc. is strictly prohibited. Furthermore, all content on www.2TradeAsia.com do not constitute an offer to sell, or a solicitation of an offer to purchase any security.