カテゴリー: Business&Economy
FDI net inflows rise to $686 million in March: BSP
UPDATE Crop damage from ”Aghon” surpasses P50 million
The damage to agriculture due to Typhoon ”Aghon” reached over P50 million, the Department of Agriculture reported on Wednesday.
According to the DA, a total of P57.50 million of damage to agriculture was so far recorded.
The tropical cyclone affected 1,145 farmers who lost 1,955 metric tons of rice, corn and high value crops planted within the 729 hectares of damaged farmland.
The DA noted that the damaged crops include 1,089 metric tons of rice worth P24.86 million, 79 metric tons of corn worth P1.52 million and 785 metric tons of high value crops amounting to P29.34 million.
It also stated that the damage to agricultural infrastructure which includes greenhouse, livestock and poultry housing and irrigation canals reached P965.40 thousand.
As of Wednesday, the National Disaster Risk Reduction and Management Council reported a total of 51,659 people or 16,336 families were affected because of Aghon.
Out of which, 3,878 families or 14,816 persons were being served inside 185 evacuation centers.
Aghon that was last spotted at 1,060 km east northeast of extreme Northern Luzon has a maximum sustained wind of 130 kph near the center and gustiness of up to 160 kph while moving northwestward at the speed of 35 kph.
The tropical cyclone is expected to leave the Philippine area of Responsibility on Wednesday night. Robina Asido/DMS
BOP posts $639 million deficit in April
Ayala Corp. sells 1.4 billion shares in Manila Water Co. to Razon firm
Ayala Corp. announced on Friday the sale of its remaining 1.4 billion Manila Water Co. Inc. shares to Trident Water Co. Holdings, Inc. owned by port and gaming tycoon Enrique Razon Jr.
A disclosure to the Philippine Stock Exchange showed that Ayala Corp. and its wholly-owned subsidiary, Michigan Holdings, Inc. sold a total 577,997,467 common shares to Trident.
Another subsidiary of Ayala Corp., the Philwater Holdings Co., Inc. also sold preferred shares of 872,487,863.
The shares of Ayala Corp. for Michigan and Philwater were sold to Trident for P14.5 billion.
However, it noted that “Ayala will retain an effective 12.08 percent economic stake through the preferred shares which will be paid on an installment basis.”
“Once the preferred shares have been fully paid for in 2029, Ayala’s economic stake in the Manila Water Co. Inc. will drop to zero,” it stated.
According to the disclosure “the Manila Water Co. Inc. provides water treatment, water distribution, sewerage, and sanitation services to more than seven million people in the eastern side of Metro Manila.”
The East Zone encompasses 24 cities and municipalities spanning a 1,400 square-kilometer area including key cities, towns, and municipalities in Metro Manila, it added. Robina Asido/DMS