Millgate prices of domestic sugar continue to climb, based on results of the bidding on Thursday, with most districts hitting the P1,300 per Lkg mark.

Sugar industry players said this is an indication that market forces have maintained their pressure on sugar buying and boosted the bid price of raw sugar eventhough "A" sugar prices went down slightly in some instances.

This week, prices of "B" sugar range from P1,260 to P1,340 per Lkg while last week, from only P1,180 to P1,245 per Lkg.

Oil imports down
but costs increase

The Philippines' net oil imports decreased in volume by eight percent as of end-November last year but cost soared compared to same period in 2004 after sustained increases in international oil prices.

The Department of Energy said in a statement that net oil import bill increased by 27 percent from $4.279 million in November 2004 to $5.436 million in the same period last year. In terms of volume, net oil imports fell from 107.9 million barrels in November 2004 to 98.9 MMB in 2005.

Consumption of petroleum products from January to November 2005 also followed a similar decrease by eight percent from 108.6 MMB in 2004 to 99.9 MMB.

BSP to issue new rules
for gov't borrowings

The Bangko Sentral ng Pilipinas said in a statement yesterday that it will issue a new rules rationalizing the director/officer/ stockholder/related interests rules and regulations for state borrowings in government financial institutions.

The new rules provide that loans, other credit accommodations, and guarantees to the national government, its departments, agencies, and bureaus, including the BSP shall be considered non-risk and not subject to any ceiling.

However, borrowings of government-owned or controlled corporations and corporations where the national government, its departments, agencies, and bureaus and GOCCs own at least 20 percent of the capital stock are considered indirect borrowings and are subject to the DOSRI ceilings, BSP said in the statement.

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