Sugar Regulatory Administration head James Ledesma has cautioned some sugar producers on their tendency of holding on to their "A" or US sugar quedan, speculating on the possibility of earning more from future transactions.

We either comply with our international commitment to fill up our share of the US sugar quota or we run the risk of losing out that privilege, Ledesma said.

Besides, he added, this was the reason why the SRA had imposed a deadline for the verification of "A" sugar and for banning the advanced swap of "A" to "B" sugar. Ledesma pointed out that he agreed to the additional 30,000 metric tons quota share of the Philippines after consultation with the sugar producers and the Sugar Alliance of the Philippines.

Assets of OBUs
grew by almost 213%

Total assets of nine overseas banking units operating in the Philippines rose sharply by 212.8 percent to $2.654 billion as of end-December last year, the Bangko Sentral ng Pilipinas said in a statement yesterday.

Net income after tax also significantly improved by 80.4 percent from $4.3 million in 2005 to $9.6 million the previous year while net interest income and other operating income increased by 79.9 percent ($7.1 million) and 38.5 percent ($4.8 million), respectively. These revenues outpaced the 47.4 percent ($7.5 million) increment in operating expenses, the BSP said.

Majority of OBU funds was still kept in investments in bonds and other securities at $1.3 billion - up from $474 million last year - and held 48.4 percent - down from 51.2 percent - share of gross assets.

4 offshore petroleum
exploration proposals chosen

The Department of Energy said in a press release that four proposals have been selected for Petroleum Service Contracts negotiations in four areas in offshore Palawan and Sulu Sea basins.

The proposals, selected under the Philippine Energy Contracting Round 2005, were submitted by the joint venture of PNOC-Exploration Corporation and Nido Petroleum Philippines Pty. Ltd for Area 1 (Southwest Palawan), Burgundy Global Asset Management Corp. for Area 2 (Northeast Palawan) and Area 3 (Southeast Palawan) and the joint venture of Ranhill Berhad and Phil-Mal Petroenergy Corporation for Area 4 (Sulu Sea Basin).

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