PNOC-Energy Development Corp., the country's top geothermal power producer, reported yesterday that its net income in 2007 reached almost double at P12.81 billion.

Its net income was at P6.8 billion in 2006.

In a report to the Philippine Stock Exchange, PNOC-EDC said its revenues in 2007 reached P18.78 billion while its operating expenses stood at P8.8 billion.

The company said its other income totaled P3.75 billion, derived mainly from foreign exchange gains, and reported a long-term debt of P20 billion.

Farmers hit closure
of NIA-BRIS

The Kilusang Magbubukid ng Pilipinas-Negros assailed the closure of the National Irrigation Administration-Bago River Irrigation System that started on Feb. 1 and expected to last at least three months.

The group said in a statement that the closure will mean loss of income for poor farmers in Bago City , Valladolid , Pulupandan, San Enrique and portion of Murcia and La Carlota.

KMP-Negros said they are already suffering from high production cost, cost of fertilizer, usurious credit and now the irrigation services are closed.

Rice production up
5.96% to 16.24M MTs

The country's rice production grew by 5.96 percent to 16.24 million metric tons in 2007, from only 15.33 million metric tons in 2006 under the Ginintuang Masaganang Ani Rice Program, figures of the Department of Agriculture show.

In terms of gross value, the 2007 production also increased to 12.16 percent to P182.052 billion.

Total effective rice area for the period totaled 4.27 million hectares.

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