Millgate prices of domestic or “B” sugar in Negros and Panay sustained their upward trend this week after recovering on Feb. 7 following a drop in sugar prices in January, a monitor of the Sugar Master Plan Foundation showed.

At the Feb. 14 bidding, “B” sugar was sold between P1,035 and P1,067 per 50-kilo Lkg.

Prices on Jan. 31 ranged from P1,008 to P1,045.55 while on Jan. 24, between P1,013 and P1,048.29. But “B” prices picked up anew on Feb. 7, reaching as high as P1,051.89 per Lkg for Passi I.

Early okay of Panay
power project sought

The Regional Development Council-Infrastructure Development Committee is pushing for the early approval of the Southern Panay Backbone Transmission project by the National Economic Development Authority and the National Transmission Corporation.

The P1.884-billion project, with financing by the CALYON facility, is now undergoing evaluation with the NEDA-Investment Coordinating Committee.

In a resolution, the RDC-IDC states the immediate implementation of the project will address the looming power shortage in Panay Island by increasing and upgrading transmission line facilities in the project-affected areas.

OFWs send record
$14.4B in 2007

MANILA – Filipinos working abroad sent home a record $14.4 billion in calendar 2007 a 13.2 percent increase over the previous year, the Bangko Sentral ng Pilipinas said yesterday.

The figure slightly exceeded the government forecast of $14.3 billion.

December inflows reached a record $1.4 billion.

The remittances accounted for about 10 percent of the country's nominal 2007 gross domestic product, a BSP statement said.

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