PHILIPPINE DAYBOOK: Balance of Payments, Mining Conference
The Philippine central bank will report the nation’s balance of payments position for August. The external payments posted a surplus of $3.18 billion in July.
The Southeast Asian nation has secured central bank approval to sell peso-denominated debt to global investors and dollar bonds in the local market, issues that may help reduce the government’s borrowing costs. The government has the go- ahead to sell as much as $1 billion worth of the peso notes and up to $500 million of dollar securities, according to three officials who declined to be identified because the information isn’t public.
EVENTS: *Second day of Philippine mining conference in Manila, with Vice President Jejomar Binay as keynote speaker. Officials of Benguet Corp. (BC PM), Philex Mining (PX PM), Nickel Asia (NIKL PM), OceanaGold (OGC AU) Philippines also expected to speak. *National Competitiveness Council to report results of 2012 Survey of Enterprises on Corruption at 9 a.m. at the AIM Conference Center in Makati. *Central bank Governor Amando Tetangco will speak before a joint assembly of six local financial market groups including ACI Philippines, Money Market Association of the Philippines and Fund Managers Association of the Philippines, 6:30 p.m.
EQUITIES: *Mining companies: Lawmakers are unlikely to pass into law this year changes in the taxes imposed on mining, House Speaker Feliciano Belmonte said. *Philex (PX PM): Copper may expand at record pace through 2020, Bloomberg Industries analyst Kenneth Hoffman writes in report
MARKETS: *Philippine Stock Exchange Index falls 0.4 percent *Peso falls 0.5 percent *MSCI Asia Pacific Index falls 0.2 percent *Dow Jones Industrial Average gains 0.1 percent
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