$1 billion investment handlers. The Government Service Insurance System has contracted Credit Agricole Asset Management and ING Investment Management to handle the $1 billion it plans to invest abroad this year. The GSIS, which is allowed to invest up to $2.5 billion abroad, is diversifying its portfolio to maximize yield and spread out the risk. In photo are Reginald Tan of Credit Agricole, Winston Garcia, GSIS president, and David Mcclatchy, CEO of ING Investment Management.
***
Irregular P1.2B
AFP deal scrapped Specs for 6 night attack
helicopters tampered with
BY VICTOR REYES
DEFENSE Secretary Gilberto Teodoro has
ordered the scrapping of a P1.2 billion deal with a US firm for
the acquisition of six night-capable attack helicopters on the
ground of bidding irregularities.
The deal was supposed to go to Asian
Aerospace Corp., representative of the firm US McDonnel Douglas,
which won in the bidding that was held last September.
The investigation was prompted by a
letter-complaint of Swidnik of Poland, which was disqualified
from the pre-qualification bidding along with Augusta of Italy.
ARMED Forces chief Gen. Hermogenes Esperon
Jr. yesterday said there was yet no official word on whether his
tour of duty would be extended by President Arroyo but said he
was "sensing that my extension is being considered."
Esperon, who has publicly been making a pitch
for an extension, is reaching the mandatory retirement age of 56
on February 9.
Reports quoting sources said Arroyo would
make an announcement after she returns from her trips to
Switzerland and Dubai on January 28.
MOODY’S Investors Service yesterday raised
its ratings outlook on the Philippines to positive from stable,
placing the country on the path to a ratings upgrade.
The New York-based rating firm said the
change was due to "stabilizing public sector finances" and
"easing in government’s dependence on external financing."
Moody’s said the rating action affects the B1
long-term government foreign and local currency ratings, the B1
foreign currency bank deposit ceilings, and Ba3 foreign currency
country ceiling.
