Before the market opens - July 24, 2007

The Dow Jones Industrial Average (DJIA) was up overnight by 92.34 (+0.67%) points in WallStreet to close at 13,943.42



In the News:

The Bureau of Treasury (BTr) sold PhP 18.771 bn worth of 3- and 5-year Retail Treasury Bonds (RTBs) at yesterday's auction.
3-year RTB ---PhP 9.283 bn at a coupon rate of 6.875% (maturity at Aug 1, 2010)
5-year RTB ---PhP 9.488 bn at a rate of 7.125% (maturity at Aug 1, 2012)

The PhP 18.771 bn worth of RTBs was more than double the original offer of PhP 8 bn following increased demand. The scheduled July 30 Treasury bill auction has been canceled.



The Public sector posted an PhP 8.3 bn surplus in the three months to March as against the government's forecast of PhP 48.2 bn deficit.

........."The huge surplus came largely from lower interest payments, lower importation of rice in case of the National Food Authority, and due to governance reforms implemented in the government".........................Finance department

The surplus helps offset the PhP 52 bn 1st-Qtr deficit of the national government.

BusinessWorld - July 24, 2007