Canadian Mining Companies Invest in Philippines

Small-scale gold mining in the Philippines
TVI Pacific Inc. and Mindoro Resources Ltd. announced the signing of an agreement on TVI’s strategic private placement in Mindoro as well as the possibility of a joint venture over the Agata nickel project in Surigao del Norte and Pan de Azucar project in Iloilo. Both Canadian mining groups are focused on gold, copper and nickel production and exploration in the Philippines.
TVI said under the agreement, it would infuse C$3.15 million in Mindoro Resources Ltd. and would have the exclusive right or option to enter into joint venture arrangements with Mindoro with respect to Agata and Pan de Azucar projects. TVI said under the agreement, it would advance a bridge loan of C$968,969 pursuant to a limited security promissory note.
Read more at Manila Standard Today
Photo by getolympus at Flickr.com
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Malacañang Palace Goes Tumblr

Whoa! Tumblr.com? Actually, it’s a nice, simple browse along memory lane as the microblogging site depicts the history of Malacañang Palace and the Philippine Presidents that came and went.
Source: tumblr.malacanang.gov.ph
Image from tumblr.malacanang.gov.ph
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Ruffa Gutierrez Launches Her Website

One of the splash pages in iloveruffag.com
She just tweeted, “I’m LIVEEE!! Check me out at http://t.co/5pwH2lq8“. Her biography page starts with “Sharmaine Ruffa Gutierrez, more popularly known as Ruffa Gutierrez…” but quips something that’s bound to raise eyebrows, “Considered showbiz royalty in the Philippines…” and ends it with “To date, Ruffa remains to be one of the most in demand celebrities in the Philippines and one of its most celebrated faces.” Wow!
But you gotta love the photos!
Website link: http://iloveruffag.com/
Photo from iloveruffag.com
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PAL Raises 17 Billion Pesos in Fresh Funds

Philippine Airlines (PAL) is increasing its authorized capital stock worth 17 billion Pesos or 85 billion common shares which will be subscribed to by PAL Holdings. The latter is also increasing its authorized capital stock to 23 billion Pesos the help fund the expansion of the carrier and accommodate the entry of San Miguel Corporation.
“SMC is buying into PAL and affiliate budget carrier Air Philippines Corp. (AirPhil) through several layers of holding companies. This will lead to SMC’s acquisition of 49 percent of PAL’s publicly-listed parent firm PAL Holdings, which in turn will give it effective control of at least 40 percent of PAL,” as reported by Philippine Star.
Read more at PhilStar.com
Photo by fraginal at Flickr.com
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Hong Kong Casino Giant Melco May Partner with Henry Sy Jr.

News broke today that casino operator Melco Crown Entertainment Limited (MPEL) is exploring options to open a casino in the Philippines. The company is said to be partnering on a billion-dollar casino resort in Manilla, the capital city. The latest rumors have Melco partnering with the Philippines’ richest man Henry Sy Jr. The deal would see a 50-50 joint venture between the casino, hotels, and entertainment available at the property.
The city, which had 1.7 million people as of 2010, is the second most populous city in the nation. The Philippines are hoping to turn a portion of the Manilla region into a gaming area similar to the Las Vegas strip.
Read more at Seeking Alpha
Photo by paomont at Flickr.com
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