Business
German firm eyes PH as takeoff point for 'flying cars' in ASEAN
February 20, 2024, 9:17 am
MANILA – German air mobility firm Lilium is mulling to establish in the Philippines its first Southeast Asia operation network for its all-electric vertical take-off and landing (eVTOL) jets. Lilium and local aviation services company PhilJets will sign a memorandum of understanding (MOU) at the… Read More
PEZA approvals up 19% to P12-B in Jan-Feb 2024
February 19, 2024, 10:04 pm
MANILA – The Philippine Economic Zone Authority (PEZA) reported Monday that its investment approvals in the first two months of the year increased by 18.66 percent to PHP12.10 billion from PHP10.19 billion in the same period in 2023. These projects came from 28 new and expansion projects that… Read More
DTI: PBBM’s trip boosted foreign investments growth
February 19, 2024, 10:02 pm
MANILA – Department of Trade and Industry (DTI) Secretary Alfredo Pascual on Monday said the official foreign trips of President Ferdinand R. Marcos Jr. has boosted the growth in foreign investments in the country. Pascual made the statement following the Bangko Sentral ng Pilipinas’ (BSP)… Read More
CIAC seeks investors for over P34-B flagship projects
February 19, 2024, 9:33 pm
MANILA – The Clark International Airport Corp. (CIAC) is seeking investors for its PHP34 billion worth of flagship projects. CIAC president and chief executive officer Arrey Perez, in a briefing on Monday, said the government-owned and controlled corporation (GOCC) has lined up seven flagship… Read More
Extended profit-taking pulls PSEi down to 6,700-mark, peso weak
February 19, 2024, 8:16 pm
MANILA – Investors extended their profit-taking for the second trading day dropping shares to 6,700-level, while the peso closed weaker on Monday. The Philippine Stock Exchange index (PSEi) shed 74.62 points to 6,798.61, and All Shares declined by 35.06 points to 3,562.61. “The negative cues… Read More
Maharlika Investment Corp. eyes investment in renewable energy
February 19, 2024, 6:50 pm
MANILA – The Maharlika Investment Corporation (MIC), which governs the Maharlika Investment Fund (MIF), will likely make its first investment in the renewable energy sector by the end of the year. "I can only talk about sectors because we've got non-disclosure agreements with those who we're… Read More
Meralco earmarks P280-M for Metro Manila’s subway switching station
February 19, 2024, 5:51 pm
MANILA – The Manila Electric Company (Meralco) on Monday said it will invest PHP280 million for a new switching station that will support stable and reliable source of electricity for the Metro Manila Subway Project (MMSP). The electricity business unit of tycoon Manuel V. Pangilinan made the… Read More
ADB to provide grant to PH banks for digital transformation
February 19, 2024, 4:46 pm
MANILA – Nine rural banks and a bank consortium in the Philippines will receive grants from the Asian Development Bank (ADB) amounting to USD655,000 to implement digital transformation solutions to better service underserved and unbanked sectors. In a statement Monday, the ADB said these grant… Read More
Hefty oil price hike set Feb. 20
February 19, 2024, 4:06 pm
MANILA – Big-time oil price hikes will greet consumers on Tuesday morning as companies will increase pump prices by more than PHP1 per liter. In separate advisories, Caltex, Cleanfuel, Jetti, Petro Gazz, PTT, Seaoil and Shell said they will hike gasoline prices by PHP1.60 per liter and diesel by… Read More
Mixed results mark T-bills auction
February 19, 2024, 3:48 pm
MANILA – Results were mixed during Monday's Treasury bills (T-bills) auction as the Bureau of the Treasury (BTr) decided to fully award bids for the 182- and 364-day T-bills while partially awarding the 91-day securities. The 91-day, 182-day, and 364-day T-bills fetched an average rate of 5.592… Read More
Clark’s nat’l food hub to stimulate agro-industrial corridor in Luzon
February 19, 2024, 3:19 pm
MANILA – The PHP8.5-billion National Food Hub at the Clark Airport Complex is expected to stimulate the food and agro-industrial corridor in the northern part of Luzon, Department of Trade and Industry (DTI) Secretary Alfredo Pascual said. On Monday, Pascual and Clark International Airport Corp.… Read More
Police arrest BIR employee for extortion
February 19, 2024, 1:45 pm
MANILA – Police arrested a Bureau of Internal Revenue (BIR) employee for reportedly extorting money from a business establishment during an entrapment last Feb. 14. In a statement on Monday, BIR Commissioner Romeo Lumagui Jr. said the agency received reports of a certain individual that was… Read More
PNOC eyes another port asset for offshore wind
February 19, 2024, 8:38 am
MANILA – The Philippine National Oil Company (PNOC) is eyeing to redevelop another port asset to cater to the requirement of offshore wind projects. PNOC president and chief executive officer Oliver Butalid said in a recent interview the port inside the PNOC Industrial Park in Bataan could be… Read More
NEDA: Gov't accelerates efforts to manage price increases
February 18, 2024, 5:30 pm
MANILA – The administration of President Ferdinand R. Marcos Jr. is ramping up efforts to manage price increases, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said on Sunday. He made the statement following the release of a recent OCTA survey results which… Read More
Record-high employment, lower inflation to boost growth in 2024
February 18, 2024, 2:25 pm
MANILA – Easing inflation and record-high employment rate will further boost consumer spending and help the Philippine economy grow at a faster pace this year. In the February issue of The Market Call released over the weekend, First Metro Investment Corporation (FMIC) and the University of Asia… Read More
Offshore wind contracts surpass current power generation capacity
February 16, 2024, 6:49 pm
MANILA – Department of Energy (DOE) Undersecretary Rowena Cristina Guevara said the total potential capacity of awarded service contracts (SCs) for offshore wind projects is already 180 percent of the current power generation in the country. During 7th The Everything Energy (TEE) forum organized… Read More
Last-minute profit-taking hits local shares, peso nearly flat
February 16, 2024, 6:48 pm
MANILA – The local stock market shed on last-minute profit-taking, while the peso ended sideways closing this week’s trading. The Philippine Stock Exchange index (PSEi) slipped 8.92 points, or 0.13 percent, to 6,873.23. All Shares also declined 3.88 points to 3,597.67 on Friday. “The local… Read More
Higher demand observed in the BSP bill auction
February 16, 2024, 6:39 pm
MANILA – The Bangko Sentral ng Pilipinas (BSP) said total demand for its 28-day and 56-day debt papers increased to PHP148.55 billion. In a statement on Friday, the central bank said it continued to lower the total volume offering for the BSP bill auction to PHP110 billion, with the allocation… Read More
PH positions as shopping powerhouse in ASEAN
February 16, 2024, 5:00 pm
MANILA – A mall operator is positioning the Philippines as the next shopping hub in Southeast Asia as more luxury fashion brands become more interested in setting up shops in the country. Ayala Malls vice president Maria Aurora Legarda told reporters on Thursday that eight to 10 luxury brands,… Read More
PPP Code to expedite implementation process of infa projects
February 16, 2024, 4:59 pm
MANILA – The implementing rules and regulations (IRR) of the Public-Private Partnership (PPP) Code will help fast-track the approval and implementation of various infrastructure projects in the country, an economist said. "This would help expedite the evaluation, approval, and rollout process… Read More
