Business

LandBank inaugurates agri-hubs in Mindoro

LandBank inaugurates agri-hubs in Mindoro

March 15, 2024, 3:20 pm

MANILA – State-run Land Bank of the Philippines (LandBank) recently inaugurated agri-hubs in Oriental Mindoro and Misamis Occidental, as part of the bank's efforts to boost rice production and economic activities in these provinces. In a statement on Friday, LandBank said the agri-hub in… Read More

Prime Energy says Malampaya drilling in 2025 on track

Prime Energy says Malampaya drilling in 2025 on track

March 15, 2024, 2:53 pm

MANILA – Prime Energy Resources Development B.V. said the exploration of new wells on Service Contract (SC) 38 remains on track. On Friday, Prime Energy announced that it awarded a USD69.9-million (PHP3.88-billion) contract to Noble for the use of its deepwater drillship “Noble Viking" for the… Read More

F&B manufacturer reports healthy topline in 2023

F&B manufacturer reports healthy topline in 2023

March 14, 2024, 8:47 pm

MANILA – One of the country’s largest food and beverage manufacturers, Universal Robina Corp. (URC), reported Thursday that it closed 2023 with sales amounting to PHP158.4 billion. In a disclosure to the Philippine Stock Exchange, URC said its sales rose by 6 percent last year even with a… Read More

PSEi on 3-day rally, peso ends flat

PSEi on 3-day rally, peso ends flat

March 14, 2024, 8:15 pm

MANILA – The local stock market sustained its three-day rally on Thursday, while the peso closed flat against the US dollar. The benchmark Philippine Stock Exchange index (PSEi) inched up by 0.04 percent, or 2.45 points, to 6,967.96, while the broader All Shares declined by 0.10 percent, or 3.46… Read More

Lufthansa presents PHP8-B Clark expansion plan to PBBM in Germany trip

Lufthansa presents PHP8-B Clark expansion plan to PBBM in Germany trip

March 14, 2024, 7:05 pm

MANILA – German airline Lufthansa’s unit in the Philippines has presented the first phase of its expansion plans in the country to President Ferdinand R. Marcos Jr., who recently concluded his official trip to Berlin. In a statement Thursday, Department of Trade and Industry (DTI) Secretary… Read More

Over $1-B pledges in PH ‘underway shortly’: White House exec

Over $1-B pledges in PH ‘underway shortly’: White House exec

March 14, 2024, 4:51 pm

MANILA – United States Secretary of Commerce Gina Raimondo assured the Philippines that the over USD1-billion investment pledges of American companies during her trade mission here are not just promises and would materialize soon. In a virtual press briefing capping off her four-day trip in… Read More

DOF refines CTRP Package 4 proposal

DOF refines CTRP Package 4 proposal

March 14, 2024, 4:24 pm

MANILA – The Department of Finance (DOF) refined its proposal for Package 4 of the Comprehensive Tax Reform Program (CTRP) that will simplify the tax structure on passive income and certain instruments and other financial products. In a statement on Thursday, the DOF said the refined proposal… Read More

Thai cement manufacturer eyes PHP2-B plant in PH

Thai cement manufacturer eyes PHP2-B plant in PH

March 14, 2024, 3:57 pm

MANILA – Bangkok-based fiber cement manufacturer Shera is investing PHP2 billion in the Philippines, its first facility outside Thailand. At the building and construction exposition Worldbex 2024 in Pasay City Thursday, Shera country head Thunnop Jumpasri said the PHP2-billion construction plant… Read More

FSCC highlights continued vigilance as foreign market dev'ts unfold

FSCC highlights continued vigilance as foreign market dev'ts unfold

March 14, 2024, 3:54 pm

MANILA – The Financial Stability Coordination Council (FSCC) has cited the need for continued vigilance as market developments abroad may have an impact on the Philippines. In a statement on Thursday, the Bangko Sentral ng Pilipinas (BSP) said the FSCC, led by its Chairman and BSP Governor Eli… Read More

Batangas factory delivers 1st aircraft seats to Airbus

Batangas factory delivers 1st aircraft seats to Airbus

March 14, 2024, 3:51 pm

MANILA – The Tanauan City plant of aircraft parts maker Collins Aerospace has delivered its first seating shipment to Airbus. In a statement Thursday, the unit of the world’s largest aerospace and defense company RTX, said its delivery to Airbus will include its Meridian main cabin seat. The… Read More

DOST-Batangas helps MSMEs seeking to hit global market

DOST-Batangas helps MSMEs seeking to hit global market

March 14, 2024, 3:45 pm

LIPA CITY, Batangas – The Department of Science and Technology office in this province (DOST-Batangas) is calling on micro, small, and medium enterprises (MSMEs) to participate in its Small Enterprise Technology Upgrading Program (SETUP) so that they can avail of technologies that will help them… Read More

Industrial production posts strong decline in EU, eurozone in January

Industrial production posts strong decline in EU, eurozone in January

March 14, 2024, 2:25 pm

ISTANBUL – Industrial production dropped sharply in the European Union (EU) and eurozone in January, the 27-member bloc's statistical authority said on Wednesday. Production fell 6.7 percent in the euro area and 5.7 percent in the EU year-on-year in January, Eurostat said. Industrial production… Read More

Airbus eyes ‘Re-Horizon 3’; Siemens plans cancer care solutions in PH

Airbus eyes ‘Re-Horizon 3’; Siemens plans cancer care solutions in PH

March 13, 2024, 9:55 pm

MANILA – President Ferdinand R. Marcos Jr. had meetings with huge multinational companies in his official visit to Germany, including Airbus and Siemens. Department of Trade and Industry (DTI) Secretary Alfredo Pascual accompanied Marcos in his meetings with business executives in Berlin on… Read More

German RE firm eyes P56-B wind, solar projects in PH

German RE firm eyes P56-B wind, solar projects in PH

March 13, 2024, 8:22 pm

MANILA – Apart from the USD4 billion worth of investment deals presented to President Ferdinand R. Marcos Jr. during a business forum in Berlin, the Chief Executive has received a separate investment commitment of USD1.03 billion (PHP56 billion) from a German renewable energy (RE) firm. The… Read More

February inflation in Mimaropa region eases to 3.4%

February inflation in Mimaropa region eases to 3.4%

March 13, 2024, 8:20 pm

CALAPAN CITY, Oriental Mindoro – Headline inflation in the five-province Mimaropa region eased to 3.4 percent in February, down slightly from the 3.6 percent registered in the year’s opening month. In an interview on Wednesday, Ana Patricia Ramos, statistical specialist II at the Philippine… Read More

2 US firms earmark P44-B energy, telco investments in PH

2 US firms earmark P44-B energy, telco investments in PH

March 13, 2024, 6:24 pm

MANILA – Two American companies earmarked over PHP44 billion (USD800 million) for their energy and telecommunications infrastructure projects in the Philippines. The United States Department of Commerce announced Wednesday (Manila time) that New York-based investment firm KKR & Co., Inc. is… Read More

PSEi mirrors US market performance; peso moves sideways on Wednesday

PSEi mirrors US market performance; peso moves sideways on Wednesday

March 13, 2024, 5:55 pm

MANILA – The Philippine Stock Exchange index (PSEi) went up by 1.25 percent, taking cues from the US markets while the peso moved sideways on Wednesday. The PSEi closed at 6,965.51 while All Shares, likewise, went up 0.95 percent to 3,614.20. "The local bourse jumped by 85.92 points (1.25… Read More

Balisacan urges Congress to pass NEDA reorganization bill

Balisacan urges Congress to pass NEDA reorganization bill

March 13, 2024, 4:49 pm

MANILA – National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan on Wednesday urged lawmakers to pass the bill seeking the reorganization of the NEDA Secretariat. During the inaugural public hearing of the Economy, Planning, and Development Bill in the 19th Congress at the… Read More

US solar panel maker picks PH over China, Vietnam for new factory

US solar panel maker picks PH over China, Vietnam for new factory

March 13, 2024, 4:12 pm

MANILA – Silicon Valley-based Sol-Go Inc. has chosen to build its new solar panel factory in the Philippines over manufacturing hubs in the region like China and Vietnam. Sol-Go founder and chief executive officer Scott McHugo, who is part of the Presidential Trade and Investment Mission led by… Read More

BSP: National ID tops list of valid IDs

BSP: National ID tops list of valid IDs

March 13, 2024, 1:58 pm

MANILA – The Bangko Sentral ng Pilipinas (BSP) has directed banks and other BSP-supervised financial institutions (BSFIs) to place the Philippine identification card (PhilID) at the top of the list of acceptable valid IDs. In a statement on Wednesday, the BSP said all BSFIs must adopt enhanced… Read More