Business

SEC-Bicol reminds biz owners on filing of annual reports

LEGAZPI CITY – The Securities and Exchange Commission in Bicol (SEC-5) is reminding business owners of the deadline for the filing of annual reports of corporations through the Electronic Filing and Submission Tool (eFAST).Glorei Allelu Lindio, SEC-Bicol spokesperson, in an interview on... Read More

Rosal sees improved Bicol economy by year-end

LEGAZPI CITY – Former chairman of the Bicol Regional Development Council (RDC), incoming Albay Gov. Noel Rosal, on Thursday expressed optimism that the region’s economy will start to improve in the last quarter of the year due to the ongoing opening of businesses that could provide... Read More

May 2022 nat’l gov’t fiscal deficit down to P146.8-B

MANILA – The national government (NG) registered a budget deficit of PHP146.8 billion in May, down by 26.72 percent from PHP200.3 billion recorded a year ago due to double-digit revenue growth alongside the 1.10-percent contraction in government expenditures.The resulting year-to-date (YTD)... Read More

PH stocks, peso weaken anew on more rate hike signals

MANILA – Monetary authorities’ statements for continued tightening of policy rates both here and in the US resulted in further decline of both the Philippines’ main equities index and the peso on Thursday.All the counters in the local bourse again closed the day in the negative... Read More

C. Luzon fisheries production slightly up in Q1

CITY OF SAN FERNANDO, Pampanga – The total volume of fisheries production in Central Luzon increased by 1.8 percent in the first quarter of this year.Based on the latest data from the Philippine Statistics Authority-Regional Statistical Services Office-Central Luzon (PSA-RSSO 3), the... Read More

BSP hikes rates anew by 25 bps as inflation pressures mount

MANILA – Another 25 basis points increase has been announced for the Bangko Sentral ng Pilipinas’ (BSP) key rates on Thursday after monetary authorities noted price pressures extending further to 2023.In a virtual briefing on Thursday, BSP Governor Benjamin Diokno said higher global... Read More

Peso's performance vs. US dollar still within gov't assumptions

MANILA – The peso has been depreciating for days now but a ranking Bangko Sentral ng Pilipinas (BSP) said its level remains within the government’s assumptions and traced this development to general strengthening of the greenback.The local currency finished Thursday at 54.7 against the... Read More

PRRD adviser to form health, economy advisory group

MANILA – Presidential Adviser for Entrepreneurship and Go Negosyo founder Joey Concepcion has initiated an advisory group composed of health and economy experts that will help the private sector on "possible pathways" to transition to normalcy.In a statement Thursday, Concepcion said he will... Read More

Global consulting firm expands in PH amid strong fundamentals

MANILA – A global consulting firm believes that the Philippines still offers huge opportunities for companies despite global economic challenges.Bain & Company on Thursday officially launched its first physical office in the country, which is located in Bonifacio Global City in Taguig.In a... Read More

PEZA, DENR identify 7 new lands for ecozone dev’t

MANILA – The Philippine Economic Zone Authority (PEZA) and the Department of Environment and Natural Resources have identified at least seven new locations in Mindanao as viable lands for economic zone development.In a statement Thursday, PEZA said these lands viable for agro-industrial,... Read More

PH withdraws from global initiative on extractives transparency

MANILA – The Philippines has withdrawn from the Extractive Industries Transparency Initiative (EITI) on the back of questionable metrics and procedures for assessing the compliance of implementing-countries with the international organization’s transparency requirements.In a June 20,... Read More

PH stocks, peso slip ahead of Powell testimony, BSP meeting

MANILA – The main equities index fell on Wednesday and the peso slipped to its over 16-year low ahead of Federal Reserve Chair Jerome Powell’s testimony before US’ Congress Wednesday night (Manila time).The Philippine Stock Exchange index (PSEi) lost 1.86 percent, or 117.19 points,... Read More

Startups urged to look beyond profit, contribute to society

MANILA – Brian Cu, former country head of Grab Philippines and co-founder of Zalora, has urged startups to go beyond value and profit, and find how their ventures can contribute to the betterment of society.Cu said establishing a startup just to be one of the billion-dollar earners is a... Read More

Fitch Solutions cuts budget gap forecasts for PH

MANILA – Fitch Solutions has revised downwards its budget gap forecasts for the Philippines for this and next year, citing the likely continuation of fiscal consolidation and improvement in government revenues.In a report dated June 21 and released on Wednesday, the unit of Fitch Group now... Read More

Airline eyes to bring back headcount to 4K by 2023

MANILA – Cebu Pacific Air Inc. chief executive officer Lance Gokongwei said on Wednesday the reopening of the economy has allowed the airline company to start rehiring, bullish on the outlook for the industry.At the sidelines of an event in Ortigas, Pasig City, Gokongwei said they are aiming... Read More

ARTA aims to triple budget in next admin

MANILA – The Anti-Red Tape Authority (ARTA) wants a three-fold increase in its budget in the next administration to at least PHP800 million.ARTA director Rabindranath Quilala said on Tuesday that the agency would need a higher budget to establish more field offices across the country.Quilala... Read More

Barter to help market farmers' products in Iloilo town

ILOILO CITY – Barter trading will be one of the features of the June 29-July 1, 2002 Lambunao Nights Version 2.0 that will provide a venue for micro, small and medium entrepreneurs (MSMEs), government-assisted livelihood projects, farmers' groups and other local producers to display and sell... Read More

Stocks index, peso slip anew on rate hike expectations

MANILA – Anticipations for additional hikes in the Federal Reserve’s key rates and the correction in US Treasury yields mainly pulled down the main equities index and the peso on Tuesday.After managing to keep its footing on Monday, the Philippine Stock Exchange index (PSEi) shed 0.77... Read More

BTr partially awards 10-year T-bond after rate increase

MANILA – The Bureau of the Treasury (BTr) on Tuesday partially awarded the 10-year Treasury bond (T-bond) after investors continued to ask for a higher yield.It offered the debt paper for PHP35 billion and the auction committee awarded PHP 34.892 billion. Total bids reached PHP67.294... Read More

Local fintechs to benefit from digital firm's mentorship program

MANILA – Local financial technology (fintech) firms are set to benefit from a mentorship program that aims to help start-up companies in their digitalization bid to expand their operations.In a virtual briefing on Tuesday, Alibaba Cloud country manager for the Philippines Allen Gou said the... Read More