Business

Ayala Land sets P100-B capex in 2024 as property outlook remains rosy

Ayala Land sets P100-B capex in 2024 as property outlook remains rosy

February 21, 2024, 9:34 am

MANILA – Ayala Land, Inc. (ALI) has set PHP100 billion in capital expenditure (capex) this year as its outlook in the property sector remains rosy, especially in the high-end market. In a press briefing Tuesday, ALI chief finance officer Augusto Bengzon said 34 percent of this year’s capex… Read More

First climate-controlled tulip farm in Asia blooms in PH

First climate-controlled tulip farm in Asia blooms in PH

February 20, 2024, 9:49 pm

MANILA – Phinl Corp., a Danish-Filipino enterprise, is now growing tulips in the Philippines through a climate-controlled farm, the Board of Investments (BOI) said Tuesday. Phinl has registered its PHP157.4-million climate-controlled tulip farm in Maddela, Quirino Province, according to BOI… Read More

Stable food prices expected in Romblon amid ample agri production

Stable food prices expected in Romblon amid ample agri production

February 20, 2024, 8:41 pm

ROMBLON, Romblon – The Philippine Statistics Authority (PSA) here forecasts a continued deceleration in the province’s inflation numbers on expectations of an ample harvest in the remainder of the first quarter. In an interview on Tuesday, Johnny Solis, chief statistical specialist at… Read More

Local shares rebound, peso ends sideways

Local shares rebound, peso ends sideways

February 20, 2024, 8:03 pm

MANILA – The local stock barometer rebounded on Tuesday after a two-day decline, while the peso ended sideways against the US dollar. The Philippine Stock Exchange index (PSEi) improved by 56.05 points to 6,854.66, with All Shares gaining 19.09 points at 3,581.70. “The positive sentiment was… Read More

CIAC targets PHP1-B revenues in 2 years

CIAC targets PHP1-B revenues in 2 years

February 20, 2024, 6:08 pm

MANILA – The Clark International Airport Corp. (CIAC) targets to breach the PHP1-billion mark in revenues within the next two years, president and chief executive officer Arrey Perez said. CIAC eyes its revenues to hit PHP750 million this year, increasing by 10 percent from PHP680 million in… Read More

Economic team to integrate gov’t efforts to attract more investments

Economic team to integrate gov’t efforts to attract more investments

February 20, 2024, 6:07 pm

MANILA – The country's Economic Development Group (EDG) continues to harmonize efforts to further attract foreign investors to the Philippines, the National Economic and Development Authority (NEDA) said. In a statement Monday, NEDA, which is the EDG secretariat, said the commitment was made… Read More

117 PPP projects in pipeline

117 PPP projects in pipeline

February 20, 2024, 5:38 pm

MANILA – The Public-Private Partnership (PPP) Center currently has 117 projects worth PHP2.5 trillion in the pipeline for undertaking between the government and private sector. "This is as of February 2. Particularly, we have a bulk of the projects still in the transportation sector because we… Read More

PH posts $740-M balance of payments deficit in January

PH posts $740-M balance of payments deficit in January

February 20, 2024, 10:15 am

MANILA – The country's overall balance of payments (BOP) position posted a deficit of USD740 million in January 2024, a reversal from the USD3.1 billion BOP surplus recorded in the same month last year, the Bangko Sentral ng Pilipinas (BSP) said. "The BOP deficit in January 2024 reflected… Read More

German firm eyes PH as takeoff point for 'flying cars' in ASEAN

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

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

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

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

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

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

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

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

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

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

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

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