Business

P1.1-T investments, $4.3-B FDIs in manufacturing OK'd in 6 years

MANILA – Department of Trade and Industry (DTI) Secretary Ramon Lopez said the Duterte administration has created a vibrant business environment in the last six years that helped in attracting investments in the manufacturing sector.During the 7th Manufacturing Summit in Makati City Tuesday,... Read More

DTI eyes refinement in gov't procurement law

MANILA – Department of Trade and Industry (DTI) Secretary Ramon Lopez is proposing to the next administration to tweak Republic Act 9184, or the Government Procurement Reform Act, to adopt some provisions that will favor local manufacturers in government bidding.During the 7th Manufacturing... Read More

DTI takes steps to revive Bulacan's tannery, jewelry industries

MEYCAUAYAN CITY, Bulacan – The Department of Trade and Industry (DTI) provincial office here is taking up measures to revive the tannery and jewelry industries in this city which have been greatly affected by the coronavirus disease 2019 (Covid-19) pandemic.Mary Grace Sta. Ana Reyes,... Read More

ARTA recalls ruling on automatic approval of 2 NTC applications

MANILA – The Anti-Red Tape Authority (ARTA) has issued resolutions setting aside its decision on automatic approval of the applications of NOW Telecom and News and Entertainment Network Corp. with the National Telecommunications Commission (NTC).In separate resolutions shared by ARTA... Read More

Partial award for T-bills after another rate uptick

MANILA – The Bureau of the Treasury (BTr) partially awarded on Monday the Treasury bills (T-bills) across-the-board after investors asked for high yield anew.It offered the 91-day, 182-day, and 364-day papers for PHP5 billion each tenor but awarded PHP3.07 billion, PHP3.62 billion, and PHP3.85... Read More

PSEi slightly up as market lacks catalysts; peso dips to 54-level

MANILA – The local stock barometer barely moved on Monday ahead of the holiday in the United States, but the peso weakened further to 54-level against the US dollar.The Philippine Stock Exchange index (PSEi) rose by 0.04 percent, or 2.38 points, to 6,333.94 points.All Shares fell by 0.21... Read More

Non-stock savings, loan associations sector sustains growth

MANILA – Non-stock savings and loan associations (NSSLAs) remain strong and stable as reflected in the steady growth of the industry’s assets and loans, according to the Bangko Sentral ng Pilipinas (BSP).NSSLAs are engaged exclusively in the business of collecting savings from their... Read More

DTI transitioning with over P500-B investment leads to next admin

MANILA – Department of Trade and Industry (DTI) Secretary Ramon Lopez said Monday the agency will turn over more than PHP500 billion worth of prospective investments to the next administration.Lopez told reporters that these investment leads could be realized in the next 18 months.“These... Read More

Another round of oil price hikes set this week

MANILA – Another round of oil price hikes will be implemented starting Tuesday morning (June 21), with the highest increase in the cost of diesel, commonly used by public utility vehicles.In separate announcements, Caltex, Cleanfuel, Jetti, Petro Gazz, PTT Philippines, Seaoil, and Shell said... Read More

One-step, 7 day biz registration now possible via PH Business Hub

MANILA – From 13 steps and a processing time of 33 days, starting a business in the country can be done in one step within seven days through the Philippines Business Hub (PBH).This, as the Anti-Red Tape Authority (ARTA) and other government agencies launched the PBH, a revamp of the Central... Read More

Construction supply retailer upbeat on biz prospects

MANILA – A home improvement and construction supply retailer is optimistic about its prospects under the new administration of President-elect Ferdinand “Bongbong” Marcos Jr. on the back of increasing renovation and construction activities as lockdowns amid the pandemic ease.In a... Read More

Korean firm invests P756-M for cassava-based project in PH

MANILA – The Board of Investments (BOI) reported Monday that Daesang Philippines, Inc. is investing PHP756.24 million in a project that will benefit local cassava farmers.Daesang is putting up a tapioca starch manufacturing facility in Tagoloan, Misamis Oriental, which will start its operation... Read More

Payments digitalization shift to lower demand for currencies

MANILA – Payment system digitalization is expected to lower demand for physical currencies and this will reduce cost for banknotes and coins production, according to the Bangko Sentral ng Pilipinas (BSP).In a virtual briefing on Monday, BSP Governor Benjamin Diokno said the emergence of... Read More

US gasoline prices retreat below $5 after crude oil dives 6%

ANKARA – United States (US) gasoline prices dove below $5 per gallon level on Saturday, after American crude oil prices posted a 6 percent daily loss with recession fears and weak oil demand.The national average stood at $4.989 per gallon (3.785 liters) for regular gasoline, down from $5 the... Read More

Higher CA deficit, not a bad thing: BSP exec

MANILA – The Philippines’ current account (CA) is projected to post a higher deficit in the coming years but a ranking central bank official said there are structural inflows that would offset this.In a briefing on Friday, Bangko Sentral ng Pilipinas (BSP) Department of Economic Research... Read More

PH stocks index, peso weaken after Fed rate hike

MANILA – Expectations for more aggressive hikes in the Federal Reserve’s key rates, after the 75 basis points increase this week, resulted in the negative close of the Philippines’ main equities index and the peso on Friday.The Philippine Stock Exchange index (PSEi) shed 0.96... Read More

Execs cite factors that will drive PH insurance sector growth

MANlLA – Insurance penetration in the Philippines has been improving but challenges remain, thus, the need to further boost financial literacy, among others, stakeholders said.At around 2 percent of gross domestic product (GDP) insurance penetration rate, Insurance Commissioner Dennis Funa, in... Read More

WTO patent waiver on Covid-19 vax to aid PH self-reliance program

MANILA – The World Trade Organization’s (WTO) ministerial decision on waiving patents for the production of coronavirus disease 2019 (Covid-19) vaccines for eligible members is expected to help the Philippines achieve its vaccine self-reliance program.After extending one day to... Read More

IPOPHL retains highest COA mark for 9th consecutive year

MANILA – The Intellectual Property Office of the Philippines (IPOPHL) once again received an “unqualified or unmodified opinion” from the Commission on Audit (COA).An unqualified or unmodified opinion is the best auditing mark given to offices with financial statements that are... Read More

PH stocks rise, peso almost flat after Fed rate hike

MANILA – Risk-on sentiments buoyed the main equities index on Thursday while the peso finished the day sideways against the greenback following the 75 basis points increase in the Federal Reserve’s key rates.The Philippine Stock Exchange index (PSEi) rose by 1.16 percent, or 73.59... Read More