Business

Survey shows increased importance of IT units on businesses

MANILA – The government’s digitalization push, along with corporates’ goal to improve their operations which were further boosted by the remote working set-up when the pandemic hit, has increased the importance of information technology (IT) units. This is among the findings of the... Read More

Marcos to sign EO slashing EVs, parts tariffs soon: NEDA chief

MANILA – President Ferdinand R. Marcos Jr. is expected to sign an executive order (EO) that will cut tariff rates on imported electric vehicles (EV) and EV parts and components soon, Socioeconomic Planning Secretary Arsenio Balisacan said.In a Palace briefing Thursday, Balisacan said the... Read More

Global economic growth to slow to 2.2% in 2023: OECD

PARIS -- Global gross domestic product (GDP) growth is projected to slide from 3.1 percent this year to 2.2 percent in 2023, the Organization for Economic Co-operation and Development (OECD) said in its latest Economic Outlook on Tuesday.The 2022 figure is around half the pace recorded in 2021... Read More

BSP’s TDF rates up anew

MANILA – Higher rates and undersubscriptions were registered during the auction for the Bangko Sentral ng Pilipinas’ (BSP) term deposit facility (TDF) on Wednesday.The rate of the six-day TDF rose to 5.4921 percent and the 14-day’s to 5.6635 percent.These were at 5.2787 percent for... Read More

PSEi up on risk-on sentiments; peso strengthens to 56-level

MANILA – Risk-on sentiments reigned in the local bourse on Wednesday while the peso improved to the 56-level against the United States dollar as investors awaited the release of the minutes of the Federal Open Market Committee's (FOMC) meeting earlier this month.The Philippine Stock Exchange... Read More

E-vehicle boom opens new opportunities for PH mining

MANILA – Developing the electric vehicle (EV) industry is opening new opportunities for the Philippine mining sector, a company executive said Wednesday.In a media roundtable, DMCI Mining president Tulsi Das Reyes said the e-vehicle sector has provided new opportunities for the mining industry... Read More

Better financial mgm’t skills developed during pandemic

MANILA – Budgeting, either for an individual or a family, is a goal but the necessity to really be serious about it rose when the pandemic hit since many people lost their income sources.Aaron Villegas, co-founder of Filipino-owned financial management app Lista, said they have already reached... Read More

Life science firm eyes increased footprint in PH

MANILA – Life science firm Bayer is optimistic about increasing its footprint in the Philippines as it inaugurated its PHP750-million integrated office in Taguig City.On Wednesday, Bayer launched its new office at Science Hub Tower 1 in Bonifacio Global City (BGC), Taguig City, bringing... Read More

163 IT-BPM firms transferring registration from PEZA to BOI

MANILA – To implement a 100-percent work-from-home arrangement, some 163 information technology and business process management (IT-BPM) companies initially registered with the Philippine Economic Zone Authority (PEZA) are transferring their registration to the Board of Investments (BOI).The... Read More

Megaworld invests P2B for dev’t of own hotel brand in Bacolod

BACOLOD CITY – As part of its PHP28 billion 10-year development project in The Upper East township in this city, Megaworld Corp. will invest PHP2 billion to build Kingsford Hotel Bacolod, the property giant’s hotel brand, in the next five years.“We are finally bringing the... Read More

IaaS firm eyes PH expansion as use of cloud technology rises

MANILA – The wide-scale adoption of cloud technology in the Philippines made an Infrastructure as a Service (IaaS) firm optimistic of a strong expansion in its domestic operations.In a briefing on Tuesday, Alibaba Cloud Intelligence, the digital technology and intelligence backbone of... Read More

PH stocks index up but peso slightly slips

MANILA – The Philippines main equities index recovered on Tuesday amid concerns on the global growth, but the peso weakened against the greenback.The Philippine Stock Exchange index gained 0.41 percent, or 26.41 points, to 6,429.65 points.All Shares followed with a jump of 0.12 percent, or... Read More

BTr partially awards 20-year T-bonds

MANILA – The Bureau of the Treasury (BTr) partially awarded on Tuesday the fresh issuance of 20-year treasury bonds (T-bonds).The debt paper was offered for PHP35 billion and tenders reached PHP70.361 billion.However, the auction committee awarded PHP27.597 billion.It fetched a coupon rate of... Read More

PEZA seals 2 accords with Japanese firms

MANILA – The Philippine Economic Zone Authority (PEZA) on Tuesday said it signed two agreements with Japanese firms with the aim to attract more investments in the country’s renewable energy and manufacturing sectors.In a statement, PEZA said it signed a memorandum of understanding (MOU)... Read More

Alternergy, Shell tie up for offshore wind projects in PH

MANILA – Renewable energy firm Alternergy Holdings Corp. and Shell announced Tuesday their partnership to develop offshore wind projects in the country.The partnership with Shell will be through Alternergy's unit Pililla AVPC Corp.In a press conference in Makati City, Alternergy chairperson... Read More

DTI OKs price hikes on Noche Buena items

MANILA – The Department of Trade and Industry (DTI) has approved the increase in prices of 195 out of 223 stock keeping units (SKUs), including Noche Buena staples such as ham and quezo de bola.The agency is expected to release the price guide for Noche Buena products on Nov. 23 which also... Read More

BOI optimistic of surpassing 2021 investment approvals

MANILA – The Board of Investments (BOI) reported that it approved PHP644.4 billion worth of investments as of Nov. 15.In a media roundtable Monday, Trade Undersecretary and BOI Managing Head Ceferino Rodolfo said the investment promotion agency is optimistic that it will surpass the investment... Read More

PSEi snaps rally ahead of key data releases; peso ends sideways

MANILA – The main stock index closed lower on Monday ahead of the shortened week for Wall Street but the peso managed to end the day sideways against the United States dollar.The Philippine Stock Exchange index (PSEi) shed 0.53 percent, or 34.14 points, to 6,403.24 points. All Shares followed... Read More

Big-time rollback on diesel, kerosene prices on Nov. 22

MANILA – Oil firms will implement big-time price rollbacks for diesel and kerosene as well as less than 50 centavos price cut for gasoline starting this Tuesday. In separate advisories, Caltex, Cleanfuel, Jetti, Petro Gazz, Phoenix Petroleum, PTT, Seaoil and Shell said they will cut gasoline... Read More

DOST releases P1.5-M aid for abaca weaving project in Catanduanes

LEGAZPI CITY – The Department of Science and Technology (DOST) has released PHP1.5 million in fund assistance for the modernization of the abaca weaving industry in Catanduanes through the Small Enterprise Technology Upgrading Program (SETUP).In an interview on Monday, Marie Grace Molina,... Read More