Business
Peso improves, PSEi rises to 8K-level
March 22, 2019, 8:24 pm
MANILA -- Both the Philippine peso and main stocks gauge ended the week at better levels after the Bangko Sentral ng Pilipinas (BSP) decided to keep key rates steady. The local currency ended the day at 52.32 from 52.84 Thursday, which was traced to the BSP’s decision. The BSP’s policy-making… Read More
BSP exec explains TDF volume offer
March 22, 2019, 7:51 pm
MANILA -- A ranking Bangko Sentral ng Pilipinas (BSP) official said the expected higher demand for cash during the Holy Week and the tax filing season made monetary officials decide not to offer the 28-day term facility on March 27. BSP Deputy Governor Diwa Guinigundo told reporters Thursday the… Read More
DA calls anew for temporary ban on palm oil imports
March 22, 2019, 7:07 pm
MANILA -- The Department of Agriculture (DA) has reiterated its earlier recommendation for a "temporary ban" on palm oil imports, as Filipino coconut and oil palm farmers complain of extremely low prices due to the dumping of the commodity by two major palm oil-producing countries in Southeast… Read More
DA suspends onion importation
March 22, 2019, 6:19 pm
MANILA -- Agriculture Secretary Emmanuel "Manny" Piñol on Friday ordered the suspension of importation of bulb onions, pending the results of the investigation of the Philippine Competition Commission (PCC) and the National Bureau of Investigation (NBI) into the reported "cartel", which is… Read More
Copra up P20/kg amid low demand
March 22, 2019, 5:22 pm
MANILA -- The Department of Agriculture (DA) has made a deal with the government-owned oil management group to increase copra's mill gate buying price to PHP20 per kilo. Coconut Industry Investment Fund (CIIF) president Lino Trinidad announced this during the consultation with the DA and coconut… Read More
LTFRB junks Go-Jek’s accreditation for TNC
March 22, 2019, 4:15 pm
MANILA -- The Land Transportation Franchising and Regulatory Board (LTFRB) has denied the application of Indonesian-based ride-hailing firm Go-Jek as a transportation network company (TNC) in the country due to non-compliance with the nationality requirements set by the Philippine Constitution. In… Read More
NEDA’s long-term vision program up for review in April
March 22, 2019, 12:58 pm
ILOILO CITY -- The “Ambisyon Natin 2040” of the National Economic and Development Authority (NEDA) will be subjected to a mid-term review to assess what it has accomplished in the past three years. Director Reynaldo R. Cancio, NEDA’s National Planning Staff, said Thursday the review of the… Read More
Access MBA to meet business pros in Manila in April
March 21, 2019, 8:41 pm
MANILA -- To help business professionals find a graduate degree program that would suit their professional background and expectations, Access MBA, a global leader in one-to-one business education events, will hold an international Master of Business Administration (MBA) event in Manila. The… Read More
Economists continue to see key rate, RRR cuts in 2019
March 21, 2019, 8:36 pm
MANILA -- Economists foresee a continued reduction in the Bangko Sentral ng Pilipinas’ (BSP) key rates as well as the reserve requirements for banks due to a sustained deceleration in the country's inflation rate. This, even after BSP’s policy-making Monetary Board (MB) kept key rates steady… Read More
DA records P1.33-B agri damage due to El Niño
March 21, 2019, 7:30 pm
MANILA -- The Department of Agriculture (DA) on Thursday reported that the "weak" El Niño currently affecting the country has already brought about some PHP1.33 billion in damages to crops. DA Undersecretary for Operations Ariel Cayanan, in an interview with the Philippine News Agency, said an… Read More
BSP keeps policy rates steady, cuts 2019 inflation forecast
March 21, 2019, 6:58 pm
MANILA -- Expectations of more moderate inflation, as well as firm domestic growth, caused the Bangko Sentral ng Pilipinas' (BSP) policy-making Monetary Board (MB) to keep key rates steady Thursday. Thus, the rate of the overnight reverse repurchase (RRP) facility is still at 4.75 percent, the… Read More
6.4% GDP growth in 2019 still possible
March 21, 2019, 4:29 pm
MANILA -- A 6 percent level growth can still be achieved by the Philippine economy this year despite the anticipated impact of the budget impasse in Congress, an official of Security Bank Corporation (Security Bank) said. In a briefing before the bank’s economic forum in Mandaluyong City… Read More
URC inaugurates Davao flour mill to meet growing demand
March 21, 2019, 4:11 pm
MANILA -- The Gokongwei-led Universal Robina Corporation (URC) has inaugurated a new mill in Davao to meet the country’s growing demand for high-grade flour. “We are bullish because we are buoyed by the prospects of the continued forecast of growth for wheat demand in the Philippines in the… Read More
Subic shoe factory to hire 1,500 more workers
March 20, 2019, 8:58 pm
SUBIC BAY FREEPORT -- Datian Subic Shoes, Inc., the manufacturer of popular shoe brands like Vans and Keds, has committed some USD6 million to expand its operations in this Freeport. Subic Bay Metropolitan Authority (SBMA) chairman and administrator Wilma T. Eisma welcomed the development, noting… Read More
Peso ends sideways; local shares recover
March 20, 2019, 8:55 pm
MANILA -- Expectations that the US Federal Reserve will take a dovish stance, at least for now, allowed the Philippine peso to close sideways against the greenback Wednesday and the Philippine Stock Exchange index (PSEi) to recover. The local currency ended the day's session at 52.81 from 52.83 a… Read More
Gov’t to save P4.2-B on Kaliwa Dam project due to China ODA
March 20, 2019, 8:12 pm
MANILA -- The Philippine government will save as much as PHP4.2 billion in the construction of Kaliwa Dam with the help of an official development assistance (ODA) loan from China compared to a private sector financing. This was pointed out by Department of Finance (DOF) Assistant Secretary and… Read More
Megaworld hikes capital spending for Cavite township to P15-B
March 20, 2019, 8:10 pm
MANILA -- Property developer Megaworld Corp. is increasing its capital spending to PHP15 billion to fast track completion of its Maple Grove township in General Trias, Cavite, and meet the growing demand from both residential and office markets in the area. “From PHP10 billion, we are increasing… Read More
Traders blamed for high sugar prices
March 20, 2019, 6:59 pm
MANILA -- It is the middlemen, traders and repackers who are jacking up the retail prices of sugar. This was the outcry of farmers and producers as they face the proposed liberalization of sugar. “As far as farm-gate price is concerned, it’s already down. We are selling at PHP1,400 per 50-kilo… Read More
PAL postpones New Delhi flights
March 20, 2019, 6:50 pm
MANILA -- Flag carrier Philippine Airlines (PAL) has announced the postponement of its New Delhi route until further notice. PAL is supposed to re-launch the New Delhi route this summer. However, the carrier announced that news about India-Pakistan border tensions prompted travelers to cancel… Read More
TDF rates mixed this week
March 20, 2019, 4:15 pm
MANILA -- The rates of Bangko Sentral ng Pilipinas' (BSP) term facilities registered mix results Wednesday ahead of the Monetary Board's (MB) much anticipated rate-setting meeting on Thursday. The average accepted yield of the 14-day Term Deposit Facility (TDF) improved to 5.1079 percent from… Read More
