Business
Mislatel expected to start ops after May election: DICT
February 18, 2019, 7:15 pm
MANILA -- The Department of Information and Communications Technology (DICT) said it expects Mislatel Consortium to commence operations after the midterm elections, as both the House of Representatives and Senate still need to reconcile provisions of their respective versions of the resolution… Read More
MIAA sees NAIA Terminal 2 full rehab by 2020
February 18, 2019, 6:43 pm
MANILA -- The Manila International Airport Authority (MIAA) on Monday said completion of the rehabilitation of Ninoy Aquino International Airport (NAIA) Terminal 2 will be by the first quarter of 2020. "(Rehabilitation) will be completed by March 2020. We're announcing this so the public can look… Read More
BSP, OWWA, BDO partner to teach 'finlit' to OFWs
February 18, 2019, 6:02 pm
MANILA -- Government and the private sector have joined hands to encourage more Overseas Filipino Workers (OFWs) and their families to set aside some of their earnings for savings and for investments. Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi Fonacier, who read the speech of… Read More
Drop in rice prices due to market speculation
February 18, 2019, 5:01 pm
MANILA -- Agriculture Secretary Emmanuel "Manny" Piñol clarified that the fall in the buying price of rice by commercial traders is the result of speculation, which was fueled by the anticipated "flooding" of the market with cheap imported rice under a liberalized market. This is in view of the… Read More
European bank eyes PH operations
February 18, 2019, 5:00 pm
MANILA -- A Europe-based financial institution is reportedly eyeing the possible expansion of its operations to the Philippines. Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi Fonacier declined to identify the said bank but added that an official has approached her and indicated interest… Read More
Hyundai's PH sales down 5% in January
February 18, 2019, 4:13 pm
MANILA – Declining sales is still evident in the first month of the year, according to Hyundai Asia Resources, Inc. (HARI), the Korean-brand's local distributor. HARI reported Monday that vehicle sales in January 2019 fell by 5 percent to 2,758 units from 2,903 units in the same month in 2018.… Read More
70-centavo/liter oil price hike set Tuesday
February 18, 2019, 3:30 pm
MANILA -- A PHP0.70-per-liter increase in the prices of both diesel and gasoline will greet motorists on Tuesday, February 19, as local oil companies keep up with movements in the world crude market. Meantime, kerosene will also go up but by a more modest PHP0.35 per liter. The tightening of oil… Read More
PH-Italy debt swap program extended
February 18, 2019, 2:50 pm
MANILA -- The governments of Italy and the Philippines have agreed on the extension of the Philippines-Italy Debt for Development Program for two years, the Department of Finance (DOF) said on Monday. The Italian embassy in Manila, led by H.E. Ambassador Giorgio Guglielmino, and the Department of… Read More
PH imposes temporary ban on entry of Vietnam pork, products
February 18, 2019, 2:46 pm
MANILA -- The Philippines has temporarily banned the entry of pork and pork products from Vietnam due to reported outbreak of the dreaded African Swine Fever (ASF). Bureau of Animal Industry (BAI) director, Dr. Ronnie Domingo, made the recommendation following the publication of reports from… Read More
Local markets end trading week lower
February 15, 2019, 9:29 pm
MANILA -- The local stock barometer declined anew on Friday as investors rebalanced holdings and stocks, while the peso continued retreating against the greenback. The benchmark Philippine Stock Exchange index (PSEi) slipped by 1.03 percent to 7,908.89 points from Thursday’s 7,991.25 points… Read More
Ayala Land sets P130-B capex for 2019
February 15, 2019, 8:48 pm
MANILA -- Ayala Land Inc. (ALI) has earmarked a PHP130-billion capital spending for 2019, to fund the development of more real estate projects following a banner performance last year, as a rosier economic outlook is expected to support continued growth of the property market. “In 2019, we are… Read More
Farmers' org tells economic team to visit farms
February 15, 2019, 8:32 pm
MANILA -- Farmers organization Philippine Maize Federation (PhilMaize) on Friday said that recent statements of an economic team member does not reflect realities in the agricultural sector. "I can't help but comment (on) the recent pronouncement of our economist(s) in the cabinet as this does not… Read More
4 domestic flights cancelled Friday
February 15, 2019, 8:09 pm
MANILA -- Four domestic flights were cancelled due to bad weather, the Manila International Airport Authority (MIAA) said Friday evening. These flights were Cebu Pacific (5J) 615/616 Manila-Tagbilaran-Manila and 5J 329/330 Manila-Legazpi-Manila. Latest forecast from the Philippine Atmospheric,… Read More
Manila Water earmarks P115-B for used water master plan
February 15, 2019, 7:21 pm
MANILA -- Manila Water announced that it is investing more than PHP115 billion for its Used (Waste) Water Master Plan to be implemented until 2037, as part of its contribution to rehabilitate Manila Bay. Arnold A. Mortera, head of Manila Water Used Water Operations, said in a media roundtable… Read More
TUCP confirms construction workers shortage, sees opportunity
February 15, 2019, 6:07 pm
MANILA -- The usually-moderate Trade Union Congress of the Philippines (TUCP) confirmed President Rodrigo Duterte's observation that the number of able construction workers in the country is dwindling as it sought to call attention to their reportedly shoddy working conditions. Low pay, meager… Read More
Personal remittances rise to record high in December
February 15, 2019, 5:58 pm
MANILA -- Personal remittances from overseas Filipinos (OFs) registered a new record high of USD3.2 billion in December 2018, higher by 3.6 percent compared to the level posted in the same month last year, BSP Governor Nestor A. Espenilla, Jr. announced Friday. Further, personal remittances, which… Read More
Forest products outgrow other exports in 2018
February 15, 2019, 9:35 am
MANILA -- Receipts for forest product exports registered the highest growth rate among major types of goods the country shipped to foreign markets in 2018. Philippine Statistics Authority (PSA) data released Thursday showed that the January to December free-on-board forest product receipts grew… Read More
Jollibee nets P8.3 billion in 2018
February 14, 2019, 9:22 pm
MANILA -- Homegrown fast-food giant Jollibee Foods Corp. (JFC) booked a 17.1-percent increase in profit in 2018 after opening 502 stores, the highest number of new stores opened for a single year in its 40-year history. In a statement to the local bourse, JFC said its net income attributable to… Read More
Investment in infra projects a plus for insurance companies
February 14, 2019, 7:47 pm
MANILA -- An insurance executive called the recent decision of the Insurance Commission (IC), which allows regulated companies to invest in the debt or equity securities of infrastructure projects, "a welcome development." Fortune General Insurance Corp. (FGen Insurance) president and Chief… Read More
Local stocks recover, peso still down
February 14, 2019, 6:51 pm
MANILA -- The Philippine Stock Exchange index (PSEi) recovered Thursday after a four-day slide but the peso closed even weaker against the greenback. The composite index rose 0.90 percent, or 71.01 points, to 7,991.25 points, recouping most of Wednesday's losses but still short of retaking the… Read More
