Business
ECCP asks gov’t to accelerate CIT reduction
January 23, 2019, 5:05 pm
MANILA -- The European Chamber of Commerce of the Philippines (ECCP) has asked the government to accelerate the reduction of corporate income tax (CIT) rates to make the country more attractive to European companies. In a media round table Wednesday, ECCP President Nabil Francis said the business… Read More
Diokno reiterates gov't willingness to save Hanjin
January 23, 2019, 2:47 pm
MANILA -- The Philippine government is determined to save bankrupt shipbuilding company Hanjin Heavy Industries and Construction Philippines (HHIC-Phil) in view of the cost to the national economy should it close down for good. Budget and Management Secretary Benjamin Diokno, in an interview by… Read More
BTr awards in full P20-B 20-year T-bond
January 22, 2019, 9:25 pm
MANILA -- Demand for the Bureau of the Treasury’s freshly-issued 20-year Treasury Bond (T-bond) was high Tuesday after the PHP20 billion offering received PHP50.921-billion worth of tenders. The auction committee awarded the debt paper in full, which has a coupon rate of 6.750 percent. Its… Read More
PNR asks for feasibility of Cabanatuan-Makati line
January 22, 2019, 9:10 pm
MANILA -- The Philippine National Railways (PNR) has requested the National Economic and Development Authority (NEDA) for a feasibility study on the planned Cabanatuan-Makati Line or the northeast commuter line, as part of the process for getting the final nod on the project, aimed at improving… Read More
Japanese firms see higher profits, expansion in 2019
January 22, 2019, 8:51 pm
MANILA -- Japanese companies doing business in the Philippines expect higher profits and are optimistic about prospects for expansion this year, a survey of Japan External Trade Organization (JETRO) showed. JETRO-Manila Executive Director Takashi Ishihara said Japanese firms are bullish about… Read More
Peso down on weak global growth outlook, PSEi sideways
January 22, 2019, 7:31 pm
MANILA -- The peso depreciated anew, even touching the 53-level in mid-trade, while the Philippine Stock Exchange index (PSEi) barely managed to stay afloat Tuesday amid a host of volatilities. The main stocks index ended the day sideways, at 8,008.67 points, up by 1.21 points or 0.02 percent.… Read More
Consortium signs deal to operate, manage Clark Airport
January 22, 2019, 6:41 pm
MANILA -- The North Luzon Airport Consortium (NLAC) on Tuesday signed a concession agreement with the Bases Conversion and Development Authority (BCDA) on the operations and management (O&M) of the Clark International Airport. The agreement grants a 25-year concession period to the NLAC to develop… Read More
DICT to ease permits for cell sites
January 22, 2019, 5:58 pm
MANILA -- The Department of Information and Communications Technology (DICT) will be implementing measures to expedite the granting of permits for the construction of cell towers across the country. DICT Acting Secretary Eliseo Rio Jr. said the department is eyeing to implement a policy which will… Read More
BSP coordinating with Cebuana Lhuillier about data breach
January 22, 2019, 12:48 pm
MANILA -- The Bangko Sentral ng Pilipinas (BSP) is coordinating with officials of Cebuana Lhuillier (CL) to prevent criminals from using stolen personal information of clients. “The BSP is closely monitoring the situation and coordinating with the concerned officers of CL to ensure timely… Read More
PH, JICA sign loan deal for metro-grade train system
January 21, 2019, 10:47 pm
MANILA -- The Philippines will have its first metro grade train system, with the capacity to carry about one million passengers a day, by 2022. This, after Department of Finance (DOF) Secretary Carlos Dominguez III and Japan International Cooperation Agency (JICA) Director-General Shigenori Ogawa… Read More
Growth concerns, trade talks dampen investors' sentiments
January 21, 2019, 7:41 pm
MANILA -- China growth concerns coupled with a lack of positive developments in US-China trade talks, resulted in the sideways close for the Philippine peso and drop in the main stocks gauge Monday. The local currency ended the week’s first trading day at 52.8 from 52.515 against the greenback… Read More
GDP seen at 6.2% in 2018
January 21, 2019, 7:40 pm
MANILA -- An economist from IHS Markit projects that the Philippine economy likely grew by 6.2 percent in 2018. In an e-mail, IHS Markit Chief Economist for Asia Pacific Rajiv Biswas said if the 6-percent mark for gross domestic product (GDP) growth was breached last year, it would mean that the… Read More
MICC to audit mining sector anew
January 21, 2019, 7:06 pm
MANILA -- The inter-agency Mining Industry Coordinating Council (MICC) is once again set to audit 14 mining areas nationwide between March and June this year. This, as the government continues to address the impact of mining operations on the environment. “We want the same teams, same scope,… Read More
Check all stress points in financial system: BSP exec
January 21, 2019, 6:07 pm
MANILA -- A ranking Bangko Sentral ng Pilipinas (BSP) official on Monday highlighted the need to check all stress points in the financial system since this might eventually affect the real economy. BSP Deputy Governor Chuchi Fonacier, who delivered the speech of BSP Governor Nestor A. Espenilla… Read More
AirAsia CEO reiterates need for infra, low-cost terminals
January 21, 2019, 5:37 pm
MANILA -- AirAsia Philippines chief executive officer Dexter Comendador reiterated the aviation industry's need for more infrastructures as well as the airlines' need for low-cost terminals. In an exclusive interview with the Philippine News Agency (PNA) last week, Comendador said the lack in… Read More
Hyundai's sales in PH down 6% in 2018
January 21, 2019, 5:27 pm
MANILA -- Sales of Hyundai vehicles in the Philippines declined by 6 percent in 2018 to 35,401 units from 37,678 units in 2017. Hyundai Asia Resources, Inc. (HARI), the official distributor of Hyundai vehicles in the country, reported Monday that sales of its light commercial vehicles mitigated… Read More
Oil prices up for 3rd week in a row
January 21, 2019, 4:15 pm
MANILA -- Local pump prices are set to go up again Tuesday, the third increase in as many weeks. Oil firms announced Monday that prices of diesel will increase by PHP0.40 per liter, gasoline by PHP0.10 per liter, and kerosene by PHP0.15 per liter. According to industry sources, oil prices have… Read More
BSP, IMF host 1st reg'l dialogue on financial stability
January 21, 2019, 2:26 pm
MANILA -- The Bangko Sentral ng Pilipinas (BSP) and the International Monetary Fund (IMF) are co-hosting the Inaugural Regional Dialogue on Financial Stability (FS) for ASEAN Central Banks on Jan. 21-22 at the Philippine International Convention Center, with the theme, “Ensuring Financial… Read More
4 Cebgo flights cancelled due to bad weather
January 21, 2019, 2:15 pm
MANILA -- Four Cebgo flights were cancelled due to bad weather, the Manila International Airport Authority said Monday. As of 11 a.m., the cancelled flights were DG 6177/6178 Manila-Masbate-Manila and DG 6009/6010 Manila-Basco-Manila. The Philippine Atmospheric, Geophysical and Astronomical… Read More
German firms remain keen on PH market
January 21, 2019, 11:32 am
MANILA – The interest of German companies in the Philippines remains high, although firms are on the lookout for the “clouds” in the local market. German-Philippine Chamber of Commerce and Industry (GPCCI) Executive Director Martin Henkelmann told the Philippine News Agency (PNA) that German… Read More
