Business
PCCI backs liberalizing sugar importation
January 25, 2019, 7:40 pm
MANILA -- The Philippine Chamber of Commerce and Industry (PCCI) backs the government’s move to deregulate sugar importation in a bid to moderate prices of the essential commodity. In a statement Friday, PCCI President Alegria Limjoco said opening up sugar importation is a welcome development to… Read More
PRRD admin has leeway to borrow more to secure growth: Fitch
January 25, 2019, 7:39 pm
MANILA -- The Philippine government’s low debt level and high foreign reserves provide the Duterte Administration leeway to borrow more to finance its massive infrastructure program and help address risks to growth, a top economic think tank said. Fitch Solutions is keeping its 6.1 percent… Read More
PCC rejects URC voluntary pledges on sugar mill buyout
January 25, 2019, 7:38 pm
MANILA -- The Philippine Competition Commission (PCC) announced on Friday that it has rejected the voluntary commitments offered by Universal Robina Corp. (URC) in its acquisition of Central Azucarera Don Pedro, Inc. (CADPI) in Batangas. PCC Chairman Arsenio Balisacan said in a press conference… Read More
Fitch Solutions keeps 6.1% GDP forecast for 2019
January 25, 2019, 7:35 pm
MANILA -- Fitch Solutions is maintaining its 6.1 percent growth forecast for the Philippines in 2019, after noting the almost steady expansion last year. In a report, the Fitch Group unit said the domestic economy’s 6.2 percent output, as measured by gross domestic product (GDP), in 2018 was in… Read More
Skilled workers, high growth make PH attractive to investors
January 25, 2019, 6:23 pm
MANILA -- The Philippines’ English-proficient and skilled labor force and the country’s high growth prospects, rather than its tax incentives for businesses, make it an attractive destination for long-term investors, said Finance Assistant Secretary Antonio Joselito Lambino II. In a statement… Read More
PSEi rises amid below-target GDP report, peso slides
January 25, 2019, 7:44 am
MANILA -- Philippine shares ended Thursday mostly up amid the report of below-target domestic output in 2018 but the peso weakened against the dollar. The Philippine Stock Exchange index (PSEi) rose 0.94 percent, or 75.25 points, to 8,064.90 points. Regina Capital Managing Director Luis Limlingan… Read More
2018 investment pledges to drive growth this year: Lopez
January 24, 2019, 8:59 pm
MANILA -- The Philippines’ economic expansion last year may have been slower than expected, but the country’s top trade official said investment commitments from companies in 2018 will fuel growth this year. Department of Trade and Industry (DTI) Secretary Ramon Lopez, in a text message… Read More
Management plan needed to address 'galunggong' decline
January 24, 2019, 8:01 pm
MANILA -- There is a need to put together a national management plan to address the declining production of round scad (galunggong), which is considered one of the most economically important staple food fish in the country. Agriculture Undersecretary and Bureau of Fisheries and Aquatic Resources… Read More
Peso seen at P49 vs. USD in 2019 if oil prices drop further
January 24, 2019, 7:56 pm
MANILA -- An analyst of Mauritius-headquartered Alpari Research and Analysis forecasts that the Philippine peso will strengthen to the 49-to-the-greenback level in 2019, if global oil prices declines to around USD42 per barrel. In an interview by the Philippines News Agency (PNA) Thursday, Alpari… Read More
Biz groups expected higher GDP growth in 2018
January 24, 2019, 7:17 pm
MANILA -- The business community expected to see a higher gross domestic product (GDP) growth number for the country in 2018, but noted that the economic expansion last year is certainly nothing to frown about. “Closing the year 2018 with a 6.2-percent growth rate is a positive result, even… Read More
PH economy still among Asia’s fastest despite inflation
January 24, 2019, 6:19 pm
MANILA -- The Philippine economy further cemented its position as one of Asia’s top performers after accelerating 6.2 percent last year despite high inflation and a slowdown in agriculture. In a press briefing Thursday, Socioeconomic Planning Secretary Ernesto Pernia considered last year’s… Read More
Confidence in BSP still high despite Espenilla's sick leave
January 24, 2019, 4:34 pm
MANILA -- The Bangko Sentral ng Pilipinas (BSP) is in good hands despite Governor Nestor A. Espenilla Jr.’s on-and-off leave of absence to undergo treatment for cancer. Espenilla has since returned to the country but is still on sick leave, his most recent in a series of breaks in the past… Read More
Euro bizmen to visit PH in search of opportunities
January 24, 2019, 3:24 pm
MANILA -- European entrepreneurs are organizing at least two business missions to the Philippines this year, in hopes of striking trade and investment opportunities in the waste management and construction sectors. European Chamber of Commerce of the Philippines (ECCP) Executive Director Florian… Read More
P10-B Rice Fund to minimize impact of tariffication law
January 24, 2019, 1:23 pm
MANILA -- The implementation of a Rice Competitiveness Enhancement Fund (RCEF) or Rice Fund would provide assistance to farmers as compensation for the projected reduction or loss of farm income arising from the proposed rice tariffication. Agriculture Secretary Emmanuel Piñol, in a press… Read More
PH economy expands 6.2% in 2018
January 24, 2019, 12:35 pm
MANILA -- The country’s gross domestic product (GDP) expanded 6.2 percent in 2018, cementing the Philippines’ standing as one of Asia’s fast-growing economies, the government reported Thursday. In a press briefing, Socioeconomic Planning Secretary Ernesto Pernia said 2018 was the seventh… Read More
Local manufacturer welcomes duty on imported cement
January 23, 2019, 8:13 pm
MANILA -- One of the country’s largest cement manufacturers, Republic Cement, welcomed the Department of Trade and Industry's (DTI) decision to impose an PHP8.40-per-bag provisional safeguard duty on imported cement as a measure to protect the local industry. Republic Cement President Nabil… Read More
TDF posts mixed results anew
January 23, 2019, 7:48 pm
MANILA -- Average accepted yield of the Bangko Sentral ng Pilipinas’ (BSP) Term Deposit Facility (TDF) went in different directions Wednesday, sans the undersubscription that was registered in last week’s auction. Data released by the central bank showed that rate of the 7-day facility… Read More
Top economists see 7.2% growth in 2019
January 23, 2019, 7:38 pm
MANILA -- The Philippine economy is forecast to make a comeback this 2019 with a range of 6.8 percent to 7.2-percent growth and an above-average expansion in the next two years, while it is poised to weather risks that are currently dampening other neighboring economies, according to a renowned… Read More
Peso improves, local shares slip anew
January 23, 2019, 7:24 pm
MANILA -- The Philippine peso gained against the greenback Wednesday but global growth concerns continue to worry investors, weighing down the Philippine Stock Exchange index (PSEi) Wednesday. The local currency finished the day at 52.75 from 52.93 in the previous session, which a trader… Read More
Infra program, good fundamentals to propel economy in 2019
January 23, 2019, 7:22 pm
MANILA -- Finance Secretary Carlos Dominguez III is optimistic of at least 7 percent growth for the Philippine economy in 2019, citing the impact of the massive infrastructure program and improved fundamentals. In his speech during the Financial Executives Institute of the Philippines (FINEX)… Read More
