Business

Manufacturing sector seen to sustain growth

MANILA, Aug. 10 -- The manufacturing sector is expected to sustain growth in the second quarter after it grew by an average of 10 percent in the first half due to sustained domestic and improved external demand, according to the National Economic and Development Authority (NEDA).“Looking... Read More

NEA to probe Paleco, other ECs for reliability compliance

MANILA, Aug. 10 -- National Electrification Administration (NEA) administrator, Edgardo Masongsong, has directed the office’s technical services and engineering department to look into the reliability performance of all the 121 electric cooperatives (ECs) under its charge, including the... Read More

Peso, PSEi slide further on US-NoKor issues  

MANILA, Aug. 10 - - Recent carping remarks between officials of the US and North Korea continue to make investors risk-aversed resulting to another weakness for both the Philippine peso and the stocks market Thursday.The local currency finished the day at 50.79, PHP0.22 weaker than its 50.57 close... Read More

DTI chief: Build, Build, Build program crucial to lure investments

MANILA, Aug 10 -- The Duterte administration’s Build, Build, Build program plays a crucial role in attracting investments into the country, a Cabinet secretary said during the fifth Dutertenomics Thursday.Department of Trade and Industry (DTI) Secretary Ramon Lopez said the Build, Build, Build... Read More

PH auto sales grow 23% y-o-y in July 2017

MANILA, Aug. 10 --Sales of automotive vehicles in July 2017 reached 37,951 units, up 23.3 percent from 29,967 units in July last year, data released by Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) showed Thursday.Sales of both... Read More

DOF eyes P30-B bond float for Marawi rehabilitation

MANILA, Aug. 10 -- Finance Secretary Carlos Dominguez III has directed the Bureau of Treasury (BTr) to study the possible issuance of PHP30 billion-worth of debt securities to fund the planned massive rehabilitation and reconstruction effort for Marawi City.Dominguez said the “Marawi”... Read More

New markets to help PH trade recovery - NEDA

MANILA, Aug. 10 -- The National Economic and Development Authority urges tapping of new markets for Philippine trade to bounce back from its slight decline in June 2017.NEDA-attached agency Philippine Statistics Authority reported that total trade contracted by 1.2 percent in June 2017, after... Read More

Dismantling of Sucat Thermal Power Plant on

MANILA, Aug. 10 -- Talks are underway for potential projects that may rise in the Sucat Thermal Power Plant (STPP) site in Muntinlupa City after the impending removal of the plant structures, the Power Sector Assets and Liabilities Management (PSALM) Corp. said Wednesday.“Dismantling the Sucat... Read More

Pres. Duterte to gov't agencies: Cut red tape

MANILA, Aug. 9 -- President Rodrigo Duterte has reminded government agencies dealing with businesses to cut red tape and urged businessmen to report those who are engaged in corruption.“Corruption is really one I don’t like,” Pres. Duterte said during his keynote address to... Read More

Dominguez hopeful Marawi conflict to end soon

MANILA, Aug. 9 -- Finance Secretary Carlos Dominguez III has expressed optimism that the ongoing conflict in Marawi City in southern Philippines will end soon.In a briefing at the sidelines of the Philippine Development Forum: Sulong Pilipinas 2017, Dominguez said the conflict has affected tourism... Read More

TDF auction results still mixed

MANILA, Aug. 9 - - Bids for the shorter-dated term deposit facility (TDF) of the Bangko Sentral ng Pilipinas (BSP) continue to rise after recent undersubscription, but tenders for the longer-dated facility remain below the offer volume.Data released by the central bank Wednesday showed that... Read More

Peso, PSEi end Wednesday weaker

MANILA, Aug. 9 - - Recent rhetoric between the US and North Korea made investors risk-aversed anew Wednesday, weakening of the Philippine peso and the local equities market Wednesday.The local currency shed PHP 0.13 and closed the day at 50.57 from the previous session’s 50.44.A trader said... Read More

Globe to disburse Q3 cash dividend

MANILA, Aug.9 -- The board of Globe Telecom has approved the third quarterly distribution of cash dividend of PHP 22.75 for holders of its common shares.The dividend payout comes as Globe has posted record highs in its revenues for the first half of this year.“The third quarter cash dividend... Read More

SM net profit up 9% in H1 2017

MANILA, Aug. 9 -- New profit of SM Investments Corp., rose to PHP16.6 billion in the first half of 2017, up nine percent from PHP 15 billion in the same period in 2016.Excluding one-time items in 2016, SM's recurring income rose 16 percent in first half this year, the Sy family-led said in a... Read More

DOE moving towards 100% electrification one step at a time: Cusi

MANILA, Aug. 9 – As the country moves toward its golden age of industrialization, Department of Energy (DOE) Secretary Alfonso Cusi has urged the power sector to fast-track projects due to the importance of electricity in achieving this goal.In an interview with the People’s Television... Read More

Q2 GDP growth seen at 6.5% to 7%

MANILA, Aug. 9 -- The Philippine economy likely grew faster in the second quarter, possibly between 6.5 percent and 7 percent , on the back of higher infrastructure investments and consumer spending.“I think it would be better than the first quarter. I have a hunch. A hunch is not a hard... Read More

PH debt payments 25.5% lower in H1 ‘17

MANILA, Aug. 9 - MANILA, Aug. 9 - The Philippine government paid PHP378.37 billion in debts in the first half of 2017, about 25.5 percent lower than the amount posted in same period last year due to lower amortization and interest payments.Bureau of the Treasury (BTr) data show that the amount paid... Read More

Dominguez, Hainan officials eye tourism, agri-fisheries tie-ups

MANILA, Aug. 9 -- Department of Finance (DOF) Secretary Carlos Dominguez III recently met with officials of China’s Hainan province to discuss ways to enhance the cooperationbetween the Philippines and the island-province in tourism, agriculture and fisheries,in step with the closer ties that... Read More

PCCI-Aklan vows to become BSP's dynamic partner

KALIBO, Aklan, Aug. 9 -- The Philippine Chamber of Commerce and Industry-Aklan Chapter has expressed its continued commitment as a dynamic partner of the Bangko Sentral ng Pilipinas (BSP).This developed after the PCCI-Aklan was awarded as Outstanding Regional Partner for Demonetization Program of... Read More

Dominguez urges MSMEs to underscore sector’s economic importance

MANILA, Aug. 9 - - Finance Secretary Carlos Dominguez III on Wednesday highlighted the importance of the micro, small and medium enterprises (MSMEs) on the Philippines’ growth story and urged businessmen belonging to the sector to make their contribution become more relevantIn his speech... Read More