Business
PHINMA selling over P6-B shares to Ayala Corp.
January 9, 2019, 7:19 pm
MANILA -- PHINMA announced that, subject to adjustments, it is selling PHP3.42 billion worth of its shares in PHINMA Energy to Ayala Corporation's energy unit AC Energy. AC Energy also stated that it intends to subscribe to approximately PHP2.632 billion worth of PHINMA Energy primary shares.… Read More
TDF rates down, bid coverage ratio declines
January 9, 2019, 7:18 pm
MANILA -- The rates of central bank’s Term Deposit Facility (TDF) fell across-the-board Wednesday but bid coverage ratios improved after the holidays. Data released by the Bangko Sentral ng Pilipinas (BSP) showed that weighted average accepted yield of the seven-day facility declined to 5.0706… Read More
Local markets recover in midweek session
January 9, 2019, 6:31 pm
MANILA – Risk-on sentiment returned to the Philippines' financial and capital markets Wednesday, allowing both local stocks and the peso to walk away with gains. The Philippine Stock Exchange index (PSEi) surged to the 7,900-level after rising by 2.83 percent, or 217.55 points, to 7,919.67… Read More
PH mulls stricter rules on Indonesian palm oil imports
January 9, 2019, 5:32 pm
MANILA -- Agriculture Secretary Manny Piñol said government is seriously considering the possible tightening up on palm oil importations, particularly those coming from Indonesia, to prevent a flooding in the local market and at the same time address the trade gap between countries. Piñol noted… Read More
Diokno eyes at least 7% GDP growth in 2019
January 9, 2019, 2:03 pm
MANILA -- Budget and Management Secretary Benjamin Diokno is hopeful that 2019 gross domestic product (GDP) will hit the lower end of the 7 to 8 percent target set by economic managers. “We’re confident that this time we’ll hit 7 percent, at least,” he said in a briefing Wednesday. The 7-8… Read More
DOF sustains programs to cut red tape, improve EODB in 2018
January 9, 2019, 2:00 pm
MANILA -- The Department of Finance (DOF) continued to spearhead programs on cutting red tape and improving the ease of doing business in 2018, with the government’s online trading portal that automates licensing, permits and other trade procedures going live in December and successfully linking… Read More
Tobacco growers worried by latest tax hike bill
January 8, 2019, 8:39 pm
MANILA -- The Philippine Tobacco Growers Association Inc. (PTGA) on Tuesday expressed grave concern over the proposed increase in excise taxes on tobacco, saying the battery of taxes is killing the local industry. In a statement sent to the Philippines News Agency, the PTGA said cigarette taxes… Read More
Fitch Solutions eyes PH budget deficit at 2.9% of GDP
January 8, 2019, 8:38 pm
MANILA -- Economic think-tank Fitch Solutions said the Philippine government’s 2019 budget deficit is likely to remain at 2.9 percent of gross domestic product (GDP), within the Duterte administration’s 3.2 percent deficit to GDP ratio target. While remaining within target, the forecasted… Read More
BOC Dumaguete sub-port revenues hit P3-B mark
January 8, 2019, 7:53 pm
DUMAGUETE CITY – The Bureau of Customs in the sub-port of Dumaguete exceeded its target revenue collection for 2018 by almost 50 percent, as it hit the PHP3-billion mark. Dumaguete Customs Collector Fe Lluelyn G. Toring on Monday afternoon disclosed that as of Dec. 31, 2018, the actual… Read More
Local markets weaken over uncertainties overseas
January 8, 2019, 7:33 pm
MANILA -- Investors' wait-and-see stance pending the outcome of US-China trade talks ended the Philippine Stock Exchange index (PSEi) rally Tuesday and the peso followed suit. PSEi shed 1.10 percent, or 85.54 points, to 7, 702.12 points. Citing reports, Regina Capital Managing Director Luis… Read More
PAL launches 3 new routes in Q1 2019
January 8, 2019, 7:15 pm
MANILA -- Flag carrier Philippine Airlines (PAL) on Tuesday launched three new international routes -- Hanoi, Phnom Penh and New Delhi -- that would commence in summer of 2019. During the launch, PAL president and chief executive officer Jaime Bautista said that by summer, PAL will have a total… Read More
PH 10-year T-bond rate declines, demand exceeds offering
January 8, 2019, 6:36 pm
MANILA -- Investors swamped Tuesday’s auction of the Philippines’ 10-year Treasury bond (T-bond) but the paper’s interest rate slipped on expectations that domestic inflation rate will continue to decelerate. Average rate of the T-bond fell to 6.829 percent from 7 percent during the auction… Read More
NPC speaks up on PNP’s 'teachers list'
January 8, 2019, 6:35 pm
MANILA -- The National Privacy Commission (NPC) advised the Philippine National Police (PNP) to respect the individual’s right to privacy following reports that it has been spying on members of the left-leaning Alliance of Concerned Teachers (ACT). In a text message to reporters, Privacy… Read More
Shortage of chicken looms
January 8, 2019, 6:19 pm
MANILA -- There is a looming shortage of chicken in the country due to an apparent disagreement among stakeholders on the price of the commodity. "The stakeholders could not seem to agree on what to do, but I hope they will," said Agriculture Secretary Manny Piñol, in an interview with the media… Read More
Laban Konsyumer sees inflation above 4% in 2019
January 8, 2019, 5:21 pm
MANILA -- Consumer group Laban Konsyumer, Inc. (LKI) expects this year’s inflation rate to surpass the government’s 2 percent to 4 percent inflation target. In a statement Tuesday, LKI president Victorio Mario Dimagiba said the consumer price index (CPI) will likely shoot above the 4 percent… Read More
Globe strengthens network coverage in Cebu’s rural areas
January 8, 2019, 2:58 pm
MANILA -- Globe Telecom's management announced that the company has installed cell sites in the mountainous areas of Cebu City as part of its initiative to improve network coverage across the country. In a statement on Tuesday, Globe said it has put up cell towers in barangays Bonbon and Guba to… Read More
End-december 2018 GIR level rises to USD78.46-B
January 8, 2019, 1:35 pm
MANILA -- Preliminary data showed that the country's gross international reserves (GIR) rose to USD78.46 billion as of end-December 2018, Bangko Sentral ng Pilipinas (BSP) Officer-in-Charge Diwa C. Guinigundo announced in a statement on Monday. This level was higher than the USD75.68 billion level… Read More
Aboitiz optimistic of airport projects in 2019
January 8, 2019, 1:34 pm
MANILA -- Aboitiz InfraCapital Inc (AIC) is confident that it will be able to start breaking ground for its various regional airport projects across the country this year. The company said it expects the government to approve its unsolicited proposals for the operations, maintenance and expansion… Read More
World Bank's Kim to step down Feb. 1
January 8, 2019, 9:02 am
WASHINGTON -- World Bank Group President Jim Yong Kim announced on Monday that he will be stepping down from his position after more than six years at the international lending institution. World Bank CEO Kristalina Georgieva will assume the role of interim president effective Feb. 1, the World… Read More
S&P gives PH’s proposed ROP issuance ‘BBB’ rating
January 7, 2019, 8:19 pm
MANILA -- Credit rater S&P Global Ratings on Monday gave the Philippines’ proposed benchmark US dollar-denominated bond issuance a ‘BBB’ rating, the same rating it bestowed upon the country. “The notes represent direct, general, unconditional, unsecured, and unsubordinated obligations of… Read More
