Business
DOE ready to implement 2nd tranche of oil excise tax hike
December 27, 2018, 7:35 pm
MANILA -- The Department of Energy (DOE) said that it is prepared to implement the second increase in oil excise taxes next year, which is called for under the Tax Reform for Acceleration and Inclusion (TRAIN) law. “The DOE, in coordination with the Bureau of Customs and Bureau of Internal… Read More
PH one of Asia’s best performers despite high inflation
December 27, 2018, 3:51 pm
MANILA -- The Philippines remains one of Asia’s best-performing economies and is even poised to move up to upper middle-income status after managing to put in check an inflation surge which came alongside a spike in world oil prices in 2018. “The economy has been on a roll. It has been growing… Read More
SMC envisions Bulacan as seafood capital
December 27, 2018, 3:35 pm
MANILA --The largest and most ambitious airport project in the country to date will have Bulacan’s fishing industry as one of its biggest beneficiaries. Following government’s recent approval of the proposed New Manila International Airport (NMIA) project in Bulacan, San Miguel Corporation… Read More
BSP only partially issues TDFs
December 27, 2018, 3:17 pm
MANILA -- The Bangko Sentral ng Pilipinas (BSP) only issued its term deposit facilities (TDFs) in partial this week as bids across three tenors were undersubscribed during Thursday’s auction. The BSP reported that tenders for the PHP30 billion TDF with six days tenor only reached PHP18.71… Read More
DOF offices, attached agencies told to work with PACC
December 27, 2018, 1:49 pm
MANILA -- Secretary Carlos Dominguez III has ordered all offices of the Department of Finance (DOF) and its attached agencies to closely coordinate with the Presidential Anti-Corruption Commission (PACC) in helping catch the big fishes involved in high-stakes, white-collar crimes, the finance… Read More
PCCI supports rehab, not closure, of tourist destinations
December 27, 2018, 11:18 am
MANILA -- The Philippine Chamber of Commerce and Industry (PCCI) expressed its support to the government’s effort to rehabilitate tourist destinations across the country, but not the complete shutdown of these places. PCCI President Alegria Sibal-Limjoco told the Philippine News Agency that the… Read More
Stocks slip after Christmas Day
December 26, 2018, 5:33 pm
MANILA -- The local stock market slipped on Wednesday, as the Philippine Stock Exchange index (PSEi) fell 0.40 percent or 29.7 points to 7,450.01 points. All shares likewise declined by 0.26 percent to 4,489.92 points. Majority of the counters ended the day weaker, but with mining and oil as well… Read More
DA targets 100K hectares for sorghum production in 2019
December 26, 2018, 10:28 am
MANILA -- The Department of Agriculture (DA) is targeting 100,000 hectares for sorghum planting, mostly in ancestral domain areas of the Indigenous People (IPs) to support rural hog and poultry raisers. DA Secretary Emmanuel Piñol said a village-level feed mill would also be established to help… Read More
Aboitiz Equity to spend P60-B for 2019 projects
December 25, 2018, 8:00 pm
MANILA -- Conglomerate Aboitiz Equity Ventures Inc. (AEV) is earmarking PHP50 billion to PHP60 billion in capital expenditures (capex) for 2019, same as this year’s budget, with the bulk going to its power business unit as it expands here and overseas. “The bulk (of the amount) will be for… Read More
More investments pushed for agri growth, climate adaptation
December 25, 2018, 11:47 am
MANILA -- The Philippines needs to invest more on mitigating the effects of climate change on agriculture to make economic growth more inclusive, a National Economic and Development Authority (NEDA) official said. NEDA Assistant Secretary Mercedita Sombilla said it is imperative to enhance the… Read More
Declining crude prices spread holiday cheer
December 24, 2018, 7:42 pm
MANILA -- Petroleum prices in the international market continue with its consumer-friendly direction, even during the part of the year when, traditionally, they should be at their highest. In the past, a demand for "heating fuel" as a result of winter season only served to enhance price pressures… Read More
DICT gains ground on improving telco services
December 24, 2018, 7:40 pm
MANILA -- The Department of Information and Communications Technology (DICT) managed to implement various initiatives aimed at ensuring faster and affordable communication services to the Filipino public in 2019. A significant achievement for the DICT this year is the selection of the third major… Read More
Oil firms 'quietly' rollback prices
December 24, 2018, 5:38 pm
MANILA -- In a move that is almost unnoticed due perhaps to the hustle and bustle of the holidays, local oil companies have again started rolling back the prices of liquid fuels beginning Saturday, December 22. In an announcement, PTT Philippines said that it had decreased pump prices of both… Read More
Agriculture among top concerns of Duterte admin
December 24, 2018, 1:55 pm
MANILA -- Finance Secretary Carlos Dominguez III said agriculture will remain among the top concerns of the Duterte administration for the rest of its term to fulfill its goal of raising farm productivity and rural incomes, and avoid a repeat of the supply problems in rice and other major food… Read More
BOI pledges hit P907-B in 2018
December 23, 2018, 6:48 pm
MANILA -- Investment approvals in the Board of Investments (BOI) is nearing the trillion-peso mark as it registered a total of PHP907.2 billion worth of projects this year. BOI said investment pledges for 2018 jumped by 47.1 percent from PHP616.8 billion in 2017, and even surpassed its targets of… Read More
PH growth still one of fastest in East Asia: World Bank
December 21, 2018, 8:16 pm
MANILA -- The World Bank (WB) expects the Philippines to remain one of the fastest-growing economies in the East Asia and the Pacific region, even after it slightly revised downward its projection on the country’s growth rate for the next two years. In a statement, the WB said it reduced growth… Read More
Peso ends strong, PSEi down at trading week's end
December 21, 2018, 7:47 pm
MANILA -- The Philippine peso strengthened against the greenback on Friday while the local stock market closed in the red due to heavy sell-off before the holidays. The peso gained 0.24 centavos, boosting the local currency to 52.86 to a dollar from 53.1. It opened the day at the same level on… Read More
BCDA names New Clark City's power distributor
December 21, 2018, 5:31 pm
MANILA -- The Bases Conversion and Development Authority (BCDA) named the Meralco-Marubeni Consortium as winning bidder for the power distribution contract in New Clark City. BCDA said Friday that the Meralco-Marubeni Consortium has submitted the lowest tariff bid of PHP0.6188 per kilowatt hour,… Read More
Debt management in good hands
December 21, 2018, 4:58 pm
MANILA -- Senate Minority Leader Franklin Drilon expressed confidence in the capability of Finance Secretary Carlos Dominguez III and the rest of the economic team to ensure the sound and efficient management of the debt incurred to fund the government’s “Build, Build, Build” infrastructure… Read More
USD4.5-B 'seaside city' to be built in Cagayan: CEZA
December 21, 2018, 9:49 am
MANILA -- A seaside city project, amounting to USD4.5 billion, will soon be built in Santa Ana, Cagayan, the Cagayan Economic Zone Authority (CEZA) said. In a statement Thursday, CEZA Administrator and Chief Executive Officer Raul Lambino said a memorandum of understanding was signed with Mercurio… Read More
