Business

Diokno assures budget for Marawi rehab

MANILA -- Budget and Management Secretary Benjamin Diokno on Wednesday assured Marawi City residents that the government has the funds for the area's rehabilitation.In a briefing, the budget chief said authorities had yet to determine the actual rehabilitation cost but said the DBM had an available... Read More

PH continues to attract foreign firms: Lopez

MANILA -- The Philippines continues to attract foreign companies to explore opportunities in investing in the country, Department of Trade and Industry (DTI) Secretary Ramon Lopez said.In an interview, Lopez said a number of companies and organizations doing business missions in the Philippines... Read More

PH-EU economic ties remain strong

MANILA -- The Department of Trade and Industry (DTI) and the European Chamber of Commerce of the Philippines (ECCP) reaffirmed strong economic relations of the Philippines and the European Union (EU).On the sidelines of the EU-Philippines Business Summit in Parañaque City Tuesday, DTI... Read More

European bizmen to hold energy forum in Leyte

TACLOBAN CITY -- The European Chamber of Commerce of the Philippines (ECCP) is bringing its Energy Smart campaign to Eastern Visayas through a forum that will make businesses be aware of available energy efficient technologies.More than 100 businessmen and officials will gather on Thursday for the... Read More

EU keen to hike bilateral trade, investment with PH

MANILA -- The European Union (EU) is keen to increase bilateral trade and investment with the Philippines to support its inclusive growth agenda crucial to poverty reduction.EU Ambassador Franz Jessen said the bloc sees trade and investment as “answers to poverty and as tools for inclusive... Read More

Cebu-Pacific postpones launch of Zamboanga-Sandakan route

ZAMBOANGA CITY -- Cebu Pacific Air (CEB) on Tuesday announced that it is postponing the launch of its service between Zamboanga City and Sandakan City, Sabah.CEB was supposd to fly four times weekly -- Tuesdays, Thursdays, Saturdays and Sundays -- the Zamboanga-Sandakan route starting October 29,... Read More

Fil-Hawaiian biz group on trade mission to Laoag, Vigan

LAOAG CITY—Members of the Hawaiian-Filipino Chamber of Commerce and Industry will arrive Tuesday evening at the Laoag International Airport for a trade mission here.Composed of about 45 delegates led by Hawaii Governor David Ige, the trade mission to Laoag and neighboring city of Vigan in... Read More

Steel Asia to invest USD1B for new mills

MANILA -- Steel Asia Manufacturing Corp. is set to invest some USD1.0 billion for three new mini steel mills in the country, its Vice President Roberto Cola said Tuesday.Cola told reporters that the new facilities would produce billets, bloom, beam blanks, slabs, rebars, wire rod, sections, and... Read More

Energy resiliency crucial in rebuilding Marawi

MANILA – The Department of Energy (DOE) on Tuesday conducted public consultations in Cagayan de Oro City on energy resiliency policy for Northern Mindanao, a region vulnerable to natural and human-induced disasters, such as the siege of Marawi City.“The policy will help guide the massive... Read More

Economist forecasts higher than 6% GDP in Q3 ‘17

MANILA -- An economist of ING Bank Manila forecast that expenditures in September grew between 15 percent and 16 percent, which would help boost domestic expansion to more than 6 percent in the third quarter of the year.In a research note, ING Bank Manila senior economist Joey Cuyegkeng said he... Read More

Special financial packages from OFW bank sought

ZAMBOANGA CITY -- Overseas Filipino Workers (OFWs) have welcomed the establishment of the Overseas Filipino Bank (OFB), which will start its operations next year.Mary Joy Ersando, on Tuesday said she hopes the new bank will feature special financial packages for them to avail the benefits compared... Read More

PH financial markets resume ops Tuesday

MANILA --Trading at the Philippine Stock Exchange (PSE) resumes Tuesday even as Malacanang again suspended work in government offices in line with the second day of the nationwide transport strike.Trading and settlement at the Securities Clearing Corportion of the Philippines will also resume... Read More

OFW remittances up 7.8% to USD2.5-B in August

MANILA --Strong domestic spending is seen to continue in the Philippines as remittance inflows remain robust, an economist of ING Bank Manila said.Data released by the Bangko Sentral ng Pilipinas (BSP) Monday showed that cash remittances reached USD2.499 billion last August, 7.8 percent higher than... Read More

Hawaii trade mission boosts ties with PH

MANILA -- Hawaii is working to assist small businesses develop and market more products to the Philippines, as the two states improve bilateral economic and trade relations, said visiting Hawaii Governor David Ige.“There are a number of things that we are doing on the Hawaii side to support... Read More

Home Credit investing P19B in PH in next 2 years

MANILA -- Prague-based Home Credit targets to ramp up its operation in the Philippines by investing additional PHP18.6 billion over the next two years, HC Consumer Finance Philippines, Inc. Chief Financial Officer Zdenek Jankovsky said.In a briefing Monday, Jankovsky said the projected amount of... Read More

Gasoline up 20 centavos per liter; kerosene down by 15 cents

MANILA - Oil firms announced on Monday a 20-centavo per liter hike in pump prices of gasoline and a 15-centavo per liter cut in prices of kerosene effective Tuesday.Caltex Philippines, Pilipinas Shell Petroleum Corp., Flying V, Seaoil, Phoenix Petroleum, PTT Philippines and Eastern Petroleum will... Read More

Cusi: Power necessary for progress, prosperity

MANILA –Department of Energy (DOE) Secretary Alfonso Cusi stressed on Monday the key role that the power industry plays in the economic development of the nation.Speaking before Semiconductor and Electronics Industries in the Philippines (SEIPI) 16th CEO Forum and 130th General Membership... Read More

Malaysian firm offers to build P122-B gov’t center in Clark

MANILA -- Malaysian investment holding firm MTD Capital Bhd. has offered to build a government center in New Clark City in Central Luzon worth PHP121.8 billion.Bases Conversion and Development Authority (BCDA) said Monday it received an unsolicited proposal from MTD Capital for the National... Read More

Peso seen to end 2017 at 51-level vs US dollar

MANILA -- An economist of ING Bank Manila foresees the Philippine peso to end 2017 at 51-level to a US dollar although defensive bias is seen in the coming weeks following the unit’s recent underperformance.As of last Friday, Oct. 13, the peso finished at 51.39 to a dollar. Equities and... Read More

Vehicles sales up 9.5% in Sept. ‘17

MANILA -- Sales of automotive vehicles in the country reached 34,445 units year-on-year in September this year, up 9.5 percent from 31,451 units in September 2016, the joint report of Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA)... Read More