Business

Moody's Analytics sees 6.3% GDP growth for Q3 '18

Moody's Analytics sees 6.3% GDP growth for Q3 '18

November 2, 2018, 2:43 pm

MANILA -- Moody’s Analytics forecasts a 6.3-percent growth of the Philippine economy in the third quarter of 2018 due to better investment and robust domestic demand. This projection is higher than the 6-percent output, as measured by gross domestic product (GDP), registered in the second… Read More

Sputnik news agency eyes expansion in SE Asia

Sputnik news agency eyes expansion in SE Asia

November 2, 2018, 12:27 pm

MOSCOW -- Moscow-based international news agency, Sputnik News Agency and Radio, is looking to expand its newswire and radio services to Southeast Asia in the near future, a top official said. Sputnik Head of International Projects Vasily Pushkov said Thursday this development comes given the… Read More

Military pension fund OK’d in principle: DOF chief

Military pension fund OK’d in principle: DOF chief

November 1, 2018, 6:33 pm

MANILA -- President Rodrigo R. Duterte has approved the guidelines for creating a unit in the Government Service Insurance System (GSIS) that will manage the proposed pension fund for military personnel. “The President has already approved the basic outline of the pension plan and they are… Read More

Diokno optimistic of further rise in gov't spending

Diokno optimistic of further rise in gov't spending

November 1, 2018, 5:56 pm

MANILA -- Budget and Management Secretary Benjamin Diokno is optimistic about further increase of government spending but sees the budget deficit will not hit the three percent of gross domestic product (GDP) target. “Most likely we’ll be below the target... but higher than last year,” he… Read More

Dominguez, new BOC chief meet to tackle ways to hit revenue goals

Dominguez, new BOC chief meet to tackle ways to hit revenue goals

November 1, 2018, 2:49 pm

MANILA -- Finance Secretary Carlos Dominguez III has met with newly-appointed Bureau of Customs (BOC) Commissioner Rey Leonardo Guerrero to discuss ways to achieve the agency’s revenue goals and at the same time address corruption. In a message to reporters, Dominguez confirmed he met with… Read More

PH protests drop in Doing Business 2019 report ranking

PH protests drop in Doing Business 2019 report ranking

November 1, 2018, 8:58 am

MANILA -- The Philippines government has protested the decline in the country's ranking in the Doing Business 2019 report of the World Bank to the 124th spot from 113th in the 2018 index. The World Bank ranking came despite the country’s ease of doing business score improving by 1.36 points to… Read More

Term deposit rates up anew

Term deposit rates up anew

October 31, 2018, 8:49 pm

MANILA -- The rate of the Bangko Sentral ng Pilipinas’ (BSP) term deposit facility (TDF) rose across-the-board Wednesday and banks have submitted bids higher than the offering, even before the long weekend. Data released by the BSP showed the rate of the seven-day TDF improved to 4.7249 percent… Read More

PH, Japan to sign loan deal for MRT rehab next week

PH, Japan to sign loan deal for MRT rehab next week

October 31, 2018, 7:39 pm

MANILA -- The governments of the Philippines and Japan will sign a loan agreement for the rehabilitation of the Metro Rail Transit Line 3 (MRT-3) on November 7, a Department of Transportation (DOTr) official said Wednesday. “We have finalized the signing of the exchange of notes and the loan… Read More

PSEi tracks Wall Street's rise, peso gains vs. dollar

PSEi tracks Wall Street's rise, peso gains vs. dollar

October 31, 2018, 7:37 pm

MANILA -- Both the local bourse and the Philippine peso ended the week on a positive note, mirroring the outcome of US stocks ahead of the long holiday. The Philippine Stock Exchange index (PSEi) finished the shortened trading week at 7,140.29 points, up 1.77 percent or 124.23 points. All the… Read More

Petron to cut LPG prices

Petron to cut LPG prices

October 31, 2018, 7:34 pm

MANILA -- Industry leader Petron Corp. has announced a rollback in the prices of liquefied petroleum gas (LPG) effective Thursday. Petron on Wednesday said it will cut prices of Gasul and Fiesta cooking gas by PHP7.50 per kilogram, and Auto LPG by PHP4.20 per liter. “This is equivalent to an… Read More

PH, Chinese execs to sign deals for infra projects

PH, Chinese execs to sign deals for infra projects

October 31, 2018, 7:06 pm

MANILA -- Financing agreements for about 18 infrastructure projects will be signed between the Philippines and China during the visit of Chinese President Xi Jinping here in November, Budget Secretary Benjamin Diokno said. “We’re just trying to iron out the remaining documentation for the… Read More

PCCI asks for smooth transition in BOC leadership

PCCI asks for smooth transition in BOC leadership

October 31, 2018, 7:03 pm

MANILA -- The country’s largest business organization, the Philippine Chamber of Commerce and Industry (PCCI), has welcomed a smooth transition in the Bureau of Customs (BOC) so it will not disrupt trade flows in the country this coming peak season. In a statement Wednesday, PCCI Acting… Read More

Inflation likely peaked in Sept '18: BSP

Inflation likely peaked in Sept '18: BSP

October 31, 2018, 6:20 pm

MANILA -- The Bangko Sentral ng Pilipinas (BSP) said Wednesday domestic inflation likely reached its peak last September, projecting the October figure to settle within a range of 6.2 to 7 percent. In a statement Wednesday, the central bank said its Department of Economic Research (DER) forecasts… Read More

Rules on barter trade out in 2 months: DTI

Rules on barter trade out in 2 months: DTI

October 31, 2018, 5:12 pm

MANILA -- Following the issuance of Executive Order (EO) No. 64 that revives the barter trade in Mindanao, the Department of Trade and Industry (DTI) targets to release the comprehensive guidelines governing barter in the next two months. In a text message Wednesday, DTI Secretary Ramon Lopez said… Read More

Diokno cites condition for proposed Bulacan airport

Diokno cites condition for proposed Bulacan airport

October 31, 2018, 5:01 pm

MANILA -- Budget and Management Secretary Benjamin Diokno said while the government has approved the proposed construction of an international airport in Bulacan, he is not sure if airline companies will automatically relocate from either Clark or the Ninoy Aquino International Airport (NAIA).… Read More

DTI chief okay with military taking over BOC

DTI chief okay with military taking over BOC

October 31, 2018, 10:05 am

MANILA -- Trade Secretary Ramon Lopez on Wednesday said there is nothing wrong with the decision of President Rodrigo Duterte to temporarily place the Bureau of Customs (BOC) under military control. This, despite concerns that it is a critical time to have the reorganization in the BOC with the… Read More

'Sin tax' collection improves

'Sin tax' collection improves

October 30, 2018, 9:08 pm

MANILA -- Government's enhanced collection measures allowed for an increase in sin tax revenues within the first nine months of 2018, the Department of Finance (DOF) reported. Finance Undersecretary Antonette Tionko said excise tax from alcoholic products rose 15.22 percent year-on-year to… Read More

Philrealty nets P44.5-M in 9 months

Philrealty nets P44.5-M in 9 months

October 30, 2018, 8:30 pm

MANILA -- Premium property development firm, Philippine Realty and Holdings Corporation, grew its profit by a whopping 1,725 percent in the first three quarters of the year, driven by robust real estate sales and rental income. In a statement, Philrealty reported that net income after tax reached… Read More

Security Bank to open NAIA branches on Nov. 2

Security Bank to open NAIA branches on Nov. 2

October 30, 2018, 8:08 pm

MANILA -- Security Bank announced on Tuesday that all its branches nationwide will be closed on Nov. 1, All Saints’ Day, but its branches at the Ninoy Aquino International Airport (NAIA) and NAIA Terminal 3 will be open for operations on November 2. November 2, All Souls’ Day, has also been… Read More

PH economy likely grew above 6% in Q3: FMIC, UA&P

PH economy likely grew above 6% in Q3: FMIC, UA&P

October 30, 2018, 8:07 pm

MANILA -- Economic think tanks are betting that the Philippine economy expanded more than 6 percent in the third quarter of the current year, largely driven by robust investment spending and modestly rebounding exports. “The outlooks from the demand side --investments and exports-- still look… Read More