Business

Tap growing UHNWIs, developers told

MANILA -- The country’s property developers are urged to look into the growing number of ultra-high net worth individuals (UHNWI) as these can be potential investors in the Philippines’ residential market.In a media briefing Wednesday, Victoria Garrett , Knight Frank head for Residential... Read More

DOE fine-tuning LNG policy

MANILA -- The Department of Energy (DOE) is fine-tuning the policy framework that will guide the development of the natural gas industry in the country.DOE Undersecretary Donato Marcos said this during a public consultation on Philippine Natural Gas Industry Regulation (PNGR) at the DOE Compound in... Read More

BIR delays release of new tax stamps to January '18

MANILA -- The Bureau of Internal Revenue (BIR) has postponed the release of new tax stamps to enhance its security features.In a briefing, Finance Undersecretary Antonette Tionko said BIR pushed the date of release from November 2017 to January 2018 as it continues to fine-tune the security features... Read More

Middle East’s LuLu eyes investments in PH

MANILA -- One of the fastest growing supermarket chains in the Middle East and India, LuLu, is eyeing to invest in the Philippines, Philippine Economic Zone Authority (PEZA) Director General Charito Plaza said.Plaza told reporters that the LuLu Group visited PEZA last week to look at investment... Read More

Guadalupe-BGC monorail eyed

MANILA -- Tycoon Andrew Tan’s Infracorp Development, Inc. has submitted an unsolicited proposal to the government to build a monorail connecting MRT Guadalupe station and Bonifacio Global City (BGC).In a disclosure to the Philippine Stock Exchange (PSE) Wednesday, Alliance Global Group, Inc.... Read More

IMF sees PH economy to remain among the strongest in Asia

MANILA -- The International Monetary Fund (IMF) remains optimistic on the Philippine economy as it continues to see a 6.6 percent output for 2017.“We have retained the forecast as we see continued robust domestic demand driven by investments and consumption, and fiscal policy is supportive of... Read More

More Taiwanese firms keen on expanding in PH

MANILA -- More Taiwanese firms in the Philippines are keen on expanding their operations, following the launch of Taiwan’s new policy meant to strengthen its trade and economic ties with members of the Association of Southeast Asian Nations (ASEAN).Gary Song-Huann Lin, Representative of Taiwan... Read More

PH 1st country to get global extractives transparency standard

MANILA--The Philippines is the first country to have successfully obtained a ‘satisfactory progress’ assessment under the 2016 Extractive Industries Transparency Initiative (EITI) Standard.EITI is a Norway-based international initiative that promotes open and accountable management of... Read More

Dominguez eyes higher sin tax collection from JTI

MANILA -- Finance Secretary Carlos Dominguez III said government revenues from sin taxes will get further boost in 2018 as Japan Tobacco Inc. (JTI) pays the remaining tax deficiencies of Mighty Corp., which it recently bought.“The minimum of excise tax that Japan Tobacco Inc. will be paying as... Read More

PSEi surges anew; peso slides vs USD

MANILA -- The Philippine Stock Exchange index (PSEi) surged anew to a new high Tuesday but the peso continued to go down as investors weighed global economic developments.The main equities index ended the day at 8,398.04 points, up by 0.37 percent or 30.66 points.The broader All Shares gauge tracked... Read More

NFA allocates P45-M for palay procurement

MANILA -- The National Food Authority (NFA) has assured palay farmers of sufficient funds to procure their harvest from the main cropping starting this month.“We have remitted a total of PHP45,185,244 to our field offices nationwide particularly in rice producing areas to provide our farmers... Read More

Lapeña optimistic BOC to hit collection goal this year

MANILA -- Customs Commissioner Isidro Lapeña is optimistic that the Bureau of Customs (BOC) will meet its 2017 collection goal of PHP468 billion. Lapena is hopeful that by the last quarter of this year, the bureau will be able to collect PHP50.1 billion a month to meet the full year goal.In a... Read More

Indian car maker plans to join PUV modernization

MANILA -- Indian carmaker Tata Motors plans to manufacture in the Philippines and targets to join the Public Utility Vehicle (PUV) Modernization Program through its local distributor Pilipinas Taj Autogroup, Inc.In an interview Tuesday, Pilipinas Taj Vice President and General Manager Arthur... Read More

BOI honors outstanding Filipino firms, MSMEs

MANILA -- The Board of Investments (BOI) has recognized outstanding large enterprises as well as micro, small, and medium enterprises (MSMEs) during the 2017 Guinogulan Awards.This is the first time for the investment promotion agency to recognize BOI-registered enterprises for their significant... Read More

Davao's cacao captures Japan, European choco makers

DAVAO CITY -- Davao City’s cacao is winning the hearts of top Japanese and European chocolate makers, but the Philippines needs to double production to reach the market demand here and abroad.Cacao Industry Development Association of Mindanao Inc. (CIDAMi) executive director Valente Turtur... Read More

Nickel Asia ships P12-B worth of nickel ore

MANILA -- Nickel Asia Corp. (NAC) has estimated its value of shipments for January to September this year rose 16 percent to PHP11.65 billion from PHP10.01 billion in the same period in 2016.In a disclosure with the Philippine Stock Exchange (PSE) Tuesday, the listed mining company said higher... Read More

BOI registers P392-B investments

MANILA -- The Board of Investments (BOI) has registered a total of PHP392 billion worth of projects as of Oct. 4, 2017, BOI Governor Napoleon Concepcion said.Concepcion noted that the investment approvals in BOI as of last week is close to the PHP398-billion average annual investment pledges in the... Read More

Manufacturing output recovers in August

MANILA --Manufacturing output in August 2017 recovered from its previous month’s decline, soaring in both volume and value terms, the Philippine Statistics Authority (PSA) on Tuesday reported.In the Monthly Integrated Survey of Selected Industries (MISSI) of the PSA, an attach agency of the... Read More

PH trade surges 10% in August

MANILA --The country’s total trade surged significantly in August 2017 on the back of sustained growth in exports and imports, the Philippine Statistics Authority (PSA) said Tuesday.PSA, an attached agency of the National Economic and Development Authority (NEDA), said total trade grew by 10... Read More

WB: PH can serve as model for migrant workers’ support system

MANILA --Other Association of Southeast Asian Nations (ASEAN) members can adopt the Philippine support system for its migrant workers, the World Bank (WB) said, as it called on easing restrictions on labor migration to boost workers’ welfare and accelerate regional economic... Read More