Business

Dominguez lauds EO establishing OFW Bank

MANILA-- Finance Secretary Carlos Dominguez III on Monday hailed the signing of an Executive Order (EO) for the establishment of a bank specifically for Overseas Filipino Workers (OFWs).This after Malacanang made public on Monday EO 44, signed last Sept. 28, directing the Philippine Postal... Read More

Foreign chambers bat to retain zero VAT for PEZA locators

MANILA -- The Joint Foreign Chambers of the Philippines (JFC) is batting to maintain the status quo of exempting locators in Philippine Economic Zone Authority (PEZA) from the 12-percent value added tax (VAT).JFC said in a statement Monday that should long-committed investors be placed under a VAT... Read More

PEZA investment approvals up 94% in first nine months

MANILA -- Investment approvals of Philippine Economic Zone Authority (PEZA) in the first three quarters of the year reached PHP196.46 billion, up 94 percent from PHP101.20 billion in the same period in 2016.In a briefing Monday, PEZA Director General Charito Plaza said developments of new economic... Read More

PSEi starts week on high note but peso inches down

MANILA - - The Philippine Stock Exchange index (PSEi) rose Monday but the peso went the other way as investors continue their wait-and-see stance on several issues such as the movement of the Federal Reserve rates.The main stocks gauge rose by 0.68 percent, or 56.50 points, to 8,367.38 points.The... Read More

Megaworld expands office inventory

MANILA -- Property firm Megaworld Corp. will expand its office space inventory by 500,000 square meters to meet strong demand over the next three years owing to the country’s sustained economic growth.“There is no reason to slow down our office developments. The demand for office spaces... Read More

DTI chief, biz group pay tribute to SyCip

MANILA -- Trade Secretary Ramon Lopez paid homage on Monday to the late business leader Washington SyCip, who passed away on Saturday.Lopez recognized the contribution of SyCip in pursuing social development initiatives that benefitted many Filipinos.“We are saddened to hear of the passing of... Read More

PH-Japan currency swap: Protection vs future risk

MANILA -- A ranking Bangko Sentral ng Pilipinas (BSP) official said the Philippines continues to have strong liquidity position but renewed its currency swap with Japan for possible needs in the future.BSP Deputy Governor Diwa Guinigundo said the latest Bilateral Swap Agreement (BSA), is the fourth... Read More

Aboitiz Group targets 4MW in 2020

DAVAO CITY -- The Aboitiz Group vowed to achieve its goal of providing 4,000 megawatts (MW) of attributable new sellable capacity by 2020 highlighting its continued effort to hit the target in three years.Anton Mari Perdices of the AboitizPower Distribution Group even hinted at exploring... Read More

Livelihood fair aims to generate inclusive growth

ZAMBOANGA CITY – The launch of the Trabaho, Negosyo, Kabuhayan (TNK), a job and business fair, here on Friday is one of the measures the Duterte administration is implementing to ensure that all sectors of society will benefit as the economy is experiencing growth of 6.5 percent in the second... Read More

PSEi finishes with gains; peso down vs. USD

MANILA - - The Philippine Stock Exchange index (PSEi) finished the week with gains unlike the peso, which pulled back against the dollar ahead of the September 2017 jobs report from the US later in the day.PSEi gained 0.20 percent, or 16.87 points, to 8,310.88 points a day after it contracted anew.... Read More

BOI okays P246-M coco milk project in GenSan

MANILA -- The Board of Investments (BOI) has approved the PHP245.7-million coconut milk project of Century Pacific Agricultural Ventures Inc. (CPAVI) in General Santos City.In a statement Friday, BOI said the new production line in CPAVI’s facility in Barangay Tambler, Calumpang, Purok Lansong... Read More

BSP, BOJ sign restatement of currency swap deal

MANILA -- The Bangko Sentral ng Pilipinas (BSP) said Friday it has signed the Restatement Agreement for the third Bilateral Swap Agreement (BSA) with Japan’s Minister of Finance through the Bank of Japan (BOJ).In a joint statement, both central banks said the deal "enables the Philippines to... Read More

SSS needs to rule on mode to lengthen fund life: Dominguez

MANILA - - Finance Secretary Carlos Dominguez III said officials of the Social Security System (SSS) need to decide as soon as possible what mode the agency would take to ensure longer actuarial life."The payout benefits have increased. Unless they raise revenues then their fund life will just... Read More

PCCI: Retain USD2.5 M as minimum paid-up of foreign retailers

MANILA -- The Philippine Chamber of Commerce and Industry (PCCI) wants to maintain the USD2.5-million threshold as minimum paid-up capital for foreign investors in retail trade activities in the Philippine mart.During the media briefing for the 43rd Philippine Business Conference and Expo (PBCE)... Read More

Visayas region economy seen to outpace GDP

MANILA -- The Visayas region economy is projected to outpace Philippine economic growth over the next five years, as the government is working to disperse development to the regions to reduce inequality and foster inclusive growth.During the general membership meeting of the American Chamber of... Read More

Choco CEO inspires farmers to grow cacao

ILOILO CITY -- Growing cacao is a serious business, according to the chief executive officer of the Valhrona Chocolates, who joined farmers and other stakeholders for a two-day conference in this city which ended Friday afternoon.In an interview at the “Cacao link: Technology and Business... Read More

BPO group targets increasing hiring rate to 15%

MANILA --The Contact Center Association of the Philippines (CCAP) aims to further improve the hiring rate in the business process outsourcing (BPO) industry in the country to reach 10 to 15 percent in the coming years.

CCAP Chairman Benedict Hernandez said in a briefing Thursday that this... Read More

Analysts eye hikes in BSP rates in Q4

MANILA, -- Rate of price increases in the Philippines posted a five-month high of 3.4 percent last September, firming up analysts’ projections for a central bank rate hike starting in the last quarter of 2017.In a research note, ING Bank Manila senior economist Joey Cuyegkeng said the uptick... Read More

Boost Mindanao economy to make PH growth more inclusive: WB

MANILA -- The World Bank (WB) is urging the Philippines to adopt a strategy on Mindanao to support sustainable peace and development and job creation, which are deemed crucial in pursuing sustained overall economic growth in the long term.“Mindanao is an important part of the Philippine... Read More

Peso stays flat vs USD; PSEi slids after posting new highs

MANILA – The Philippine peso finished Thursday almost unchanged against the USD, partly due to the negative close of the Philippine Stock Exchange index (PSEi) a day after posting another record-high level.The local unit finished the day at 51.01 from the previous session's 51.00 close, which... Read More