Business

BDO upsizes LTNCD issuance to P11.8B on strong demand

MANILA, Aug. 11 - - Due to strong demand , Sy-led Banco de Oro Unibank Inc. (BDO) opted to upsize the issuance of Long-Term Negotiable Certificates of Deposits (LTNCDs) from original amount of PHP5 billion to PHP11.8 billion.This is, so far, the biggest LTNCD issuance for a local bank.In a... Read More

DOF cites substantial progress in ASEAN financial integration

MANILA, Aug. 11 -- Finance Secretary Carlos Dominguez III has cited the substantial inroads made by the Association of Southeast Asian Nations (ASEAN) on a wide range of initiatives aimed atestablishing a seamless financial system across the region.Dominguez also said this regional bloc's setting up... Read More

Peso touches 51-level vs USD Friday morning

MANILA, Aug. 11 - - Risk aversion has weakened the Philippine peso to 51-level to a greenback Friday morning.The local unit touched the 51.08 mid-trade, it’s weakest in the day’s first half trading.It opened the day at 50.90, a big drop from the previous day’s 50.65... Read More

NEDA: PH should invest more in education, health

MANILA, Aug. 10 -- The Philippines needs to invest more in quality education and health services in order to benefit from its demographics deemed an important factor driving the economy.National Economic and Development Authority (NEDA) Director-General Ernesto Pernia said human capital investments... Read More

BSP keeps key rates steady

MANILA, Aug. 10 - - The Bangko Sentral ng Pilipinas’ (BSP) policy-making Monetary Board (MB) revised upwards the central bank’s average inflation forecasts for 2017-19 but said inflation remains manageable, thus, it kept key rates steady.The BSP’s overnight borrowing or reverse... Read More

Megaworld profit grows 11 % to PHP6.69B in H1 '17

MANILA, Aug. 10 -- Profit of Megaworld Corp. rose to PHP6.69 billion in the first six months , up 11 percent from PHP6.03-billion in the same period in 2016.Megaworld disclosed to the Philippine Stock Exchange Thursday that its rental income grew 20 percent to PHP5.83 billion in first half this year... Read More

Bloomberry sets record high profit at H1 2017

MANILA, Aug. 10 -- Bloomberry Resorts Corp. posted PHP4.11 billion net profit in first semester, its highest this year.In a disclosure with the Philippine Stock Exchange Thursday, Bloomberry said its net profit in the first half of the year surged 24 times from PHP 174 million during the same period... Read More

Manufacturing sector seen to sustain growth

MANILA, Aug. 10 -- The manufacturing sector is expected to sustain growth in the second quarter after it grew by an average of 10 percent in the first half due to sustained domestic and improved external demand, according to the National Economic and Development Authority (NEDA).“Looking... Read More

NEA to probe Paleco, other ECs for reliability compliance

MANILA, Aug. 10 -- National Electrification Administration (NEA) administrator, Edgardo Masongsong, has directed the office’s technical services and engineering department to look into the reliability performance of all the 121 electric cooperatives (ECs) under its charge, including the... Read More

Peso, PSEi slide further on US-NoKor issues  

MANILA, Aug. 10 - - Recent carping remarks between officials of the US and North Korea continue to make investors risk-aversed resulting to another weakness for both the Philippine peso and the stocks market Thursday.The local currency finished the day at 50.79, PHP0.22 weaker than its 50.57 close... Read More

DTI chief: Build, Build, Build program crucial to lure investments

MANILA, Aug 10 -- The Duterte administration’s Build, Build, Build program plays a crucial role in attracting investments into the country, a Cabinet secretary said during the fifth Dutertenomics Thursday.Department of Trade and Industry (DTI) Secretary Ramon Lopez said the Build, Build, Build... Read More

PH auto sales grow 23% y-o-y in July 2017

MANILA, Aug. 10 --Sales of automotive vehicles in July 2017 reached 37,951 units, up 23.3 percent from 29,967 units in July last year, data released by Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) showed Thursday.Sales of both... Read More

DOF eyes P30-B bond float for Marawi rehabilitation

MANILA, Aug. 10 -- Finance Secretary Carlos Dominguez III has directed the Bureau of Treasury (BTr) to study the possible issuance of PHP30 billion-worth of debt securities to fund the planned massive rehabilitation and reconstruction effort for Marawi City.Dominguez said the “Marawi”... Read More

New markets to help PH trade recovery - NEDA

MANILA, Aug. 10 -- The National Economic and Development Authority urges tapping of new markets for Philippine trade to bounce back from its slight decline in June 2017.NEDA-attached agency Philippine Statistics Authority reported that total trade contracted by 1.2 percent in June 2017, after... Read More

Dismantling of Sucat Thermal Power Plant on

MANILA, Aug. 10 -- Talks are underway for potential projects that may rise in the Sucat Thermal Power Plant (STPP) site in Muntinlupa City after the impending removal of the plant structures, the Power Sector Assets and Liabilities Management (PSALM) Corp. said Wednesday.“Dismantling the Sucat... Read More

Pres. Duterte to gov't agencies: Cut red tape

MANILA, Aug. 9 -- President Rodrigo Duterte has reminded government agencies dealing with businesses to cut red tape and urged businessmen to report those who are engaged in corruption.“Corruption is really one I don’t like,” Pres. Duterte said during his keynote address to... Read More

Dominguez hopeful Marawi conflict to end soon

MANILA, Aug. 9 -- Finance Secretary Carlos Dominguez III has expressed optimism that the ongoing conflict in Marawi City in southern Philippines will end soon.In a briefing at the sidelines of the Philippine Development Forum: Sulong Pilipinas 2017, Dominguez said the conflict has affected tourism... Read More

TDF auction results still mixed

MANILA, Aug. 9 - - Bids for the shorter-dated term deposit facility (TDF) of the Bangko Sentral ng Pilipinas (BSP) continue to rise after recent undersubscription, but tenders for the longer-dated facility remain below the offer volume.Data released by the central bank Wednesday showed that... Read More

Peso, PSEi end Wednesday weaker

MANILA, Aug. 9 - - Recent rhetoric between the US and North Korea made investors risk-aversed anew Wednesday, weakening of the Philippine peso and the local equities market Wednesday.The local currency shed PHP 0.13 and closed the day at 50.57 from the previous session’s 50.44.A trader said... Read More

Globe to disburse Q3 cash dividend

MANILA, Aug.9 -- The board of Globe Telecom has approved the third quarterly distribution of cash dividend of PHP 22.75 for holders of its common shares.The dividend payout comes as Globe has posted record highs in its revenues for the first half of this year.“The third quarter cash dividend... Read More