Business

Peso slightly down vs. USD ; PSEi ends flat

MANILA - - The Philippine peso stayed firm Tuesday but the Philippine Stock Exchange index (PSEi) ended flat as investors continue to weigh the impact of recent developments overseas as well as some domestic factors.The local unit finished the day at 51.33, compared to 51.28 Monday.A trader... Read More

Japan reassures commitment to boost Myanmar’s infra dev’t

The Japanese government has reassured its commitment to help develop the infrastructure of Myanmar to attract foreign direct investments in the country."We will continue to contribute to Myanmar's infrastructure development with Japan's wealth ofexperiences, technologies, and know-how of quality... Read More

BSP to introduce 'Branch Lite' concept

MANILA -- The Bangko Sentral ng Pilipinas (BSP) is giving banks more leeway to cater to more people, especially in unbanked cities and municipalities, through the introduction of what will be known as Branch Lite units.In her speech during the Chamber of Thrift Banks (CTB) general membership meeting... Read More

IMF keeps strong growth outlook for PH economy

MANILA -- International Monetary Fund (IMF) remains optimistic on the sustained strong expansion of the Philippine economy but cited the possible impact of external developments as a downside risk to domestic growth.In a statement after the recent IMF Team Article IV Consultation, the multilateral... Read More

BOI okays P30-M coco project in Davao del Sur

MANILA -- The Board of Investments (BOI) has approved the PHP30-million project of All Bright Resources International Inc. to produce and export coco coir and coco peat.In a statement Tuesday, BOI said the project is qualified under the 2017 Investment Priorities Plan (IPP) for the production and... Read More

Century Pacific posts flat 9-month profit

MANILA -- Canned food firm Century Pacific Food, Inc. (CNPF) on Monday said profit grew slightly in the first nine months of 2017 on the back mainly of sustained double-digit growth in its branded consumer food business.Consolidated net income rose by 2 percent to PHP2.2 billion for January to... Read More

PSEi recovers; peso slightly weakens on positive US jobs report

MANILA - - The Philippine Stock Exchange index (PSEi) finished the week’s first trading day up but the peso finished a little weaker against the greenback on back of the positive US jobs report last October.PSEi recovered from another slip last Friday and ended Monday at 8,523.07 points, up... Read More

PH proposes 6 more priority infra projects for China funding

MANILA -- The Philippine government has identified at least six infrastructure projects, bulk of which is located in Mindanao, under the second basket of projects it would propose for possible funding by China.“There is a long list (of projects) but we have prioritized six, possibly four from... Read More

SM Prime’s 9-month profit surges 15%

MANILA -- Profit of Sy family-led property giant SM Prime Holdings Inc. grew by 15 percent in the first nine months of 2017 on strong mall revenues.SM Prime told the local bourse its net income reached PHP20.05 billion in January to September from PHP17.45 billion last year.SM Prime’s... Read More

Security Bank net income up 12% year-on-year in September

MANILA -- Robust loan growth boosted Security Bank Corporation’s (Security Bank) net income in end-September 2017 to PHP7.4 billion, up 12 percent year-on-year.“This result was driven by a 24 percent or PHP2.8 billion increase in net interest income to PHP14.3 billion,” the bank... Read More

ASEAN leaders urged to fast track ease of doing business

MANILA -- The ASEAN Business Advisory Council (BAC), the voice of businesses in the 10 ASEAN member states, have urged ASEAN leaders to fast-track enforcement of initiatives to further ease doing business in the region.ASEAN BAC Chairman Jose Maria Concepcion said the ease of doing business is... Read More

4 Cavite Savemore stores get ‘Bagwis-Gold Seal’ award

IMUS CITY, Cavite -- The Department of Trade and Industry (DTI) Calabarzon Regional Office has awarded its “Bagwis-Gold Seal” to four Savemore stores in Cavite for their unwavering support to the trade and industry department’s consumer protection program.DTI Calabarzon Regional... Read More

Metrobank consolidated net income up 5%

MANILA - - Growth of loans and low-cost deposits boosted Metropolitan Bank & Trust Company’s (Metrobank) unaudited consolidated net income in end-September 2017 by five percent year-on-year to PHP13.2 billion.“Fee income drivers continued to improve and operating expenses were again... Read More

Metro Pacific acquiring stakes in Indonesian firm for USD132M

MANILA -- Metro Pacific Tollways Corp. (MPTC), the country’s leading tollways developer and operator, is acquiring 6.6 billion shares in Indonesian infrastructure firm, PT Nusantara Infrastructure Tbk (PT Nusantara), for USD 132 million.MPTC, a subsidiary of listed infrastructure conglomerate... Read More

Price increase not worrisome, Dominguez says

MANILA - - Philippines’ rate of price increase continues but Finance Secretary Carlos Dominguez III said this is not worrisome since rates are just normalizing.As of last September, inflation averaged at 3.1 percent, within the government’s two to four percent target for 2017-19.Last... Read More

ASEAN to further enhance trade, investment cooperation

MANILA -- The Philippines foresees greater opportunities to expand trade and investment within Association of Southeast Asian Nations (ASEAN) members, as it hosts the region’s biggest business and state leaders event next week.George Barcelon, ASEAN Business Advisory Council (BAC) member, said... Read More

More countries expected to provide aid for Marawi rehab

MANILA -- More countries are expected to provide assistance to the Philippines in rebuilding war-torn Marawi City when state and business leaders meet here for the ASEAN Business and Investment Summit (ABIS) slated on November 12-14.George Barcelon, Association of Southeast Asian Nations (ASEAN)... Read More

Davao-Zambo route to boost trade, commerce

DAVAO CITY – The city government expects the resumption by flag-carrier Philippine Airlines of the Davao-Zamboanga route to bolster trade and commerce between two cities, according to Davao City Councilor Marissa Abella.Abella said the launch of the new route will pave the way for trade and... Read More

BSP introduces preferential rate for MSME loans

MANILA - - The Monetary Board (MB), the policy-making body of the Bangko Sentral ng Pilipinas’ (BSP), has approved a lower risk weighting of 20 percent on loans extended by banks to micro, small and medium enterprises (MSMEs) if these are guaranteed by a qualified Credit Surety Fund (CSF)... Read More

Overseas Filipino Bank to start operations on Jan. 2 '18

MANILA - - The proposed bank targeted for Overseas Filipino Workers (OFWs) will commence operations on Jan. 2, 2018.Land Bank of the Philippines (Landbank) president and CEO Alex Buenaventura, in an interview by PNA Friday, said they re-submitted to the Bangko Sentral ng Pilipinas (BSP) on Thursday... Read More