Business

Big time gasoline price rollback Monday

Big time gasoline price rollback Monday

October 20, 2018, 9:54 pm

MANILA — Pump prices are set to go down for the second week in a row, but this time private motorists will be the big winners owing to a big drop in the price of unleaded gasoline effective 6 a.m., Monday (Oct. 22). At least one oil firm disclosed as early as Saturday afternoon that gasoline… Read More

BPI ATMs glitch solved early Saturday: BSP exec

BPI ATMs glitch solved early Saturday: BSP exec

October 20, 2018, 8:35 pm

MANILA - - A ranking official of the Bangko Sentral ng Pilipinas (BSP) said the problem about the automated teller machines (ATMs) of the Ayala-led Bank of the Philippine Island (BPI) has been resolved early Saturday. On Friday night, some BPI clients took to social media to complain about not… Read More

VAT collections to soften brunt of oil excise tax hike suspension

VAT collections to soften brunt of oil excise tax hike suspension

October 19, 2018, 8:45 pm

MANILA — Value added tax (VAT) collections from petroleum products are expected to partially compensate for lost government revenues arising from a suspension of the oil excise tax hike scheduled for 2019. Finance Undersecretary Gil Beltran told reporters Friday that although the government is… Read More

Inflation to decline below 4% level next year: BPI economist

Inflation to decline below 4% level next year: BPI economist

October 19, 2018, 8:07 pm

MANILA — The country’s inflation is expected to fall below the 4-percent level by the second half of 2019 due to the expected normalization of oil prices after peaking this quarter, a leading bank's economist said. Emilio Neri Jr., Vice President and lead economist at the Bank of the… Read More

Local markets end week with gains amid mix out-turn in Asia

Local markets end week with gains amid mix out-turn in Asia

October 19, 2018, 8:05 pm

MANILA -- Both the Philippine Peso and the main equities gauge ended the week higher even while its regional counterparts went in different directions. The local currency ended Friday’s session at 53.7 from the previous session’s 53.965 close, which a trader attributed to the drop in global… Read More

Banks ordered to report tech glitches w/in 2 hrs

Banks ordered to report tech glitches w/in 2 hrs

October 19, 2018, 8:02 pm

MANILA -- The Bangko Sentral ng Pilipinas (BSP) will now be requiring all banks to submit an initial report on any cybersecurity issues in their system within two hours of its discovery. At the sidelines of the Euromoney Investment Forum in Makati City Friday, Bangko Sentral ng Pilipinas (BSP)… Read More

Hear Japanese firms’ concerns on TRABAHO bill, envoy asks

Hear Japanese firms’ concerns on TRABAHO bill, envoy asks

October 19, 2018, 8:00 pm

MANILA -- Japanese Ambassador Koji Haneda has urged the Philippine government to listen to the concerns of Japanese companies doing business locally, about the looming removal of certain fiscal incentives that will come as a result of a key tax reform measure. In his speech at the 44th Philippine… Read More

PH, Japan set to ink exchange of notes on railway projects

PH, Japan set to ink exchange of notes on railway projects

October 19, 2018, 7:59 pm

MANILA -- The Philippine and Japanese governments will sign an exchange of notes very soon, which will cover deals on railway projects in the country, Japan’s top diplomat here revealed. During the 44th Philippine Business Conference and Expo on Friday, Japanese Ambassador to the Philippines… Read More

Assets of Batangas coops reach P6.5-B , P2.2-B members’ equity

Assets of Batangas coops reach P6.5-B , P2.2-B members’ equity

October 19, 2018, 5:17 pm

BATANGAS CITY – The total assets of 319 cooperatives across Batangas province reached PHP 6.5 billion this year, the Provincial Cooperative, Livelihood and Enterprise Development Office (PCLEDO) reported Friday. Jenelyn A. Aguilera, chief of the Batangas Public Information Office (PIO) told the… Read More

Diokno positive on oil excise tax hike suspension

Diokno positive on oil excise tax hike suspension

October 19, 2018, 4:47 pm

MANILA -- Budget Secretary Benjamin Diokno is optimistic that the proposed suspension of the fuel excise tax hike for 2019 will push through but said reviews will be done, including an outlook on international petroleum prices for 2020. In an interview on the sidelines of the Euromoney investment… Read More

4 energy reform measures to cut power bill by 15%

4 energy reform measures to cut power bill by 15%

October 19, 2018, 4:18 pm

MANILA -- Four pieces of legislation being pushed at the Senate would lower power costs by up to 15 percent, Senator Sherwin Gatchalian said Thursday. These bills shall be passed simultaneously to ensure that their combined impact is felt by consumers, Gatchalian, who chairs the Senate committee… Read More

 Only 20% of PH’s small banks ready for digitalization: report

Only 20% of PH’s small banks ready for digitalization: report

October 19, 2018, 2:13 pm

MANILA -- Officials of thrift and rural banks, as well as microfinance institutions and cooperatives, recognize the importance of digitalization in their operations but only about 20 percent of them are ready for it. According to an Inclusive Digital Finance (IDF) report titled, “Are Philippine… Read More

SRP for rice takes effect next week

SRP for rice takes effect next week

October 18, 2018, 10:09 pm

MANILA — The government will enforce starting Oct. 23 the suggested retail prices (SRP) for both imported and locally grown rice at PHP37 to PHP47 per kilo in a bid to arrest profiteering by some traders. Department of Agriculture (DA) Secretary Emmanuel Piñol said that in consultation with… Read More

BOI investment pledges up 19% in Jan.-Sept.

BOI investment pledges up 19% in Jan.-Sept.

October 18, 2018, 9:23 pm

MANILA — Investments registered with the Board of Investments (BOI) in the first nine months of the year have increased by 19 percent to PHP454.8 billion from only PHP381.2 billion worth of investment approvals during the same period in 2017. BOI reported Thursday that the bulk of these… Read More

BSP exec cites importance of effective risk management on fintech

BSP exec cites importance of effective risk management on fintech

October 18, 2018, 9:03 pm

MANILA — Tapping technological innovations can really improve financial services but a ranking Bangko Sentral ng Pilipinas (BSP) official said effective risk management should be in place to ensure a level playing field and consumer protection. In her speech during the launch of the Digital… Read More

Recommendation to suspend oil tax hike remains: Lambino

Recommendation to suspend oil tax hike remains: Lambino

October 18, 2018, 8:36 pm

MANILA — A ranking official of the Department of Finance (DOF) said the recommendation of economic managers to suspend the second installment of the oil excise tax increase in 2019 remains despite oil futures predicting a decline in global oil prices next year. The price of oil in the… Read More

Pernia says scheduled hike in fuel tax should push through

Pernia says scheduled hike in fuel tax should push through

October 18, 2018, 7:45 pm

MANILA -- Socioeconomic Secretary Ernesto Pernia favors that the petroleum tax hike scheduled for next year push through, after the latest report on oil futures forecast a softening of oil world crude prices in 2019. “Maybe, it’s better if we don’t suspend it. We really have to study it… Read More

PCCI proposes to PRRD possible solutions to economic woes

PCCI proposes to PRRD possible solutions to economic woes

October 18, 2018, 7:25 pm

MANILA -- The country’s largest business organization, the Philippine Chamber of Commerce and Industry (PCCI), presented to President Rodrigo Duterte on Thursday its list of resolutions formed in the weeks leading up to the 44th Philippine Business Conference (PBC), now taking place at the… Read More

Local stocks still win, peso slightly loses in Thursday trading

Local stocks still win, peso slightly loses in Thursday trading

October 18, 2018, 7:06 pm

MANILA -- Indications of a further rise in the US Federal Reserve's rates boosted risk-on sentiments in the Philippine equities market Thursday but the peso suffered after the greenback strengthened. The Philippine Stock Exchange index (PSEi) rose for the third straight day after it gained 0.59… Read More

Xi visit to PH to boost economic ties: Chinese counselor

Xi visit to PH to boost economic ties: Chinese counselor

October 18, 2018, 4:46 pm

MANILA -- The visit of Chinese President Xi Jinping to the Philippines next month will pave the way for stronger economic ties between the two countries, an official from the Embassy of the People’s Republic of China here said Thursday. During the 44th Philippine Business Conference and Expo… Read More