Business
Chinese steel firm scouts 300-ha land for USD3.5-B project
July 17 2018, 7:14 pm Updated on November 29, 2023, 7:46 am
MANILA -- A Chinese steel manufacturer is looking for a 300-hectare parcel of land in the Philippines, preferably in Mindanao, for its USD3.5-billion investment project in the country. Philippine Economic Zone Authority (PEZA) Director General Charito Plaza said the Panhua Group seeks to put up an… Read More
Peso, PSEi improve on positive news overseas
July 17 2018, 7:12 pm Updated on November 29, 2023, 7:46 am
MANILA -- The drop in world crude prices broke the prolonged slide of the Philippine peso against the greenback while local stocks recouped recent loses in Tuesday's trading. The local unit ended the day at 53.39, an improvement from the previous day’s 53.53 close, which a trader said is in line… Read More
PEZA seeks charter amendment
July 17 2018, 7:11 pm Updated on November 29, 2023, 7:46 am
MANILA -- Philippine Economic Zone Authority (PEZA) Director General Charito Plaza said there is a need to amend the PEZA law, so the investment promotions agency (IPA) will be protected from uncertainties brought about by the second package of Tax Reform for Acceleration and Inclusion (TRAIN).… Read More
Economist discounts remittance-related boost for peso
July 17 2018, 6:22 pm Updated on November 29, 2023, 7:46 am
MANILA -- An economist of ING Bank Manila does not expect the Philippine peso to get enough boost from Overseas Filipino Workers (OFWs) despite "within-target" remittance growth as of May 2018. The peso closed Tuesday at 53.39 to a US dollar, an improvement from the previous day’s 53.53. On… Read More
Vehicle sales down by 13% in H1 2018
July 17 2018, 6:19 pm Updated on November 29, 2023, 7:46 am
MANILA -- The combined vehicle sales of Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) member firms in the January to June period declined by 12.7 percent this year to 171,352 units from 195,772 units in 2017. This, after sales of… Read More
BTr rejects bids for 7-year T-bond
July 17 2018, 6:19 pm Updated on November 29, 2023, 7:46 am
MANILA -- The Bureau of the Treasury’s (BTr) auction committee on Tuesday rejected all bids for the seven-year Treasury bond (T-bond) after investors asked for high yields on expectations of further hikes in interest rates in the near term. BTr offered the debt paper for PHP15 billion but… Read More
DTI rolls out livelihood kits for Marawi folk
July 17 2018, 3:49 pm Updated on November 29, 2023, 7:46 am
MANILA -- The Department of Trade and Industry (DTI) will roll out more livelihood starter kits for residents of war-ravaged Marawi City, following the Department of Budget and Management’s (DBM) approval of PHP872.7 million in funding under the government’s Bangon Marawi program. On Monday,… Read More
AFP, PCG may augment BOC anti-smuggling task force
July 17 2018, 2:51 pm Updated on November 29, 2023, 7:46 am
MANILA -- The Bureau of Customs (BOC) is in talks with the Armed Forces of the Philippines (AFP) and the Philippine Coast Guard (PCG) regarding plans to expand its anti-smuggling task force by teaming up with these agencies to further strengthen the campaign against the illicit trade, the… Read More
Build, Build, Build 'light-years ahead,' economist says
July 16 2018, 9:34 pm Updated on November 29, 2023, 7:46 am
MANILA - - The Philippines’ journey towards becoming a first world country is further gaining ground as the Duterte administration pushes through with its ambitious infrastructure program, a noted economist said. University of Asia and the Pacific (UA&P) co-founder and economist Dr. Bernardo M.… Read More
Oversight body's guidelines for 3rd telco out on Friday
July 16 2018, 9:33 pm Updated on November 29, 2023, 7:46 am
MANILA -- The terms of reference (TOR) governing the entry of that elusive third player in the local telecommunications industry is set to be known on Friday. This, after an inter-agency oversight committee finally concludes its deliberations on which of two proposed TORs will be applied. The… Read More
FMIC execs keep PH ’18 output projection at 7-7.5%
July 16 2018, 9:30 pm Updated on November 29, 2023, 7:46 am
MANILA -- First Metro Investments Corporation (FMIC) officials remain bullish about the Philippine economy despite rising inflation, keeping its 2018 growth projection between 7 to 7.5 percent. This optimism is reportedly due to expectations of strong domestic demand, government infrastructure… Read More
PH T-bill rates up on inflation concerns
July 16 2018, 8:09 pm Updated on November 29, 2023, 7:46 am
MANILA -- Worries about rising inflation and the impact of further interest rate hikes both here and overseas evidently pushed Philippine Treasury bills to go the same direction on Monday. Average rate of the bellwether 91-day bill rose to 3.291 percent from last week’s 3.308 percent. National… Read More
Gasoline prices up, diesel down slightly on Tuesday
July 16 2018, 8:08 pm Updated on November 29, 2023, 7:46 am
MANILA -- Motorists face bitter-sweet adjustments in the prices of petroleum products, as local oil firms get set to once again shake up prices effective 6 a.m. Tuesday (July 17). In separate announcements, oil companies announced a PHP0.30 per liter increase in the price of unleaded gasoline,… Read More
Peso holds ground, local stocks shed anew
July 16 2018, 8:05 pm Updated on November 29, 2023, 7:46 am
MANILA -- The Philippine peso finished almost unchanged against the US dollar Monday but the Philippine Stock Exchange index (PSEi) tracked the slide of its regional peers. The local unit finished the week’s first trading day at 53.53 from last Friday’s 53.51 close. A trader pointed this… Read More
SB Corp. taps fintech for P3 lending
July 16 2018, 8:02 pm Updated on November 29, 2023, 7:46 am
MANILA -- Small Business (SB) Corp., the financing arm of the Department of Trade and Industry (DTI), has tapped financial technology firm CRIF Corp. as its credit development partner (CDP) for government’s Pondo sa Pagbabago at Pag-asenso (P3) microfinance program. In a statement Monday, SB… Read More
PH readies post-Brexit trade talks with UK
July 16 2018, 6:13 pm Updated on November 29, 2023, 7:46 am
MANILA -- The Department of Trade and Industry (DTI) wants a meeting with British International Trade Secretary Liam Fox to provide clarity to the direction of trade between the Philippines and United Kingdom once it formally exits the European Union (EU) next year. Trade and industry Secretary… Read More
PEZA cites contribution to economy despite 56% investments drop
July 16 2018, 4:29 pm Updated on November 29, 2023, 7:46 am
MANILA -- The Philippine Economic Zone Authority (PEZA) revealed that ecozones' contribution to employment and exports remain positive despite a decline in project registrations. As of May this year, direct employment in PEZA-registered firms increased 3.5 percent to 1.39 million jobs from 1.35… Read More
Gov't working on funding mix for Marawi rehab
July 16 2018, 3:03 pm Updated on November 29, 2023, 7:46 am
MANILA -- The Philippine government is currently working on the funding mix for PHP52 billion of the five-year PHP62-billion budget for the rehabilitation and reconstruction of the devastated city of Marawi, the Department of Finance (DOF) said in a statement on Monday. Finance Secretary Carlos… Read More
Personal remittances up 4.4% in January-May: BSP
July 16 2018, 3:02 pm Updated on November 29, 2023, 7:46 am
MANILA -- Personal remittances from Overseas Filipinos (OFs) reached USD2.7 billion in May 2018, 6.1 percent higher than the level posted a year ago. On a cumulative basis, personal remittances for the first five months of the year grew by 4.4 percent year-on-year to reach USD13.2 billion, BSP… Read More
Business intelligence firm sees medium-term economic boost in PH
July 13 2018, 8:27 pm Updated on November 29, 2023, 7:46 am
MANILA -- Oxford Business Group (OBG), a global research and consultancy firm, backed forecasts of heightened economic activity in the Philippines in the medium-term as government's ambitious infrastructure program goes into high gear. The Build, Build, Build Program of the Duterte administration… Read More
