Business

MPIC to invest P20-B for MRT rehab

MANILA -- Metro Pacific Investments Corporation (MPIC) has increased its investment on its planned takeover and rehabilitation of the Metro Rail Transit Line 3 (MRT-3) to PHP20 billion from the initial amount of PHP12 billion.The amount for the MRT-3’s rehabilitation, operations and... Read More

Pernia urges Senate to make TRAIN closer to House version

MANILA -- Socioeconomic Planning Secretary Ernesto Pernia has urged the Senate to make its version of Tax Reform for Acceleration and Inclusion (TRAIN) bill “closer” to the version of the House of Representatives.On the sidelines of the opening of the 28th National Statistics Month,... Read More

PSEi up Monday, peso retreats

MANILA -- The Philippine Stock Exchange index (PSEi) ended the week’s first trading day with gains unlike the peso, which was hurt by the general strengthening of the greenback.PSEi rose by 1.04 percent, or 84.85 points, to 8,256.28 points Monday after recovering last Friday .The broader All... Read More

Visa launches interactive financial literacy-themed play

MANILA - - International digital payments provider Visa launched on Monday its financial literacy program Lukot-lukot, Bilog-bilog (Crumpled, rounded), a theatrical play targeted to teach students the importance of informed financial decisions.Dan Wolbert, Visa Philippines Head of Sales, in a... Read More

Bank economist predicts 'over heating' of PH economy

MANILA- - An economist of ING Bank Manila is eyeing a hike in the Bangko Sentral ng Pilipinas’ (BSP) key rates in the last quarter of 2017 on account of possible over heating of the economy, citing rising inflation and rise in trade deficit among others.In a research note, ING Bank senior... Read More

PLDT to provide Wi-Fi to more than 2,300 buses

MANILA -- More than 2,300 public transport buses will be provided with Wi-Fi Internet connection by the end of the year to comply with the public utility vehicle (PUV) modernization program of the government.This comes as telecom firm PLDT has partnered with the Provincial Bus Operators Association... Read More

PMI still subdued in September: IHS Markit

MANILA -- The Philippines’ manufacturing Purchasing Managers’ Index (PMI) for the month of September has slightly improved from August figure, but growth remains subdued.IHS Markit’s Nikkei Philippine Manufacturing PMI report released Monday showed that production PMI in September... Read More

EU trade commission to review GSP+ in PH

MANILA -- The trade commission of the European Union (EU) will review during the last quarter of the year Generalized Scheme of Preferences Plus (GSP+) granted to the Philippines.Department of Trade and Industry (DTI) Secretary Ramon Lopez told reporters that the review will focus on the benefits of... Read More

Taiwan eyes 30% hike in bilateral trade with PH

MANILA -- Taiwan is optimistic its bilateral trade with the Philippines will increase by 30 percent in the next two years, as the two countries intensify export promotion activities.“After the Taiwan Expo and we also have many trade facilitation events to be held mostly in Taipei and in... Read More

US-SEA submarine cable system to boost economic growth in Mindanao

MANILA --The submarine cable system connecting the Philippines to the United States through Davao City is expected to strengthen Internet connection in the country.The USD250-million facility which was deployed by Globe Telecom will help further boost the growth of business in the Mindanao... Read More

Look into inclusive biz model, Robredo to franchisers

MANILA -- Vice President Maria Leonor Robredo has called on franchisers to use an inclusive business model to help eradicate poverty in the country.In her keynote speech during the opening of the 16th Franchise and Business Expo of the Association of Filipino Franchisers Inc. (AFFI) Friday, Robredo... Read More

Peso, PSEi finish week with gains

MANILA --Volatility in the financial market continues to affect the Philippines’ financial markets but on a positive note with equities market recovering amid foreign selling and the peso improving against the greenback.The Philippine Stock Exchange index (PSEi) recovered anew and rose 0.19... Read More

BSP eyes Sept. '17 inflation between 2.8-3.6%

MANILA -- Higher prices of domestic oil products and rice are seen as factors to the possible uptick of Philippines' rate of price increases in September 2017 to between 2.8-3.6 percent.In a statement Friday, the Bangko Sentral ng Pilipinas' (BSP) Department of Economic Research (DER) said the... Read More

PH to remain active in global capital markets, Dominguez says

MANILA --The Philippines will remain active in the global capital markets and is eyeing not just a Panda bond issuance but also a Samurai bond issuance.Finance Secretary Carlos Dominguez III said the country's finance officials are working with the Bank of China for the internal and external... Read More

DA to develop more agri-entreps in CenMin

GENERAL SANTOS CITY -- The Department of Agriculture (DA) is pushing for the development of more agri-entrepreneurs in parts of Central Mindanao or Soccsksargen region through the newly-launched innovative agribusiness support program.Carolyn Castro, acting national director of DA’s... Read More

AMLC denies being source of info on Duterte's alleged bank accounts

MANILA --The Anti-Money Laundering Council (AMLC) on Thursday night "categorically" denied that it is the source of information of the alleged bank accounts of President Rodrigo R. Duterte that Senator Antonio F. Trillanes IV cited in his plunder complaint filed with the Office of the Ombudsman."It... Read More

Qatar to raise fuel prices by Oct.

DOHA -- State-owned Qatar Petroleum has decided to raise fuel prices in October, the Qatar News Agency (QNA) reported Thursday.Starting from Oct. 1, petrol prices will increase from 1.6 riyals (USD0.43 ) a liter to 1.7 riyals, while diesel will cost 1.55 riyals a liter, up from 1.5 riyals in... Read More

Peso back at 50-level vs. USD, PSEi slides

MANILA -- Hawkish tone by Federal Reserve chair Janet Yellen still resonates to the market so is the cautious tone on rate hikes, thus, the peso took a slight breather and was able to get back to the 50-level Thursday but not the main stocks gauge.The local unit finished the day at 50.98 from 51.02... Read More

Fitch Ratings notes gains on new reporting rules for real estate loans

MANILA -- Fitch Ratings on Thursday cited the Bangko Sentral ng Pilipinas' (BSP) new requirements for enhanced reporting from banks on property lending and project finance, saying this will help detect risks from sustained strong loans growth.Last week, the central bank said its policy-making... Read More

DTI to bring Tacloban, east Visayas products to Manila

MANILA -- The Department of Trade and Industry (DTI) in Region 8 will bring products of Eastern Visayas, including products of typhoon Yolanda-hit Tacloban to Metro Manila next week.These products will be featured during the Bahandi Eastern Visayas Trade Fair from Oct. 4 to 8 at the Megatrade Hall... Read More