Business

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

Ayala-owned IMI’s profit up 16%

MANILA -- Ayala-led Integrated Micro-Electronics Inc. (IMI) booked USD24.1 million net income in the first nine months this year, up 16 percent from USD 20.8 million during the same period last year.The income hike was bolstered by the positive effects of recent acquisitions and a rising demand in... Read More

16 world leaders to attend ASEAN business summit

MANILA -- Sixteen world leaders are expected to attend the ASEAN Business and Investment Summit (ABIS) 2017 of the ASEAN Business Advisory Council (BAC) slated in Manila from November 12 to 14.The ASEAN BAC has invited the 10 leaders of ASEAN member states and the region’s six dialogue... Read More

Peso gains vs. US dollar; PSEi ends 4-day rally

MANILA - - The Philippine peso finished the week 21 centavos higher against the US dollar while the Philippine Stock Exchange index ended its four-day rally.The local currency ended the week at 51.21 from Thursday’s 51.42, which a trader partly traced to investors appreciation for the... Read More

Trump nominates Jerome Powell as Federal Reserve chief

WASHINGTON -- President Donald Trump has tapped Jerome "Jay" Powell to lead the US central bank, bypassing Janet Yellen for a second term despite praising her excellent management of the world's largest economy over the past four years.If confirmed, Powell will succeed Yellen, the first woman to... Read More

NoCot resumes rubber seedling dispersal

COTABATO CITY -- The North Cotabato agriculture office resumed on Thursday its dispersal of quality budded rubber seedlings to boost production in the province’s 17 towns.Agustino Arances, provincial rubber coordinator, said his office is distributing 175,160 rubber seedlings to various... Read More

SoCot launches livelihood program for organic farmers

GENERAL SANTOS CITY -- The provincial government of South Cotabato has launched a livelihood program to assist farmers who opt to venture into organic agriculture.Shiela Lastimoso, organic agriculture program staff of the Office of the Provincial Agriculturist (OPAG), said Friday the initiative is... Read More

October inflation forecast at 3.5%

MANILA -- Inflation rate for October 2017 is seen to further increase to 3.5 percent from the five-month high 3.4 percent rate in September.IHS Markit Asia Pacific Chief Economist Rajiv Biswas said the weakening of the Philippine peso against a US dollar and the rising fuel prices in the world... Read More

Jollibee closes hotpot business in China

MANILA -- Homegrown fast-food giant Jollibee Foods Corp. (JFC) has discontinued operations of its 12 Hotpot brand in China to focus efforts on larger businesses.JFC told the local bourse its 48-percent owned subsidiary, 12 Hotpot Food and Beverage Management Co. Ltd. (Operating Company), would be... Read More

DOE crafting energy efficiency, conservation plans for 2018-2040

MANILA – The Department of Energy (DOE) Energy Utilization and Management Bureau (EUMB), along with stakeholders, announced the groundwork for its energy efficiency and conservation plans for ‎2018-2040 after conducting a Strategic Planning Workshop (SPW) in Tagaytay City last... Read More

Gov’t eyes single-window business registration system

MANILA -- The government is eyeing a “single-window approach” in its bid to streamline the business registration, as it institutes reforms to further enhance the ease of doing business in the country.“We are not satisfied with a single-stop-shop approach. We want to have a... Read More

Automation to leapfrog PH rank in Doing Business Report

MANILA -- Department of Trade and Industry (DTI) Secretary Ramon Lopez said the government would shift its goal from aiming for marginal increase in rankings to leapfrogging its spot in the Doing Business report of the World Bank, targeting to place in the top 20 percent of the rankings.In a press... Read More

PSEi, peso up after two-day trading break

MANILA - - Both the Philippine Stock Exchange index (PSEi) and the peso finished Thursday better after a two-day trading suspension in line with the All Saints’ Day holiday.PSEi rose for the fourth consecutive day and finished the day’s trade at 8,516.02 points, up by 1.80 percent or... Read More

Megaworld expands residential portfolio in Makati

MANILA -- Property giant Megaworld Corp. is further expanding its presence in the Makati Central Business District (CBD), as it turns over 1,000 residential units in the area with a total sales value of PHP9 billion. “We continue to look for more opportunities to build more residential... Read More