Business

Mechanisms in place vs erring execs; investments still intact: SSS

MANILA -- The Social Security System (SSS) on Wednesday assured its members that the pension fund has institutionalized mechanisms to address administrative complaints against its employees and officials.“Such mechanisms ensure all parties are given due process,” the pension fund for... Read More

SMC ready to roll out expansion of SLEX, Skyway, NAIAeX

MANILA -- Listed conglomerate San Miguel Corp. (SMC) is gearing up for a massive expansion that will increase capacity of its southern Metro Manila toll roads, in its bid to help the government ease traffic congestion in the metropolis. SMC’s infrastructure arm, San Miguel Holdings Corp., aims... Read More

PH slips to 113th place in Doing Business Report 2018

MANILA -- The Philippines has landed at 113th place out of 190 economies in the Doing Business Report 2018 of the World Bank.In this year’s Doing Business Report, the country’s distance to frontier (DTF) or its gap from the best performing economy increased by 0.42 percentage points to... Read More

Dominguez cites value of using gov't funds for infra projects

MANILA - The public-private partnership (PPP) mode of building infrastructure is to the detriment of the public because of the delay in project implementation instead of using available government funds to immediately put up the projects.This was stressed by Finance Secretary Carlos Dominguez III as... Read More

PH to present add'l projects for Korean funding

MANILA - - The Philippine government will propose additional projects for funding by Korean development assistance.“We are scheduled to have a meeting with them to strengthen the pipeline, making sure that it is actually aligned with the priorities of the government,” Finance... Read More

BDO urges account holders to get EMV-chip cards

MANILA - - Sy-led Banco de Oro Unibank Inc. (BDO) is urging its account holders to apply for their EMV-chip powered debit cards to further protect them against criminals who target electronic banking activities.In a statement, BDO Executive Vice President and Transaction Banking head Edwin G. Reyes... Read More

Prices of candles remain stable: DTI

MANILA -- The Department of Trade and Industry-Consumer Protection Group (DTI-CPG) has assured consumers that prices of candles remain stable despite increasing demand in observance of All Saints' Day and All Souls' Day.DTI-CPG Undersecretary Teodoro Pascua said Tuesday prices and supplies of... Read More

PH, Japan sign fresh $6B biz deals

MANILA-- The Philippines and Japan signed fresh business deals worth USD6 billion following the visit of President Rodrigo Duterte to Tokyo from Oct. 29 to 31, Trade Secretary Ramon Lopez shared to Manila-based reporters in a text message.In a text message to reporters, Lopez, who accompanied Pres.... Read More

PLDT invests in 'Jupiter' across Pacific

MANILA -- Telecommunications giant PLDT is investing nearly PHP7 billion in its new Trans-Pacific cable system which will reinforce the resiliency of its undersea fiber optic cables to the United States and Japan amid rising demand for digital services.The fiber optic submarine cable system called... Read More

Sin tax take reaches P17.7B in September

MANILA -- The Bureau of Internal Revenue (BIR) posted PHP17.7 billion sin tax collection in September 2017, up 12 percent from PHP16.67 billion a year ago.Department of Finance Undersecretary Antonette Tionko told reporters the bulk of the revenues, amounting to PHP11.1 billion, was contributed by... Read More

Batangas geothermal plant to start operation by December

MANILA -- Listed PetroEnergy Resources Corp. (PERC) said on Monday the expansion project at the Maibarara geothermal power plant in Santo Tomas, Batangas is currently being finished to meet target commercial operation this December.Maibarara Geothermal Inc. (MGI) plant manager Paul Morala said the... Read More

Phoenix Petroleum to buy FamilyMart

MANILA -- Phoenix Petroleum Philippines, Inc. (PNX) is foraying into the convenience retail market with the full acquisition of the franchisee of the FamilyMart brand of convenience stores.PNX told the Philippine Stock Exchange (PSE) it signed Monday a memorandum of understanding (MOU) to acquire... Read More

Gas, diesel prices up Tuesday

MANILA -- Oil companies will increase pump prices of gasoline by 25 centavos per liter; diesel by 25 centavos per liter; and 45 centavos for kerosene per liter, effective Tuesday.Pilipinas Shell Petroleum Corp., Eastern Petroleum, Sea Oil, PTT Philippines, and Phoenix Petroleum will implement the... Read More

Espenilla backs liberalization of PH telco industry

MANILA - - Bangko Sentral ng Pilipinas (BSP) Governor Nestor Espenilla Jr. is open to any initiative that will liberalize the domestic telecommunication sector to further improve delivery of financial services in the country.He sees “a lot of value” in opening up the telco industry to... Read More

PSBank deposit system upgrade up on Nov 3-5

MANILA - -Philippine Savings Bank (PSBank) is encouraging account holders in several branches nationwide to transact ahead of the bank’s deposit system upgrade scheduled from 10 p.m. of Nov. 3 up to 5 a.m. of Nov. 6, 2017.In a statement Monday, the thrift banking arm of Metrobank said affected... Read More

Max’s Group eyes more stores in Mindanao

MANILA -- Listed casual dining chain operator Max’s Group Inc. (MGI) plans to open more stores in Mindanao following the end of Marawi conflict, as it seeks further expansion opportunities here and abroad.MGI President Robert F. Trota said the company has already 15 branches in Mindanao,... Read More

MRC, mall developer discuss tie-up in solar panel installation

MANILA -- Listed firm MRC Allied Inc. is in talks with XRC Mall Developer Inc. (XRC) for a tie-up in the installation of solar panels in the latter's community malls.The discussions are meant to explore, develop and install Solar Photovoltaic (PV) Systems for rooftops in various malls owned by... Read More

Holcim nets P2.3-B in Jan-Sept

MANILA -- Building solutions provider Holcim Philippines has posted a 57.6-percent decline in its profit in the first three quarters of the year on lower volumes and prices.Holcim told the local bourse its net income reached PHP2.3 billion in January to September from PHP5.42 billion during the same... Read More

PSEi finishes week up; peso stays flat vs. USD

MANILA - - The Philippine Stock Exchange index (PSEi) gained Friday while the peso finished the week little changed against the US dollar as investors await report on US’ third quarter growth later in the day.The main stocks index rose 0.34 percent, or 28.03 points, to 8,295.95 points.All... Read More

BSP excludes MFI-guaranteed loans from cap on banks' loans

MANILA - - Banks have been given extra leeway to increase financing of high priority projects following the latest Bangko Sentral ng Pilipinas’ (BSP) directive excluding loans guaranteed by Multilateral Financial Institutions (MFIs) from the cap on banks’ loans to subsidiaries and... Read More