Business

Home Credit investing P19B in PH in next 2 years

MANILA -- Prague-based Home Credit targets to ramp up its operation in the Philippines by investing additional PHP18.6 billion over the next two years, HC Consumer Finance Philippines, Inc. Chief Financial Officer Zdenek Jankovsky said.In a briefing Monday, Jankovsky said the projected amount of... Read More

Gasoline up 20 centavos per liter; kerosene down by 15 cents

MANILA - Oil firms announced on Monday a 20-centavo per liter hike in pump prices of gasoline and a 15-centavo per liter cut in prices of kerosene effective Tuesday.Caltex Philippines, Pilipinas Shell Petroleum Corp., Flying V, Seaoil, Phoenix Petroleum, PTT Philippines and Eastern Petroleum will... Read More

Cusi: Power necessary for progress, prosperity

MANILA –Department of Energy (DOE) Secretary Alfonso Cusi stressed on Monday the key role that the power industry plays in the economic development of the nation.Speaking before Semiconductor and Electronics Industries in the Philippines (SEIPI) 16th CEO Forum and 130th General Membership... Read More

Malaysian firm offers to build P122-B gov’t center in Clark

MANILA -- Malaysian investment holding firm MTD Capital Bhd. has offered to build a government center in New Clark City in Central Luzon worth PHP121.8 billion.Bases Conversion and Development Authority (BCDA) said Monday it received an unsolicited proposal from MTD Capital for the National... Read More

Peso seen to end 2017 at 51-level vs US dollar

MANILA -- An economist of ING Bank Manila foresees the Philippine peso to end 2017 at 51-level to a US dollar although defensive bias is seen in the coming weeks following the unit’s recent underperformance.As of last Friday, Oct. 13, the peso finished at 51.39 to a dollar. Equities and... Read More

Vehicles sales up 9.5% in Sept. ‘17

MANILA -- Sales of automotive vehicles in the country reached 34,445 units year-on-year in September this year, up 9.5 percent from 31,451 units in September 2016, the joint report of Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA)... Read More

Biz groups bat for port of entry testing for cement, steel

MANILA --Business groups urged the Department of Trade and Industry (DTI) to conduct inspection and testing at the port of entry, aside from pre-shipment testing, for cement and steel products.In a press conference Monday, Federation of Philippine Industries (FPI) Chairman Jesus Arranza said port of... Read More

PH economy seen to top ASEAN

MANILA -- The Philippine economy will continue to grow rapidly along with other countries in the Association of Southeast Asian Nations (ASEAN) region, which is projected to rank as the fourth-largest economy in the next two decades, an economist said.Dr. Federico Macaranas, Executive Director of... Read More

PSE suspends trading Monday

MANILA -- There will be no trading at the Philippine Stock Exchange (PSE) Monday after Malacanang announced work suspension in all local and national agencies in line with the nationwide transport strike.In a statement, PSE added that there will also be no clearing and settlement at the Securities... Read More

PEZA eyes 8T hectares of mining lands as ecozones

MANILA -- The Philippine Economic Zone Authority (PEZA) plans to turn some 8,000 hectares of land of Philippine Mining Development Corp. (PMDC) into mineral processing industry zones, PEZA Director General Charito Plaza said.In an interview, Plaza said PEZA and PMDC are currently reviewing the draft... Read More

BOC hits highest daily collection in September

MANILA — The Bureau of Customs (BOC) has posted more than PHP3 billion in collection for two consecutive days last month – a first in the bureau’s history.Based on the preliminary collection report of its Financial Service, the BOC on Sept. 28 and 29 collected a total of... Read More

RFM net income up 20% to P221M in Q3 '17

MANILA -- Net income of listed food and beverage firm RFM Corp. rose to PHP211 million in the 3rd Quarter this year, up 20 percent from net income in the same period in 2016.In a disclosure with the Philippine Stocks Exchange, RFM said revenues, which grew 7 percent to PHP3.16 billion, pushed... Read More

Solar PH eyes completion of Tanauan farm

MANILA -- While power companies await the Energy Regulatory Commission (ERC) approval of Power Supply Agreements (PSAs), Solar Philippines has proceeded with the construction of its solar farms, in line with the Department of Energy’s (DOE) push for merchant power plants to avert a power... Read More

Semirara Mining H1 royalty payment triples to P1.7-B

MANILA --Semirara Mining and Power Company (SMPC) said Friday it has tripled its royalty payment to the government during the first semester of the year.In a disclosure to the Philippine Stock Exchange, SMPC remitted PHP1.69 billion from January to June 2017, higher than the PHP575 million worth of... Read More

Cebu Pacific launches Customer Command Center

MANILA -- Cebu Pacific on Thursday launched its Customer Command Center, a facility that integrates its people, process, and technology to boost its “customer-first” efforts.Cebu Pacific Vice President for Marketing and Distribution Candice Iyog said the command center, located along... Read More

Economic team in US to present investment opportunities in PH

MANILA -- Foreign Affairs Secretary Alan Peter Cayetano has expressed confidence that the United States (US) will continue to consider the Philippines a competitive destination for their business and investments.This, as Finance Secretary Carlos Dominguezand the Philippine economic team are in the... Read More

Dulay sees BIR hitting P1.83-T revenue target

MANILA -- Bureau of Internal Revenue (BIR) Commissioner Caesar Dulay is optimistic of hitting the agency's PHP1.829 trillion 2017 collection goal with greater cooperation from taxpayers and strengthened collection by regional offices.He said they are trying their best to meet the target "with the... Read More

PSEi regains footing, peso down vs USD

MANILA -- The Philippine Stock Exchange index (PSEi) recovered Thursday but the peso went the other way as investors remain concerned on political developments overseas.The main stocks gauge rose 0.53 percent or 44.34 points, to 8,402.81 points.The broader All Shares followed with a 0.42 percent, or... Read More

Gov’t plans to give perks to local vehicle body makers

MANILA -- Local makers of vehicle bodies may enjoy incentives under the Public Utility Vehicle (PUV) Modernization Program, Department of Trade and Industry (DTI) Secretary Ramon Lopez said Thursday.At the press conference of the 1st Philippine Auto Parts Expo (PHILAPEX) in Pasay City, Lopez said... Read More

DAR chief cites contributions of rural development experts

MANILA – Department of Agrarian Reform (DAR) officer-in-charge Secretary Rosalina Bistoyong on Wednesday hailed the Centre on Integrated Rural Development for Asia and the Pacific (CIRDAP) for playing a vital role in spurring rural development in the region.Speaking at the “Agribusiness... Read More