Business
4 energy reform measures to cut power bill by 15%
October 19, 2018, 4:18 pm
MANILA -- Four pieces of legislation being pushed at the Senate would lower power costs by up to 15 percent, Senator Sherwin Gatchalian said Thursday. These bills shall be passed simultaneously to ensure that their combined impact is felt by consumers, Gatchalian, who chairs the Senate committee… Read More
Only 20% of PH’s small banks ready for digitalization: report
October 19, 2018, 2:13 pm
MANILA -- Officials of thrift and rural banks, as well as microfinance institutions and cooperatives, recognize the importance of digitalization in their operations but only about 20 percent of them are ready for it. According to an Inclusive Digital Finance (IDF) report titled, “Are Philippine… Read More
SRP for rice takes effect next week
October 18, 2018, 10:09 pm
MANILA — The government will enforce starting Oct. 23 the suggested retail prices (SRP) for both imported and locally grown rice at PHP37 to PHP47 per kilo in a bid to arrest profiteering by some traders. Department of Agriculture (DA) Secretary Emmanuel Piñol said that in consultation with… Read More
BOI investment pledges up 19% in Jan.-Sept.
October 18, 2018, 9:23 pm
MANILA — Investments registered with the Board of Investments (BOI) in the first nine months of the year have increased by 19 percent to PHP454.8 billion from only PHP381.2 billion worth of investment approvals during the same period in 2017. BOI reported Thursday that the bulk of these… Read More
BSP exec cites importance of effective risk management on fintech
October 18, 2018, 9:03 pm
MANILA — Tapping technological innovations can really improve financial services but a ranking Bangko Sentral ng Pilipinas (BSP) official said effective risk management should be in place to ensure a level playing field and consumer protection. In her speech during the launch of the Digital… Read More
Recommendation to suspend oil tax hike remains: Lambino
October 18, 2018, 8:36 pm
MANILA — A ranking official of the Department of Finance (DOF) said the recommendation of economic managers to suspend the second installment of the oil excise tax increase in 2019 remains despite oil futures predicting a decline in global oil prices next year. The price of oil in the… Read More
Pernia says scheduled hike in fuel tax should push through
October 18, 2018, 7:45 pm
MANILA -- Socioeconomic Secretary Ernesto Pernia favors that the petroleum tax hike scheduled for next year push through, after the latest report on oil futures forecast a softening of oil world crude prices in 2019. “Maybe, it’s better if we don’t suspend it. We really have to study it… Read More
PCCI proposes to PRRD possible solutions to economic woes
October 18, 2018, 7:25 pm
MANILA -- The country’s largest business organization, the Philippine Chamber of Commerce and Industry (PCCI), presented to President Rodrigo Duterte on Thursday its list of resolutions formed in the weeks leading up to the 44th Philippine Business Conference (PBC), now taking place at the… Read More
Local stocks still win, peso slightly loses in Thursday trading
October 18, 2018, 7:06 pm
MANILA -- Indications of a further rise in the US Federal Reserve's rates boosted risk-on sentiments in the Philippine equities market Thursday but the peso suffered after the greenback strengthened. The Philippine Stock Exchange index (PSEi) rose for the third straight day after it gained 0.59… Read More
Xi visit to PH to boost economic ties: Chinese counselor
October 18, 2018, 4:46 pm
MANILA -- The visit of Chinese President Xi Jinping to the Philippines next month will pave the way for stronger economic ties between the two countries, an official from the Embassy of the People’s Republic of China here said Thursday. During the 44th Philippine Business Conference and Expo… Read More
EU envoy to hasten FTA talks with PH
October 18, 2018, 10:53 am
MANILA -- European Union (EU) Ambassador to the Philippines Franz Jessen on Thursday said he wants to hasten discussion for the free trade deal with the country to improve the economic ties between the EU and the Philippines. “A free trade agreement with the Philippines is clearly one of my… Read More
Prices of commercial rice seen declining further
October 17, 2018, 11:21 pm
MANILA — Prices of commercial rice in the market have declined by as much as PHP5 per kilo and are likely to drop further by the end of month, giving some relief to consumers. “As projected, prices of commercial rice in the market have started to stabilize as harvests have begun and the… Read More
PH inks oil exploration deal with Israeli firm
October 17, 2018, 9:10 pm
MANILA — Energy Secretary Alfonso G. Cusi witnessed on Wednesday the ceremonial signing of the Petroleum Service Contract (PSC) for Area 4 (East Palawan Basin) of the Fifth Philippine Energy Contracting Round (PECR5) at the Presidents' Hall of Malacanan Palace. President Rodrigo R. Duterte… Read More
Avida eyes P4-B sales from Mandaluyong residential project
October 17, 2018, 8:01 pm
MANILA — The mid-range brand of property giant Ayala Land Inc. expects to generate PHP4 billion in sales from its residential project in Mandaluyong City, targeting business process outsourcing (BPO) employees and other office workers. Melissa Corpuz, Project Development Manager for North Luzon… Read More
Oil futures forecast downward trend
October 17, 2018, 7:56 pm
MANILA -- The current price of Dubai crude oil in the international market is now over USD80 per barrel but oil futures predict declining levels in 2019. In an economic bulletin Wednesday, the Department of Finance (DOF) said oil prices remain volatile due to combination of factors that include… Read More
Local markets still up for a 2nd day
October 17, 2018, 7:38 pm
MANILA – Both the Philippine bourse and the peso ended with gains for the second consecutive day Wednesday, mirroring the bullish sentiment at Wall Street. The Philippine Stock Exchange index (PSEi) rose by 1.61 percent, or 112.66 points, to 7,099.68 points. Landbank market economist Guian… Read More
TDF rates down this week
October 17, 2018, 7:37 pm
MANILA – The rates of Bangko Sentral ng Pilipinas’ (BSP) Term Deposit Facility (TDF) fell across-the-board Wednesday but the offering for the longest tenor increased for next week’s auction. Data released by the central bank showed that weighted average accepted yield of the seven-day… Read More
PCC imposes P16-M fine vs. Uber, Grab on merger deal
October 17, 2018, 7:15 pm
MANILA – The Philippine Competition Commission (PCC) has imposed a PHP16-million fine against ride-sharing firms Grab Philippines and Uber for violating the interim measures it has imposed during the review period of their merger earlier this year. The anti-trust watchdog said the non-compliance… Read More
Italpinas sets P3-B for 2 residential projects
October 17, 2018, 7:11 pm
MANILA – Green property developer Italpinas Development Corporation (IDC) will spend up to PHP3 billion next year to expand its residential projects in Batangas and Cagayan de Oro, to meet rising demand and to help address the housing backlog in the country. IDC chairman and chief executive… Read More
Liberalized importation to address inflation upticks
October 17, 2018, 6:57 pm
MANILA – The Philippine government’s bid to liberalize importation of some basic commodities is targeted to ensure sufficient supply and address inflation upticks but businessmen still need to go through the proper paperwork, the country's budget chief said. “The main objective of the… Read More
