Business

TDF auction results still mixed

MANILA, Aug. 9 - - Bids for the shorter-dated term deposit facility (TDF) of the Bangko Sentral ng Pilipinas (BSP) continue to rise after recent undersubscription, but tenders for the longer-dated facility remain below the offer volume.Data released by the central bank Wednesday showed that... Read More

Peso, PSEi end Wednesday weaker

MANILA, Aug. 9 - - Recent rhetoric between the US and North Korea made investors risk-aversed anew Wednesday, weakening of the Philippine peso and the local equities market Wednesday.The local currency shed PHP 0.13 and closed the day at 50.57 from the previous session’s 50.44.A trader said... Read More

Globe to disburse Q3 cash dividend

MANILA, Aug.9 -- The board of Globe Telecom has approved the third quarterly distribution of cash dividend of PHP 22.75 for holders of its common shares.The dividend payout comes as Globe has posted record highs in its revenues for the first half of this year.“The third quarter cash dividend... Read More

SM net profit up 9% in H1 2017

MANILA, Aug. 9 -- New profit of SM Investments Corp., rose to PHP16.6 billion in the first half of 2017, up nine percent from PHP 15 billion in the same period in 2016.Excluding one-time items in 2016, SM's recurring income rose 16 percent in first half this year, the Sy family-led said in a... Read More

DOE moving towards 100% electrification one step at a time: Cusi

MANILA, Aug. 9 – As the country moves toward its golden age of industrialization, Department of Energy (DOE) Secretary Alfonso Cusi has urged the power sector to fast-track projects due to the importance of electricity in achieving this goal.In an interview with the People’s Television... Read More

Q2 GDP growth seen at 6.5% to 7%

MANILA, Aug. 9 -- The Philippine economy likely grew faster in the second quarter, possibly between 6.5 percent and 7 percent , on the back of higher infrastructure investments and consumer spending.“I think it would be better than the first quarter. I have a hunch. A hunch is not a hard... Read More

PH debt payments 25.5% lower in H1 ‘17

MANILA, Aug. 9 - MANILA, Aug. 9 - The Philippine government paid PHP378.37 billion in debts in the first half of 2017, about 25.5 percent lower than the amount posted in same period last year due to lower amortization and interest payments.Bureau of the Treasury (BTr) data show that the amount paid... Read More

Dominguez, Hainan officials eye tourism, agri-fisheries tie-ups

MANILA, Aug. 9 -- Department of Finance (DOF) Secretary Carlos Dominguez III recently met with officials of China’s Hainan province to discuss ways to enhance the cooperationbetween the Philippines and the island-province in tourism, agriculture and fisheries,in step with the closer ties that... Read More

PCCI-Aklan vows to become BSP's dynamic partner

KALIBO, Aklan, Aug. 9 -- The Philippine Chamber of Commerce and Industry-Aklan Chapter has expressed its continued commitment as a dynamic partner of the Bangko Sentral ng Pilipinas (BSP).This developed after the PCCI-Aklan was awarded as Outstanding Regional Partner for Demonetization Program of... Read More

Dominguez urges MSMEs to underscore sector’s economic importance

MANILA, Aug. 9 - - Finance Secretary Carlos Dominguez III on Wednesday highlighted the importance of the micro, small and medium enterprises (MSMEs) on the Philippines’ growth story and urged businessmen belonging to the sector to make their contribution become more relevantIn his speech... Read More

Japanese investors remain confident in PH mart -- DTI chief

MANILA, Aug. 9 -- Japanese investors remain confident in doing business in the Philippines, Department of Trade and Industry (DTI) Secretary Ramon Lopez said Wednesday."There's strong confidence on the current administration and the good growth momentum anchored on positive economic reforms and... Read More

PCCI seeks for more detailed 10-pt socioeconomic agenda

MANILA, Aug. 9 -- The country's largest business organization, Philippine Chamber of Commerce and Industry (PCCI), seeks for a more detailed plan on the administration's 10-point socioeconomic agenda.On the sidelines of the 2017 Sulong Pilipinas, a Philippine Development Forum, PCCI President George... Read More

Gov’t addresses infra project bottlenecks, makes business competitive

MANILA, Aug. 9 -- Government economic planners on Wednesday highlighted the significant strides the country made in making businesses and the economy competitive, particularly in addressing the bottlenecks on implementation of infrastructure projects.In his speech delivered during the Philippine... Read More

Grab assures full insurance coverage for passengers and drivers

MANILA, Aug. 9 -- Grab reiterated it is willing to take accountability over the rides that passengers and partners book on its platform.In a statement, the transport network company (TNC) said it has its own third party private insurance that covers all its transport network vehicle service (TNVS)... Read More

Diokno vows resolve for Duterte admin to institute reforms

MANILA, Aug. 8 - - Budget and Management Secretary Benjamin Diokno on Tuesday stressed the government’s commitment to ensure sustained growth of the Philippine economy through the various reforms and new initiatives on infrastructure investments, among others.“Rest assured that the... Read More

PSEi, peso slip Tuesday  

MANILA, Aug. 8 - - Wait-and-see stance ahead of the release of the July 2017 inflation report in the US made investors hold on to the greenback resulting in the sideways close of the Philippine peso and the main stocks gauge Tuesday.The peso finished the day at 50.44 from 50.35 in the previous day,... Read More

IMF exec: PH economy seen to hit potential growth in near term

MANILA, Aug. 8 -- The International Monetary Fund (IMF) remains optimistic on the Philippine economy’s output in the near term amid the recent cut of its 2017 growth forecast to 6.6 percent from 6.8 percent.Luis E. Breuer attributed this to the slower domestic expansion in the first quarter of... Read More

DOE pushes for widening of energy base

MANILA, Aug. 8 -- Department of Energy (DOE) Secretary Alfonso Cusi has called for the widening of the energy base with efficient and reliable power sources .In his keynote address at the opening of the three-day Asia Cooperation Dialogue (ACD) held in Panglao, Bohol Tuesday, Cusi said the strategy... Read More

ASEAN economic integration to drive inclusive growth

MANILA, Aug. 8 -- Association of Southeast Asian Nations (ASEAN) member states have vowed to promote their economic integration agenda which can drive inclusive growth and reduce development gaps in the region.“We will continue our initiatives to provide greater opportunities for our peoples... Read More

Construction of P9-B new Zambo airport pushed

ZAMBOANGA CITY, Aug. 8 – The long-awaited construction of a new airport in this city has been endorsed as a priority project to the national government for funding, Mayor Maria Isabelle Climaco-Salazar said Tuesday.“A new Zamboanga International Airport (ZIA) project costing P9.87... Read More