Business

Peso loses ground, PSEi tumbles to 7,200-level

Peso loses ground, PSEi tumbles to 7,200-level

July 5, 2018, 6:48 pm

MANILA -- Both the Philippine peso and the local bourse ended in the red on Thursday after news broke out of a higher-than-expected June inflation. The local unit ended the trading at 53.42 to the dollar from Wednesday's close of 53.36. It opened the day at 53.41, and hit a high of 53.36 and a low… Read More

Inflation to taper off by yearend: Pernia

Inflation to taper off by yearend: Pernia

July 5, 2018, 6:26 pm

MANILA -- Socioeconomic Planning Secretary Ernesto Pernia is counting on the country’s inflation rate to normalize towards the end of the year after peaking this quarter. This, after price pressures accelerated to a five-year high of 5.2 percent last month. “We expect inflation to peak in the… Read More

New policies needed to sustain manufacturing sector's growth

New policies needed to sustain manufacturing sector's growth

July 5, 2018, 6:22 pm

MANILA -- Trade and Industry Secretary Ramon Lopez is batting for the adoption of fresh government policies in support of the manufacturing sector's continued growth, either in the form of tax perks or through fostering a more conducive business environment. Lopez welcomes the double-digit growth… Read More

All prepaid load denominations now good for 1yr

All prepaid load denominations now good for 1yr

July 5, 2018, 5:01 pm

MANILA -- Telecommunication giants PLDT Inc. and Globe Telecom will also extend the validity of prepaid loads amounting to less than PHP300 to one year effective July 5. This, after the duopoly began implementing one-year expiration periods for prepaid loads of PHP300 or greater beginning January… Read More

June inflation accelerates to 5.2%

June inflation accelerates to 5.2%

July 5, 2018, 12:41 pm

MANILA -- Actual inflation rate in June exceeded the government’s outlook as it stood at 5.2 percent, a record-high in more than five years. Data released by the Philippine Statistics Authority (PSA) Thursday showed that price pressures accelerated faster than May 2018’s rate of 4.6 percent.… Read More

PLDT: DOLE order to regularize 7K employees to disrupt ops

PLDT: DOLE order to regularize 7K employees to disrupt ops

July 4, 2018, 9:11 pm

MANILA -- The order of the Department of Labor and Employment (DOLE) for telecommunications firm PLDT Inc. to stop in engaging in subcontracting activities and regularize more than 7,000 employees will disrupt the company's operations. PLDT denied that it has terminated its service contracts as… Read More

ADB puts up USD7.1-B lending program for PH infra projects

ADB puts up USD7.1-B lending program for PH infra projects

July 4, 2018, 8:28 pm

MANILA -- The Philippine government and Asian Development Bank (ADB) have signed an agreement covering an indicative USD7.1 billion sovereign lending program that will mainly support the Duterte administration’s “Build, Build, Build” infrastructure program over the next three years. The… Read More

New Clark City gov’t center set for completion in 2020

New Clark City gov’t center set for completion in 2020

July 4, 2018, 8:26 pm

MANILA -- The construction of the national government center in New Clark City, one of the 75 flagship projects under the Duterte administration’s infrastructure program, is underway and has been set for completion by 2020, according to the country’s chief economic planner. “Our vision of… Read More

DOTr to inaugurate projects in 'next few months'

DOTr to inaugurate projects in 'next few months'

July 4, 2018, 8:25 pm

CAPAS, Tarlac -- The government is set to open three new terminals in the next couple of months, according to Department of Transportation (DOTr) Secretary Arthur Tugade. Tugade said in a press conference here Wednesday the New Bohol International Airport in Panglao, Cavite Gateway Terminal Phase… Read More

GSIS hikes overseas investments to USD1.1-B

GSIS hikes overseas investments to USD1.1-B

July 4, 2018, 7:42 pm

MANILA -- State pension fund Government Service Insurance System (GSIS) has committed to increasing its investments abroad to USD1.1 billion (over PHP58.3 billion) to diversify its portfolio and generate greater income. GSIS president and general manager Jesus Clint Aranas bared that it has been… Read More

PH franchising sector seen to sustain growth

PH franchising sector seen to sustain growth

July 4, 2018, 7:39 pm

MANILA -- The Philippine Franchise Association (PFA) expressed optimism that the franchising industry will continue to sustain its growth amid challenges being faced by the economy such as currency depreciation and increasing inflation rate. This comes as the number of registered franchises has… Read More

15K jobs available under Build Build Build

15K jobs available under Build Build Build

July 4, 2018, 7:38 pm

CAPAS, Tarlac -- About 15,000 jobs are currently available on projects related to government's Build Build Build Program, Department of Public Works and Highways (DPWH) Secretary Mark Villar revealed Wednesday. In a press conference here on the site of the National Government Administrative Center… Read More

Aeria acquires CYBIRD, names new CEO

Aeria acquires CYBIRD, names new CEO

July 4, 2018, 7:35 pm

TOKYO -- Japanese game developer CYBIRD Co., Ltd., which has been officially acquired by Aeria, Inc., announced on July 3 the appointment of Shuji Utsumi, CYBIRD's President since 2016, as its Chief Executive Officer. CYBIRD is a Japan-based mobile game and entertainment provider with a history… Read More

CYBIRD, Liber Entertainment conclude licensing agreement on 'A3!'

CYBIRD, Liber Entertainment conclude licensing agreement on 'A3!'

July 4, 2018, 7:34 pm

TOKYO -- Japanese game developer CYBIRD Co., Ltd. announced on June 28 that it has concluded a licensing agreement with Liber Entertainment Inc. concerning the worldwide distribution of the English version of the Liber-developed and operated ikemen actor-training game "A3!" Ikemen is a Japanese… Read More

BCDA looking into expanding gov’t center in Clark

BCDA looking into expanding gov’t center in Clark

July 4, 2018, 7:30 pm

CAPAS, Tarlac -- The Bases Conversion and Development Authority (BCDA) is looking into expanding the National Government Administrative Center (NGAC) at New Clark City, its president and chief executive officer Vivencio Dizon revealed. In a press conference for the “Build, Build, Build”… Read More

DTI spearheads Sandugo trade fair in Bohol

DTI spearheads Sandugo trade fair in Bohol

July 4, 2018, 5:43 pm

CEBU CITY -- The Department of Trade and Industry's Central Visayas office (DTI-7) announced that all is set for the staging of the Sandugo Trade Expo 2018, a meet-and-match event which aims to connect exporters with potential suppliers. DTI Regional Director Asteria Caberte told reporters… Read More

One-stop processing venue for food safety certification pushed

One-stop processing venue for food safety certification pushed

July 3, 2018, 9:24 pm

MANILA -- A study of state think tank Philippine Institute for Development Studies (PIDS) is pushing for the creation of a one-stop processing venue for the various certifications required by food safety regulatory agencies (FSRAs) in a bid to streamline regulatory procedures in the food sector.… Read More

Trans-Asia deal voided; Chelsea-2Go transaction cleared

Trans-Asia deal voided; Chelsea-2Go transaction cleared

July 3, 2018, 8:10 pm

MANILA -- The Philippine Competition Commission (PCC) nullified the acquisition by Chelsea Logistics Holdings Corp. of Trans-Asia Shipping Lines and imposed a PHP22.8M fine for failure to notify the antitrust commission about the transaction in December 2016. The nullification of the Trans-Asia… Read More

Century Pacific sets P1.8-B capex for expansion

Century Pacific sets P1.8-B capex for expansion

July 3, 2018, 8:08 pm

MANILA -- Canned food manufacturer Century Pacific Food Inc. (CNPF) announced that it has earmarked a capital expenditure of up to PHP1.8 billion this year mainly to expand its production capacity and grow the business by 10 to 15 percent. CNPF Executive Chairman Christopher Po said the company is… Read More

S&P: 6.5% or higher GDP growth ‘very easily achievable’

S&P: 6.5% or higher GDP growth ‘very easily achievable’

July 3, 2018, 8:06 pm

MANILA -- Credit rating agency S&P Global Ratings has a bright outlook for the Philippine economy as demographics and economic policy remain conducive to the advancement of the country’s gross domestic product (GDP). In a webcast Tuesday, S&P Asia Pacific Economist Vincent Conti said GDP growth… Read More