Group says beverage tax to drop micro biz sales to 60%

MANILA -- The Federation of Philippine Industries (FPI) said that the proposed sugar-sweetened beverages (SSB) tax under the Tax Reform for Acceleration and Inclusion (TRAIN) bill will result to drop of sales of micro enterprises by 40 to 60 percent.Aside from consumers who will shoulder the SSB... Read More

NFA debunks misconception on rice

PUERTO PRINCESA CITY, Palawan --Officials of the National Food Authority (NFA) in Palawan on Tuesday morning answered continuing claims that their rice is of poor quality, yellowish in color, and foul-smelling.“That perception is what we want to change. Perception game is difficult where those... Read More

France, PH to enhance food prod’n output, resilience

MANILA --France and the Philippines will collaborate on improving respective food production and its resilience to climate change.Among the collaboration's activities will be research as well as sharing of latest information and best practices for achieving such goal, noted Department of Agriculture... Read More

Gardenia to build P1-B plant in Misamis Oriental

MANILA -- Gardenia Bakeries Philippines announced Tuesday that it will set up a PHP1-billion bread manufacturing plant in Misamis Oriental province.Gardenia president Simplicio Umali Jr. said the manufacturing facility will be built on a 2.5-hectare property at the PHIVIDEC Industrial Estate in... Read More

ADB maintains PH growth forecast for 2017, 2018

MANILA -- The Asian Development Bank (ADB) has maintained growth forecast for the Philippines for this year and 2018, on the back of the government’s aggressive infrastructure push and implementation of tax reform.In an update to its flagship annual economic publication, Asian Development... Read More

BDO urges clients to get EMV chip-enabled ATM cards

MANILA -- An official of Sy-led BDO Unibank Inc. is urging the bank’s clients who have not availed of the EMV chip-enabled automated teller machine (ATM) card to get their new cards.In a statement, BDO executive vice president and transaction banking head Edwin G. Reyes said: “making the... Read More

Economist keeps BSP rate hike forecast in Q4 '17

MANILA --An economist of ING Bank Manila is keeping his forecast of a 25 basis points increase in the Bangko Sentral ng Pilipinas’ (BSP) key rates in the last quarter of 2017 amid the Monetary Board’s (MB) decision to maintain rates last week.To date, the rate of the central bank’s... Read More

Congress mulls amendment of REIT law

MANILA -- The House of Representatives may push for the amendment of the Real Estate Investment Trust (REIT) Act, Representative Arthur Yap said Monday.During the real estate market briefing of Leechiu Property Consultants (LPC), Yap said the lower house may opt to amend the REIT law and specify... Read More

Peso keeps ground vs USD, PSEi down

MANILA -- The Philippine peso closed Monday firm against the greenback but the main equities gauge finished in the red.The local currency ended the week’s first trading day at 50.71 from 50.725 Friday last week.It started the day better at 50.58 from 50.97 in the previous session.It traded... Read More

UCPB hails lifting of TRO vs EOs on coco levy

MANILA -- The United Coconut Planters Bank (UCPB) on Monday hailed the recent Supreme Court (SC) decision to lift the Temporary Restraining Order (TRO) on two Executive Orders (EOs) issued by former President Benigno Aquino in 2015 targeted for the utilization of the Coco Levy Fund.In a statement... Read More

Strong fiscal performance needed to lift PH growth: economist

MANILA -- An economist of ING Bank Manila said the August 2017 fiscal report of the Philippine government “did not disappoint” but stressed the need for a “strong fiscal performance” to lift third-quarter growth.Last week, the Bureau of the Treasury (BTr) reported a PHP28.8... Read More

Property sector unaffected by slowdown in BPO investments

MANILA -- The slowdown in investments in information technology and business process outsourcing (IT-BPO) industry is not dragging the demand for office spaces in the real estate business.Leechiu Property Consultants (LPC) chief executive officer David Leechiu, in a media briefing Monday, said there... Read More

T-bill rates down this week due to strong demand

MANILA -- Strong demand for the Philippines Treasury bills (T-bills) resulted in the drop of the debt papers’ average rate Monday.Rate of the benchmark 91-day T-bill fell to 2.032 percent from 2.088 percent during the auction last September 11. Secondary market rate for the same tenor on... Read More

New tobacco price hike set for 2018-19

LAOAG CITY -- The National Tobacco Administration (NTA) has approved new floor prices for tobacco for the next two trading years, 2018 and 2019.The price increase came almost two weeks after negotiations on price adjustments between the tobacco farmers and leaf buyers at a tripartite conference on... Read More

Bacolod City dubbed 'rising retail hub in Visayas'

BACOLOD CITY -- Projects of property giants such as Ayala Land Inc., Megaworld Corp. and Double Dragon Properties Corp. in this city reflect the major developers’ confidence in Bacolod’s stature as a rising retail hub in the Visayas region.This was stated by global retail estate services... Read More

Dumaguete Customs exceeds 2017 target collection

DUMAGUETE CITY – The Bureau of Customs’ Sub-port Office here has exceeded its 2017 revenue target collection ahead of schedule by more than three months.Dumaguete Customs Collector Fe Lluelyn Ganir Toring disclosed Friday that as of September 14, 2017, her office has collected more than... Read More

DTI helps Negrense MSMEs expand thru e-commerce

BACOLOD CITY -- The Department of Trade and Industry (DTI) is assisting micro, small and medium enterprises (MSMEs) in Negros Occidental expand their business through electronic commerce.Rachel Nufable, chief trade and industry development specialist of DTI-Negros Occidental, said 36 entepreneurs... Read More

ICTSI acquires Petron’s share in Manila North Harbor

MANILA -- International Container Terminal Services, Inc. (ICTSI) has acquired 10.449 million shares of Petron Corp. in Manila North Harbor Philippines, Inc. (MNHPI) for PHP1.75 billion.In a disclosure with the Philippine Stock Exchange (PSE) Friday, ICTSI said it signed a Share Purchase Agreement... Read More

LEDAC to focus more on curbing corruption in procurement process

MANILA -- The Legislative-Executive Development Advisory Council (LEDAC) has agreed to put greater focus on curbing corruption in the procurement process.“Corruption puts a heavy toll on the government and the services it provides to the public,” Socioeconomic Planning Secretary Ernesto... Read More

HMO firms told to stop offering investment-linked products  

MANILA -- The Insurance Commission (IC) has asked four health maintenance organizations (HMOs) in the country to stop offering products that have unauthorized investment options.IC Commissioner Dennis Funa said HMOs should only offer products with one-year term but around four of the 28 HMOs... Read More