SM Prime’s 9-month profit surges 15%

MANILA -- Profit of Sy family-led property giant SM Prime Holdings Inc. grew by 15 percent in the first nine months of 2017 on strong mall revenues.SM Prime told the local bourse its net income reached PHP20.05 billion in January to September from PHP17.45 billion last year.SM Prime’s... Read More

Security Bank net income up 12% year-on-year in September

MANILA -- Robust loan growth boosted Security Bank Corporation’s (Security Bank) net income in end-September 2017 to PHP7.4 billion, up 12 percent year-on-year.“This result was driven by a 24 percent or PHP2.8 billion increase in net interest income to PHP14.3 billion,” the bank... Read More

ASEAN leaders urged to fast track ease of doing business

MANILA -- The ASEAN Business Advisory Council (BAC), the voice of businesses in the 10 ASEAN member states, have urged ASEAN leaders to fast-track enforcement of initiatives to further ease doing business in the region.ASEAN BAC Chairman Jose Maria Concepcion said the ease of doing business is... Read More

4 Cavite Savemore stores get ‘Bagwis-Gold Seal’ award

IMUS CITY, Cavite -- The Department of Trade and Industry (DTI) Calabarzon Regional Office has awarded its “Bagwis-Gold Seal” to four Savemore stores in Cavite for their unwavering support to the trade and industry department’s consumer protection program.DTI Calabarzon Regional... Read More

Metrobank consolidated net income up 5%

MANILA - - Growth of loans and low-cost deposits boosted Metropolitan Bank & Trust Company’s (Metrobank) unaudited consolidated net income in end-September 2017 by five percent year-on-year to PHP13.2 billion.“Fee income drivers continued to improve and operating expenses were again... Read More

Metro Pacific acquiring stakes in Indonesian firm for USD132M

MANILA -- Metro Pacific Tollways Corp. (MPTC), the country’s leading tollways developer and operator, is acquiring 6.6 billion shares in Indonesian infrastructure firm, PT Nusantara Infrastructure Tbk (PT Nusantara), for USD 132 million.MPTC, a subsidiary of listed infrastructure conglomerate... Read More

Price increase not worrisome, Dominguez says

MANILA - - Philippines’ rate of price increase continues but Finance Secretary Carlos Dominguez III said this is not worrisome since rates are just normalizing.As of last September, inflation averaged at 3.1 percent, within the government’s two to four percent target for 2017-19.Last... Read More

ASEAN to further enhance trade, investment cooperation

MANILA -- The Philippines foresees greater opportunities to expand trade and investment within Association of Southeast Asian Nations (ASEAN) members, as it hosts the region’s biggest business and state leaders event next week.George Barcelon, ASEAN Business Advisory Council (BAC) member, said... Read More

More countries expected to provide aid for Marawi rehab

MANILA -- More countries are expected to provide assistance to the Philippines in rebuilding war-torn Marawi City when state and business leaders meet here for the ASEAN Business and Investment Summit (ABIS) slated on November 12-14.George Barcelon, Association of Southeast Asian Nations (ASEAN)... Read More

Davao-Zambo route to boost trade, commerce

DAVAO CITY – The city government expects the resumption by flag-carrier Philippine Airlines of the Davao-Zamboanga route to bolster trade and commerce between two cities, according to Davao City Councilor Marissa Abella.Abella said the launch of the new route will pave the way for trade and... Read More

BSP introduces preferential rate for MSME loans

MANILA - - The Monetary Board (MB), the policy-making body of the Bangko Sentral ng Pilipinas’ (BSP), has approved a lower risk weighting of 20 percent on loans extended by banks to micro, small and medium enterprises (MSMEs) if these are guaranteed by a qualified Credit Surety Fund (CSF)... Read More

Overseas Filipino Bank to start operations on Jan. 2 '18

MANILA - - The proposed bank targeted for Overseas Filipino Workers (OFWs) will commence operations on Jan. 2, 2018.Land Bank of the Philippines (Landbank) president and CEO Alex Buenaventura, in an interview by PNA Friday, said they re-submitted to the Bangko Sentral ng Pilipinas (BSP) on Thursday... Read More

Ayala-owned IMI’s profit up 16%

MANILA -- Ayala-led Integrated Micro-Electronics Inc. (IMI) booked USD24.1 million net income in the first nine months this year, up 16 percent from USD 20.8 million during the same period last year.The income hike was bolstered by the positive effects of recent acquisitions and a rising demand in... Read More

16 world leaders to attend ASEAN business summit

MANILA -- Sixteen world leaders are expected to attend the ASEAN Business and Investment Summit (ABIS) 2017 of the ASEAN Business Advisory Council (BAC) slated in Manila from November 12 to 14.The ASEAN BAC has invited the 10 leaders of ASEAN member states and the region’s six dialogue... Read More

Peso gains vs. US dollar; PSEi ends 4-day rally

MANILA - - The Philippine peso finished the week 21 centavos higher against the US dollar while the Philippine Stock Exchange index ended its four-day rally.The local currency ended the week at 51.21 from Thursday’s 51.42, which a trader partly traced to investors appreciation for the... Read More

Trump nominates Jerome Powell as Federal Reserve chief

WASHINGTON -- President Donald Trump has tapped Jerome "Jay" Powell to lead the US central bank, bypassing Janet Yellen for a second term despite praising her excellent management of the world's largest economy over the past four years.If confirmed, Powell will succeed Yellen, the first woman to... Read More

NoCot resumes rubber seedling dispersal

COTABATO CITY -- The North Cotabato agriculture office resumed on Thursday its dispersal of quality budded rubber seedlings to boost production in the province’s 17 towns.Agustino Arances, provincial rubber coordinator, said his office is distributing 175,160 rubber seedlings to various... Read More

SoCot launches livelihood program for organic farmers

GENERAL SANTOS CITY -- The provincial government of South Cotabato has launched a livelihood program to assist farmers who opt to venture into organic agriculture.Shiela Lastimoso, organic agriculture program staff of the Office of the Provincial Agriculturist (OPAG), said Friday the initiative is... Read More

October inflation forecast at 3.5%

MANILA -- Inflation rate for October 2017 is seen to further increase to 3.5 percent from the five-month high 3.4 percent rate in September.IHS Markit Asia Pacific Chief Economist Rajiv Biswas said the weakening of the Philippine peso against a US dollar and the rising fuel prices in the world... Read More

Jollibee closes hotpot business in China

MANILA -- Homegrown fast-food giant Jollibee Foods Corp. (JFC) has discontinued operations of its 12 Hotpot brand in China to focus efforts on larger businesses.JFC told the local bourse its 48-percent owned subsidiary, 12 Hotpot Food and Beverage Management Co. Ltd. (Operating Company), would be... Read More