Business
DBCC recommends filing of MR on SC decision on IRA
July 31, 2018, 9:14 pm
MANILA -- Finance Secretary Carlos Dominguez III said economic managers have recommended the filing of a motion for reconsideration on the recent Supreme Court (SC) decision that expands the source of local governments’ internal revenue allotment (IRA) to “all” national taxes. “The DBCC… Read More
DM Wenceslao nets P970-M in 1st semester
July 31, 2018, 9:12 pm
MANILA -- Integrated property developer D.M. Wenceslao & Associates, Incorporated (DMW) on Tuesday said its profit surged by 42 percent in the first half of 2018, driven by the strong core leasing growth and the addition of an investment property. In a disclosure to the local bourse, DMW said its… Read More
Peso gains but local shares slip
July 31, 2018, 9:11 pm
MANILA -- The Philippine peso improved against the greenback on Tuesday but the Philippine Stock Exchange index' (PSEi) five-day winning-streak was cut short due to profit-taking. The local currency ended the day at 53.095, way better than its 53.22 close Monday. A trader said the peso was… Read More
OECD sees PH economy topping ASEAN-5
July 31, 2018, 8:00 pm
MANILA -- The Philippine economy is expected to accelerate by 6.7 percent this year and the next, leading the ASEAN-5 or the fastest growing members of the Association of Southeast Asian Nations (ASEAN), according to the Organization for Economic Cooperation and Development (OECD). “Government… Read More
Sugary drinks packaging design out soon
July 31, 2018, 7:53 pm
MANILA -- A standardized, government-imposed design for the front packaging of high sugar content beverages will be out “in a few weeks”, the top trade official said Monday. Trade and Industry Secretary Ramon Lopez said his office has already submitted to the Food and Drug Administration (FDA)… Read More
BTr rejects bids for 20-year T-bond
July 31, 2018, 7:50 pm
MANILA -- The Bureau of the Treasury (BTr) on Tuesday rejected all bids for the 20-year Treasury bond after investors asked for yields that are beyond the range projected by the auction committee. Tenders surpassed the PHP15 billion offering after it reached PHP20.556 billion but Deputy Treasurer… Read More
BSP forecasts 5.1-5.8% inflation in July
July 31, 2018, 7:44 pm
MANILA -- Higher utility rates along with upticks in the prices of petroleum products are seen to contribute to a further increase in the country's inflation rate in July 2018, to a range of between 5.1-5.8 percent. The higher utility rates are for areas being serviced by the Manila Electric… Read More
TRAIN boosts 1st semester gov't revenues by P33.7-B
July 31, 2018, 7:42 pm
MANILA -- Finance Secretary Carlos Dominguez III on Tuesday disclosed that the Tax Reform for Acceleration and Inclusion (TRAIN) law contributed Php33.7 billion worth of revenues in the first half of 2018. During a hearing of the House Appropriations panel, Dominguez said revenues from the first… Read More
1-form application for gov't agencies may be out by October
July 31, 2018, 7:40 pm
MANILA -- The administration has set its sights on an October launch for the one-form application for selected government transactions, Trade and Industry Secretary Ramon Lopez said Tuesday. On the sidelines of the One Town, One Product Philippines Hub, Lopez said the design team continues to… Read More
Bank lending growth down slightly in June: BSP
July 31, 2018, 6:20 pm
MANILA -- Preliminary data show that outstanding loans of commercial banks net of reverse repurchase (RRP) placements with the Bangko Sentral ng Pilipinas (BSP), grew at a slightly lower rate of 19.1 percent in June from 19.3 percent (revised) in May, the BSP said in a statement on Tuesday.… Read More
TUCP: Purge 'hoodlums in uniform'
July 31, 2018, 2:49 pm
MANILA -- Trade Union Congress of the Philippines (TUCP) is calling for an in-depth cleansing of the entire Philippine National Police (PNP) of hoodlums in uniform, who infiltrated the organization, following the alleged involvement of rogue police personnel in the attempted assassination of one… Read More
Megaworld starts roll-out of P28-B township in Bacolod
July 31, 2018, 10:56 am
BACOLOD CITY -- Urban township developer Megaworld has announced the roll-out of its PHP28-billion The Upper East development in this city starting this year. The masterplan for the 34-hectare project to be developed in the next 10 years was presented by Harold Geronimo, Megaworld senior assistant… Read More
Universal Robina nets only P4.9-B in 1st semester
July 30, 2018, 8:41 pm
MANILA -- Gokongwei-led food manufacturing giant Universal Robina Corporation (URC) on Monday said its profit declined by 23 percent in the first half of 2018, driven by lower operating income and lower foreign exchange gains. In a disclosure to the local bourse, URC said its net income amounted… Read More
Trading week begins higher on rate hike expectations
July 30, 2018, 7:56 pm
MANILA -- The Philippine Stock Exchange index (PSEi) finished the week’s first trading day up and the peso registered gains against the greenback on positive global growth prospects following the report of robust expansion of the US economy in the second quarter of 2018. PSEi rose for the fifth… Read More
Gov’t works to attract more investments into CAR
July 30, 2018, 7:50 pm
MANILA -- The government will continue implementing programs to increase investments to the Cordillera Administrative Region (CAR), which is touted as the fastest growing region, the National Economic and Development Authority (NEDA) said in a report on Monday. The CAR Regional Economic… Read More
Pump prices going up again on Tuesday
July 30, 2018, 7:48 pm
MANILA -- Local oil companies will effectvely take back the price reduction given to consumers last week, as they get set to raise prices again on Tuesday (July 31). The increase in pump prices, which was described as "somewhat significant," will be implemented by most oil companies at 6AM… Read More
Espenilla: Economic expansion benefits banking system
July 30, 2018, 7:46 pm
MANILA -- Banks continue to reap the benefits from the Philippine economy's sustained expansion as shown by the robust growth of deposits and lending activities, which in turn helps ensure the industry’s health. Bangko Sentral ng Pilipinas (BSP) Governor Nestor A. Espenilla Jr. said banks… Read More
8990 Holdings profit doubles to P2.4-B
July 30, 2018, 7:04 pm
MANILA -- Housing developer 8990 Holdings Inc. on Monday said its net income doubled to PHP2.4 billion in the first half of the year on the back of robust demand for affordable homes. 8990 Holdings President and Chief Executive Officer Willie Uy is confident of hitting revenue goal of PHP11.5… Read More
PH investment roadshow seeks stronger alliances with Japanese firms
July 30, 2018, 6:26 pm
JAPAN -- Trade Secretary Ramon Lopez led the Philippine delegation to Japan (JP) for the 2018 Investment Roadshow that aims to encourage leading Japanese companies as well as small and medium enterprises -- involved in auto parts, electronics, manufacturing, and shipbuilding -- to invest in PH and… Read More
BTr fully awards T-bills amid rate uptick
July 30, 2018, 5:30 pm
MANILA -- Banks exhibitted refreshing bullishness as they submitted higher-than-offered bids for Treasury bills (T-bills), which the Bureau of the Treasury’s (BTr) auction committee awarded in full across-the-board Monday. This, even as rates rose for all three tenors, which National Treasurer… Read More
