Business

LTFRB orders Hype to explain P2-per-minute charge

LTFRB orders Hype to explain P2-per-minute charge

July 18, 2018, 2:58 pm

MANILA -- The Land Transportation Franchising and Regulatory Board (LTFRB) has issued a show cause order to new ride-sharing firm Hype Transport Systems Inc. for reportedly imposing a PHP2-per-minute travel charge. The Board said that Hype should explain, within five days from receipt of the… Read More

India seeks increased trade, tourism ties with PH

India seeks increased trade, tourism ties with PH

July 18, 2018, 1:57 pm

NEW DELHI, India -- India is vigorously pushing for increased trade and tourism ties with the Philippines, as the country is turning to Southeast Asia to accelerate its economic development through its “Act East” policy. Additional Director of the Indian Chamber of Commerce Bodhisattwa… Read More

Car importers bare 11% sales dip in H1

Car importers bare 11% sales dip in H1

July 18, 2018, 1:48 pm

MANILA -- Sales of imported automotive vehicles in the country declined by 11 percent in the first half of the year to 43,138 units from 48,344 units in the same period in 2017, car importers disclosed. The Association of Vehicle Importers and Distributors (AVID) reported Wednesday that the… Read More

Chinese steel firm scouts 300-ha land for USD3.5-B project

Chinese steel firm scouts 300-ha land for USD3.5-B project

July 17, 2018, 7:14 pm

MANILA -- A Chinese steel manufacturer is looking for a 300-hectare parcel of land in the Philippines, preferably in Mindanao, for its USD3.5-billion investment project in the country. Philippine Economic Zone Authority (PEZA) Director General Charito Plaza said the Panhua Group seeks to put up an… Read More

Peso, PSEi improve on positive news overseas

Peso, PSEi improve on positive news overseas

July 17, 2018, 7:12 pm

MANILA -- The drop in world crude prices broke the prolonged slide of the Philippine peso against the greenback while local stocks recouped recent loses in Tuesday's trading. The local unit ended the day at 53.39, an improvement from the previous day’s 53.53 close, which a trader said is in line… Read More

PEZA seeks charter amendment

PEZA seeks charter amendment

July 17, 2018, 7:11 pm

MANILA -- Philippine Economic Zone Authority (PEZA) Director General Charito Plaza said there is a need to amend the PEZA law, so the investment promotions agency (IPA) will be protected from uncertainties brought about by the second package of Tax Reform for Acceleration and Inclusion (TRAIN).… Read More

Economist discounts remittance-related boost for peso

Economist discounts remittance-related boost for peso

July 17, 2018, 6:22 pm

MANILA -- An economist of ING Bank Manila does not expect the Philippine peso to get enough boost from Overseas Filipino Workers (OFWs) despite "within-target" remittance growth as of May 2018. The peso closed Tuesday at 53.39 to a US dollar, an improvement from the previous day’s 53.53. On… Read More

Vehicle sales down by 13% in H1 2018

Vehicle sales down by 13% in H1 2018

July 17, 2018, 6:19 pm

MANILA -- The combined vehicle sales of Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) member firms in the January to June period declined by 12.7 percent this year to 171,352 units from 195,772 units in 2017. This, after sales of… Read More

BTr rejects bids for 7-year T-bond

BTr rejects bids for 7-year T-bond

July 17, 2018, 6:19 pm

MANILA -- The Bureau of the Treasury’s (BTr) auction committee on Tuesday rejected all bids for the seven-year Treasury bond (T-bond) after investors asked for high yields on expectations of further hikes in interest rates in the near term. BTr offered the debt paper for PHP15 billion but… Read More

DTI rolls out livelihood kits for Marawi folk

DTI rolls out livelihood kits for Marawi folk

July 17, 2018, 3:49 pm

MANILA -- The Department of Trade and Industry (DTI) will roll out more livelihood starter kits for residents of war-ravaged Marawi City, following the Department of Budget and Management’s (DBM) approval of PHP872.7 million in funding under the government’s Bangon Marawi program. On Monday,… Read More

AFP, PCG may augment BOC anti-smuggling task force

AFP, PCG may augment BOC anti-smuggling task force

July 17, 2018, 2:51 pm

MANILA -- The Bureau of Customs (BOC) is in talks with the Armed Forces of the Philippines (AFP) and the Philippine Coast Guard (PCG) regarding plans to expand its anti-smuggling task force by teaming up with these agencies to further strengthen the campaign against the illicit trade, the… Read More

Build, Build, Build 'light-years ahead,' economist says

Build, Build, Build 'light-years ahead,' economist says

July 16, 2018, 9:34 pm

MANILA - - The Philippines’ journey towards becoming a first world country is further gaining ground as the Duterte administration pushes through with its ambitious infrastructure program, a noted economist said. University of Asia and the Pacific (UA&P) co-founder and economist Dr. Bernardo M.… Read More

Oversight body's guidelines for 3rd telco out on Friday

Oversight body's guidelines for 3rd telco out on Friday

July 16, 2018, 9:33 pm

MANILA -- The terms of reference (TOR) governing the entry of that elusive third player in the local telecommunications industry is set to be known on Friday. This, after an inter-agency oversight committee finally concludes its deliberations on which of two proposed TORs will be applied. The… Read More

FMIC execs keep PH ’18 output projection at 7-7.5%

FMIC execs keep PH ’18 output projection at 7-7.5%

July 16, 2018, 9:30 pm

MANILA -- First Metro Investments Corporation (FMIC) officials remain bullish about the Philippine economy despite rising inflation, keeping its 2018 growth projection between 7 to 7.5 percent. This optimism is reportedly due to expectations of strong domestic demand, government infrastructure… Read More

PH T-bill rates up on inflation concerns

PH T-bill rates up on inflation concerns

July 16, 2018, 8:09 pm

MANILA -- Worries about rising inflation and the impact of further interest rate hikes both here and overseas evidently pushed Philippine Treasury bills to go the same direction on Monday. Average rate of the bellwether 91-day bill rose to 3.291 percent from last week’s 3.308 percent. National… Read More

Gasoline prices up, diesel down slightly on Tuesday

Gasoline prices up, diesel down slightly on Tuesday

July 16, 2018, 8:08 pm

MANILA -- Motorists face bitter-sweet adjustments in the prices of petroleum products, as local oil firms get set to once again shake up prices effective 6 a.m. Tuesday (July 17). In separate announcements, oil companies announced a PHP0.30 per liter increase in the price of unleaded gasoline,… Read More

Peso holds ground, local stocks shed anew

Peso holds ground, local stocks shed anew

July 16, 2018, 8:05 pm

MANILA -- The Philippine peso finished almost unchanged against the US dollar Monday but the Philippine Stock Exchange index (PSEi) tracked the slide of its regional peers. The local unit finished the week’s first trading day at 53.53 from last Friday’s 53.51 close. A trader pointed this… Read More

SB Corp. taps fintech for P3 lending

SB Corp. taps fintech for P3 lending

July 16, 2018, 8:02 pm

MANILA -- Small Business (SB) Corp., the financing arm of the Department of Trade and Industry (DTI), has tapped financial technology firm CRIF Corp. as its credit development partner (CDP) for government’s Pondo sa Pagbabago at Pag-asenso (P3) microfinance program. In a statement Monday, SB… Read More

PH readies post-Brexit trade talks with UK

PH readies post-Brexit trade talks with UK

July 16, 2018, 6:13 pm

MANILA -- The Department of Trade and Industry (DTI) wants a meeting with British International Trade Secretary Liam Fox to provide clarity to the direction of trade between the Philippines and United Kingdom once it formally exits the European Union (EU) next year. Trade and industry Secretary… Read More

PEZA cites contribution to economy despite 56% investments drop

PEZA cites contribution to economy despite 56% investments drop

July 16, 2018, 4:29 pm

MANILA -- The Philippine Economic Zone Authority (PEZA) revealed that ecozones' contribution to employment and exports remain positive despite a decline in project registrations. As of May this year, direct employment in PEZA-registered firms increased 3.5 percent to 1.39 million jobs from 1.35… Read More