DTI decision not favoring Hyundai--Lopez

MANILA -- Department of Trade and Industry (DTI) Secretary Ramon Lopez on Thursday said the board resolution on Hyundai Asia Resources Incorporated’s (HARI) alleged failure to comply with an industry development program under Executive Order 156 was not in favor to the motoring firm.Lopez, who... Read More

Peso, PSEi end Thursday with losses

MANILA -- Expectations for continued rise of interest rates in the United States (US) buoyed the US dollar and hurt the Philippine peso and the Philippine Stock Exchange index (PSEi) Thursday.The local currency finished the day 0.19 weaker at 51.31 to a greenback from the previous day’s 51.12... Read More

Pernia: Inflation to slow down toward end of 2018

MANILA -- Socioeconomic Planning Secretary Ernesto Pernia is one with private economists in saying the country’s inflation rate is expected to increase in the coming months due to the tax reform program but will slow down toward the end of the year.“In the coming months, we will feel the... Read More

BSP keeps key rates steady

MANILA -- Monetary officials on Thursday kept key rates steady, as they see inflation hike to be temporary and to normalize starting March 2019 after hitting the upper-end of the government’s 2 percent to 4 percent target band last January.The Bangko Sentral ng Pilipinas’ (BSP) reverse... Read More

BSP hikes ‘18, ‘19 average inflation forecasts

MANILA -- Bangko Sentral ng Pilipinas’ (BSP) policy-making Monetary Board (MB) on Thursday increased the central bank’s average inflation forecast for 2018 and 2019, after it included in the baseline forecast the impact of the tax reform program.This year's forecast is now at 4.34... Read More

Dutch firm plans to hike stake in Cebu-based drugstore

MANILA -- Dutch firm Mulgrave Corp. B.V. plans to increase its stake in one of the country's top drugstore, Rose Pharmacy, which is based in Cebu.The Board of Investments (BOI) said it approved Mulgrave's plan to raise its ownership at Rose Pharmacy from 49 percent to 51 percent.Rose Pharmacy, on... Read More

DOF chief mulls ‘reverse’ job fairs to bring OFWs back home

MANILA -- Should the Philippine government start considering holding job fairs overseas to lure back Filipinos in the construction sector for the massive Build Build Build program?Department of Finance (DOF) Secretary Carlos Dominguez III thinks so.Dominguez said he had been informed about the... Read More

Filipinos prefer house and lot, but condo inquiries up

MANILA -- Online marketplace for properties Lamudi Philippines revealed that most Filipinos are looking for house and lot properties, but inquiries on residential condominiums are increasing.In a press briefing Thursday, Lamudi Philippines Chief Executive Officer Bhavna Suresh said 59 percent of its... Read More

PH, Turkey discuss possible partnership for Marawi rehab

MANILA -- The Philippine and Turkish governments have discussed a possible partnership to support the rehabilitation in Marawi City.The discussion took place during the first Joint Committee on Trade, Economic, and Technical Cooperation (JCTEC) between the Philippines and Turkey in Ankara,... Read More

BCDA to build iconic tower to honor Filipino soldiers

MANILA -- An iconic tower paying tribute to Filipino soldiers will soon rise in Bonifacio Global City (BGC).

The Bases Conversion and Development Authority (BCDA) will be building the Icone Tower, which will be located at 11th Avenue corner 11th Drive of BGC in Taguig City.

The tower is... Read More

PLDT to return frequencies to gov’t at no cost

MANILA -- Telecommunications giant PLDT Inc. has agreed to surrender one of its frequencies at no cost to the government for them to be allocated to a potential third major player in the local telecommunications industry.The decision by the telco firm comes after President Rodrigo Duterte said the... Read More

Unisys predicts biometric, AI advancements to boost financial services

SYDNEY, Australia/Medianet International-AsiaNet/Unisys predicts that advancements in biometric technology and artificialintelligence (AI) would transform how financial services organizations engage with customers, such that advancements in authentication and AI-powered chatbot technology will... Read More

Golden Bay Properties eyes P3-B sales from project

MANILA -- Golden Bay Properties expects to generate PHP3 billion in sales after the launch of a new office project in the Bay Area in Pasay City, its foray into real estate.The company on Wednesday partnered with a topnotch architectural, engineering and construction team to start construction of... Read More

Torre Lorenzo builds 1st luxury hotel in Batangas

MANILA -- Torre Lorenzo Development Corp. (TLDC) is diversifying its projects outside major cities in the country with its Dusit Princess Lipa Hotel project in Lipa, Batangas.In a press conference Wednesday, TLDC Chief Executive Officer Tomas Lorenzo revealed the company’s partnership with... Read More

BSP expects ’18 inflation to hover around 4%

MANILA -- The Bangko Sentral ng Pilipinas (BSP) considers as temporary the elevated domestic inflation rate this 2018, which is expected to “be around the high-end” of the government’s 2-4 percent target range for 2017-2019.In a statement posted on the central bank’s Facebook... Read More

Global equities rout have little impact on PH '18 financing program

MANILA -- Worries on inflation and its impact on the interest rates, among others, are causing the sell-off in equities around the globe, including the Philippines.After the end of Monday’s trading, the Dow Jones shed 4.6 percent after posting its record-high of 26,616.7 points last January... Read More

Del Monte PH readies IPO

MANILA -- Food and beverage conglomerate Del Monte Pacific Limited (DMPL) aims to list its wholly-owned Philippine subsidiary, Del Monte Philippines Inc. (DMPI), on the Philippine Stock Exchange (PSE) mainly for debt repayment and general corporate purposes.DMPL disclosed to the PSE that its... Read More

January inflation hits 4% due to 2017 typhoons; TRAIN effect minimal

MANILA -- The country’s inflation rate accelerated to 4 percent in January 2018 from 3.3 percent the previous month, on the back of higher food and non-food prices as spill-over effects of successive typhoons in 2017, state economists reported on Tuesday.The Philippine Statistics Authority... Read More

BTr rejects bids for 7-year T-bond

MANILA -- The Bureau of the Treasury’s (BTr) auction committee on Tuesday rejected all bids for the seven-year treasury bond (T-bond) after banks asked for high yields.The BTr offered the debt securities for PHP20 billion and banks submitted PHP25.824 billion worth of bids.However, banks asked... Read More

DTI’s SB Corp. eyes more P3 remittance centers in Marawi

MANILA -- Small Business (SB) Corp., the financing arm of the Department of Trade and Industry (DTI), wants to partner with more remittance centers in the country as it rolls out the Pondo sa Pagbabago at Pag-asenso or P3 Program in Marawi City.SB Corp. President and Chief Executive Officer Ma. Luna... Read More