Business

Chelsea Logistics eyes 6 more new vessels

Chelsea Logistics eyes 6 more new vessels

October 7, 2018, 7:48 pm

MANILA -- Chelsea Logistics Holding Corporation (CLC) is eyeing to acquire six new sea vessels, as it expands its fleet operations in the country. The company will invest around USD100 million for the acquisition of the vessels, CLC President and Chief Executive Officer Chryss Alfonsus Damuy said… Read More

PH needs to solve supply constraints to hit exports target: DTI

PH needs to solve supply constraints to hit exports target: DTI

October 7, 2018, 10:17 am

MANILA -- The Philippines has to address the supply constraints in raw materials that limit the output of exporters in order to achieve the 8 percent to 9 percent exports growth target for this year, the country’s top trade official said. In an interview Friday, Department of Trade and Industry… Read More

Local markets treat inflation report as 'non-event'

Local markets treat inflation report as 'non-event'

October 5, 2018, 8:27 pm

MANILA – The Philippine Peso ended the week on a better footing against the greenback but the main equities gauge fell modestly. The local currency finished the trade at 54.23 from 54.32 a day ago, which a trader pointed to below-expected 6.7 percent inflation rate last September. Data released… Read More

Economist forecasts slower inflation

Economist forecasts slower inflation

October 5, 2018, 8:10 pm

MANILA -- An economist of ING Bank NV Manila said the spike in inflation is likely to taper off by end-2018 partly because of government efforts to address the food supply issue, which contributed substantially to the abnormal rate of price increases in recent months. In a report, ING Bank NV… Read More

Tightening of BSP key rates expected

Tightening of BSP key rates expected

October 5, 2018, 8:00 pm

MANILA – Some economists forecast further tightening of the Bangko Sentral ng Pilipinas’ (BSP) key rates before yearend to counter rising inflation, which registered another uptick last September. ANZ Research, in a report, said the 6.7 percent inflation last September, from 6.4 percent in the… Read More

Typhoon ‘Ompong’ exacerbated food inflation: economist

Typhoon ‘Ompong’ exacerbated food inflation: economist

October 5, 2018, 5:28 pm

MANILA -- Typhoon "Ompong" (Mangkhut), which ravaged parts of northern Philippines in September, contributed much to the increase in food prices, most especially agricultural goods, an economist from the IHS Markit said. IHS Markit Chief Economist for Asia Pacific Rajiv Biswas said in an e-mail… Read More

UK energy services firm eyeing PH solar farm projects

UK energy services firm eyeing PH solar farm projects

October 5, 2018, 5:26 pm

MANILA -- United Kingdom-based energy services firm, Wood Group Plc., is looking into investment opportunities in local solar farm projects, Trade Secretary Ramon Lopez disclosed on Friday. In an interview, Lopez said the Wood Group is among the British companies that expressed interest in the… Read More

DICT proposes P2-B budget for Nat'l Broadband Program

DICT proposes P2-B budget for Nat'l Broadband Program

October 5, 2018, 3:16 pm

MANILA -- The Department of Information and Communications Technology (DICT) has formally proposed a budget of PHP 2 billion next year for the implementation of the National Broadband Program (NBP) in the country. The DICT said the budget will accelerate the rollout of the NBP, which is seen to… Read More

PH inflation seen to ease by yearend

PH inflation seen to ease by yearend

October 5, 2018, 3:15 pm

MANILA -- The top economic managers of the Duterte administration remain optimistic that inflation will taper off by yearend after hitting a fresh nine-year high last month, mainly due to higher food prices caused by supply disruptions, immediately following the onslaught of Typhoon Ompong. In a… Read More

 Non-monetary measures needed to bring down inflation: BSP

Non-monetary measures needed to bring down inflation: BSP

October 5, 2018, 3:13 pm

MANILA -- Non-monetary measures need to be put in place to help slow the rise of inflation and bring it back to government's two to four percent target in 2019. This, according to the Bangko Sentral ng Pilipinas (BSP) Friday amid another increase in the rate of price increases last September to… Read More

SoKor envoy asks Korean companies to 'invest, invest, invest' in PH

SoKor envoy asks Korean companies to 'invest, invest, invest' in PH

October 5, 2018, 10:53 am

MANILA – “Invest, invest, invest in the Philippines" -- this was the clarion call of South Korean Ambassador Han Dong-man as he urged South Korean companies to invest in the Philippines in response to President Rodrigo R. Duterte’s “Build, Build, Build” program which seeks to spur… Read More

Local markets weaken ahead of September inflation report

Local markets weaken ahead of September inflation report

October 4, 2018, 9:09 pm

MANILA -- Bargain hunting pinned Philippines equities Thursday contributing to the peso’s weakness a day after both markets ended trading with gains. The Philippine Stock Exchange index (PSEi) finished the day at 7,093.34 points, down 1.63 percent or 117.53 points. All the other counters… Read More

Digitalization drives BPO industry's evolution

Digitalization drives BPO industry's evolution

October 4, 2018, 9:06 pm

MANILA -- Swedish business process outsourcing (BPO) company Transcom Holding AB said the constant advancement of digitalization motivates the industry to evolve its services and pool of talents, its executive told reporters. Transcom Global Chief Executive Officer Michael Weinreich, in a briefing… Read More

Rise in imports increases BOC-Dumaguete's tax collections

Rise in imports increases BOC-Dumaguete's tax collections

October 4, 2018, 9:01 pm

DUMAGUETE CITY – The Bureau of Customs (BOC) Sub-port Office here has attributed its positive accomplishments in revenue collection to increased importation of petroleum and other products. “Filoil has increased the volume of their imports so meaning, there is also an increase in the duties… Read More

Monetary execs say PH still robust amid peso weakness, CA deficit

Monetary execs say PH still robust amid peso weakness, CA deficit

October 4, 2018, 7:45 pm

MANILA -- Philippine monetary officials are not worried about the peso's current rate of depreciation since this was brought about by the demand for the US dollar, in line with the sustained growth of the country’s imports. To date, the peso has weakened by more than 6 percent against the… Read More

4 Bulacan coops make CDA billionaires' list

4 Bulacan coops make CDA billionaires' list

October 4, 2018, 7:45 pm

CITY OF MALOLOS, Bulacan -- Four cooperatives in this province made it to the list of Top 50 cooperatives in the billionaire bracket of the Cooperative Development Authority (CDA) in 2017. These are: St. Martin of Tours Development Credit Cooperative, which has PHP1.96 billion worth of assets; San… Read More

PH still among fastest-growing economies in SEA: WB

PH still among fastest-growing economies in SEA: WB

October 4, 2018, 7:43 pm

MANILA -- The World Bank (WB) expects the Philippine economy to speed up in the second half of 2018 and in early 2019, and will continue to be among the fastest-growing economies in Southeast Asia this year despite inflationary pressures and rising global uncertainty. The WB slightly lowered its… Read More

DOE completes distribution of e-vehicles to gov't agencies

DOE completes distribution of e-vehicles to gov't agencies

October 4, 2018, 7:37 pm

MANILA -- The Department of Energy (DOE) announced that it has completed the distribution of 85 e-vehicles to various government agencies. "(The last batch), two units each were turned over to the Office of the President (OP) and the PCIEERD (Philippine Council for Industry, Energy and Emerging… Read More

Global oil prices to decide oil excise tax suspension

Global oil prices to decide oil excise tax suspension

October 4, 2018, 6:27 pm

MANILA -- A suspension of excise tax increases levied on petroleum products under the Tax Reform for Acceleration and Inclusion (TRAIN) law is possible next year, but only if global crude prices average USD80 per barrel in the last quarter of 2018. This was stressed by Department of Finance (DOF)… Read More

Suspend oil excise tax to tame inflation: PCCI

Suspend oil excise tax to tame inflation: PCCI

October 4, 2018, 3:55 pm

MANILA -- The Philippine Chamber of Commerce and Industry (PCCI), the country’s largest business organization, on Thursday called for the suspension of excise tax on petroleum products amid the surge in inflation rates posted this year. PCCI President Alegria Sibal-Limjoco told reporters that… Read More