EU bringing big business mission to PH

MANILA -- Some 40 companies from the European Union (EU) are set to visit the Philippines in the third quarter of the year, Walter van Hattum, head of EU Delegation to the Philippines Economic and Trade Section said on Tuesday.

“We have a big one coming. We are planning on the healthcare... Read More

January '18 inflation rate at 4% expected: BSP

MANILA -- Philippines’ inflation rate hit 4 percent in January 2018, the upper end of the government’s 2017-19 target and the highest after the 4.3 percent in October 2014.This uptick, however, was expected, Bangko Sentral ng Pilipinas (BSP) Governor Nestor Espenilla said, referring to... Read More

BIR mulls amnesty of taxpayers with pending cases

MANILA -- The Bureau of Internal Revenue (BIR) is considering including in its planned tax amnesty program those with pending tax evasion cases.During the hearing of the House of Representatives’ Ways and Means Committee Monday, BIR Assistant Commissioner Alfredo Misajon told lawmakers that... Read More

PH, Turkey to boost trade, economic cooperation

MANILA -- The Philippines and Turkey are set to kick off their Joint Committee for Trade, Economic and Technical Cooperation (JCTEC) on Tuesday to discuss strengthening of bilateral trade and economic cooperation.In a statement, the Department of Trade and Industry (DTI) said the two governments... Read More

Security Bank posts record P10.3B profit in 2017

MANILA -- Listed Security Bank Corporation (SBC) chalked up a record-high net income of PHP10.3 billion in 2017, driven by double-digit growth in net interest and non-interest income.The bank’s profit grew 20 percent in2017 from PHP8.55 billion in 2016.SBC told the local bourse on Monday its... Read More

PLDT ramps up deployment of fixed and mobile services

MANILA -- PLDT Inc. will spend more than PHP150 billion over the next three years to ramp up its deployment of fixed and mobile services in preparation for the entry of a third major player in the local telecommunications industry.In a statement, the telecommunications giant said this year's capital... Read More

PSEi, PHP down on risk-off sentiment

MANILA -- Rise of United States Treasury rates disadvantaged both the Philippine Stock Exchange index (PSEi) and the Philippine peso Monday.The main equities index shed 2.21 percent, or 194.75 points, to 8,616.00, which a trader said was in line with peers in the region.The trader said investors... Read More

Global lighting firm enters PH market

MANILA -- Global lighting company Feilo Sylvania has entered the Philippine market as it sees a huge potential for its business here.Lighting brands such as Concord, Lumiance, Sylvania, and Yaming merged into one company called Feilo Sylvania, which launched its Philippine office on Monday.“We... Read More

BOI kicks off 2018 with P51-B ventures, largely on renewable energy

MANILA -- The Board of Investments (BOI) started the year with investment approvals amounting to PHP51.3 billion in January, an over six-fold increase from the PHP8 billion worth of pledges in the same month in 2017.In a statement Monday, Trade Secretary and BOI Chairman Ramon Lopez attributed the... Read More

PSE nets P825M in 2017

MANILA -- The Philippine Stock Exchange, Inc. (PSE) booked an 18-percent increase in net profits in 2017 on the back of higher operating revenues and other income.Based on unaudited consolidated financial statements, its net income reached PHP825 million last year from the PHP702 million for the... Read More

Philab sets 2018 capital budget at USD150-M

MANILA -- Listed healthcare company Philab Holdings Corp. has earmarked USD150 million for capital spending this year, mostly to build new satellite clinics.Philab chair and chief executive officer Hector Thomas Navasero said USD100 million of the total capital budget would be used to establish... Read More

Dominguez confirms SEC commissioner's resignation

MANILA -- Finance Secretary Carlos Dominguez III on Friday confirmed the resignation of Securities and Exchange Commission (SEC) Commissioner Blas James Viterbo for health reasons.“Viterbo’s resignation is confirmed. Irregular heartbeat is (the) reason he gave,” he told journalists... Read More

British firms eyeing opportunities in Visayas

MANILA -- British companies are now eyeing business opportunities in Visayas as they a set trade and investment mission to Iloilo next month.British Chamber of Commerce Philippines (BCCP) Chris Nelson said in a briefing Friday that the business group is organizing the business mission to Iloilo from... Read More

VAT rate cut not last option to help the poor: Dominguez

MANILA -- Reduction in the current 12 percent Value Added Tax (VAT) rate in the Philippines to help the poor cope with higher prices of several goods may not need a cut in the VAT rate per se.Finance Secretary Carlos G. Dominguez III stressed this, noting there are other options aside from cutting... Read More

IHS Markit sees 3.9% inflation for January ‘18

MANILA -- IHS Markit , a global leader in information, analytics and solutions for the major industries, foresees the country’s headline inflation in the first month of the year will increase to 3.9 percent from 3.3 percent in December 2017.IHS Markit Asia Pacific Chief Economist Rajiv Biswas,... Read More

Philab invests P500-M in collaboration deal with global genomics firm

MANILA -- Philab Holdings Corp., a listed healthcare holding company backing genomics in the country, is investing PHP500 million (USD 10 million) in a deal with United States-based Veritas Genetics to expand its operations worldwide starting from the Asia-Pacific region.Philab chairman and chief... Read More

PSEi, peso finish week up

MANILA -- Bargain-hunting at the Philippine Stock Exchange index (PSEi) enabled the main equities gauge to finish the week on a high note, which also lifted the peso amid the rise in US Treasuries.PSEi ended its three-day slide and gained 0.82 percent, or 72.03 points, to 8,810.75 points.A trader... Read More

Fisheries output down 1.04% in 2017

MANILA -- Total fisheries production went down by 1.04 percent in 2017 compared to the previous year’s level, the Philippine Statistics Authority (PSA) reported. PSA noted output reductions in commercial by 6.89 percent and municipal fisheries by 1.05 percent; while aquaculture performed... Read More

Google reaffirms commitments to help PH grow

MANILA -- Since it opened its office in the Philippines in 2013, Google continues to be a partner for growth in the country.During Google Philippines fifth anniversary, its country manager Ken Lingan announced the company’s thrust in the Philippines in the coming years.Lingan said Google... Read More

Air Asia’s KL-Davao route boosts tourism

DAVAO CITY – The launch of the Kuala Lumpur, Malaysia–Davao City air connection ha further boost this city’s tourism industry and open more opportunities for interconnection within Asia.“We do not only connect Davao to Malaysia, but we also bring Davao closer to our extensive... Read More