Landbank starts due diligence on planned PDSHC share purchase

MANILA -- Land Bank of the Philippines (Landbank) started Tuesday its due diligence on planned purchase of the majority stake in the Philippine Dealing System Holdings Corp. (PDSHC).Landbank President Alex V. Buenaventura on Monday met with officials of the Securities and Exchange Commission (SEC)... Read More

Filing of proposed sin tax reform moved to February

MANILA -- Officials of the Department of Finance (DOF) have postponed the submission of the proposed Package 2 plus, or reforms in the sin tax law, from end-January to mid-February as they continue to fine-tune the planned tax measure.“There will be a delay of about two weeks,” Finance... Read More

Apple halves iPhone X production due to low demand

TOKYO -- US Corporation Apple will halve production of its new smartphone iPhone X in January-March from 40 to 20 million devices due to low demand, the Nikkei newspaper reported on Tuesday.The company had already notified the suppliers of components.Apple said that low sales of the flagship model... Read More

Focus on manufacturing fuels economic growth: Pernia

MANILA -- The Philippines should continue focusing on manufacturing to drive economic growth amid the plateauing of the business process outsourcing (BPO) sector’s development, said the country’s chief economist.“We should continue to put emphasis on manufacturing not just of the... Read More

Manila Water bags contract for Ilagan, Isabela project

MANILA -- Ayala-led Manila Water Co. Inc and its wholly-owned subsidiary, Manila Water Philippine Ventures, Inc. (MWPV) secured on Monday a contract to provide bulk water in the City of Ilagan, Isabela.Manila Water told the local bourse it had received the notice of award from the City of Ilagan... Read More

12 Korean firms in PH for investment, market research mission

MANILA -- Twelve South Korea-based companies are in the Philippines for investment and market research mission.The Korean firms are also accompanied by ASEAN-Korea Centre (AKC), International Contractors Association of Korea, and Asia Center of Seoul National University.AKC Secretary General Kim... Read More

NEDA approves Subic-Clark Railway Project

MANILA -- A project providing a 71.13-kilometer rail connection between Subic Bay and Clark Freeport Zone has been given the green light by the country's economic managers.

The National Economic and Development Authority (NEDA) Investment Coordination Committee-Cabinet Committee (ICC-CabCom)... Read More

Growth of remittances to continue amid risks -- Espenilla

MANILA -- Inflow of remittances from Overseas Filipino Workers (OFWs) is not expected to take a hit from the first package of the government's tax reform program since migrant workers are exempted from paying documentary stamp tax (DST).This was stressed by Bangko Sentral ng Pilipinas (BSP) Governor... Read More

Gov’t to seek biz sentiment on tax reform package 2

MANILA -- The government is partnering with the country’s largest business organization, Philippine Chamber of Commerce and Industry (PCCI), to solicit sentiments among businessmen on the second package of the Duterte administration’s tax reform program.The Department of Finance (DOF)... Read More

PSEi registers another record high, peso slips vs. USD

MANILA -- The Philippine Stock Exchange index (PSEi) continues to surge Monday after posting another record high, but the peso weakened against the greenback.PSEi closed the week’s first trading day at 9,058.62 points, higher than its previous all-time high of 9,041.20 points hit last Friday,... Read More

IPOPHL eyes to expand enforcement of intellectual property rights

MANILA -- The Intellectual Property Office of the Philippines (IPOPHL) aims to further expand intellectual property rights (IPR) enforcement through cooperating with members of the Sub-Committee on Organized Crime of the National Law Enforcement Coordinating Committee (NALECC-SCOS).The IPOPHL on... Read More

Fitch ups Landbank, DBP ratings

MANILA - - Fitch Ratings on Friday revised upwards the long-term issuer default ratings (IDRs) of state-owned Land Bank of the Philippines (Landbank) and Development Bank of the Philippines (DBP) to ‘BBB’ from ‘BBB-“ with Stable outlook following the same upgrade of the... Read More

Tax reform to benefit insurance industry : IC commissioner Funa

MANILA - - Insurance Commissioner Dennis Funa is optimistic of the impact of the first package of tax reform on the insurance industry since people will have additional disposable income.Funa in a briefing Friday, said people would have more capacity to buy microinsurance with the implementation of... Read More

PSEi breaches 9,000 pts ; peso trades sideways

MANILA - - Positive sentiments on the Philippine economy pushed the Philippine Stock Exchange index (PSEi) to a new record high Friday, while the peso managed to close little changed against the dollar even after the greenback’s recovery.PSEi surged to 9,041.20 points, up 0.47 percent or 42.03... Read More

UnionBank nets P8.4-B in 2017

MANILA -- Listed Aboitiz-led UnionBank of the Philippines on Friday reported a 16.35-percent decline in net profit in 2017 due mainly to lower earnings from trading and non-trading financial assets.UnionBank told the local bourse its net income reached PHP8.42 billion in 2017 compared to the... Read More

Insurance industry assets up 18% to P1.55 trillion in '17

MANILA -- Total assets of the insurance industry rose 17.89 percent year-on-year to PHP1.55 trillion in 2017, up from the PHP1.31 trillion in 2016, Insurance Commission data released Friday show.Industry premiums totaled to PHP259.65 billion, up 11.97 percent from the previous year’s PHP231.88... Read More

SEC halts Calata’s initial coin offering

MANILA -- The Securities and Exchange Commission (SEC) has stopped four companies, which are either owned, headed or associated with besieged Joseph Calata, from selling and offering for sale Krops Tokens and KropCoins. SEC issued a cease and desist order (CDO) against Black Cell Technology Inc.,... Read More

Prices of rice, other agri commodities up slightly

MANILA -- Prices of rice and other selected agricultural commodities rose slightly in third week of January 2018, the Philippine Statistics Authority (PSA) reported on Thursday.The PSA said a price increase of PHP1 per kilo of special and premium rice was noted in Tuguegarao City and Naga City; and... Read More

Full implementation of RH law to cut poverty: NEDA

MANILA -- The National Economic and Development Authority (NEDA) is drafting an executive order (EO) mandating all local government units (LGUs) to implement the Reproductive Health (RH) law, which it deems vital to the government’s goal of accelerating poverty reduction in the... Read More

PSEi recovers; peso ends with gains

MANILA - - The Philippine Stock Exchange index (PSEi) recovered Thursday after ending its two-day surged a day agoThe main stocks gauge gained 0.89 percent, or 78.94 points, 8,999.17 points, which a trader pointed to correction.Profit-taking caused the main index to lose steam a day ago but the... Read More