Business

Gov't  considering changes in 2019 budget proposal

Gov't considering changes in 2019 budget proposal

August 29, 2018, 1:36 pm

MANILA -- The Duterte administration is sticking with its proposed cash-based budgeting system for 2019 but Budget and Management Secretary Benjamin Diokno said they are planning to extend the payment period for projects. The proposed PHP3.757-trillion national budget for next year has a validity… Read More

Peso, local stocks rise on US-Mexico trade deal

Peso, local stocks rise on US-Mexico trade deal

August 28, 2018, 7:58 pm

MANILA -- The Philippine peso and the Philippine Stock Exchange index (PSEi) ended the shortened week’s first trading day on positive territory partly on news about the US-Mexico trade deal. The local unit ended Tuesday's trading at 53.325 from 53.465 Friday last week on lesser concerns on US’… Read More

MPTC okay with staggered toll fee hike

MPTC okay with staggered toll fee hike

August 28, 2018, 7:34 pm

MANILA -- Metro Pacific Tollways Corp. (MPTC) President and Chief Executive Officer Rodrigo Franco said the company is agreeable to a staggered implementation of toll fee increases once the upward rate adjustments are approved by government. This is in response to the request made by Department of… Read More

High liquidity, rate hike expectations lift T-bill rates

High liquidity, rate hike expectations lift T-bill rates

August 28, 2018, 7:32 pm

MANILA -- The upward direction of Philippine Treasury bills (T-bills) were sustained on Tuesday, which National Treasurer Rosalia de Leon traced to high liquidity situation and expectations for further increase in interest rates. Average rate of the 91-day paper went up to 3.218 percent from last… Read More

Peso weakness' impact on infra projects 'insignificant'

Peso weakness' impact on infra projects 'insignificant'

August 28, 2018, 7:30 pm

MANILA -- The depreciation of the Philippine peso will not delay the roll-out of government's infrastructure program, Public Works and Highways Secretary Mark Villar said Tuesday. During the 2nd Economic Journalists Association of the Philippines (EJAP) Economic Forum, Villar said the weaker… Read More

Grab urges LTFRB to increase TNVS supply base to 80K

Grab urges LTFRB to increase TNVS supply base to 80K

August 28, 2018, 6:33 pm

MANILA -- Ridesharing firm Grab Philippines is urging the Land Transportation Franchising and Regulatory Board (LTFRB) to increase the common supply base for transportation network vehicle services (TNVS) units to around 80,000 to meet the riding public's growing demand. This, as Grab welcomes the… Read More

PH to be active in Panda bond, Samurai bond markets

PH to be active in Panda bond, Samurai bond markets

August 28, 2018, 6:32 pm

MANILA -- Panda bond and Samurai bond issuances will be a normal funding source for the Philippines under the Duterte administration, Finance Secretary Carlos Dominguez III announced on Tuesday. “As I mentioned to the (Bureau of the) Treasury, yes, I told them that I don’t want to be absent… Read More

 Dominguez not amenable to budget deficit beyond 3% of GDP

Dominguez not amenable to budget deficit beyond 3% of GDP

August 28, 2018, 5:51 pm

MANILA -- Finance Secretary Carlos Dominguez on Tuesday said he is willing to accept changes in the proposed tax reform measures but not the change in the deficit ceiling, which was placed at three percent of the country's gross domestic product (GDP). During the 2nd Economic Journalists… Read More

DTI releases livelihood fund for Boracay MSMEs

DTI releases livelihood fund for Boracay MSMEs

August 28, 2018, 1:34 pm

MANILA -- The Small Business (SB) Corp., the financing arm of the Department of Trade and Industry (DTI), has released some PHP210,000 worth of loans to micro entrepreneurs on Boracay Island as of August 24. The loans granted to small-scale businesses were under the Pondo sa Pagbabago at… Read More

Dominguez says hefty investments fueling PH's rapid growth

Dominguez says hefty investments fueling PH's rapid growth

August 28, 2018, 1:33 pm

MANILA -- Finance Secretary Carlos Dominguez III said in a statement on Tuesday that the Philippines continues to be among the best performing economies in Asia, on the strength of higher foreign direct investment (FDI) inflows and rising capital formation. Dominguez said a significant increase in… Read More

Pump prices up again Tuesday

Pump prices up again Tuesday

August 27, 2018, 6:48 pm

MANILA -- Filipino motorists will have to dig a little deeper into their pockets as local oil companies announce another hike in pump prices effective Tuesday. In separate announcements, spokesmen for the oil firms said the upward price adjustment will take effect at 6 a.m. on August 28. According… Read More

DOF submits remaining tax reform packages to Congress

DOF submits remaining tax reform packages to Congress

August 27, 2018, 6:27 pm

MANILA -- The Department of Finance (DOF) has made good on its commitment to submit to the Congress the remaining packages of the Duterte administration’s comprehensive tax reform program (CTRP), whose overriding goal is to make Philippine taxation fully transparent, more efficient and a lot… Read More

DICT to seek UNDP aid to rollout free Wi-Fi nationwide

DICT to seek UNDP aid to rollout free Wi-Fi nationwide

August 27, 2018, 5:03 pm

MANILA -- The Department of Information and Communications Technology (DICT) will seek the assistance of the United Nations Development Program (UNDP) to deliver free Internet service throughout the country through its free Wi-Fi program. This developed as the DICT stressed that government should… Read More

Peso ends week sideways, local stocks down on trade jitters

Peso ends week sideways, local stocks down on trade jitters

August 24, 2018, 7:04 pm

MANILA -- Investors wait-and-see stance while awaiting Federal Reserve Chairman Jerome Powell's speech at the annual Jackson Hole symposium, resulted in the sideways close of the Philippine peso Friday but the main equities gauge fell on trade concerns. The local unit ended the week at 53.465 from… Read More

PH exports to recover in 2nd semester: Philexport

PH exports to recover in 2nd semester: Philexport

August 24, 2018, 6:34 pm

MANILA -- Projections on the country's exports revenues remain bright as robust demand is expected in the second half of 2018, according to the Philippine Exporters Confederation, Inc. (Philexport), the umbrella organization of local exporters. In a statement Friday, Philexport President Sergio… Read More

Union Bank eyes LTNCD issuance to fund expansion

Union Bank eyes LTNCD issuance to fund expansion

August 24, 2018, 6:07 pm

MANILA -- An official of Aboitiz-led Union Bank of the Philippines (Union Bank) announced that an issuance of Long Term Negotiable Certificate of Deposits (LTNCD) is in the offing as the bank seeks to increase capital to support its expansion. Union Bank President and CEO Edwin Bautista said they… Read More

DTI to ask EU to calendar continuation of free trade talks

DTI to ask EU to calendar continuation of free trade talks

August 24, 2018, 6:04 pm

MANILA -- The Philippine government is set to formally ask the European Union (EU) to schedule the third round of negotiations for the Philippine-EU Free Trade Agreement (FTA), the country’s top trade official revealed. Trade Secretary Ramon Lopez told the Philippine News Agency (PNA) that his… Read More

PH, China to speed up implementation of infra projects

PH, China to speed up implementation of infra projects

August 24, 2018, 6:00 pm

BEIJING -- Manila and Beijing have affirmed their commitment to speed up the preparation and processes needed to ensure the timely implementation of the Duterte administration’s flagship infrastructure projects with financial support from China, the Department of Finance (DOF) announced in a… Read More

Union Bank targets 14 fully digital branches by yearend

Union Bank targets 14 fully digital branches by yearend

August 24, 2018, 2:54 pm

MANILA -- Union Bank targets to have 14 fully digital bank branches nationwide by end-2018 and around 30-40 branches by end-2019, after its initial foray into this new concept gained recognition as "Best in Asia Pacific" within a year of its launch in September 2017. Its first fully digital… Read More

DICT eyes awarding unused frequencies of PLDT, Globe to 3rd telco

DICT eyes awarding unused frequencies of PLDT, Globe to 3rd telco

August 23, 2018, 8:43 pm

MANILA -- The Department of Information and Communications Technology (DICT) is eyeing to award the unused frequencies of telco giants PLDT, Inc. and Globe Telecom to the next major player in the industry. This, as the DICT conducts its review on the frequencies that were awarded to the dominant… Read More