BSP reminds banks on measures vs. clients engaged in gaming biz

MANILA -- The Bangko Sentral ng Pilipinas (BSP) has called on banks to follow stricter measures on the rising number of clients engaged in gambling and or online gaming business.BSP Deputy Governor Chuchi Fonacier, in Memorandum No. M-‎2018-002, said banks now have greater exposures to... Read More

PH, Netherlands to develop master plan for Manila Bay dev’t

MANILA -- The governments of the Philippines and the Kingdom of the Netherlands on Monday agreed to work together to develop a master plan for the sustainable development and management of the Manila Bay area.Socioeconomic Planning Secretary Ernesto M. Pernia and Netherlands Ambassador to the... Read More

Pernia bullish on economy amid temporary price hike under TRAIN

MANILA -- The country’s chief economist remains bullish about the prospects for 2018, as the tax reform program boosts consumer spending and intensifies spending for infrastructure.National Economic and Development Authority (NEDA) Director-General and Socioeconomic Planning Secretary Ernesto... Read More

UnionBank eyes 500K SME clients by year-end

MANILA -- Publicly-listed universal bank UnionBank targets to double the number of its small and medium enterprise (SME) clients by end of this year to 500,000 as it plans to cater more to this segment, which accounts for around 99 percent of businesses in the country. UnionBank President Edwin... Read More

PSEi to hit 9,300 pts in 2018: COL Financial

MANILA -- Leading online stock brokerage COL Financial expects the local stock barometer to reach a new high this year at 9,300 points, sustained by the strong economic momentum and boosted by a positive sentiment on the government’s tax reform program.COL Financial Head of Research April Lee... Read More

'BOSS' extended in Zamboanga

ZAMBOANGA CITY -- The city government has extended for 11 days the operation of the Business One Stop Shop (BOSS) to accommodate more business registrations and renewals of licenses.Cesar Raz, assistant city administrator for operations, on Saturday said the BOSS, which was supposed to end its... Read More

BDO pays ATM skimming victims

MANILA - - A ranking Bangko Sentral ng Pilipinas (BSP) official dubbed as positive the decision of Sy-led Banco De Oro Unibank Inc. (BDO) to pay its account holders who have reported to have been victimized by ATM skimming even as investigations are on-going.This after BDO President and CEO Nestor... Read More

Ayala restructures energy business

MANILA -- Conglomerate Ayala Corp. said Friday it is restructuring its energy business to create two wholly-owned platforms for renewable energy and thermal energy.Ayala told the local bourse it would retain AC Energy as its umbrella brand for its energy group of companies, which would primarily... Read More

Big Boss Cement to invest P4-B to expand capacity

MANILA -- Big Boss Cement Inc. (BBCI), chaired by the eldest son and namesake of billionaire Henry Sy Sr., is investing PHP4 billion to PHP8 billion in the next four years to expand capacity in its bid to meet the increased domestic demand as the government rolls out more infrastructure... Read More

Moody’s sees 6.7% GDP growth for PH in Q4 ’17

MANILA -- Moody’s Analytics projects a 6.7 percent output for the Philippine economy in the last quarter of 2017.This level is lower than the 6.9 percent growth, as measured by Gross Domestic Product (GDP), that the economy registered in the third quarter of 2017 but similar to the average... Read More

8990 Holdings launches P2-B Cebu mid-rise condo dev’t

MANILA -- Listed mass housing developer 8990 Holdings Inc. expects to generate PHP2 billion in sales from its second mid-rise condominium development in Barangay Tisa, Cebu City, as it expands its footprint in high growth areas across Visayas and Mindanao.8990 Holdings President and Chief Executive... Read More

Agriculture output grows 3.95% in 2017

MANILA -- The agriculture sector grew by 2.20 percent in the fourth quarter of 2017, bringing full-year growth to 3.95 percent, the Philippine Statistics Authority (PSA) reported on Friday.PSA data showed that at current prices, gross value of agricultural output amounted to PHP500.4 billion, up by... Read More

PH successfully sells USD2-B 10-yr global bond at 3% coupon rate

MANILA - - The Duterte administration’s Build, Build, Build program got another boost after the government successfully sold USD2-billion worth of 10-year US dollar-denominated bond Friday morning.The Department of Finance (DOF) said the latest 10-year Republic of the Philippine (ROP)... Read More

Buenaventura wants Landbank to acquire majority stake in PDS

MANILA -- Land Bank of the Philippines’ (Landbank) wants to buy majority shares in the Philippine Dealing System (PDS) in order to provide additional profit for the bank.Landbank President and Chief Executive Officer Alex V. Buenaventura proposed the acquisition of at least 66.67 percent share... Read More

Hyundai vows to comply with DTI, DOF directives: BOI

MANILA -- The Board of Investments (BOI) on Friday said Hyundai Asia Resources, Inc. (HARI), the importer and distributor of Hyundai vehicles in the Philippine market, has agreed to comply with the directives of the Department of Trade and Industry (DTI) and the Department of Finance (DOF) regarding... Read More

CARD MRI replicates DTI microloan scheme

MANILA -- Center for Agricultural and Rural Development Mutually Reinforcing Institutions (CARD MRI) is replicating the microfinancing scheme of the Department of Trade and Industry (DTI) to help Filipinos avail more of affordable loans.According to DTI Secretary Ramon Lopez, CARD MRI is releasing... Read More

Sunlife Canada eyes P1.5-B investment in gov't infra projects

MANILA -- Sun Life of Canada (Philippines), Inc. (SLOCPI) is willing to invest around PHP1.5-2 billion on infrastructure projects to be identified by the government.SLOCPI Chief Investment Officer Michael Gerard D. Enriquez told PNA they are willing to invest in two to three small ticket projects as... Read More

San Miguel Food and Beverage eyes follow-on offering

MANILA -- San Miguel Food and Beverage Inc. (SMFBI) is looking to raise fresh funds through a follow-on offering by the second quarter to widen public ownership.“Yes, there will be a follow-on (offering) for the additional float for the food and beverage company. And this is to meet the... Read More

Industries’ revenue up 8.6% in Q3 2017

MANILA -- Total gross revenues of industries from July to September in 2017 increased by 8.6 percent, the Philippine Statistics Authority (PSA) reported Friday.The PSA noted that growth in total revenue of industries in the third quarter last year accelerated from its 6.8 percent growth in the same... Read More

PH announces 10-year Global bond offer

MANILA -- The Philippine government on Thursday announced its latest 10-year global bond offering, which will be issued with a swap offer for 14 series of bonds maturing between 2019 and 2037.In a statement posted on the Bureau of the reasury (BTr) website, the government gave no indicative amount... Read More