Phoenix Petroleum expands into bitumen business

MANILA -- Phoenix Petroleum Philippines Inc. is expanding its portfolio of petroleum products by entering into a joint venture deal with a Thailand-based company and a local firm to market and distribute bitumen, one of the by-products of crude oil refining.Phoenix told the local bourse that its... Read More

PH pushes for ASEAN collaboration in promoting agri cooperatives

MANILA -- The Philippines on Tuesday called for increased collaboration with other member states of the Association of Southeast Asian Nations (ASEAN) in promoting agricultural cooperatives deemed important for poverty reduction in the region.Cooperative Development Authority (CDA) Chairman Orlando... Read More

GSIS eyes USD800-M overseas investment in 2018

MANILA -- State pension fund Government Service Insurance System (GSIS) will invest some USD800 million overseas this year as it vies to be more aggressive in sustaining its actuarial life strong, among others.In a briefing Tuesday, GSIS President and General Manager Jesus Clint Aranas said they... Read More

Cebu Landmasters eyes P7-B reservation sales this year

MANILA -- Listed property developer Cebu Landmasters Inc. (CLI) targets to hit PHP7 billion in reservation sales this year, up 52 percent from PHP4.58 billion posted last year. CLI attributed its exceptional performance last year mainly to newly-launched residential projects, which are now almost... Read More

More beneficiaries from DTI mentorship programs eyed

MANILA -- The Department of Trade and Industry (DTI) aims to reach more Filipinos this year with its training programs to promote entrepreneurship.DTI Secretary Ramon Lopez said Monday the department will continue to strengthen its mentorship initiatives this 2018 by conducting more trainings and... Read More

Finance officials clarify tax issues for ROHQ employees

MANILA - - Employees of regional operating headquarters (ROHQs) need not worry about the veto of the provision under the first tax reform package that allows them to continue enjoying the 15 percent preferential withholding tax rates because they will benefit from lower income taxes in general.This... Read More

PH zonal land value eyed to be at par with int’l standards

MANILA - - Zonal valuation of land in Philippines will be at par with international standards once lawmakers approve the third package of the Duterte administration’s tax reform program.“BIR (Bureau of Internal Revenue) already has a valuation of the land, which we applied for sales,... Read More

DTI seeks P2-B budget for livelihood initiatives in Marawi

MANILA -- The Department of Trade and Industry (DTI) has sought about PHP2 billion to fund its initiatives to bring back livelihood activities in Marawi City and its nearby areas.DTI Undersecretary Zenaida Maglaya, in a briefing Monday, said the department has asked for about PHP2 billion as budget... Read More

PSEi, peso start week on positive note

MANILA - - Optimism sustained the strength of both the Philippine Stock Exchange index (PSEi) and the peso at the start of this week.PSEi finished Monday with a jump of 0.49 percent, or 43.10 points, to 8,857.72 points.Most of the other indices tracked the main gauge, led by the broader All Shares,... Read More

SM Prime’s P20-B bond offer gets highest credit rating

MANILA -- SM Prime Holdings, Inc. on Monday said its proposed bond issue of up to PHP20 billion received the highest credit rating from the Philippine Rating Services Corp. (PhilRatings).PhilRatings assigned a rating of PRS Aaa to its bond issue, denoting that such obligations are of the highest... Read More

Skyway to open new runway toll plaza

MANILA --The Metro Manila Skyway, the elevated highway in southern Metro Manila, is set to open its new runway toll plaza on January 26, 2018 to facilitate toll collection and manage higher traffic volume.

The newly completed facility consists of three lanes dedicated to the Electronic Toll... Read More

Megaworld’s Southwoods office towers get PEZA accreditation

MANILA -- Property developer Megaworld Corp. on Monday said its two new office towers in Southwoods City in Biñan, Laguna have been granted accreditation as a Philippine Economic Zone Authority (PEZA) special economic zone for information technology (IT).This, after President Rodrigo Duterte... Read More

AboitizPower shuts down Aseagas plant

MANILA -- Months after going on continuous shutdown, AboitizPower Corporation announces that the biomass plant in Lian, Batangas operated by its wholly-owned subsidiary, Aseagas Corp., will permanently cease operations.Aseagas earlier suspended its commissioning due to unavailability of the supply... Read More

SEC revokes Rappler's certificate of incorporation

MANILA -- The Securities and Exchange Commission (SEC) has revoked the certificate of incorporation of Rappler Inc. and Rappler Holdings Corporation allegedly for violating the Constitution and foreign equity restrictions in mass media.In a decision issued on Monday, the SEC cancelled the... Read More

BOI targets P680-B investment approvals in 2018

MANILA -- The Board of Investments (BOI) eyes to increase investment approvals for 2018 by around 10 percent from pledges in 2017.In a press conference Monday, Department of Trade and Industry (DTI) Undersecretary and BOI Managing Head Ceferino Rodolfo said the agency targets to approve a total of... Read More

Gov’t urged to boost agricultural productivity growth

MANILA -- The government needs to invest in productivity growth of the agriculture sector which plays an important role in reducing poverty, according to a study published by the Philippine Institute for Development Studies (PIDS).In a Policy Note, PIDS Senior Research Fellow Roehlano Briones said... Read More

DPWH to implement 11-big-ticket infra projects in Mindanao

MANILA —The Department of Public Works and Highways (DPWH) will implement a total of 11 big-ticket infrastructure projects which aims to improve roads network in Mindanao.According to DPWH Secretary Mark Villar, the projects, which will be implemented from 2018 up to 2023, cover the... Read More

PSE okays Robinsons Land’s P20-B stock rights offer

MANILA -- Gokongwei-led property developer Robinsons Land Corp. (RLC) has received approval from the board of the Philippine Stock Exchange Inc. to raise up to PHP20 billion through a stock rights offer (SRO), the proceeds of which will be used to acquire land for expansion.The company will offer up... Read More

DTI teams up with Google, IPGMB for MSME digitization

MANILA -- The Department of Trade and Industry (DTI) has continued its initiatives to help micro, small, and medium enterprises (MSMEs) increase their presence in digital platform.DTI has partnered with Google Philippines and IPG Mediabrands (IPGMB) Philippines, Inc. to promote the use of digital... Read More

SSS sees investment income hitting P60-B with infra foray

MANILA -- State-run Social Security System (SSS) expects investment income to reach PHP60 billion, in three years, or double the PHP30 billion last year, following its participation in the infrastructure sector with the purchase of minority stake in diversified and infrastructure conglomerate... Read More