Business

BSP puts premium on consumer protection amid fintech advances

BSP puts premium on consumer protection amid fintech advances

May 3, 2018, 8:47 pm

MANILA -- Bangko Sentral ng Pilipinas (BSP) considers consumer protection paramount in its regulation of the growing financial technology (fintech) industry in the country. During a roundtable discussion on new technologies in finance held on Thursday at the ADB Headquarters in Mandaluyong City,… Read More

BOI okays P196-B projects in Jan-April ‘18

BOI okays P196-B projects in Jan-April ‘18

May 3, 2018, 8:39 pm

MANILA -- The Board of Investments (BOI) has approved a total of PHP195.7-billion worth of projects in the January to April period, the investment promotion agency reported Thursday. Investment approvals in BOI in the first four months of the year increased by 28 percent from PHP153.1-billion… Read More

Peso rises, local stocks down again

Peso rises, local stocks down again

May 3, 2018, 8:34 pm

MANILA -- The Philippine peso finished stronger against the greenback on Thursday but local stocks went the other direction, falling again by more than 2 percent at the end of the trading session. The local currency closed the day at 51.67 from 51.86 a day ago. On the other hand, the Philippine… Read More

Services, industries propelling PH into upper middle-income status

Services, industries propelling PH into upper middle-income status

May 3, 2018, 8:03 pm

MANILA -- The Philippines is on its way to becoming an upper middle-income level economy, Bangko Sentral ng Pilipinas (BSP) Deputy Governor Diwa Guinigundo said at a side event of the 51st Annual Asian Development Bank (ADB) Meeting here Thursday. During the joint seminar of ASEAN+3 Macroeconomic… Read More

Duterte distributes land titles to Hacienda Matias farmers

Duterte distributes land titles to Hacienda Matias farmers

May 3, 2018, 7:41 pm

MULANAY, Quezon -- President Rodrigo R. Duterte distributed Wednesday certificates of land ownership award (CLOAs) to 386 agrarian reform beneficiaries, effectively transferring to them the ownership of the remaining 654.4082 hectares of the Hacienda Matias in Mulanay, Quezon Province. The… Read More

DOF sees April inflation at 4.5%

DOF sees April inflation at 4.5%

May 3, 2018, 7:22 pm

MANILA -- The Department of Finance (DOF) expects inflation for the month of April at 4.5 percent, with "sin products" contributing substantially to the upward price pressure. In its latest economic bulletin, the inflation forecast for April 2018 is higher than the rate registered in last year at… Read More

ADB to fund more projects in Mindanao

ADB to fund more projects in Mindanao

May 3, 2018, 7:18 pm

MANILA -- The Asian Development Bank (ADB) announced Thursday that it will finance more projects in Mindanao in support of a sustainable peace and to spur its economic development. “We want to invest more in Mindanao. To sustain peace in Mindanao, we need to develop Mindanao in a broader sense.… Read More

PH seeks ADB support for infra projects

PH seeks ADB support for infra projects

May 3, 2018, 6:21 pm

MANILA -- The Philippine government is seeking further support from the Asian Development Bank (ADB) to advance its infrastructure program, especially for projects that will address Metro Manila's traffic problem, which it says is key to creating jobs and reducing poverty. During the institutional… Read More

Increase in human capital to help Asian seniors get jobs

Increase in human capital to help Asian seniors get jobs

May 3, 2018, 6:18 pm

MANILA -- Asian countries should invest on education and training programs that will enhance the employment prospects of retirees and other senior citizens who are still willing to work. Increasing human capital will help address the challenge of aging societies in the region, according to… Read More

Market, product diversification to counter protectionism: Guinigundo

Market, product diversification to counter protectionism: Guinigundo

May 3, 2018, 5:09 pm

MANILA -- The Philippines should explore other markets and diversify its product lines to shield itself from the effects of trade protectionist policies recently adopted by some countries. On the sidelines of the Institute of International Finance seminar at the 51st Annual Asian Development Bank… Read More

Tech advances threaten jobs, say ADB economists

Tech advances threaten jobs, say ADB economists

May 3, 2018, 4:07 pm

MANILA -- Economists from the Asian Development Bank (ADB) on Thursday stressed the need to establish employment security amid technological advancements that all too often result in human labor being supplanted by machines. In a media briefing on the Asian Development Outlook 2018 Report at the… Read More

BOC exceeds April revenue target

BOC exceeds April revenue target

May 3, 2018, 3:42 pm

MANILA -- The Bureau of Customs (BOC) made another revenue feat for April as it hit above its collection target by 2 percent. Based on the preliminary data released by BOC-Financial Service, a total of PHP47.394 billion has been collected in April with P930 million in revenue surplus against the… Read More

51st ADB meet opens in Manila

51st ADB meet opens in Manila

May 3, 2018, 9:52 am

MANILA -- The 51st Annual Meeting of Asian Development Bank’s (ADB) Board of Governors has formally opened Thursday at the ADB Headquarters in Ortigas Center, Mandaluyong City. More than 4,000 participants from public and private sectors from Asia, North America, and Europe are attending the… Read More

Air Asia gives discounts to gov't workers on domestic flights

Air Asia gives discounts to gov't workers on domestic flights

May 2, 2018, 9:22 pm

MANILA -- Government employees will now earn discounts on their domestic flights as the Department of Budget and Management (DBM) has signed Wednesday a Government Fares Agreement (GFA) with budget air carrier Air Asia Philippines. The agreement will enable government workers to enjoy discounted… Read More

BTr awards P10-B T-bonds in full

BTr awards P10-B T-bonds in full

May 2, 2018, 7:49 pm

MANILA -- The Bureau of Treasury (BTr) has fully awarded the re-issued PHP10-billion treasury bonds (T-bonds) at average yield of 5.592 percent on Wednesday’s auction. It fetched a total bid of PHP18.9 billion, showing a strong market demand for the T-bonds. “With the auction result,… Read More

Top economists back fiscal perks in TRAIN 2

Top economists back fiscal perks in TRAIN 2

May 2, 2018, 7:44 pm

MANILA – Economists under the Foundation for Economic Freedom (FEF) have expressed support for the rationalization of fiscal incentives under the proposed second phase of the administration's tax reform program otherwise known as Tax Reform for Acceleration and Inclusion 2 (TRAIN 2). In a… Read More

Peso weakens, local shares dip

Peso weakens, local shares dip

May 2, 2018, 7:42 pm

MANILA -- The Philippine peso lost ground against the US dollar on Wednesday while the local stocks barometer also stumbled back to the 7,700 level during midweek trading. The local currency finished the day at PHP51.86, 12 centavos weaker than Monday's PHP51.74. Meanwhile, the Philippine Stock… Read More

BOI, PEZA investment approvals up 53% in Q1

BOI, PEZA investment approvals up 53% in Q1

May 2, 2018, 6:05 pm

MANILA -- The value of projects approved by the Philippine government's two investment promotion agencies (IPAs) increased by a substantial 53.2 percent in the first quarter of 2018 relative to the same period last year. Combined investment approvals by the Board of Investments (BOI) and the… Read More

Grab to LTFRB: Hike TNVS units to meet rising passenger demand

Grab to LTFRB: Hike TNVS units to meet rising passenger demand

May 2, 2018, 4:16 pm

MANILA -- Ridesharing company Grab Philippines is asking for a dialogue with the Land Transportation Franchising and Regulatory Board (LTFRB) to increase the number of transportation network vehicle services (TNVS) units amid increasing passenger demand. Grab said the suspension of the… Read More

'Build, Build, Build' jobs await returning OFWs from Kuwait

'Build, Build, Build' jobs await returning OFWs from Kuwait

May 2, 2018, 3:02 pm

MANILA -- Jobs here at home await returning overseas Filipino workers (OFWs) from Kuwait, particularly those employed in construction, with the government’s Build, Build, Build Program, the chief of the Department of Budget and Management (DBM) said. Budget Secretary Benjamin Diokno said during… Read More