Business

Financial, capital markets inspired by SONA

Financial, capital markets inspired by SONA

July 24, 2018, 7:50 pm

MANILA -- Positive sentiments on President Rodrigo R. Duterte’s statements in his third State of the Nation Address (SONA) lifted both the Philippine Stock Exchange index (PSEi) and the peso Tuesday. PSEi recovered and went up 0.95 percent, or 70.22 points, to 7,447.02 points. It was followed by… Read More

PSBank starts LTNCTD offering

PSBank starts LTNCTD offering

July 24, 2018, 7:19 pm

MANILA -- The Philippine Savings Bank (PSBank) on Tuesday began offering its Long-Term Negotiable Certificates of Time Deposits (LTNCTD), with a tenor of five years and six months. In a disclosure with the Philippine Stock Exchange (PSE), the thrift banking arm of the Metrobank Group said the… Read More

Rice tariffication to lower inflation: NEDA

Rice tariffication to lower inflation: NEDA

July 24, 2018, 6:08 pm

MANILA -- The enactment and full implementation of the rice tariffication bill can bring down the prices of rice, benefiting Filipino families, Socioeconomic Planning Secretary Ernesto Pernia said Tuesday. In a statement, the National Economic and Development Authority (NEDA) renewed its call to… Read More

CEZA to open 20,000 fintech jobs

CEZA to open 20,000 fintech jobs

July 24, 2018, 4:50 pm

MANILA -- The Cagayan Economic Zone Authority (CEZA) said about 20,000 jobs in financial technology (fintech) will open up as soon as it awards the initial 25 principal licenses to be made available to qualified fintech companies. In a statement Tuesday, CEZA Administrator and Chief Executive… Read More

PH eyes expanded trade, tourism with India

PH eyes expanded trade, tourism with India

July 24, 2018, 4:13 pm

MANILA -- Philippine Ambassador to India Teresita Daza expects that relations between the Philippines and India will grow as the two countries explore fresh opportunities in trade, education and tourism. Daza said a group of Filipino businessmen visited New Delhi to scout for market opportunities… Read More

DTI, bizmen no to 'illegal' contractualization, yes to outsourcing

DTI, bizmen no to 'illegal' contractualization, yes to outsourcing

July 24, 2018, 3:32 pm

MANILA -- The Department of Trade and Industry (DTI) threw its support to President Rodrigo Duterte's call for legislation that will end labor contractualization, which he reiterated in his third State of the Nation Address (SONA). In a text message to reporters Tuesday, Trade Secretary Ramon… Read More

Grab asks LTFRB to condone P10-M fine

Grab asks LTFRB to condone P10-M fine

July 24, 2018, 2:30 pm

MANILA -- Ridesharing firm Grab Philippines disclosed on Monday that it has filed a formal appeal to the Land Transportation Franchising and Regulatory Board (LTFRB) to reverse the PHP10-million fine imposed on it as penalty for charging an unsanctioned PHP2 per minute to its customers. Grab said… Read More

Lower interconnection rates to benefit new telco player: PRRD

Lower interconnection rates to benefit new telco player: PRRD

July 24, 2018, 10:06 am

MANILA -- Lowering interconnection rates of telecommunication firms will help create a competitive environment for a new player to enter the industry and provide services to the public, President Rodrigo R. Duterte said. “We shall, therefore, lower interconnection rates between all industry… Read More

Duterte warns rice hoarders, cartels

Duterte warns rice hoarders, cartels

July 24, 2018, 7:42 am

MANILA -- President Rodrigo R. Duterte on Monday issued a stern warning against rice traders engaged in hoarding and cartel operations, who are being blamed for the artificial rice shortage that leads to high rice prices. “I now ask all the rice hoarders, cartels and their protectors, you know… Read More

Do not block tax reforms, Duterte says

Do not block tax reforms, Duterte says

July 23, 2018, 8:59 pm

MANILA -- President Rodrigo Duterte on Monday said his administration’s tax reform program should be implemented to achieve sustainable growth, as he urged Congress to immediately pass its second package seeking to lower the corporate income tax and creating millions of jobs for more Filipinos.… Read More

Muslim biz group welcomes imminent passing of Bangsamoro law

Muslim biz group welcomes imminent passing of Bangsamoro law

July 23, 2018, 8:41 pm

MANILA -- The Bangsamoro Business Club (BBC) is eagerly looking forward to the possible enactment of the Bangsamoro Organic Law (BOL). The bill may be signed into law by President Rodrigo Duterte within 48 hours, it was reported. BBC President Mohamad Omar Pasigan said the Bangsamoro Organic Law… Read More

PRRD hopes tax reform package 2 gets nod by yearend

PRRD hopes tax reform package 2 gets nod by yearend

July 23, 2018, 8:38 pm

MANILA -- President Rodrigo Duterte on Monday urged lawmakers to approve tax reform measures as he called on all sectors not to prevent their implementation since they would ensure that jobs would be made available to Filipinos. In his third State of the Nation Address (SONA), the President said… Read More

Biz leaders back bill to end contractualization

Biz leaders back bill to end contractualization

July 23, 2018, 8:32 pm

MANILA -- Business leaders have expressed their support to President Rodrigo Duterte's call to put an end to labor contractualization during his third State of the Nation Address (SONA) on Monday. International Chamber of Commerce-Philippines (ICCP) Founder and Philippine Chamber of Commerce and… Read More

Oil firms to slash pump prices Tuesday

Oil firms to slash pump prices Tuesday

July 23, 2018, 7:59 pm

MANILA -- Local oil firms announced a reduction in pump prices effective 6 a.m. Tuesday (July 24). In separate announcements, Petron, Flying V, Jetti Petroleum, Uniol, Caltex, PTT Philippines, and Phoenix Petroleum said they will implement price rollbacks of PHP1 per liter for diesel, and PHP0.70… Read More

Peso keeps ground, PSEi starts day with drop

Peso keeps ground, PSEi starts day with drop

July 23, 2018, 7:40 pm

MANILA -- The latest statement by US President Donald Trump regarding his preference for a weaker greenback supported the Philippine peso Monday but the Philippine Stock Exchange index (PSEi) declined after investors took to heart Moody’s concern about the country’s political situation. The… Read More

BTr fully awards T-bill offering amid rate uptick

BTr fully awards T-bill offering amid rate uptick

July 23, 2018, 7:38 pm

MANILA -- The Bureau of the Treasury’s (BTr) auction committee on Monday made a full award for three tenors of Treasury bills (T-bills) even with the uptick in rates for the longer tenor debt papers. The rate of the six-month paper rose to 4.235 percent from 4.185 percent during the auction last… Read More

De Leon sees sustained improvement in PH fiscal position

De Leon sees sustained improvement in PH fiscal position

July 23, 2018, 7:21 pm

MANILA -- National Treasurer Rosalia De Leon is optimistic of the sustained improvement of the Philippine government’s fiscal position following the 20 percent rise of both the revenues and expenditures in the first half of 2018. Data released by the Bureau of the Treasury (BTr) Monday showed… Read More

Ayala Corp. raises P8.07-B from sale of common shares

Ayala Corp. raises P8.07-B from sale of common shares

July 23, 2018, 5:15 pm

MANILA -- Conglomerate Ayala Corp. has raised PHP8.07 billion from the sale of common shares through a placement, generating fresh capital for its new acquisitions or debt payment. Ayala on Monday announced that it completed the placement of 8.81 million common shares of stock at a price of PHP916… Read More

BOI optimistic to hit 10% growth in investment approvals

BOI optimistic to hit 10% growth in investment approvals

July 23, 2018, 4:58 pm

MANILA -- The Board of Investments (BOI) is optimistic about achieving a 10-percent growth in investment approvals in 2018, its managing head Ceferino Rodolfo said in a statement Monday. Rodolfo, also a Trade Undersecretary, said BOI is on track to hit the PHP680-billion target in investment… Read More

FMIC, UA&P see GDP growth of at least 7% in Q2

FMIC, UA&P see GDP growth of at least 7% in Q2

July 23, 2018, 3:15 pm

MANILA -- First Metro Investments Corp. (FMIC) and the University of Asia and the Pacific (UA&P) remain optimistic the Philippine economy will continue accelerating at 7 percent or higher in the third quarter and even into the fourth. “We remain confident that second-quarter GDP (gross domestic… Read More