BTr rejects all bids for 10-year T-bond

MANILA -- The Bureau of the Treasury’s (BTr) auction committee on Tuesday rejected all bids for the 10-year Treasury bond on what National Treasurer Rosalia De Leon dubbed as aversion for long-tenor securities.BTr offered the debt paper for PHP20 billion but bids only amounted to PHP18.676... Read More

SEC approves Marcventures merger with 2 mining firms

MANILA -- Publicly-listed Marcventures Holdings Inc. said Tuesday it received regulatory approval to merge with two other mining firms in a bid to expand its business.The Securities and Exchange Commission (SEC) allowed Marcventures to merge with Asia Pilot Mining Phils. Corp. (APMPC) and... Read More

PCC okays SM acquisition of Goldilocks

MANILA -- Acquisition by SM Retail, Inc. of Goldilocks Bakeshop, Inc., the country’s largest bakeshop chain, can now proceed as the Philippine Competition Commission (PCC) accepted the commitments of the former to ensure competition in the cakes and pastries industry.The SM Group submitted... Read More

Higher economic growth needs higher state revenues - DOF data

MANILA - - As the Philippine economy continues to grow, with economic managers setting a seven to eight percent Gross Domestic Product (GDP) growth goal for 2018-22, so is the revenue goal to provide the necessary funds for the implementation of programs for more inclusive growth.Economic managers... Read More

Robinsons Bank, Pru Life UK tie up on bancassurance

MANILA -- An official of the Gokongwei-led Robinsons Bank expects an additional income of PHP40 million to PHP50 million this year from the bank's three-year bancassurance partnership with British life insurer, Pru Life UK.In a briefing after the signing of the agreement Tuesday, Robinsons Bank... Read More

Singaporean firm to design New Clark City

MANILA -- A Singaporean consulting firm for urban, industrial, and infrastructure will make the detailed design of the New Clark City in Central Luzon, Bases Conversion and Development Authority (BCDA) said Monday.BCDA and Japan Overseas Infrastructure Investment Corp. for Transport and Urban... Read More

PH to showcase products in Germany this February

MANILA -- The Philippines is set to showcase its products at this year’s Ambiente, the leading international trade fair for consumer good in Frankfurt, Germany on Feb.9 to 13.Department of Trade and Industry (DTI) export promotion arm Center for International Trade Expositions and Missions... Read More

Gov't targets P26-B revenues from planned tax amnesty program

MANILA - - The government targets PHP26-billion in revenue collections from the planned tax amnesty program.Finance Undersecretary Karl Chua, in a briefing at Malacanang Monday, said they have no idea how many erring taxpayers will avail of the tax amnesty, although he remains hopeful about the... Read More

PSEi, peso start week with losses

MANILA - - Optimism for more hikes in the Federal Reserve rates led the Philippine peso to depreciate as the main equities index slid down on Monday.The local currency shed PHP0.285 during the day and closed at 50.15 from 49.865 Friday last week.A trader said the boost from the signing into law and... Read More

APEC urged to create labor market information system

MANILA -- The Philippines and other Asia-Pacific Economic Cooperation (APEC) members need to create a labor market information system in order to advance labor mobility, according to a policy note by the Philippine Institute for Development Studies (PIDS).In a policy note, Leonardo A. Lanzona Jr.,... Read More

DOF set to submit Package 2 of tax reform this January '18

MANILA - - The Department of Finance (DOF) is set to submit within this month the proposed second package of tax reform program to ensure the incremental state revenues to be used to fund the Duterte administration’s priority infrastructure and social protection programs.The second package... Read More

DTI, DPWH to further bolster industries, infra links

MANILA -- The Department of Trade and Industry (DTI) and the Department of Public Works and Highways (DPWH) are targeting to further strengthen linking industries through public infrastructure.DTI and DPWH held their second national meeting for Roads Leveraging Linkages for Industry and Trade (ROLL... Read More

Megawide partners with UEM on P2-B water reclamation facility

MANILA -- Engineering and infrastructure conglomerate Megawide Construction Corp. (Megawide) has partnered with Toshiba Group’s UEM India Pvt. Ltd. and a local firm to design and build its first PHP2-billion water reclamation engineering project.Megawide told the local bourse the design and... Read More

Yuchengco, Ayala groups plan to merge education businesses

MANILA -- The Yuchengco and Ayala groups plan to merge their education businesses, which they aim to finalize within the first quarter of the year.Ayala Corp. and House of Investments Inc. told the local bourse that AC Education Inc. and iPeople, inc. have executed a non-binding term sheet for their... Read More

Investors’ confidence remains high despite TRAIN law: Lopez

MANILA -- Trade Secretary Ramon Lopez said confidence of investors in the country remains high even with the implementation of the Tax Reform for Acceleration and Inclusion (TRAIN) Act this year.In an interview on Radyo Pilipinas’ Cabinet Report sa Teleradyo with Presidential Communications... Read More

Bukidnon power coops unfazed by coal tax hike

MANILA-- Two power cooperatives in Bukidnon, the First Bukidnon Electric Cooperative (Fibeco) and the Bukidnon Second Electric Cooperative (Buseco), are unfazed by the recent imposition of higher taxes on coal.The National Electrification Administration (NEA) observed that investing in a... Read More

Globe sets USD850-M capex for 2018

MANILA -- Globe Telecom will be allocating USD850 million for its capital expenditure this year as it continues to expand its data network amid the rising demand for mobile data services and online streaming content.The financing is in line with its vision to improve internet services in the country... Read More

Biz registration in Zamboanga Sur up by 64%

PAGADIAN CITY, Zamboanga del Sur -- The Department of Trade and Industry (DTI) announced that there was sharp increase in new businesses in 2017 in this province.DTI Provincial Director Maria Socorro Atay on Friday said the Business Name Registration (BNR) in 2017 reached 2,962, which is 64 percent... Read More

PSEi seen to hit 11,000 pts this year

MANILA -- Brokerage firm Philstocks Financial Inc. expects the benchmark Philippine Stock Exchange index (PSEi) to soar to a new record high of 10,700 to 11,000 points this year, as the tax reform program further drives the country’s economic growth.Philstocks Financial senior equity analyst... Read More

PSEi sustains rise; peso ends sideways vs. USD

MANILA -- The Philippine Stock Exchange index (PSEi) sustained its rally Friday but the peso closed the week sideways partly due to investors’ profit-taking.PSEI gained 0.35 percent, or 30.17 points, to finish the week at 8.770.00 points.The broader All Shares went up 0.33 percent, or 16.57... Read More