Business
Basic Energy forays into solar energy abroad
June 27, 2018, 8:34 pm
MANILA -- Basic Energy Corp. (BEC) has signed deals for the purchase of 15-percent stakes in Thailand-based engineering, procurement and construction (EPC) firms, marking its foray into solar energy projects abroad. In a disclosure, BEC on Wednesday said it recently signed share purchase… Read More
Q2 GDP growth seen at 7%
June 27, 2018, 7:57 pm
MANILA -- The Philippine economy is expected to accelerate at least 7 percent in the second quarter of the year spurred on by the surge in infrastructure spending, manufacturing output and tax revenues, analysts at First Metro Investment Corp. (FMIC) and University of Asia and the Pacific (UA&P)… Read More
Term deposit facilities fetch higher rates
June 27, 2018, 7:55 pm
MANILA -- All three tenors of the term deposit facility (TDF) offered by the Bangko Sentral ng Pilipinas (BSP) fetched higher rates on Wednesday’s auction. The seven-day TDF offered at PHP40 billion has a weighted average yield of 3.7523 percent from the previous auction, which stood at 3.6927… Read More
Infra program to contribute P31-T to PH economy
June 27, 2018, 5:32 pm
MANILA -- The government’s massive infrastructure program can contribute as much as PHP31.2 trillion to the economy over the next five years, according to the National Economic and Development Authority (NEDA). NEDA Assistant Secretary for Investment Programming Jonathan Uy told reporters on… Read More
Warning labels on sugary drinks may start by August
June 27, 2018, 4:45 pm
MANILA -- Trade and industry Secretary Ramon Lopez said government may begin requiring manufacturers or traders to put warning labels on high sugar content beverages as early as August this year. On the sidelines of Department of Trade and Industry’s (DTI) workshop for small and medium… Read More
BMI outlook: 54:USD1 at end-2018
June 27, 2018, 3:56 pm
MANILA -- The Philippine peso will end the year at PHP54 to a US dollar, Fitch Group’s research arm forecasts. BMI Research reported Wednesday that the outlook for the Philippine peso is weaker compared to its previous projection of PHP51 to a dollar for 2018. The think tank also adjusted its… Read More
DBM: 143 cities seek funding for Green Green Green projects
June 27, 2018, 3:03 pm
MANILA -- Department of Budget and Management (DBM) Secretary Benjamin Diokno said on Wednesday that local government units (LGUs) representing 143 cities have expressed interest in securing funding from the national government under the Green Green Green assistance program. During the Breakfast… Read More
SSS Palawan ups collection in Q1
June 27, 2018, 2:59 pm
PUERTO PRINCESA CITY, Palawan -- The Social Security System’s (SSS) branch here reported Tuesday that it has collected PHP98.29 million in contributions for the first quarter of the year. Atty. Emmanuel Dooc, president and chief executive officer of the SSS, said the amount represented a… Read More
DICT releases guidelines for new telco player
June 27, 2018, 2:12 pm
MANILA -- The elusive third player in the local telecommunications industry must first have an annual capital and operating expenditures worth PHP40 billion, must have coverage of at least 30 percent of the national population and a minimum average broadband speed of 5 megabits per second (Mbps),… Read More
Oriental Peninsula diversifies into renewable energy
June 26, 2018, 9:01 pm
MANILA -- Oriental Peninsula Resources Group, Inc. (ORE) is acquiring almost a third of a renewable energy company that is majority owned by its affiliate, as it diversifies its investment portfolio by adding power generation to its existing mining business. Oriental Peninsula said in a disclosure… Read More
FNI prices follow-on offering at P2.07/share
June 26, 2018, 8:45 pm
MANILA -- Global Ferronickel Holdings, Inc. (FNI) has priced its follow-on offering at PHP2.07 per share to raise PHP517.5 million from the sale of primary shares. In a disclosure to the Philippine Stock Exchange, FNI said the offering involves 250 million primary shares. The company said the… Read More
Peso depreciation can cut PH trade deficit
June 26, 2018, 8:39 pm
MANILA -- The depreciation of the peso against the US dollar can reduce the country’s trade deficit over the medium term, the First Metro Investment Corporation (FMIC) and University of Asia & the Pacific (UA&P) said on Tuesday. It was noted that the peso’s weakness has positive effects for… Read More
Peso continues slide but local bourse breaks losing streak
June 26, 2018, 8:21 pm
MANILA -- The Philippine stock market closed Tuesday on a positive note to end the eight-day losing streak but the Philippine peso continued to slide against the US dollar. The local currency finished the day’s trade 3 centavos lower at 53.47 from the previous session’s 53.44. It opened the… Read More
EMEAP central banks to launch PAIF securities lending
June 26, 2018, 7:54 pm
MANILA -- The Executives' Meeting of East Asia-Pacific Central Banks (EMEAP) 2 announced on Tuesday the launch of securities lending in the Asian Bond Fund (ABF) 3 Pan-Asia Bond Index Fund (PAIF) 4. Effective July 10, selected local currency-denominated bonds held within PAIF will be made… Read More
T-Bonds bid rejected as yield rises
June 26, 2018, 7:47 pm
MANILA -- The Bureau of Treasury (BTr) has rejected tenders for the reissued Treasury bond (T-bond) offered on Tuesday as it fetched a higher interest rate. The five-year T-bond was offered at PHP10 billion with a coupon rate of 5.5 percent. It now has a remaining life of four years and eight… Read More
CEZA crafting rules to safeguard cryptocurrency investors
June 26, 2018, 6:08 pm
MANILA -- Cagayan Economic Zone Authority (CEZA) Administrator and Chief Executive Officer Raul Lambino said the investment promotion agency (IPA) is in the process of crafting regulations that will protect those investing in cryptocurrency. CEZA is eyeing to become a hub for financial technology… Read More
BTr partially awards T-bills in Monday auction
June 26, 2018, 12:58 pm
MANILA -- The Bureau of Treasury (BTr) partially awarded 91-, 182-, and 364-day Treasury bills (T-bills) during Monday's auction. In a statement, BTr’s auction committee said average rates across the three tenors were higher than previous biddings. “Bids came in higher, prompting the body to… Read More
Udenna ventures into tourism projects
June 25, 2018, 9:09 pm
MANILA -- Conglomerate Udenna Group is making its foray into the tourism sector with its acquired company, listed Philippine H2O Ventures Corp., in support of the country’s tourism sector. Philippine H2O Ventures, during its stockholders’ meeting on Monday, received approval to change its name… Read More
Guidelines for new telco player to be released this week: DICT
June 25, 2018, 9:07 pm
MANILA -- The Department of Information and Communications Technology (DICT) is set to release within this week the draft terms of reference (TOR) for the entry of the much-awaited third player in the local telecommunications industry. This initiative was done in compliance with the directive of… Read More
Japan extends 1.84-B yen grant aid to PH
June 25, 2018, 9:05 pm
MANILA -- The Japanese government is extending 1.84-billion yen (roughly PHP892.69 million) grant aid to the Philippines for a flood control project in Cagayan de Oro River Basin and for human resource development scholarship. Socio-economic Planning Secretary Ernesto Pernia and Japan… Read More
