Business

DOF probes another tax credit controversy in textile industry

DOF probes another tax credit controversy in textile industry

July 20, 2018, 8:58 pm

MANILA -- Finance Secretary Carlos Dominguez III has ordered the creation of a task force that will investigate individuals involved in the alleged issuance and use of erroneous Tax Credit Certificates (TCCs) from 2008 to 2014, which reportedly allowed holders to get incentives amounting to… Read More

Landbank branches open Saturday following ATM troubles

Landbank branches open Saturday following ATM troubles

July 20, 2018, 5:50 pm

MANILA -- Branches of state-owned Land Bank of the Philippines (Landbank) will be open for business from 8:30am to 3:30pm on Saturday (July 21) to service depositors following problems with its Automated Teller Machine (ATM) network that persisted all day Friday.  Landbank branches remained open… Read More

DTI to consider realities in crafting ease of doing biz act IRR

DTI to consider realities in crafting ease of doing biz act IRR

July 20, 2018, 5:24 pm

MANILA -- The Department of Trade and Industry (DTI) will look into practical realities in the bureaucracy and their limitations in crafting the implementing rules and regulations (IRR) of Republic Act No. 11032 or the Ease of Doing Business (EODB) and Efficient Government Service Delivery Act of… Read More

Espenilla hints possible hike in BSP rates

Espenilla hints possible hike in BSP rates

July 20, 2018, 4:19 pm

MANILA -- Bangko Sentral ng Pilipinas (BSP) Governor Nestor A. Espenilla Jr. on Friday hinted the possibility of another increase in the central bank’s key rates in August to address potential price pressures generated by excessive foreign exchange volatility and its impact on inflation… Read More

Bacolod bizmen OK with P13.50/day wage hike

Bacolod bizmen OK with P13.50/day wage hike

July 20, 2018, 2:35 pm

BACOLOD CITY -- The Metro Bacolod Chamber of Commerce and Industry (MBCCI) leadership has expressed support for the latest wage order, saying the group recognizes the need to strengthen the minimum wage earners' purchasing power through a wage increase. “We need to help them grow and boost their… Read More

DTI urges Marawi IDPs, soldiers to tap microloan fund

DTI urges Marawi IDPs, soldiers to tap microloan fund

July 20, 2018, 2:30 pm

MANILA -- The Department of Trade and Industry (DTI) said it has PHP100 million now being made available to displaced Marawi residents and military personnel who saw combat in the beseiged city last year, for them to start livelihood activities. In a statement Friday, the DTI said the microloan… Read More

Portal promoting LGUs as IT-BPO hub launched

Portal promoting LGUs as IT-BPO hub launched

July 20, 2018, 2:29 pm

MANILA -- All local government units (LGUs) in the country will have a common platform which will enable them to promote their locations as the next information technology-business process outsourcing (ITBPO) hub. This, after the Department of Information and Communications Technology (DICT),… Read More

Islamic countries may soon require 'Halal' certification

Islamic countries may soon require 'Halal' certification

July 19, 2018, 8:29 pm

MANILA -- Philippine exporters to certain Islamic countries may need to strengthen their certification protocols, as these mostly Middle Eastern states are reportedly planning to require the identification of entering products as either “halal” (permissible under Islamic law) or… Read More

BOI sees nearly 28% jump in investment pledges

BOI sees nearly 28% jump in investment pledges

July 19, 2018, 8:22 pm

MANILA --  Department of Trade and Industry (DTI) Secretary Ramon Lopez revealed that investment pledges in its attached investment promotion agency (IPA), the Board of Investments (BOI), increased by nearly 28 percent in the first half of 2018. Lopez told reporters on Thursday the increasing… Read More

Local shares slide, Peso stays put vs. USD

Local shares slide, Peso stays put vs. USD

July 19, 2018, 8:17 pm

MANILA -- Profit-taking resulted in the negative close of the Philippine Stock Exchange index (PSEi) Thursday but the peso ended sideways although with a depreciation bias in line with the performance of other currencies in Asia. PSEi shed 0.85 percent, or 63.50 points to 7,387.87 points, which a… Read More

DTI reaffirms support for auto industry

DTI reaffirms support for auto industry

July 19, 2018, 7:23 pm

MANILA -- The Department of Trade and Industry (DTI) reassured stakeholders about the government’s continued support to boost the local automotive industry through incentives. During the launch of Toyota Motor Philippines Corp.’s (TMPC) Vios FMC Thursday, Trade Secretary Ramon Lopez said the… Read More

NTC slashes interconnection rates of telcos

NTC slashes interconnection rates of telcos

July 19, 2018, 7:20 pm

MANILA -- The National Telecommunications Commission (NTC) effectively reduced the interconnection rates for both short messaging services (SMS) and voice calls in an order released Thursday. Telcos will be charging PHP0.50 per minute from PHP2.50 per minute for voice calls while text messaging… Read More

DOF exec eyes passage of at least 3 tax reform bills by yearend

DOF exec eyes passage of at least 3 tax reform bills by yearend

July 19, 2018, 4:21 pm

MANILA -- Finance Undersecretary Karl Chua expressed optimism for the passage of at least three additional tax reform measures by the end of 2018. To date, hearings on the proposed tax amnesty, rice tariffication, reforms on taxes on mining and alcohol as well as TRAIN Package 2, with the latter… Read More

Don't let a few sectors hog imported sugar: Lopez

Don't let a few sectors hog imported sugar: Lopez

July 19, 2018, 2:52 pm

MANILA -- Trade and Industry Secretary Ramon Lopez said the import of sugar should be to the benefit of all industries that require it, as well as the consuming public in general. At the two-day Franchise Asia Philippines 2019 International Conference that concludes Thursday, Lopez said… Read More

Google challenges European Commission's USD5-B antitrust fine

Google challenges European Commission's USD5-B antitrust fine

July 19, 2018, 12:31 pm

SAN FRANCISCO -- Google CEO Sundar Pichai on Wednesday challenged the USD5-billion antitrust fine that the European Commission has slapped on the world's Internet leader for competition breach, and vowed to appeal the case. Pichai denied the European Commission charge that Google has restricted… Read More

PH economic program vindicated by Fitch's 'BBB' rating

PH economic program vindicated by Fitch's 'BBB' rating

July 18, 2018, 8:30 pm

MANILA -- Bangko Sentral ng Pilipinas (BSP) Governor Nestor A. Espenilla Jr. said the Monetary Board will continue to implement its price stability mission to help boost the domestic economy’s upward trajectory. Espenilla's assurance came after Fitch Ratings affirmed its investment grade rating… Read More

Local stocks rise, Peso weakens as USD surges

Local stocks rise, Peso weakens as USD surges

July 18, 2018, 7:30 pm

MANILA -- The Philippine Stock Exchange index (PSEi) rose for a second day in a row Wednesday but the peso fell after the US dollar powered forward. This, following Federal Reserve Chair Jerome Powell’s testimony before the US Senate Tuesday night (Manila time) painting a rosy picture of the US… Read More

SMEs get big tax breaks under TRAIN

SMEs get big tax breaks under TRAIN

July 18, 2018, 5:21 pm

MANILA -- Small and medium enterprises (SMEs) received tax breaks amounting to billions of pesos for the first six months of 2018 alone under the Tax Reform for Acceleration and Inclusion (TRAIN) Act as they are now covered by a higher value-added tax (VAT) threshold and can now choose from two… Read More

TDF rates register mix results Wednesday

TDF rates register mix results Wednesday

July 18, 2018, 5:03 pm

MANILA -- Rates of the Bangko Sentral ng Pilipinas’ (BSP) Term Deposit Facility (TDF) posted mixed results on Wednesday as banks continue to weigh their options vis-à-vis the impact of latest economic developments here and abroad. Data released by the central bank showed that average rate of… Read More

Middle East firms eye franchising of Filipino brands

Middle East firms eye franchising of Filipino brands

July 18, 2018, 4:14 pm

MANILA -- Companies from the Middle East are eyeing to bring Filipino brands to their continent, Philippine Franchise Association (PFA) Director Sam Christopher Lim revealed on the sidelines of the Franchise Asia Philippines (FAPHL) 2018 International Conference in Pasay City Wednesday. Lim noted… Read More