Business
Military pension fund OK’d in principle: DOF chief
November 1, 2018, 6:33 pm
MANILA -- President Rodrigo R. Duterte has approved the guidelines for creating a unit in the Government Service Insurance System (GSIS) that will manage the proposed pension fund for military personnel. “The President has already approved the basic outline of the pension plan and they are… Read More
Diokno optimistic of further rise in gov't spending
November 1, 2018, 5:56 pm
MANILA -- Budget and Management Secretary Benjamin Diokno is optimistic about further increase of government spending but sees the budget deficit will not hit the three percent of gross domestic product (GDP) target. “Most likely we’ll be below the target... but higher than last year,” he… Read More
Dominguez, new BOC chief meet to tackle ways to hit revenue goals
November 1, 2018, 2:49 pm
MANILA -- Finance Secretary Carlos Dominguez III has met with newly-appointed Bureau of Customs (BOC) Commissioner Rey Leonardo Guerrero to discuss ways to achieve the agency’s revenue goals and at the same time address corruption. In a message to reporters, Dominguez confirmed he met with… Read More
PH protests drop in Doing Business 2019 report ranking
November 1, 2018, 8:58 am
MANILA -- The Philippines government has protested the decline in the country's ranking in the Doing Business 2019 report of the World Bank to the 124th spot from 113th in the 2018 index. The World Bank ranking came despite the country’s ease of doing business score improving by 1.36 points to… Read More
Term deposit rates up anew
October 31, 2018, 8:49 pm
MANILA -- The rate of the Bangko Sentral ng Pilipinas’ (BSP) term deposit facility (TDF) rose across-the-board Wednesday and banks have submitted bids higher than the offering, even before the long weekend. Data released by the BSP showed the rate of the seven-day TDF improved to 4.7249 percent… Read More
PH, Japan to sign loan deal for MRT rehab next week
October 31, 2018, 7:39 pm
MANILA -- The governments of the Philippines and Japan will sign a loan agreement for the rehabilitation of the Metro Rail Transit Line 3 (MRT-3) on November 7, a Department of Transportation (DOTr) official said Wednesday. “We have finalized the signing of the exchange of notes and the loan… Read More
PSEi tracks Wall Street's rise, peso gains vs. dollar
October 31, 2018, 7:37 pm
MANILA -- Both the local bourse and the Philippine peso ended the week on a positive note, mirroring the outcome of US stocks ahead of the long holiday. The Philippine Stock Exchange index (PSEi) finished the shortened trading week at 7,140.29 points, up 1.77 percent or 124.23 points. All the… Read More
Petron to cut LPG prices
October 31, 2018, 7:34 pm
MANILA -- Industry leader Petron Corp. has announced a rollback in the prices of liquefied petroleum gas (LPG) effective Thursday. Petron on Wednesday said it will cut prices of Gasul and Fiesta cooking gas by PHP7.50 per kilogram, and Auto LPG by PHP4.20 per liter. “This is equivalent to an… Read More
PH, Chinese execs to sign deals for infra projects
October 31, 2018, 7:06 pm
MANILA -- Financing agreements for about 18 infrastructure projects will be signed between the Philippines and China during the visit of Chinese President Xi Jinping here in November, Budget Secretary Benjamin Diokno said. “We’re just trying to iron out the remaining documentation for the… Read More
PCCI asks for smooth transition in BOC leadership
October 31, 2018, 7:03 pm
MANILA -- The country’s largest business organization, the Philippine Chamber of Commerce and Industry (PCCI), has welcomed a smooth transition in the Bureau of Customs (BOC) so it will not disrupt trade flows in the country this coming peak season. In a statement Wednesday, PCCI Acting… Read More
Inflation likely peaked in Sept '18: BSP
October 31, 2018, 6:20 pm
MANILA -- The Bangko Sentral ng Pilipinas (BSP) said Wednesday domestic inflation likely reached its peak last September, projecting the October figure to settle within a range of 6.2 to 7 percent. In a statement Wednesday, the central bank said its Department of Economic Research (DER) forecasts… Read More
Rules on barter trade out in 2 months: DTI
October 31, 2018, 5:12 pm
MANILA -- Following the issuance of Executive Order (EO) No. 64 that revives the barter trade in Mindanao, the Department of Trade and Industry (DTI) targets to release the comprehensive guidelines governing barter in the next two months. In a text message Wednesday, DTI Secretary Ramon Lopez said… Read More
Diokno cites condition for proposed Bulacan airport
October 31, 2018, 5:01 pm
MANILA -- Budget and Management Secretary Benjamin Diokno said while the government has approved the proposed construction of an international airport in Bulacan, he is not sure if airline companies will automatically relocate from either Clark or the Ninoy Aquino International Airport (NAIA).… Read More
DTI chief okay with military taking over BOC
October 31, 2018, 10:05 am
MANILA -- Trade Secretary Ramon Lopez on Wednesday said there is nothing wrong with the decision of President Rodrigo Duterte to temporarily place the Bureau of Customs (BOC) under military control. This, despite concerns that it is a critical time to have the reorganization in the BOC with the… Read More
'Sin tax' collection improves
October 30, 2018, 9:08 pm
MANILA -- Government's enhanced collection measures allowed for an increase in sin tax revenues within the first nine months of 2018, the Department of Finance (DOF) reported. Finance Undersecretary Antonette Tionko said excise tax from alcoholic products rose 15.22 percent year-on-year to… Read More
Philrealty nets P44.5-M in 9 months
October 30, 2018, 8:30 pm
MANILA -- Premium property development firm, Philippine Realty and Holdings Corporation, grew its profit by a whopping 1,725 percent in the first three quarters of the year, driven by robust real estate sales and rental income. In a statement, Philrealty reported that net income after tax reached… Read More
Security Bank to open NAIA branches on Nov. 2
October 30, 2018, 8:08 pm
MANILA -- Security Bank announced on Tuesday that all its branches nationwide will be closed on Nov. 1, All Saints’ Day, but its branches at the Ninoy Aquino International Airport (NAIA) and NAIA Terminal 3 will be open for operations on November 2. November 2, All Souls’ Day, has also been… Read More
PH economy likely grew above 6% in Q3: FMIC, UA&P
October 30, 2018, 8:07 pm
MANILA -- Economic think tanks are betting that the Philippine economy expanded more than 6 percent in the third quarter of the current year, largely driven by robust investment spending and modestly rebounding exports. “The outlooks from the demand side --investments and exports-- still look… Read More
PSEi down on US-China trade issues, peso stays afloat
October 30, 2018, 8:05 pm
MANILA -- Investors' concerns over a possible worsening of the US-China trade war if the November meeting between US President Donald Trump and Chinese President Xi Jinping does not yield the desired results, pulled down the local bourse but the Peso managed to stay firm during Tuesday's trading.… Read More
BSP open to more foreign currency trading platforms
October 30, 2018, 7:43 pm
MANILA -- A ranking Bangko Sentral ng Pilipinas (BSP) official said monetary officials are open to the creation of additional Peso-foreign currency trading platforms to ease business transactions by skipping the use of the US dollar as an intermediate currency. In a briefing after the signing of… Read More
