New oil excise taxes not license for profiteering

MANILA -- The Department of Energy (DOE) warned industry players against using the new excise tax on oil under the Tax Reform for Acceleration and Inclusion (TRAIN) law to jack up prices. 

The department said the implementation of the new law would not automatically raise oil prices in the... Read More

SBS acquires warehouse facility complex from Coca Cola

MANILA -- Listed chemical trader-distributor SBS Philippines Corp. has signed a deal with The Coca Cola Export Corp. (TCCEC) to acquire a 4.7-hectare warehouse facility complex located in Calamba City in Laguna province for PHP520 million.SBS, through its subsidiary, Lence Holdings Corp., entered... Read More

7-day TDF rate down this week

MANILA -- Rate of the central bank’s seven-day Term Deposit Facility (TDF) fell Wednesday even as bids for the facility were more than twice the PHP40 billion offering.Data released by the Bangko Sentral ng Pilipinas (BSP) showed that weighted average accepted yield of the facility declined to... Read More

TRAIN should not yet impact on fuel, SSB products prices -- DTI

MANILA -- The Department of Trade and Industry (DTI) said the excise tax on petroleum products and tax on sugar-sweetened beverage (SSB) as provided for under the Tax Reform for Acceleration and Inclusion (TRAIN) Act should not yet impact on prices of fuel and sweetened beverages.In a text message... Read More

Economic managers hike several macro targets

MANILA -- Members of the inter-agency Development Budget Coordinating Committee (DBCC) have revised upwards some of the government’s targets on back of the economic development here and overseas.In a briefing, Budget and Management Secretary Benjamin Diokno said imports growth target for 2018... Read More

PSEi, peso start 2018 with a bang

MANILA -- Foreign funds continue to pour into the Philippines’ equities market, boosting not only the main index but also the peso on Wednesday.The Philippine Stock Exchange index (PSEi) finished at 8,724.13 points, up 1.94 percent or 165.71 points Wednesday, the first trading day of 2018.A... Read More

Ayala Land raises stake in Malaysian construction firm

MANILA -- A wholly-owned subsidiary of property developer Ayala Land Inc. (ALI) has increased its stake in Malaysian development and construction firm MCT Bhd in over half after signing a deal to acquire additional 17.24-percent stake for RM202.5 million (roughly PHP2.49 billion).ALI told the local... Read More

DOF eyes further drop in PH inflation rate for December to 3.2%

MANILA -- The Department of Finance (DOF) projects another deceleration in the rate of price increases in the Philippines for December 2017 as macroeconomic fundamentals continue to remain strong.In its economic bulletin, the Finance department forecasts December 2017 inflation at 3.2 percent,... Read More

PH tops ASEAN manufacturing PMI

MANILA -- The Philippines has topped anew other countries of the Association of Southeast Asian Nations (ASEAN) in the manufacturing purchasing manager’s index (PMI) in December 2017.IHS Markit’s ASEAN Manufacturing PMI for December 2017 showed the region scored 49.9 last month, led by... Read More

DTI boosts MSMEs anew in 2017

MANILA -- The Department of Trade and Industry (DTI) focused its projects and programs in 2017 to the micro, small, and medium enterprises (MSMEs) in the country, heeding the call of President Rodrigo Duterte to further boost the sector.This year, DTI kicked off its microfinancing program Pondo sa... Read More

BSP calls for halt in questioning credibility of PH legal tenders

MANILA -- The Bangko Sentral ng Pilipinas (BSP) has called on the public to stop acts that will question the credibility of the country's legal tenders.This after some social media posts about misprinted banknotes continue to circulate days after central bank officials have explained the cause of... Read More

BSP, bank execs mull 3rd TDF tenor

MANILA -- Regulators and bank officials are currently in talks over the possibility of introducing a third Term Deposit Facility (TDF) tenor.This as the 28-day facility remains undersubscribed, especially ahead of the Christmas season, which made the central bank stop offering it for auction.Bangko... Read More

1st package to correct ‘long-standing inequity’ in PH tax system

MANILA -- After more than 300 presentations about the gains of tax reforms, efforts of Department of Finance (DOF) officials were not wasted.Before 2017 came to a close, President Rodrigo R. Duterte signed into law the first package of the tax reform program, which is for implementation by January... Read More

PLDT partners with Huawei to improve wireless services delivery

MANILA -- Telecoms and digital services provider PLDT and its mobile unit Smart Communications have announced Tuesday its USD28.5 million partnership with Huawei Technologies to improve the delivery of wireless services to its customers.The initiative is part of PLDT Group’s capital... Read More

More stock market gains seen in 2018 despite higher tax

MANILA -- The local stock market ended the year on record high and is expected for another strong year in 2018 as the country undertakes new initiatives to attract more investors.“In 2017, the market did very well. It has been a very profitable year I guess for the investors,” said... Read More

Hong Kong bizmen eye opportunities in PH

MANILA -- An 11-man business delegation from Hong Kong has visited the Philippines to explore trade and investment opportunities in the country.The Board of Investments (BOI) said Friday that the visiting businessmen from Hong Kong eye opportunities in sectors of agriculture, tourism, manufacturing,... Read More

Seda hotel chain eyes 3,500 rooms in 15 locations by 2019

MANILA -- Ayala Land Inc., through Ayala Land Hotels and Resorts Corp., plans to ramp up the rollout of its Seda hotel brand to more than double capacity to 3,500 rooms by 2019, as it rides the tourism boom.Senior group general manager Andrea Mastellone said the hotel chain will increase the current... Read More

Zamboanga posts increase in tax collection

ZAMBOANGA CITY -- Preparations are underway for the establishment of the Business One Stop Shop (BOSS) to institutionalize a hassle-free registration of new business permits and renewal of licenses for 2018.City Permits and Licensing Division Chief Benjie Barredo on Wednesday said the city... Read More

High economic growth sustainable in 2018: NEDA

MANILA --The Philippine economy has maintained its position as one of the fastest-growing economies in Asia on robust domestic consumption and government spending, supporting its projected higher growth path over the next few years.Socioeconomic Planning Secretary and National Economic and... Read More

BOI approves P490-M sugar mill plant

MANILA -- The Board of Investments (BOI) has approved the PHP490 million sugar mill project of HDJ Bayawan Agri-venture Corp. (HBAC) in Negros Oriental.Located in a five-hectare property in Barangay Bugay, Bayawan City, Negros Oriental, HBAC's sugar mill plant has a capacity to produce 427,050 bags... Read More