Business
BSP revises 2018 BOP deficit upward to USD1.5-B
June 15, 2018, 10:52 am
MANILA -- The Bangko Sentral ng Pilipinas (BSP) has revised its balance of payments (BOP) forecasts for this year, seeing higher deficit of USD1.5 billion from its initial projection of USD1 billion. In a statement, the BSP said even with the upward revision of deficit outlook, this remains a… Read More
Peso drops to 12-year low, stocks continue slide
June 14, 2018, 6:57 pm
MANILA -- The Philippine peso continued to languish at a fresh 12-year low as the local stocks sustained its downturn on Thursday. The local currency shed 4 centavos, finishing the day’s trade at 53.27 from the previous session’s 53.23. It opened the day at 53.30 and reached an intra-day low… Read More
Vehicle sales drop 14% in May
June 14, 2018, 6:51 pm
MANILA -- Vehicle sales in the country continued to decline in May, with sales decreasing by 13.7 percent this year to 30,620 units sold from the 35,469 units sold during the same month last year. The Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers… Read More
Now Corp gains use of TransCo's fiber optic network
June 14, 2018, 6:48 pm
MANILA -- Emerging telco firm, Now Corp., has partnered with the National Transmission Corp. (Transco) for the use of its fiber optic network in the establishment of a nationwide broadband network. A memorandum of understanding (MOU) was signed, wherein Now Corp. will be able to use Transco’s… Read More
DICT orders review of spectrum users fee of telcos
June 14, 2018, 5:59 pm
MANILA -- The Department of Information and Communications Technology (DICT) has directed the National Telecommunications Commission (NTC) to conduct a review on spectrum user fees being paid by telecommunication firms in a bid to improve the state of mobile services in the country. The directive… Read More
Sikat Pinoy arts and crafts trade fair opens in SM Megamall
June 14, 2018, 5:12 pm
MANILA -- The Department of Trade and Industry (DTI) formally opened the 2018 Sikat Pinoy National Arts and Crafts Fair on Thursday showcasing the country’s indigenous crafts. The arts and crafts edition of Sikat Pinoy trade fair this year will run from June 14 to 17 at the Megatrade Halls 1-3… Read More
Foreign portfolio investments post net outflow in May
June 14, 2018, 4:54 pm
MANILA -- Registered foreign portfolio investments last May amounted to USD1.2 billion, down by 11.9 percent and 18.4 percent from figures recorded the previous month and a year ago, respectively. This may be attributed to higher United States (US) treasury yields and investor concerns on a weaker… Read More
Demand key factor in rollout of flagship infra projects: DOF
June 14, 2018, 3:05 pm
MANILA -- Finance Secretary Carlos Dominguez III has told United States officials that public demand was a key consideration for the Duterte administration in deciding which big-ticket infrastructure projects to roll out as part of its “Build, Build, Build” program. This is to ensure, said… Read More
P53-to-the-USD barrier breached, stocks dip
June 13, 2018, 6:42 pm
MANILA -- The Philippine peso slipped even lower, breaching the 53-to-the-greenback psychological barrier, while local stocks tumbled to the 7,600-mark on Wednesday. The local currency closed the day at 53.23 from the previous session's finish of 52.95, thus weakening to an almost 12-year low… Read More
Dominguez orders BOC, BIR to run after cigarette counterfeiters
June 13, 2018, 6:24 pm
MANILA -- Finance Secretary Carlos Dominguez III has directed the Bureau of Customs (BOC) and the Bureau of Internal Revenue (BIR) to track down manufacturers of counterfeit tobacco products and their possible cohorts in government, who had a role in allowing the entry of unlicensed… Read More
SEIPI chair calls 10% corporate income tax 'very fair'
June 13, 2018, 5:56 pm
MANILA -- Semiconductor and Electronics Industries in the Philippines, Inc. (SEIPI) Chair Melba Cuyahon said Wednesday that a reduced corporate income tax (CIT) rate of only 10%, inclusive of local business tax and real property tax is something that the local electronics industry truly… Read More
Market prefers short-term TDF
June 13, 2018, 5:54 pm
MANILA -- The Bangko Sentral ng Pilipinas (BSP) has awarded the seven-day term deposit facility (TDF) in full as bids for the short tenor facility poured in on Wednesday’s auction. Tenders for the PHP40-billion seven-day TDF reached PHP58.28 billion. Average rate of this facility declined to… Read More
NEDA seeks more foreign investments in Eastern Visayas
June 13, 2018, 4:20 pm
TACLOBAN CITY -- Reducing the cost of doing business and enhancing the business environment are two major activities recommended by the National and Economic Development Authority (NEDA) in order to draw more foreign investment to Eastern Visayas. In the 2017 state of the region report released… Read More
BIR exceeds collection target for January-May 2018
June 13, 2018, 4:18 pm
MANILA -- For the first five months of the year, the Bureau of Internal Revenue (BIR) collected PHP827.91 billion. This is PHP24.91 billion more or 3.10 percent higher than the goal of PHP803 billion set for the period. Likewise, the BIR posted a growth rate of 14.76 percent or an increase of… Read More
Lopez bats for ‘drastic change’ to leapfrog in doing biz ranking
June 13, 2018, 4:11 pm
MANILA -- The country’s top trade official seeks a “drastic change” in the bureaucracy to ensure that the Philippines will land in the top 20 percent of the ease of doing business global ranking by 2020. During the 6th Ease of Doing Business Summit in Pasay City Wednesday, Department of… Read More
PH seeks stronger customs cooperation with Russia
June 12, 2018, 5:31 pm
MANILA -- Finance Secretary Carlos Dominguez III has called for closer cooperation between the Russian Federation and the Association of Southeast Asian Nations (ASEAN) in the field of customs administration, as a way to further strengthen economic ties between the two major global trade hubs.… Read More
TUCP: Wage hike in Regions 6, 7 won't lift workers from poverty
June 12, 2018, 5:14 pm
MANILA -- Organized labor branded the wage orders released separately by the Regional Tripartite Wages and Productivity Boards (RTWPB) of Regions 6 (Western Visayas) and 7 (Central Visayas) as being too small to address the current needs of workers. The usually moderate Associated Labor… Read More
Exporters eye local market due to robust demand
June 12, 2018, 3:56 pm
MANILA -- A ranking trade official said that aside from looking overseas, exporters are now also scouting for domestic opportunities arising from robust demand. Export Marketing Bureau (EMB) Director Senen Perlada told reporters on Monday that some of the country's traditional exports have equally… Read More
Cloud over global economy getting darker: IMF chief
June 12, 2018, 12:25 pm
BERLIN -- International Monetary Fund (IMF) chief Christine Lagarde on Monday attacked the US protectionist trade policies and warned that the cloud over global economy "is getting darker". "The biggest and darkest cloud that we see is the deterioration in confidence that is prompted by (an)… Read More
LTFRB to set, regulate fares of TNCs
June 11, 2018, 7:37 pm
MANILA -- The Department of Transportation (DOTr) has released an order that will grant authority to the Land Transportation Franchising and Regulatory Board (LTFRB) to regulate the operations of transportation network companies (TNCs) and transportation network vehicle services (TNVS) units… Read More
