Business
Century, Mitsubishi to jointly build 33K affordable homes
May 16, 2018, 4:30 pm
MANILA -- Property developer Century Properties Group, Inc. (CPG) has teamed up with global business enterprise Mitsubishi Corp. in a joint venture that seeks to deliver some 33,000 affordable housing units to the Philippine market, with PHP57 billion in sales value over the next five years.… Read More
Palace assures support for sari-sari store, micro biz owners
May 16, 2018, 2:50 pm
MANILA -- The Duterte administration reassured sari-sari store owners and other micro entrepreneurs of its continued commitment to their welfare. During the Puregold’s Sari-Sari Store Convention dubbed “TindahaNation” on Wednesday, Special Assistant to the President Christopher Lawrence Go… Read More
DOF, JICA ink P970-M grant for Marawi rehab
May 15, 2018, 9:47 pm
MANILA -- The Department of Finance (DOF) and Japan International Cooperation Agency (JICA) on Tuesday signed a grant agreement that would pave the way for the release of 2 billion yen or some US$18.66 million in funds for the rehabilitation and reconstruction of war-torn Marawi City and… Read More
DMCI Holdings spending P40.6-B in 2018
May 15, 2018, 9:01 pm
MANILA -- Consunji-led conglomerate DMCI Holdings, Inc. is ramping up its capital expenditure (capex) budget this year to PHP40.6 billion to support expansion, the bulk of which will be allotted for its property and energy businesses. DMCI chief finance officer Herbert Consunji told reporters… Read More
DICT orders telcos to slash interconnection fees
May 15, 2018, 8:59 pm
MANILA -- The Department of Information and Communications Technology (DICT) through the National Telecommunications Commission (NTC) has ordered local telecommunications companies to bring down the interconnection charges they impose on subscribers making calls or sending text messages across… Read More
BTr fully awards 91-day, 182-day T-bills
May 15, 2018, 8:50 pm
MANILA -- The Bureau of Treasury (BTr) has awarded in full both the 91-day and 182-day Treasury bills (T-bills), while awarding only partially the 364-day T-bills on Tuesday's auction. The 91-day T-bills offered at PHP5 billion fetched an average rate of 3.451 percent. The debt paper was thrice… Read More
Personal remittances rise to $7.8-B in Q1
May 15, 2018, 7:31 pm
MANILA -- Personal remittances from Overseas Filipinos (OFs) reached USD7.8 billion in the first quarter of 2018, registering 1.3 percent year-on-year growth, BSP Officer-in-Charge Diwa C. Guinigundo announced today. The bulk (77.5 percent) of personal remittances was from land-based workers with… Read More
Auto sales continue to decline in April
May 15, 2018, 7:28 pm
MANILA -- Sales on most classes of automotive vehicles was on the decline in April this year, the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) reported Tuesday. Joint CAMPI and TMA data showed that vehicle sales in April 2018… Read More
OPEC arm offers to help fund 'Build, Build, Build'
May 15, 2018, 3:36 pm
MANILA -- An Organization of Petroleum Exporting Countries (OPEC)-funded financial institution which aims to reduce poverty has offered to help finance the Duterte administration's ambitious "Build, Build, Build" infrastructure modernization program. Officials of the OPEC Fund for International… Read More
DTI to aid Boracay MSMEs during island's closure
May 15, 2018, 2:45 pm
MANILA -- The Department of Trade and Industry (DTI) assured that programs are already in place to mitigate the economic displacement to micro, small, and medium entrepreneurs (MSMEs) that may come as a result of Boracay island's six-month closure to tourists. “We had taken measures and… Read More
Higher peso rediscount facility rates takes effect Tuesday
May 15, 2018, 2:41 pm
MANILA -- Higher rates for loans under the Peso Rediscount Facility of the Bangko Sentral ng Pilipinas (BSP) took effect Tuesday, following the Monetary Board’s decision to raise key policy rates. According to the central bank, the rate for loans with maturity of 1 to 90 days was set at 3.8125… Read More
DMCI Holdings nets P4.3-B profit in Q1
May 13, 2018, 7:03 pm
MANILA -- Consunji-led diversified engineering conglomerate DMCI Holdings, Inc. booked a 5-percent increase in profit in the first quarter of 2018, as higher coal sales offset the drop in its power generation business. DMCI Holdings said its earnings reached PHP4.3 billion in January to March… Read More
DOF: Tax reform fueling PH growth
May 12, 2018, 11:18 am
MANILA -- The Department of Finance (DOF) said the first package of the Tax Reform for Acceleration and Inclusion (TRAIN) Law provides ample fiscal space for the government to fund programs that support economic growth. In its Economic Bulletin on GDP, the department said Package 1 of the TRAIN… Read More
Peso sinks, local stocks leap to 7,700 level as week's trading ends
May 11, 2018, 8:19 pm
MANILA -- The Philippine peso tumbled back to the 52-to-the-greenback level on Friday but the main stocks gauge charged past the 7,700 level following the policy interest rate hike by the Bangko Sentral ng Pilipinas. The Philippine Stock Exchange index’ (PSEi) rose by 2.39 percent, or a hefty… Read More
SMC food and beverage unit ramps up 2018 expansion
May 11, 2018, 8:16 pm
MANILA -- San Miguel Food and Beverage Inc. (SMFB), the now consolidated food and beverage subsidiary of diversified conglomerate San Miguel Corp., announced that its ambitious expansion plans are in full steam, as it counts on a robust economy to propel its growth this year. San Miguel Pure Foods… Read More
TRAIN law raises gov't revenue by 16.4% in Q1
May 11, 2018, 8:13 pm
MANILA -- The national government managed to raise PHP619.84 billion in the first quarter of 2018, thanks in part to the Tax Reform for Acceleration and Inclusion Law (TRAIN). This represents a 16.4 percent growth in revenue or equivalent to PHP87.44 billion year-on-year. Department of Finance… Read More
PLDT skeptical about sharing cell towers with competitors
May 11, 2018, 5:32 pm
MANILA -- Telecommunications firm PLDT Inc. is not too keen about sharing its cellular towers with competitors, especially since this may open the door for just any new industry player to use them in their network rollout. “Our position for this time is we don’t see the need to share our… Read More
15 Danish firms in town seeking biz opportunities
May 11, 2018, 3:40 pm
MANILA -- Fifteen companies from Denmark are seeking to find business opportunities in the country particularly in sectors of food, healthcare, utilities, and counseling and investment services. Danish Minister for Industry, Business and Financial Affairs Brian Mikkelsen is personally leading the… Read More
Economists expect another policy rate hike this year
May 11, 2018, 3:38 pm
MANILA -- Economists say that the Bangko Sentral ng Pilipinas (BSP) is likely to hike policy interest rates again within the year, should current inflation pressures remain. In a report, ING Bank Manila Senior Economist Joey Cuyegkeng said another key policy rate hike is likely to happen sometime… Read More
PH likely to sustain growth, stakeholders agree
May 10, 2018, 9:39 pm
MANILA -- Stakeholders from the government and the private sector agree that recent economic advancements are sustainable and that the targeted gross domestic product (GDP) growth this year of 7 percent to 8 percent is attainable, if inflationary and labor issues are resolved. In a statement… Read More
