Business
DOE vows faster processing of key energy projects
May 8, 2018, 10:31 pm
MANILA – The Department of Energy (DOE) on Tuesday vowed to expedite the processing of papers related to major energy projects. The DOE announced that the Implementing Rules and Regulations (IRR) of EO 30 signed by President Rodrigo Duterte in June 2017 was published in major newspapers last May… Read More
DOE to demand greater transparency from oil firms
May 8, 2018, 10:20 pm
MANILA – Local oil companies will be constrained to provide more detailed explanations regarding price adjustments when the Department of Energy (DOE) begins enforcing a new policy demanding greater transparency from the petroleum industry. The DOE made this announcement on Tuesday saying that… Read More
Ayala Land earnings up 17% in Q1
May 8, 2018, 10:12 pm
MANILA – Ayala Land Inc. (ALI) grew its net income to PHP6.52 billion in the first quarter of 2018, up 17 percent from the same period in 2017. Total revenues also increased by 17 percent to PHP36.98 billion due to the substantial growth of property development and the sustained performance of… Read More
Privacy Commission orders suspension of Jollibee online delivery
May 8, 2018, 10:06 pm
MANILA – The National Privacy Commission (NPC) has ordered the suspension of local fast-food giant Jollibee's online delivery platform after it was found to be vulnerable to unauthorized access. Aside from the online delivery platform, NPC also ordered the Jollibee Foods Corp. (JFC) to suspend… Read More
LT Group sets P10-B capex for 2018
May 8, 2018, 10:04 pm
MANILA -- LT Group Inc., conglomerate of taipan Lucio Tan, has earmarked a PHP10-billion capital spending this year, as it continues to grow its various businesses on the back of a growing economy. LTG President Michael Tan told reporters Tuesday that bulk of the amount would be earmarked for the… Read More
Grab eyes imposing cancellation fee on riders
May 8, 2018, 8:28 pm
MANILA -- Ridesharing firm Grab Philippines is seeking to impose a cancellation fee on its riders as part of measures to prevent the cancellation of booked trips. “We are reviewing to impose (a) cancellation fee for the riders. For sure, we can implement it for credit card users. The challenge… Read More
Grab eyes better trips with its 100-day plan
May 8, 2018, 8:00 pm
MANILA -- Ridesharing firm Grab Philippines will be enhancing the performance incentives it offers to drivers to motivate them to provide quality services to its riders. Top performing drivers will be rewarded based on their number of rides, high rating and good feedback from passengers. This… Read More
BIR-BOC create task force vs. smuggled, counterfeit cigarettes
May 8, 2018, 7:32 pm
MANILA -- The Bureaus of Internal Revenue (BIR) and of Customs (BOC) have jointly created a task force to crack down on smuggled and counterfeit cigarettes as they intensify their campaign against contraband goods. During a recent executive committee (Execom) meeting of the Department of Finance… Read More
Peso, local shares rebound
May 8, 2018, 7:29 pm
MANILA -- The Philippine peso gained ground against the dollar, while local stocks closed in the green tracking regional trend on Tuesday. The local currency finished the day at PHP51.85 up from Monday's P51.87 to the greenback. The Philippine Stock Exchange index (PSEi), on the other hand, ticked… Read More
DBP to fund construction of government center in Clark
May 8, 2018, 6:36 pm
MANILA -- State-run Development Bank of the Philippines (DBP) is set to finance the construction of the National Government Administrative Center (NGAC) inside the New Clark City in Central Luzon. On Tuesday, the PHP9.5-billion loan agreement was signed by executives of DBP and MTD Philippines,… Read More
SSS Makati-Gil Puyat branch reopens
May 8, 2018, 6:28 pm
MANILA -- The Social Security System (SSS) announced that its Makati-Gil Puyat branch has reopened and is once again ready to serve members effective Tuesday (May 8). In a press statement, SSS president and CEO Emmanuel Dooc said that the branch, located at the ground floor of the Employees… Read More
ADB to focus on Mindanao; infra to help boost PH growth
May 7, 2018, 9:18 pm
MANILA -- The Asian Development Bank (ADB) vowed increased funding for various infrastructure projects thoughout the Philippines, touted as one of Asia's fastest growing economies, but said it would pay special attention to Mindanao. The multilateral development bank has reaffirmed its commitment… Read More
BTr raises P9-B from T-bills auction
May 7, 2018, 9:14 pm
MANILA -- The Bureau of Treasury (BTr) has managed to raise PHP9 billion during the PHP15-billion Treasury bills (T-Bills) auction Monday. This is after the auction committee fully awarded the 91-day T-bills worth PHP5 billion at an average rate of 3.439 percent and the 182-day debt paper worth… Read More
Philippine peso, stocks tumble
May 7, 2018, 9:11 pm
MANILA -- The Philippine peso fell against the greenback while the local bourse took a tumble on Monday. The local currency finished the day's trade at 51.87, weaker than last Friday's 51.675. It opened the day at 51.68 with an intra-day high of 51.92. The Philippine Stock Exchange meanwhile lost… Read More
PLDT completes sale of Rocket Internet shares
May 7, 2018, 9:10 pm
MANILA -- Telecommunications firm PLDT Inc. has completed its divestment from German-based Internet company Rocket Internet. In its disclosure to the Philippine Stock Exchange (PSE) Monday, PLDT announced that Rocket Internet has accepted 6.8 million Rocket shares tendered by PLDT Online… Read More
PCC okays Udenna, Dutch firm buyout deal
May 7, 2018, 9:07 pm
MANILA -- The Philippine Competition Commission (PCC) announced on Monday that it has finally approved the transaction between Udenna Corp. and Dutch firm KGL Investment Cooperatief (KGLI Coop), effectively reversing its ruling last February. In a decision dated May 4, the PCC has given its… Read More
Globe seeks partnership with PLDT for independent tower company
May 7, 2018, 9:04 pm
MANILA -- Globe Telecom is reaching out to its corporate arch rival PLDT Inc. to jointly establish an independent tower company that will expedite the installation and deployment of cellular towers to further improve services while cutting costs substantially. “Our CEO (chief executive officer)… Read More
Indonesia firm eyes to operate in PH as TNC : LTFRB
May 7, 2018, 8:11 pm
MANILA -- Indonesian ride-hailing firm Go Jek has expressed its interest to operate in the Philippines as a transportation network company (TNC), according to an official of the Land Transportation Franchising and Regulatory Board (LTFRB). “Go Jek is interested to enter and provide TNVS… Read More
Current inflation level not expected to curtail growth
May 7, 2018, 4:45 pm
MANILA -- The current inflation level, which grew to 4.5 percent in April, is not expected to significantly impact the country’s economic growth in the near term, IHS Markit Chief Economist Rajiv Biswas said. In an e-mail Monday, Biswas said gross domestic product (GDP) for the first quarter of… Read More
Dominguez urges insurance sector to lead 4th industrial revolution
May 7, 2018, 4:42 pm
MANILA -- The insurance industry should assume a leadership role in the Fourth Industrial Revolution, given that it is among the most closely regulated industries that would also benefit the most from the technology-driven change now seizing the global economy, according to Finance Secretary… Read More
