Business
Max’s Group shifts focus on franchising for expansion
May 9, 2018, 9:02 pm
MANILA -- Max’s Group, Inc. (MGI) touted as the country’s leading casual dining chain, has reduced its capital expenditures (capex) to PHP600 million for 2018, as it refocuses its efforts to franchising for expansion to sustain double-digit growth. The company spent PHP800 million in capex… Read More
Peso slips back to P52-level, local stocks fall
May 9, 2018, 6:31 pm
MANILA -- The country's financial and capital markets failed to sustain Tuesday's gains as they retreated anew into negative territory. This, as the Philippine peso slipped back to the PHP52-level against the greenback while local shares were subdued on Wednesday. The peso shed around 17 centavos… Read More
No extra charge for subscribers who opt to be billed on paper: NTC
May 9, 2018, 6:28 pm
MANILA -- The National Telecommunications Commission (NTC) has ordered telecommunications firms not to charge additional fees on subscribers who still opt to receive their bills on paper. This as NTC has released Wednesday its guidelines which seeks to implement electronic billing in the country.… Read More
Gov't workers to get mid-year bonus by May 15: DBM
May 9, 2018, 2:26 pm
MANILA -- Government workers will receive their 2018 mid-year bonus equivalent to one month basic salary starting May 15, the Department of Budget and Management (DBM) announced on Wednesday. In a statement, DBM Secretary Benjamin Diokno said a total of PHP36.2 billion has been allocated for the… Read More
Transport infra key to unlocking inclusive growth: Fitch think tank
May 9, 2018, 2:23 pm
MANILA -- The Fitch Group's think tank arm, BMI Research, is seeing potential projects in transport infrastructure to help the government address poverty and achieve its goal of inclusive growth. A study by BMI Research released Wednesday showed that the country’s transport infrastructure is… Read More
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
