Business
DTI eyes more imports, lower tariff to curb inflation
August 8, 2018, 7:26 pm
MANILA -- Trade Secretary Ramon Lopez said increasing the supply of goods through importation coupled with the lowering of tariffs on these imports, as the recipe to address rising inflation. After the National Price Coordinating Council (NPCC) led by the Department of Trade and Industry (DTI)… Read More
TDF rates up on BSP rate hike expectations
August 8, 2018, 7:19 pm
MANILA -- The rate of the Bangko Sentral ng Pilipinas’ (BSP) Term Deposit Facility (TDF) rose across-the-board Wednesday, a day before the Monetary Board (MB) meets, presumably to deliberate on a proposal to hike key rates even further. Data released by the BSP showed that rate of the seven-day… Read More
Openness to banking industry innovations needed: BSP exec
August 8, 2018, 7:12 pm
MANILA -- Technological innovations continue to shake even the banking industry, thus, the need to be open-minded and bold on how to tackle new ideas and developments in the sector. This was stressed by Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi Fonacier in her keynote speech during… Read More
PH offers 154.2-B yen worth of Samurai bonds
August 8, 2018, 5:51 pm
MANILA -- The Philippines' 154.2-billion Japanese yen multiyear Samurai bond offering on Wednesday was warmly received by the market, and this was largely due to investors’ positive sentiment towards the country’s economic fundamentals, finance officials said. In a statement, the Department of… Read More
Dot Property still bullish about PH property market
August 8, 2018, 5:16 pm
MANILA -- Dot Property, a digital media company serving property seekers, remains optimistic about the Philippines' property market despite rising interest rates and other external risks. The Filipino market's strong appetite for residential properties can be seen in the high traffic of visitors… Read More
LuLu Group to buy up to USD20-M worth of goods from PH
August 7, 2018, 9:30 pm
MANILA -- Philippine Economic Zone Authority (PEZA) Director General Charito Plaza revealed that an Abu Dhabi-based retail giant will buy some USD10-million worth of goods from the Philippines this year, and that the figure will jump to USD20 million by 2019. She told the Philippine News Agency… Read More
Markets down on inflation worries
August 7, 2018, 9:27 pm
MANILA -- Anticipation of a fresh hike in the Bangko Sentral ng Pilipinas’ (BSP) key rates later this week resulted in losses in both the Philippine Stock Exchange index (PSEi) and the Peso Tuesday. BSP’s policy-making Monetary Board (MB) will have its fifth rate setting meet for the year on… Read More
PH electronic fund transfers benefit from PESONet
August 7, 2018, 9:20 pm
MANILA -- The volume of electronic fund transfers in the Philippines has risen by 27 percent year-on-year as of end-July 2018 with the help PESONet. PESONet is the first automated clearing house (ACH) under the Bangko Sentral ng Pilipinas’ (BSP) National Retial Payment System (NRPS) program. It… Read More
Economic managers push for rice tariffication to ensure supply
August 7, 2018, 8:06 pm
MANILA -- Philippine economic managers on Tuesday stressed the need to approve the proposed rice tariffication to ensure adequate rice supply and help address the rising inflation rate. In a joint statement by the Department of Finance (DOF), Department of Budget and Management (DBM) and the… Read More
HK firm says contract with fired Nayong Pilipino board still valid
August 7, 2018, 6:49 pm
MANILA -- A Hong Kong-based company has insisted that the contract it signed with the sacked board of trustees and management team of Nayong Pilipino Foundation (NPF) remained valid and still bound the Philippine government. In a statement, Landing International Development Ltd. said its lease… Read More
July '18 inflation uptick expected: Espenilla
August 7, 2018, 6:45 pm
MANILA -- The Philippines' inflation rate rose to multiyear high of 5.7 percent but Bangko Sentral ng Pilipinas (BSP) Governor Nestor A. Espenilla Jr. said this is expected and reiterated monetary officials’ expectation that this will go back to within-target levels in 2019. The Philippine… Read More
Sacked Nayong Pilipino chair breaks into tears at event
August 7, 2018, 6:42 pm
MANILA -- Fired Nayong Pilipino Foundation (NPF) Chairman Patricia Ocampo was at an event which was to seal the NFP's partnership with Landing International Development Ltd. when news of her dismissal broke out. Apparently unable to contain her emotions, she was observed breaking into tears during… Read More
Nayong Pilipino exec denies corruption allegation
August 7, 2018, 5:35 pm
MANILA – Outgoing Nayong Pilipino Foundation (NPF) Chairperson Patricia Ocampo, who was sacked by President Rodrigo Duterte with her entire board, has denied that their business dealings in behalf of government was tainted with corruption. In a statement sent to reporters Tuesday, Ocampo said… Read More
BIR denies failure to remit collection from employees on time
August 7, 2018, 1:58 pm
MANILA -- The Bureau of Internal Revenue (BIR) said that contrary to a report that came out in one of the leading newspapers in the country, it has remitted its withholding taxes and the social contributions of its employees on time, as mandated by governing laws. The alleged PHP80.914 million… Read More
PH's fiscal position still strong: Dominguez
August 7, 2018, 1:17 pm
MANILA -- Finance Secretary Carlos Dominguez III has assured senators that the Philippines’ fiscal position remains strong, with revenues expected to be above target, the debt burden continuing its downtrend and the government’s spending program sustainable over the medium term. In a briefing… Read More
Salceda says measures to cushion inflation surge needed
August 6, 2018, 9:49 pm
LEGAZPI CITY --- Albay Representative Joey Salceda on Monday said he anticipates that surging inflation is likely to persist until yearend, and that the administration's economic managers should implement aggressive measures to cushion its effects. Salceda, an economic analyst, said July inflation… Read More
Chinese steel investor in talks with gov't for more perks
August 6, 2018, 8:11 pm
MANILA -- The Philippine government is considering extending more perks to a potential Chinese investor in the hopes it will establish an integrated steel mill, the country's top trade official revealed. Trade and Industry Ramon Lopez told reporters the government may provide more incentives to… Read More
Gov’t to hold job fair for 'Build, Build, Build' projects
August 6, 2018, 7:16 pm
MANILA -- Thousands of job vacancies in the construction sector may be filled on Sunday, Aug. 12, when government stages its own job fair dubbed Jobs Jobs Jobs Caravan. The positions up for grabs are exclusively for projects related to the “Build, Build, Build” program, the Duterte… Read More
Peso posts nearly 2-month high vs. USD, PSEi slips
August 6, 2018, 7:14 pm
MANILA -- The Philippine peso closed at nearly a two-month high against the US dollar on Monday but the Philippine Stock Exchange index (PSEi) slipped again on profit-taking. The local unit gained PHP0.3 after closing at PHP52.85 from PHP53.15 Friday last week. Its closing level at the start of… Read More
T-bills attract large bids on Monday
August 6, 2018, 6:45 pm
MANILA -- A strong demand for the Philippines’ Treasury bills (T-bills) resounded across-the-board Monday but rates were mixed on investors’ cautious stance ahead of important data releases this week. The Bureau of the Treasury (BTr) offered the bellwether 91-day paper for PHP4 billion and… Read More
