Business

CEZA pursuing expressway, railway projects in Cagayan

CEZA pursuing expressway, railway projects in Cagayan

May 27, 2018, 4:10 pm

MANILA -- The Cagayan Economic Zone Authority (CEZA) is pursuing expressway and railway projects to link the northern part of the country to the capital, its top official told reporters. In an interview over the weekend, CEZA Administrator and Chief Executive Officer Raul Lambino said the agency… Read More

UnionBank welcomes BSP cut on reserve requirement

UnionBank welcomes BSP cut on reserve requirement

May 25, 2018, 8:32 pm

MANILA -- Union Bank of the Philippines President and Chief Executive Officer Edwin Bautista has welcomed Bangko Sentral ng Pilipinas' (BSP) move to cut banks’ reserve requirement ratio by 1 percentage point, as this will allow more liquidity in the market On the sidelines of UnionBank’s… Read More

Alsons eyes completion of 3 power projects in 3 years

Alsons eyes completion of 3 power projects in 3 years

May 25, 2018, 8:30 pm

MANILA -- Top management of Alsons Consolidated Resources, Inc. (ACR) announced that it is set to complete three major power projects within the next three years. They include the second section of Sarangani Energy Corporation baseload coal-fire power plant; the 15-megawatt Siguil Hydro Project;… Read More

Don't blame TRAIN for inflation surge

Don't blame TRAIN for inflation surge

May 25, 2018, 8:28 pm

MANILA -- A confluence of international and domestic events led to the 4.5-percent spike in inflation last April, with the implementation of the Tax Reform for Acceleration and Inclusion (TRAIN) law at the start of this year playing only a minor role in it, a ranking finance official said. Finance… Read More

Grab claims unfair treatment over P2-travel charge non-reimposition

Grab claims unfair treatment over P2-travel charge non-reimposition

May 25, 2018, 5:52 pm

MANILA -- Ridesharing firm Grab Philippines has claimed that the Land Transportation Franchising and Regulatory Board (LTFRB) is being unfair when it suspended the firm's PHP2-per-minute travel charge on its riders. In its petition filed before the Board dated May 18, Grab said the suspension by… Read More

Aisin takes 61% stake in Toyota's auto parts arm in the PH

Aisin takes 61% stake in Toyota's auto parts arm in the PH

May 25, 2018, 4:06 pm

MANILA -- Aisin Seiki Co., Ltd. has gained a clear majority stake in Toyota Autoparts Philippines, Inc. (TAP) following the aquisition of additional shares from Toyota Motor Corp. Top officials of Toyota and Aisin inked the agreement here Thursday evening. With the signing of the deal, Aisin now… Read More

Monetary Board reduces reserve requirements anew

Monetary Board reduces reserve requirements anew

May 24, 2018, 8:39 pm

MANILA -- The policy-making Monetary Board (MB) announced Thursday the reduction in the reserve requirement ratio by 1 percentage point as part of its broad medium-term financial market reform agenda. The reduction will apply to those reservable liabilities of all banks and non-bank financial… Read More

US trade official, PH economic managers meet

US trade official, PH economic managers meet

May 24, 2018, 8:25 pm

MANILA -- A delegation of the United States Trade Representative (USTR) met with Philippine economic managers to discuss the status of bilateral trade, among other economic issues, between the longtime allies when they visited the country this week. The USTR delegation, led by its representative… Read More

TUCP calls on wage boards to hold emergency meetings

TUCP calls on wage boards to hold emergency meetings

May 24, 2018, 7:30 pm

MANILA -- The Associated Labor Unions-Trade Union Congress of the Philippines (ALU-TUCP) called on all Regional Tripartite Wages and Productivity Boards nationwide to immediately convene for the purpose of setting emergency wage increases so workers can cope with the surge in inflation. In a… Read More

Diners Club seen to complement other BDO credit cards

Diners Club seen to complement other BDO credit cards

May 24, 2018, 5:34 pm

MANILA – The top management of BDO Unibank, Inc. expressed optimism that its new credit card brand, Diners Club International, will complement its existing credit card brand partners. On Thursday, BDO and Discover Financial Services formally launched Diners Club International as an addition to… Read More

Hollywood hotel offering green card for USD500K investment

Hollywood hotel offering green card for USD500K investment

May 24, 2018, 4:39 pm

An architect's perspective of the upcoming Tommie Hotel Hollywood in downtown Los Angeles (Photo from Harvey Law Group Philippines)MANILA -- An investment immigration law firm is inviting investors from South East Asia, including Filipinos, to invest in a Hollywood hotel firm that comes with it… Read More

DTI chief says drop in competitiveness ranking ‘hard to believe’

DTI chief says drop in competitiveness ranking ‘hard to believe’

May 24, 2018, 2:27 pm

MANILA -- Trade and industry Secretary Ramon Lopez said Thursday that the country’s plunge in competitiveness ranking as indicated by a survey done by Swiss business school IMD is “hard to believe” as the Philippines has been recording robust economic growth. The IMD World Competitiveness… Read More

NegOcc taps 3 LGUs, 23 enterprises for int’l food expo

NegOcc taps 3 LGUs, 23 enterprises for int’l food expo

May 24, 2018, 2:25 pm

BACOLOD CITY -- Three local government units (LGUs) and 23 micro and small enterprises from Negros Occidental were selected by the provincial government to take part in the International Food Exposition (IFEX) Philippines on May 25 to 27 at the World Trade Center in Pasay City. The LGUs include… Read More

DTI allots almost P100-M funding for Western Visayas SSF project

DTI allots almost P100-M funding for Western Visayas SSF project

May 24, 2018, 1:01 pm

ILOILO CITY – The Department of Trade and Industry (DTI) announced that it has close to PHP100 million for the implementation of the shared service facility (SSF) project this year. Under the project, machines and equipment are provided to micro, small and medium entrepreneurs for the purpose of… Read More

PH may gain 300K new jobs with augmented intelligence: Lopez

PH may gain 300K new jobs with augmented intelligence: Lopez

May 24, 2018, 8:10 am

MANILA -- Despite projections that artificial intelligence (AI) will take over half of the jobs in the business process outsourcing (BPO) sector, the Philippines’ top trade official expressed confidence that enabling the local workforce to utilize augmented intelligence will add employment. In a… Read More

DICT chief wants telco infra in 'Build, Build, Build'

DICT chief wants telco infra in 'Build, Build, Build'

May 24, 2018, 8:09 am

MANILA -- Department of Information and Communications Technology (DICT) Acting Secretary Eliseo Rio said that telecommunication infrastructure should also be included in the "Build, Build, Build" program of the administration. In a press briefing Wednesday, Rio said the Philippine government must… Read More

Peso drops to record low, stocks continue to slide

Peso drops to record low, stocks continue to slide

May 24, 2018, 7:58 am

MANILA -- The Philippine peso fell to lowest level in nearly 12 years, while the local stocks continued its downward spiral for the sixth straight session on Wednesday. The local unit ended the day's trade hitting a record low of 52.47 27.5 centavos weaker than Tuesday's 52.195. This is the lowest… Read More

DOE conducts random inspections on gas stations

DOE conducts random inspections on gas stations

May 23, 2018, 8:32 pm

MANILA -- Department of Energy (DOE) personnel on Wednesday conducted random inspections on 13 gas stations along Shaw Blvd., Mandaluyong and Pasig in an apparent bid to ensure compliance with government policies. The DOE representatives were deployed in order to check both the quality and… Read More

Cigarettes, paraphernalia tops goods seized by gov't in Q1

Cigarettes, paraphernalia tops goods seized by gov't in Q1

May 23, 2018, 6:35 pm

MANILA -- Counterfeit cigarettes and related paraphernalia made up the bulk of goods seized by law enforcement agencies in the first quarter of the year, according to the Intellectual Property Office of the Philippines (IPOPHL). In a statement Wednesday, IPOPHL -- the lead agency of the National… Read More

BSP cuts 28-day TDF offering

BSP cuts 28-day TDF offering

May 23, 2018, 6:21 pm

MANILA -- The Bangko Sentral ng Pilipinas (BSP) cut the value for its 28-day term deposit facility (TDF) for next week’s auction to PHP20 billion from Wednesday’s offering of PHP30 billion while maintaining the volume for shorter tenor facilities. Total volume for the next bidding of 7-day,… Read More