Business

Peso rebounds but local stocks slide

Peso rebounds but local stocks slide

May 22, 2018, 7:42 pm

MANILA -- The Philippine peso rebounded against the greenback, while local stocks continued to slide during Tuesday's trading. The local unit closed at 52.195 against the greenback, 27 centavos stronger than the previous session's finish of 52.465. Meanwhile, the main Philippine Stock Exchange… Read More

DTI supports most provisions of TRAIN 2

DTI supports most provisions of TRAIN 2

May 22, 2018, 7:39 pm

MANILA -- The Department of Trade and Industry (DTI) expressed support for most provisions of the proposed Tax Reform for Acceleration and Inclusion Package 2 (TRAIN 2), but indicated that it is also closely coordinating with the Department of Finance (DOF) to air the concerns of various… Read More

BTr partially awards T-bonds at higher yield

BTr partially awards T-bonds at higher yield

May 22, 2018, 7:36 pm

MANILA -- The Bureau of Treasury (BTr) only partially awarded the 10-year Treasury bonds (T-bonds) after the government debt security fetched higher yield on Tuesday’s auction. The auction committee only accepted PHP4.1 billion of the total PHP13.3 billion bids. The re-issued T-bonds was offered… Read More

PPA to accelerate port dev't projects amid strong revenues

PPA to accelerate port dev't projects amid strong revenues

May 22, 2018, 6:50 pm

MANILA -- The Philippine Ports Authority (PPA) will be accelerating the implementation infrastructure projects in ports nationwide amid robust growth in revenues for the first quarter of the year. The revenues of the PPA reached PHP 3.78 billion for the first quarter which is higher by 9 percent… Read More

TRAIN 2 'pro-business, pro-investments, pro-incentives'

TRAIN 2 'pro-business, pro-investments, pro-incentives'

May 22, 2018, 5:39 pm

MANILA -- The Department of Finance on Tuesday branded the proposed second package of the Duterte administration’s Tax Reform for Acceleration and Inclusion program or TRAIN 2 as "pro-business, pro-investments, and pro-incentives." During a congressional hearing on TRAIN 2, Finance Secretary… Read More

AboitizPower seeks completion of 3 major projects in 2018

AboitizPower seeks completion of 3 major projects in 2018

May 22, 2018, 4:30 pm

MANILA -- The management of AboitizPower expressed confidence that it will complete three major projects before yearend. Aboitiz Equity Ventures, Inc. (AEV) chief executive officer Erramon Aboitiz identified the projects as the Pagbilao 3 in Quezon, the Manolo Fortrich hydropower in Bukidnon, and… Read More

TRAIN 'unfairly blamed' for inflation surge: Dominguez

TRAIN 'unfairly blamed' for inflation surge: Dominguez

May 22, 2018, 4:23 pm

MANILA -- Department of Finance (DOF) Secretary Carlos Dominguez III on Tuesday said it is unfair to attribute the current surge in inflation to the implementation of the Tax Reform for Acceleration and Inclusion (TRAIN) law. During a hearing of the House ways and means committee on the second tax… Read More

CEZA names Port Irene, Cagayan airport as key projects

CEZA names Port Irene, Cagayan airport as key projects

May 22, 2018, 4:14 pm

MANILA -- The Cagayan Economic Zone Authority (CEZA) will seek to improve and modernize Cagayan province' airport and seaport in hopes of enhancing the business environment and bringing economic growth in the country's north. During the CEZA Investment Summit 2018 Tuesday, CEZA Administrator and… Read More

ASEAN must stand united vs. protectionism: Singapore minister

ASEAN must stand united vs. protectionism: Singapore minister

May 22, 2018, 4:12 pm

SINGAPORE -- The Association of Southeast Asian Nations (ASEAN) must take a collective stand in favor of a free, open, rules-based trading system while combating protectionism, Singapore's Minister for Trade and Industry Chan Chun Sing said Monday. Chan made the remarks while addressing the… Read More

Big oil price hike set Tuesday

Big oil price hike set Tuesday

May 21, 2018, 9:21 pm

MANILA -- Filipino motorists will have to dig deeper into their pockets after the local oil industry implements yet another significant oil price increase on Tuesday (May 22). This will be the second week in a row when pump prices will go up by more than one peso per liter. Local oil firms, in… Read More

PH banking sector organizes 1st blockchain group

PH banking sector organizes 1st blockchain group

May 21, 2018, 9:18 pm

MANILA -- The country's banking sector is set to spawn its first blockchain-related organization, the Blockchain Association of the Philippines (BAP) next week. The BAP will be led by Union Bank of the Philippines, one of the first enterprises in the country to integrate the blockchain system in… Read More

 Peso hits new low, local stocks plunge

Peso hits new low, local stocks plunge

May 21, 2018, 8:45 pm

MANILA -- The Philippine peso hit a record-low on Monday, as the Philippine Stock Exchange index (PSEi) followed through on last week's losses. The local unit shed 13.5 centavos to close at 52.465 from last Friday's finish of 52.33, thus suffering the worst loss in 12 years. The weakening peso,… Read More

P2.5-B income eyed from Leyte’s agri program

P2.5-B income eyed from Leyte’s agri program

May 21, 2018, 8:14 pm

TACLOBAN CITY -- The Leyte provincial government is eyeing an annual PHP2.5 billion income from compact farming in 250 villages tagged as priority areas in the production of high value crops.Citing experiences from pilot areas, Leyte Governor Leopoldo Dominico Petilla said a farmers’… Read More

Aboitiz Land to launch 3 residential projects in Luzon

Aboitiz Land to launch 3 residential projects in Luzon

May 21, 2018, 7:53 pm

MANILA -- Aboitiz Land Inc., the property development unit of Aboitiz Group is solidifying its entry into Luzon’s mid-market segment with the launch three residential projects saying that it has earmarked some PHP5 billion this year on capital spending. Aboitiz Land First Vice President of… Read More

Smart posts PHP 14-B in revenues due to robust mobile data services

Smart posts PHP 14-B in revenues due to robust mobile data services

May 21, 2018, 7:52 pm

MANILA -- Mobile services provider Smart Communications reported that it has managed to post PHP14.8 billion in service revenues for the first quarter of this year higher by 2 percent from the previous year driven by ongoing improvements on its mobile data network. Wireless individual service… Read More

Clark airport O&M contract draws interest from local, foreign firms

Clark airport O&M contract draws interest from local, foreign firms

May 21, 2018, 5:22 pm

MANILA -- Thirty companies, including European airport operators, have so far manifested serious interest in bagging the operations and maintenance (O&M) contract for the passenger terminals of Clark International Airport. As of posting time, several local and foreign companies have already bought… Read More

P53.42-B needed for Marawi rehab: NEDA

P53.42-B needed for Marawi rehab: NEDA

May 21, 2018, 5:20 pm

MANILA -- The government is confident about securing funding to implement the rehabilitation and reconstruction of war-torn Marawi City and other devastated areas nearby, which reportedly requires a budget of PHP53.42 billion over the next five years. Adoracion Navarro, Undersecretary for Regional… Read More

BTr awards shorter tenor T-bills in full

BTr awards shorter tenor T-bills in full

May 21, 2018, 5:18 pm

MANILA -- The Bureau of Treasury (BTr) on Monday awarded both the 91-day and 182-day Treasury bills (T-bills) in full. In an auction, the 91-day T-bill offered at PHP5 billion attracted total bids of PHP16.01 billion, while the 182-day tenor auctioned for PHP4 billion was more than thrice… Read More

DOF eyeing rural banking reforms to lessen 'unbanked' Filipinos

DOF eyeing rural banking reforms to lessen 'unbanked' Filipinos

May 21, 2018, 4:30 pm

DAVAO CITY—The Department of Finance (DOF) is pushing a trio of initiatives to enable the rural banking system to meet the challenge of reducing the number of "unbanked" Filipinos, given that this sector is at the frontline of the Duterte administration’s efforts to attain financial inclusion.… Read More

TUCP looks forward to passage of Sotto's 14th month bonus bill

TUCP looks forward to passage of Sotto's 14th month bonus bill

May 21, 2018, 3:18 pm

MANILA -- The Associated Labor Unions-Trade Union Congress of the Philippines (ALU-TUCP) expressed optimism that with the inevitable ascension to the Senate presidency of Sen. Vicente "Tito" Sotto, III, his "pet bill" seeking to make mandatory the 14th month pay bonus for rank-and-file workers in… Read More