Business
PEZA okays P439-B investments in Duterte admin
July 23, 2018, 2:43 pm
MANILA -- The Philippine Economic Zone Authority (PEZA) disclosed over the weekend that it has approved a total of PHP438.78 billion worth of projects during the first two years of the Duterte administration. PEZA Promotions and Public Relations Group Manager Elmer San Pascual said these… Read More
Local stocks end week in positive territory, Peso moves sideways
July 21, 2018, 9:01 am
MANILA -- Positive sentiments returned to the Philippine equities market Friday enabling the main gauge to finish the week with gains but the peso closed almost unchanged against the US dollar. The Philippine Stock Exchange index (PSEi) gained 0.16 percent, or 11.74 points, to 7,399.61 points,… Read More
Moody's affirms 'Stable' rating on PH
July 20, 2018, 9:05 pm
MANILA -- Debt rater Moody’s Investors Service on Friday affirmed the Philippines’ long-term local and foreign currency issuer rating at ‘Baa2’ with Stable outlook after noting the economy’s robust expansion, improving fiscal situation and debt affordability. In a statement issued Friday… Read More
DOF probes another tax credit controversy in textile industry
July 20, 2018, 8:58 pm
MANILA -- Finance Secretary Carlos Dominguez III has ordered the creation of a task force that will investigate individuals involved in the alleged issuance and use of erroneous Tax Credit Certificates (TCCs) from 2008 to 2014, which reportedly allowed holders to get incentives amounting to… Read More
Landbank branches open Saturday following ATM troubles
July 20, 2018, 5:50 pm
MANILA -- Branches of state-owned Land Bank of the Philippines (Landbank) will be open for business from 8:30am to 3:30pm on Saturday (July 21) to service depositors following problems with its Automated Teller Machine (ATM) network that persisted all day Friday. Landbank branches remained open… Read More
DTI to consider realities in crafting ease of doing biz act IRR
July 20, 2018, 5:24 pm
MANILA -- The Department of Trade and Industry (DTI) will look into practical realities in the bureaucracy and their limitations in crafting the implementing rules and regulations (IRR) of Republic Act No. 11032 or the Ease of Doing Business (EODB) and Efficient Government Service Delivery Act of… Read More
Espenilla hints possible hike in BSP rates
July 20, 2018, 4:19 pm
MANILA -- Bangko Sentral ng Pilipinas (BSP) Governor Nestor A. Espenilla Jr. on Friday hinted the possibility of another increase in the central bank’s key rates in August to address potential price pressures generated by excessive foreign exchange volatility and its impact on inflation… Read More
Bacolod bizmen OK with P13.50/day wage hike
July 20, 2018, 2:35 pm
BACOLOD CITY -- The Metro Bacolod Chamber of Commerce and Industry (MBCCI) leadership has expressed support for the latest wage order, saying the group recognizes the need to strengthen the minimum wage earners' purchasing power through a wage increase. “We need to help them grow and boost their… Read More
DTI urges Marawi IDPs, soldiers to tap microloan fund
July 20, 2018, 2:30 pm
MANILA -- The Department of Trade and Industry (DTI) said it has PHP100 million now being made available to displaced Marawi residents and military personnel who saw combat in the beseiged city last year, for them to start livelihood activities. In a statement Friday, the DTI said the microloan… Read More
Portal promoting LGUs as IT-BPO hub launched
July 20, 2018, 2:29 pm
MANILA -- All local government units (LGUs) in the country will have a common platform which will enable them to promote their locations as the next information technology-business process outsourcing (ITBPO) hub. This, after the Department of Information and Communications Technology (DICT),… Read More
Islamic countries may soon require 'Halal' certification
July 19, 2018, 8:29 pm
MANILA -- Philippine exporters to certain Islamic countries may need to strengthen their certification protocols, as these mostly Middle Eastern states are reportedly planning to require the identification of entering products as either “halal” (permissible under Islamic law) or… Read More
BOI sees nearly 28% jump in investment pledges
July 19, 2018, 8:22 pm
MANILA -- Department of Trade and Industry (DTI) Secretary Ramon Lopez revealed that investment pledges in its attached investment promotion agency (IPA), the Board of Investments (BOI), increased by nearly 28 percent in the first half of 2018. Lopez told reporters on Thursday the increasing… Read More
Local shares slide, Peso stays put vs. USD
July 19, 2018, 8:17 pm
MANILA -- Profit-taking resulted in the negative close of the Philippine Stock Exchange index (PSEi) Thursday but the peso ended sideways although with a depreciation bias in line with the performance of other currencies in Asia. PSEi shed 0.85 percent, or 63.50 points to 7,387.87 points, which a… Read More
DTI reaffirms support for auto industry
July 19, 2018, 7:23 pm
MANILA -- The Department of Trade and Industry (DTI) reassured stakeholders about the government’s continued support to boost the local automotive industry through incentives. During the launch of Toyota Motor Philippines Corp.’s (TMPC) Vios FMC Thursday, Trade Secretary Ramon Lopez said the… Read More
NTC slashes interconnection rates of telcos
July 19, 2018, 7:20 pm
MANILA -- The National Telecommunications Commission (NTC) effectively reduced the interconnection rates for both short messaging services (SMS) and voice calls in an order released Thursday. Telcos will be charging PHP0.50 per minute from PHP2.50 per minute for voice calls while text messaging… Read More
DOF exec eyes passage of at least 3 tax reform bills by yearend
July 19, 2018, 4:21 pm
MANILA -- Finance Undersecretary Karl Chua expressed optimism for the passage of at least three additional tax reform measures by the end of 2018. To date, hearings on the proposed tax amnesty, rice tariffication, reforms on taxes on mining and alcohol as well as TRAIN Package 2, with the latter… Read More
Don't let a few sectors hog imported sugar: Lopez
July 19, 2018, 2:52 pm
MANILA -- Trade and Industry Secretary Ramon Lopez said the import of sugar should be to the benefit of all industries that require it, as well as the consuming public in general. At the two-day Franchise Asia Philippines 2019 International Conference that concludes Thursday, Lopez said… Read More
Google challenges European Commission's USD5-B antitrust fine
July 19, 2018, 12:31 pm
SAN FRANCISCO -- Google CEO Sundar Pichai on Wednesday challenged the USD5-billion antitrust fine that the European Commission has slapped on the world's Internet leader for competition breach, and vowed to appeal the case. Pichai denied the European Commission charge that Google has restricted… Read More
PH economic program vindicated by Fitch's 'BBB' rating
July 18, 2018, 8:30 pm
MANILA -- Bangko Sentral ng Pilipinas (BSP) Governor Nestor A. Espenilla Jr. said the Monetary Board will continue to implement its price stability mission to help boost the domestic economy’s upward trajectory. Espenilla's assurance came after Fitch Ratings affirmed its investment grade rating… Read More
Local stocks rise, Peso weakens as USD surges
July 18, 2018, 7:30 pm
MANILA -- The Philippine Stock Exchange index (PSEi) rose for a second day in a row Wednesday but the peso fell after the US dollar powered forward. This, following Federal Reserve Chair Jerome Powell’s testimony before the US Senate Tuesday night (Manila time) painting a rosy picture of the US… Read More
