Business

Investors flock to PH’s first Panda Bonds issuance

Investors flock to PH’s first Panda Bonds issuance

March 21, 2018, 12:51 pm

BEIJING, China -- The Philippines today becomes the first ASEAN sovereign to issue Panda bonds. With a tight spread of 35 basis points (bps) above benchmark, the three-year Panda bonds fetched a coupon rate of 5 percent, in what the country’s top finance official consider as a reflection of… Read More

Fraudulent pension claims cost GSIS P1.6-B

Fraudulent pension claims cost GSIS P1.6-B

March 20, 2018, 9:59 pm

MANILA -- Fraudulent collections of pensions has cost state pension fund Government Service Insurance System (GSIS) about PHP1.6 billion, thus, the implementation of a three-month revalidation for pensioners 79 years old and below to update the list. In a briefing Tuesday, GSIS President and… Read More

GSIS to bid Port Area properties on May 3

GSIS to bid Port Area properties on May 3

March 20, 2018, 8:28 pm

MANILA -- State pension fund Government Service Insurance System (GSIS) has set the bidding date for the sale of its 78-hectare property in Port Area on May 3, 2018. “We are selling the Port Area property owned by the GSIS to make the fund healthier and have more projects for pensioners,” GSIS… Read More

BPI suspends bank ops from Maundy Thursday to Easter Sunday

BPI suspends bank ops from Maundy Thursday to Easter Sunday

March 20, 2018, 8:01 pm

MANILA -- All branches of Ayala-led Bank of the Philippine Island (BPI), BPI Family Savings Bank and BPI Direct Banko branches as well as its kiosks will be closed from March 29-April 1, 2018. “Our regular bank operations will resume on April 2, Monday,” the bank said in an advisory Tuesday.… Read More

Peso slightly up vs USD; PSEi down on foreign selling

Peso slightly up vs USD; PSEi down on foreign selling

March 20, 2018, 7:44 pm

MANILA - - The Philippine peso up slightly against the greenback Tuesday as investors opted to remain defensive while the Federal Open Market Committee (FOMC) starts its two-day policy meeting. The local currency finished the day at 52.08 from 52.10 Monday, which a trader said was as expected… Read More

PH taps Malaysian firm to build world-class sport facilities in Clark

PH taps Malaysian firm to build world-class sport facilities in Clark

March 20, 2018, 7:30 pm

KUALA LUMPUR --The Philippines’ Bases Conversion and Development Authority (BCDA) has partnered with Malaysian developer MTD Capital Berhad in building sports facilities in the country that will be used for the Southeast Asian (SEA) Games 2019. In a statement Tuesday, BCDA said the first phase… Read More

Malaysian firm waits NEDA's nod for P60-B MRT-9 project

Malaysian firm waits NEDA's nod for P60-B MRT-9 project

March 20, 2018, 6:59 pm

KUALA LUMPUR -- Malaysia-based AlloyMTD Group is waiting for the approval of the National Economic Development Authority (NEDA) Board for the Metro Rail Transit-9 (MRT-9), or the East-West Rail project, its executive told reporters here Tuesday. MTD Philippines, Inc. President Patrick Nicholas… Read More

PCC okays BCDA's joint venture with Malaysian firm

PCC okays BCDA's joint venture with Malaysian firm

March 20, 2018, 6:56 pm

MANILA -- The Philippine Competition Commission (PCC) has approved the joint venture of the government-owned Bases Conversion and Development Authority (BCDA) and Malaysian firm MTD Capital Berhad for a government center in Central Luzon. “In the Commission Decision signed on March 13, the… Read More

Strong investor demand marks initial issuance of PH Panda Bond

Strong investor demand marks initial issuance of PH Panda Bond

March 20, 2018, 5:38 pm

MANILA -- The Philippines initial Panda Bond issuance received an overwhelming demand from both onshore and offshore investors, Deputy Treasurer Erwin Sta. Maria said Tuesday. “We're auctioning it off today. We've received feedback from Beijing that the order book is, let's say huge enough. So… Read More

SSS surpasses 2017 target revenue

SSS surpasses 2017 target revenue

March 20, 2018, 8:18 am

MANILA – The state-run private pension fund Social Security System (SSS) surpassed its 2017 target revenue, with PHP200.5 billion in total earnings from members’ contributions, investments, and other income last year. The agency's unaudited financial performance showed its total revenues for… Read More

DTI releases latest SRPs of basic, prime goods

DTI releases latest SRPs of basic, prime goods

March 19, 2018, 8:16 pm

MANILA -- The Department of Trade and Industry (DTI) has released suggested retail prices (SRPs) of basic and prime commodities as of March 15. Compared to their SRPs in the same month last year, prices are generally stable in products such as bread, coffee, bottled water, and canned sardines. In… Read More

Malaysia’s biggest law firm opens in PH

Malaysia’s biggest law firm opens in PH

March 19, 2018, 7:17 pm

MANILA -- Malaysia’s largest legal services company, Zico Law, has opened its first office in the Philippines at the BGC Corporate Center, Bonifacio Global City (BGC) in Taguig City. Its newest office in the Philippines made Zico Law the only law firm in Southeast Asia present in the 10 member… Read More

PH 1st Panda Bond issuance set on March 20

PH 1st Panda Bond issuance set on March 20

March 19, 2018, 7:10 pm

MANILA -- Finance Secretary Carlos Dominguez III is optimistic of the Philippines' first foray into the Panda bond market, with the country’s initial renminbi-denominated securities issuance set on March 20, 2018. “We are confident of the success of the Philippines first venture in the Panda… Read More

Peso, PSEi drop ahead of BSP, Fed policy meetings

Peso, PSEi drop ahead of BSP, Fed policy meetings

March 19, 2018, 6:28 pm

MANILA -- The Philippine peso ended Monday weaker against the greenback and the Philippine Stock Exchange index (PSEi) finished on the red, which traders attributed these to wait-and-see stance ahead of the policy meetings of Philippine and US monetary officials later this week. The local currency… Read More

Filipinos more willing to share personal info than other Asians

Filipinos more willing to share personal info than other Asians

March 19, 2018, 6:18 pm

MANILA - - Filipinos are more willing to let their banks share their information to other companies for products like insurance, investments and mortgages compared to those from other Asia Pacific countries but they want to be assured of customer protection. Results of the online Asia Pacific… Read More

Businesses to benefit from 2nd tax reform package: NEDA exec

Businesses to benefit from 2nd tax reform package: NEDA exec

March 18, 2018, 5:56 pm

MANILA -- Businesses stand to benefit from reduced corporate income tax rates (CIT) even with the rationalization of fiscal incentives under the second proposed package of the Comprehensive Tax Reform Program (CTRP), a socioeconomic planning official said. Dr. Rosemarie Edillon, Undersecretary for… Read More

PDEx hopes to sustain P207-B bond listings this year

PDEx hopes to sustain P207-B bond listings this year

March 18, 2018, 3:12 pm

MANILA -- The Philippine Dealing & Exchange Corporation (PDEx), the operator of the country’s fixed income exchange, expects bond listings in 2018 to match last year’s record high of PHP207.4 billion, as more companies continue to raise funds for projects. “We were hoping that we can equal… Read More

Group eyes tie-up with DTI in monitoring iron, steel industry

Group eyes tie-up with DTI in monitoring iron, steel industry

March 18, 2018, 2:38 pm

MANILA -- The Philippine Iron and Steel Institute (PISI) wants to partner with the Department of Trade and Industry (DTI) in the monitoring of the iron and steel industry in the country. This after PISI received complaints and reports that substandard reinforcing steel (rebars) are being sold in… Read More

P445-M new Clarin Bridge Project in Bohol breaks ground

P445-M new Clarin Bridge Project in Bohol breaks ground

March 17, 2018, 8:29 pm

MANILA -- Department of Public Works and Highways (DPWH) Secretary Mark Villar with Cabinet Secretary Leoncio Evasco Jr. and Congressman Arthur Yap headed on Friday the ceremonial groundbreaking of the PHP445.77-million new Clarin Bridge in Loay, Bohol Province. The construction of the 104 lineal… Read More

DTI, DICT empower MSMEs in digital space

DTI, DICT empower MSMEs in digital space

March 17, 2018, 1:23 pm

MANILA -- The Department of Trade and Industry (DTI) and the Department of Information and Communications Technology (DICT) have partnered to empower micro, small, and medium enterprises (MSMEs) through digital technology. Trade Secretary Ramon Lopez and DICTofficer-in-charge Eliseo Rio Jr. on… Read More