Business

TRAIN law boosts BIR, BOC revenues in first 2 months

TRAIN law boosts BIR, BOC revenues in first 2 months

March 14, 2018, 8:48 pm

MANILA -- The Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC) posted double-digit increase in revenue collections in the first two months of 2018 as a result of the Tax Reform for Acceleration and Inclusion (TRAIN) law. Finance Secretary Carlos Dominguez III, in his speech during… Read More

Ortigas & Co. to build 34-storey office tower in Pasig City

Ortigas & Co. to build 34-storey office tower in Pasig City

March 14, 2018, 8:36 pm

MANILA -- Premier property developer Ortigas & Co., Inc. will build a 34-storey office tower in its newest prime development within the Ortigas central business district in Pasig City. Ortigas & Co. President and Chief Executive Officer Jaime Ysmael said they hope to launch the 349-unit The… Read More

PEZA eyes new type of ecozone

PEZA eyes new type of ecozone

March 14, 2018, 8:21 pm

MANILA -- The Philippine Economic Zone Authority (PEZA) is eyeing a new type of economic zone for the development of the country’s human resources and stronger linkage between industries and the academe through state universities and colleges (SUCs). PEZA Director General Charito Plaza said PEZA… Read More

TDF rates sustain rise

TDF rates sustain rise

March 14, 2018, 8:16 pm

MANILA -- Yield of Bangko Sentral ng Pilipinas’ (BSP) Term Deposit Facility (TDF) sustained its rise Wednesday, with all the tenors posting higher interest rates. Data released by the central bank Wednesday showed that rate of the seven-day facility, the shortest tenor, rose to 3.1893 percent… Read More

San Miguel PureFoods consolidated net income reaches P6.9-B in 2017

San Miguel PureFoods consolidated net income reaches P6.9-B in 2017

March 14, 2018, 6:06 pm

MANILA -- San Miguel PureFoods Company, Inc. (SMPFC), the food and beverage arm of conglomerate San Miguel Corp. (SMC), posted a consolidated net income of PHP6.9 billion in 2017  from PHP6 billion in 2016. SMPFC disclosed to the Philippine Stock Exchange that higher volumes of poultry products,… Read More

Manufacturing sector attracts USD1.15-B FDIs in 2017

Manufacturing sector attracts USD1.15-B FDIs in 2017

March 14, 2018, 3:14 pm

MANILA -- The country’s manufacturing sector has attracted some USD1.15 billion foreign direct investments (FDIs) in 2017, Department of Trade and Industry (DTI) Secretary Ramon Lopez said. In a statement Wednesday, Lopez cited that the figure is part of the country’s record-high USD10.1… Read More

Steel Asia plans initial public offering

Steel Asia plans initial public offering

March 14, 2018, 1:59 pm

MANILA -- The country’s largest steel producer, Steel Asia Manufacturing Corp., plans to enter the local bourse in one to two years, its chairman and chief executive officer Benjamin Yao told reporters. Yao said the management is seriously looking at the company’s public listing within the… Read More

Integrated steel mill to back PH industries: ex-DTI chief

Integrated steel mill to back PH industries: ex-DTI chief

March 13, 2018, 8:55 pm

MANILA -- Former Trade Secretary Adrian Cristobal Jr. said the country needs an integrated steel mill to support other local industries, particularly shipbuilding and manufacturing of automotive vehicles. Cristobal, who is now the president for Steel Asia Manufacturing Corp., told reporters… Read More

PPA to remit over PHP3-B in dividends

PPA to remit over PHP3-B in dividends

March 13, 2018, 8:53 pm

MANILA -- The Philippine Ports Authority (PPA) will remit more than PHP3 billion in dividends for 2017, surpassing by 30 percent all dividends it remitted to the national government for the past decade including the PHP2.16 billion remitted in 2015. The PPA attributed the hike in remittance, which… Read More

Premiere Horizon Alliance to invest in 2 Palawan mining firms

Premiere Horizon Alliance to invest in 2 Palawan mining firms

March 13, 2018, 7:51 pm

MANILA -- Holding firm Premiere Horizon Alliance Corp. (PHA) is raising up to PHP500 million for investments in two mining companies in Palawan. PHA told the local stock exchange that its board of directors approved the equity investment in Palawan Star Mining Ventures, Inc. and Pyramid Hill… Read More

RRR adjustment is data dependent -- BSP execs

RRR adjustment is data dependent -- BSP execs

March 13, 2018, 7:33 pm

MANILA -- Further reduction on the Philippines banks’ reserve requirement ratio (RRR) depends on data based on the result of the cut made by monetary officials on Feb. 15, 2018. In a briefing Tuesday, Bangko Sentral ng Pilipinas (BSP) Assistant Governor Francisco G. Dakila Jr. said the issue on… Read More

Metro Pacific unit ready to invest P1-B in hospital acquisition

Metro Pacific unit ready to invest P1-B in hospital acquisition

March 13, 2018, 7:31 pm

MANILA -- The health care investment arm of conglomerate Metro Pacific Investments Corp. (MPIC) is ready to invest PHP1 billion this year in the acquisition of hospitals nationwide, as it scales up its footprint in the health care industry.Metro Pacific Hospital Holdings, Inc. (MPHHI) president… Read More

Peso ends Tuesday flat vs USD; PSEi slides

Peso ends Tuesday flat vs USD; PSEi slides

March 13, 2018, 5:55 pm

MANILA - - The Philippine peso closed flat against the US dollar Tuesday but the Philippine Stock Exchange index (PSEi) ended on the red as investors await the release of US’ February 2018 inflation report later in the day. The local currency ended the day’s trade at 52.04, which a trader said… Read More

Steel Asia investing P25-B for 3 integrated steel mills

Steel Asia investing P25-B for 3 integrated steel mills

March 13, 2018, 5:50 pm

MANILA -- The country’s largest steel producer, Steel Asia Manufacturing Corp., is investing USD500 million, or about PHP25 billion, for three integrated steel facilities in Luzon and Visayas. In a media briefing Tuesday, Steel Asia Chairman and Chief Executive Officer Benjamin Yao said the… Read More

Proposed easing of bank secrecy law covers everyone: Dominguez

Proposed easing of bank secrecy law covers everyone: Dominguez

March 13, 2018, 5:30 pm

MANILA -- The plan to ease the country’s bank secrecy law, which is under the proposed Package 1B of Tax Reform for Acceleration and Inclusion (TRAIN) Act, aims to allow courts to order the opening of bank accounts but only as evidence for tax evasion cases of anyone and not just public… Read More

BOI okays P86-B solar projects

BOI okays P86-B solar projects

March 13, 2018, 4:42 pm

MANILA -- The Board of Investments (BOI) has approved eight solar projects worth PHP85.96 billion of Solar Philippines Commercial Rooftop Projects, Inc., the agency reported Tuesday. The solar projects were included in the Special Laws List of the Investment Priorities Plan (IPP). The eight solar… Read More

Economic managers approve P71.3-B worth of projects

Economic managers approve P71.3-B worth of projects

March 13, 2018, 4:37 pm

MANILA -- Economic managers have approved three projects worth PHP71.35 billion, including a flood control project in Mindanao and a traffic-alleviating project in Metro Manila. The National Economic and Development Authority (NEDA) Investment Coordination Committee-Cabinet Committee (ICC-CabCom)… Read More

12-MW Maibarara geothermal starts exporting power to Luzon grid

12-MW Maibarara geothermal starts exporting power to Luzon grid

March 12, 2018, 9:08 pm

MANILA -- The 12-megawatt Maibarara geothermal power plant (M2) has successfully been connected to the Luzon grid, its first export of power to the grid. Listed PetroEnergy Resources Corporation (PERC) said the facility located in Sto. Tomas, Batangas is the second geothermal unit of Maibarara… Read More

ASEAN eyes release of NTBs inventory this year: PH trade chief

ASEAN eyes release of NTBs inventory this year: PH trade chief

March 12, 2018, 9:05 pm

MANILA -- The Association of Southeast Asian Nations (ASEAN) aims to release by the end of 2018 its inventory of non-tariff barriers (NTBs) and classifying the types of barriers to trade. Department of Trade and Industry (DTI) Secretary Ramon Lopez told reporters Monday that the 10 member states… Read More

BSP need not mirror Fed decisions: Espenilla

BSP need not mirror Fed decisions: Espenilla

March 12, 2018, 8:27 pm

MANILA -- Bangko Sentral ng Pilipinas (BSP) Governor Nestor A. Espenilla Jr. said they do not need to mirror key rate adjustments by the Federal Reserve or other central banks given the intrinsic environment in every economy. In the Philippines, inflation rate has been rising, with the February… Read More