Business

BIR partners with BOC  vs. cigarette smugglers

BIR partners with BOC vs. cigarette smugglers

April 16, 2018, 9:02 pm

MANILA -- The Bureau of Internal Revenue (BIR) has teamed-up with the Bureau of Customs (BOC) to jointly run after tobacco smugglers. BIR Commissioner Caesar Dulay said they have partnered with the BOC on this bid because of the latter’s expertise in running after illegal importers of… Read More

 BTr fully awards 91-day T-bill; partially awards 6-month, 1-yr paper

BTr fully awards 91-day T-bill; partially awards 6-month, 1-yr paper

April 16, 2018, 8:59 pm

MANILA -- The Bureau of the Treasury’s (BTr) auction committee made a full award for the benchmark 91-day Treasury bill (T-bill) on Monday but only partially awarded the longer tenors after banks asked for high yields. Rate of the 91-day paper averaged at 3.493 percent, lower than the 3.6643… Read More

PLDT partially divests from Germany's Rocket Internet

PLDT partially divests from Germany's Rocket Internet

April 16, 2018, 8:56 pm

MANILA -- Local telecommunications giant PLDT Inc. has divested part of its shares on German-based Internet company Rocket Internet to help finance its capital expenditures for the year. In its disclosure to the Philippine Stock Exchange (PSE) Monday, PLDT announced that its subsidiary PLDT Online… Read More

Manulife Asset Management eyes 7% GDP growth for 2018

Manulife Asset Management eyes 7% GDP growth for 2018

April 16, 2018, 8:53 pm

MANILA -- Officials of Manulife Asset Management are optimistic for a seven percent growth for the Philippine economy this year due in part to the government’s ambitious infrastructure program. “We think that Philippine GDP (gross domestic product) growth will be close to seven percent.… Read More

Peso, local shares retreat following US air strikes on Syria

Peso, local shares retreat following US air strikes on Syria

April 16, 2018, 8:43 pm

MANILA -- US air stikes against the Syrian regime upped investors’ risk-off sentiment causing both the Philippine peso and the Philippine Stock Exchange index (PSEi) to retreat for the second day in row Monday. The local currency finished the day at 52.07 from 51.95 Friday last week and a trader… Read More

PCC orders Uber, Grab to explain shutdown of Uber ops

PCC orders Uber, Grab to explain shutdown of Uber ops

April 16, 2018, 8:33 pm

MANILA -- The Philippine Competition Commission (PCC) has ordered ridesharing companies Uber and Grab to explain why they failed to maintain their separate business operations which was stipulated in the interim measures. The PCC has imposed interim measures to ensure the credibility of its review… Read More

Dulay optimistic of hitting 2018 collection target

Dulay optimistic of hitting 2018 collection target

April 16, 2018, 6:13 pm

MANILA -- Bureau of Internal Revenue (BIR) Commissioner Caesar Dulay is optimistic the agency will hit its Php2.039 trillion 2018 collections target due to the adoption of several reforms like the easier filing of Income Tax Returns (ITR). On Monday, Dulay personally went to various revenue… Read More

PRRD orders BCDA to complete New Clark City project quickly

PRRD orders BCDA to complete New Clark City project quickly

April 16, 2018, 4:01 pm

MANILA -- The Bases Conversion and Development Authority (BCDA) is ordered by President Rodrigo Duterte to “finish quickly” the construction of New Clark City, which is envisioned to be the country’s first smart, green, and resilient metropolis located in Central Luzon. In a statement… Read More

ABAC PH to craft digital innovation roadmap

ABAC PH to craft digital innovation roadmap

April 16, 2018, 3:43 pm

MANILA -- The Asia Pacific Economic Cooperation (APEC) Business Advisory Council (ABAC) Philippines has set out to craft a digital innovation roadmap for the country, saying this is an area that must be given priority. ABAC Philippines said in a statement Monday that it is in the process of… Read More

DPWH relocating to new gov’t center in Clark by 2020

DPWH relocating to new gov’t center in Clark by 2020

April 15, 2018, 12:52 pm

CLARK, Pampanga -- Following the the relocation of the Department of Transportation (DOTr) in Clark City in Pampanga, the Department of Public Works and Highways (DPWH) is now planning to follow suit. During the Philippine Economic Briefing at the ASEAN Convention Center here Friday, DPWH… Read More

Coop insurance firm taps financial institutions for inclusivity

Coop insurance firm taps financial institutions for inclusivity

April 15, 2018, 12:10 pm

MANILA -- The 44-year old 1 Cooperative Insurance System of the Philippines (1CISP) is tapping other financial institutions to boost its agenda of financial inclusivity and stability in the country. 1CISP is partnering with UnionBank of the Philippines and FINTQ -- the fintech unit of PLDT, Inc.… Read More

PEZA: PH has 137 new sites for ecozones

PEZA: PH has 137 new sites for ecozones

April 15, 2018, 11:40 am

MANILA -- The Philippine Economic Zone Authority (PEZA) has a total of 70,476 hectares of land in 137 new locations throughout the country to host new economic zones. Bulk of these potential areas for ecozone development are for manufacturing sector, present in 74 sites with a total land area of… Read More

BDO Leasing posts P570M net income in 2017

BDO Leasing posts P570M net income in 2017

April 13, 2018, 7:44 pm

MANILA -- The leasing and finance subsidiary of the Sy-led BDO Unibank Inc. registered flat growth in its net income in 2017 at Php570 million. In a statement release Friday, BDO Leasing and Finance Inc. (BDO Leasing) said gross revenues last year amounted to Php3.2 billion, up 11 percent from… Read More

TRAIN law addresses gaps in human capital

TRAIN law addresses gaps in human capital

April 13, 2018, 7:40 pm

CLARK FREEPORT ZONE, Pampanga -- Finance Secretary Carlos Dominguez III said the Tax Reform for Acceleration and Inclusion (TRAIN) Law is addressing the country’s challenges in human capital development. In a press conference Friday, Dominguez said the government is aware that the skill level of… Read More

Peso stays firm, PSEi downed by profit-taking

Peso stays firm, PSEi downed by profit-taking

April 13, 2018, 7:36 pm

MANILA -- The Philippine peso ended the week little changed against the greenback but the Philippine Stock Exchange index (PSEi) cut short its two-day rally on investors’ concerns about the Syria issue. The local currency finished trading at 51.945 from 52.00 in the previous session, which a… Read More

PH's 'hot money' inflow still strong in Q1

PH's 'hot money' inflow still strong in Q1

April 13, 2018, 7:30 pm

MANILA -- Gloomy news overseas and other factors dampened investors’ risk-on appetite, yet foreign portfolio investments to the Philippines continue to post net inflows. Bangko Sentral ng Pilipinas (BSP) data showed that as of the week ending March 24, 2018, hot money, so-called due to the speed… Read More

Luzon dev't reflects ADB's inclusive growth agenda: Dominguez

Luzon dev't reflects ADB's inclusive growth agenda: Dominguez

April 13, 2018, 6:16 pm

CLARK FREEPORT ZONE, Pampanga – Development in central and northern Luzon already reflects the Asian Development Bank's (ADB) aspirations for inclusive growth in the region, Finance Secretary Carlos Dominguez III has said. In a press conference Friday, Dominguez said the country is poised to… Read More

LTFRB orders ride-hailing firm Arcade City to stop operations

LTFRB orders ride-hailing firm Arcade City to stop operations

April 13, 2018, 4:21 pm

MANILA -- The Land Transportation Franchising and Regulatory Board (LTFRB) has ordered the ride-hailing firm Arcade City to stop the launch of its mobile app next week. “The LTFRB is strongly warning Arcade City to cease and desist from launching its mobile app on April 16, 2018 and to stop all… Read More

Lopez calls PH economic growth a 'virtuous cycle'

Lopez calls PH economic growth a 'virtuous cycle'

April 13, 2018, 2:53 pm

MANILA -- Trade and Industry Secretary Ramon Lopez called the Philippines’ economic growth story a “virtuous cycle” that would lead to further expansion of the economy. In a text message, Lopez welcomed the Asian Development Bank’s (ADB) statement that the Philippines is in its “golden… Read More

Caterpillar, Inc. bullish over Build, build build program

Caterpillar, Inc. bullish over Build, build build program

April 13, 2018, 2:48 pm

MANILA -- American construction machinery and equipment company Caterpillar, Inc. is bullish about its business in the Philippines due to emerging opportunities in the local construction sector. Caterpillar Global Director for Excavation Division Giacomo Bottone said in an interview that the… Read More