Business

Peso surge continues, PSEI down anew

Peso surge continues, PSEI down anew

November 29, 2017, 8:44 pm

MANILA - - Senate's approval of its version of the proposed tax reform bill on Tuesday night further boosted the Philippine peso Wednesday while geopolitical tensions overseas hurt the local equities market.The local currency ended the day at 50.27 from the previous day’s 50.35, which a trader… Read More

BSP cuts 28-day TDF offering

BSP cuts 28-day TDF offering

November 29, 2017, 8:42 pm

MANILA - - The Bangko Sentral ng Pilipinas (BSP) has cut to PHP40 billion the offering for its 28-day Term Deposit Facility (TDF) for the Dec. 6, 2017 auction from the previous PHP90 billion offering after the government was able to sell more than PHP100 billion worth of retail treasury bond (RTB)… Read More

PH resets to Q1 ‘18 Panda Bond issue

PH resets to Q1 ‘18 Panda Bond issue

November 29, 2017, 8:37 pm

MANILA - - Philippine finance officials have decided to push back the government’s proposed Panda Bond issuance to first quarter of 2018 instead of the last quarter of 2017 pending the approval of Chinese regulators.In a statement Wednesday, Finance Secretary Carlos Dominguez III said the Bureau… Read More

DBS economist predicts 100 bps hike in BSP rates by end-'18

DBS economist predicts 100 bps hike in BSP rates by end-'18

November 29, 2017, 8:31 pm

MANILA -- An economist of financial giant DBS  Bank Ltd. forecasts a  total of 100 basis points increase in the Bangko Sentral ng Pilipinas’ (BSP) key rates until end-2018 as domestic growth remains strong and global interest rates are expected to be on an uptrend.In a research note, DBS Bank… Read More

Annual car sales seen to reach 1-M mark by 2025

Annual car sales seen to reach 1-M mark by 2025

November 29, 2017, 8:02 pm

MANILA – The Philippine automotive industry is expected to breach the one-million annual unit sales starting 2025, a trade official said Wednesday."The growth of the industry has continued to increase with sales reaching 400,000 units in 2016, four times the sales a decade ago, while growth rate… Read More

Manufacturing sector to breach 10% growth next year: Lopez

Manufacturing sector to breach 10% growth next year: Lopez

November 29, 2017, 7:57 pm

MANILA -- Department of Trade and Industry (DTI) Secretary Ramon Lopez foresees the country's manufacturing sector breaching a 10 percent growth next year."It is possible to sustain 10 to 11 percent growth," Lopez told reporters on the sidelines of the Manufacturing Summit 2017 held at Hotel… Read More

LTFRB sets probe into Uber data breach

LTFRB sets probe into Uber data breach

November 29, 2017, 7:52 pm

MANILA -- The Land Transportation Franchising and Regulatory Board (LTFRB) will conduct its investigation on the data breach involving personal data of users of ridesharing firm Uber in the Philippines. This comes following the admission of Uber that information of Filipinos were exposed in a… Read More

UCPB branches closed on Bonifacio Day

UCPB branches closed on Bonifacio Day

November 29, 2017, 3:40 pm

MANILA -- All branches of UCPB nationwide will be closed on Thursday in commemoration of Bonifacio Day. In an advisory, the bank, however, assured its clients that its electronic banking channels, namely UCPB Connect, the mobile banking system, the online banking and the automated teller machines… Read More

BSP sees higher power rates, 2.9-3.6% inflation in November

BSP sees higher power rates, 2.9-3.6% inflation in November

November 29, 2017, 2:55 pm

MANILA -- Sustained uptick in oil prices is seen to result in further price increases this November at a range of 2.9 to 3.6 percent, the central bank estimated Wednesday. In a statement, the Bangko Sentral ng Pilipinas (BSP) said it’s Department of Economic Research has considered the higher… Read More

BFAR crafts plan to develop eel industry

BFAR crafts plan to develop eel industry

November 29, 2017, 10:26 am

TUGUEGARAO CITY, Cagayan -- Technical experts from the Bureau of Fisheries and Aquatic Resources (BFAR)  and other concerned agencies met here Monday to formulate a plan to develop the country's eel industry. National Eel Focal Person, Dr. Evelyn Ame, concurrent chief of the Training Division of… Read More

Biz optimism up for Q4 ‘17

Biz optimism up for Q4 ‘17

November 29, 2017, 8:40 am

MANILA -- Optimism of Filipino businessmen for the fourth quarter of 2017 rose to 43.3 percent from quarter-ago’s 37.9 percent due in part to the expected brisk business during the holiday season. Results of Business Expectations Survey (BES) done by the Bangko Sentral ng Pilipinas (BSP) from… Read More

5 industries push for single ID system

5 industries push for single ID system

November 29, 2017, 8:38 am

MANILA -- Five industries are pushing for various regulations, including implementing single business identification (ID) system, in a bid to make it easier to do business in the country. These are chemicals, housing, logistics, power and public transportation industries which are participating in… Read More

Cebu Landmasters eyes P1.7-B profit in 2018

Cebu Landmasters eyes P1.7-B profit in 2018

November 29, 2017, 8:36 am

MANILA -- Listed property developer Cebu Landmasters Inc. (CLI) aims to hit PHP1.7- billion profit by 2018, about 42 percent higher than this year’s projected level, as it launches more projects in the Visayas and Mindanao. In a briefing, Jose Franco Soberano, CLI Senior Vice President and Chief… Read More

BOI approves P1.13-B tourism projects

BOI approves P1.13-B tourism projects

November 29, 2017, 7:17 am

MANILA -- The Board of Investments (BOI) has approved three tourism projects worth PHP1.13 billion. Hotel and resort projects of Ayala Land Hotels and Resorts Corp., UC-1 Corp., and 888 Subic, Inc. got BOI's nod under Special Law List on Tourism Facilities in the 2017 Investment Priorities Plan… Read More

Uber admits personal info of Filipinos exposed in data breach

Uber admits personal info of Filipinos exposed in data breach

November 28, 2017, 5:50 pm

MANILA -- Ridesharing firm Uber has confirmed that the personal information of Filipinos had been exposed in a massive data breach involving 57 million users worldwide dating back to October 2016. In a statement Tuesday, the National Privacy Commission (NPC) warned that Uber may face serious… Read More

Gov't agencies required to report quarterly cash program by 2018

Gov't agencies required to report quarterly cash program by 2018

November 28, 2017, 3:28 pm

MANILA -- Government agencies with highest expenditures will be required to submit their cash program every three months starting next year. Under the cash forecasting initiative of the government, the Quarterly Cash Program Report (QCPR) will kick off by 2018, requiring top 10 spenders in the… Read More

Estate tax tops proposed tax amnesty program: DOF

Estate tax tops proposed tax amnesty program: DOF

November 28, 2017, 2:22 pm

MANILA -- Any tax amnesty measure of the Duterte government, eyed for implementation in 2018, will start with estate taxes. Department of Finance (DOF) Secretary Carlos Dominguez III said he agrees with Budget Secretary Benjamin Diokno’s timeline of tax amnesty implementation next year but… Read More

PH still a sweet spot for investors

PH still a sweet spot for investors

November 27, 2017, 8:31 pm

MANILA --The Philippines remains a sweet spot for investors,  government officials and company executives said during the Euromoney Philippine Investment Forum Monday. Bangko Sentral ng Pilipinas (BSP) Governor Nestor Espenilla Jr. said the country is still an attractive investment destination… Read More

Infra, education key to realize PH growth potential

Infra, education key to realize PH growth potential

November 27, 2017, 7:35 pm

MANILA -- Accelerating investment in education and infrastructure could boost the Philippines' economic growth and realize its full potential.     Edwin Bautista, president and chief executive officer at UnionBank of the Philippines, cited result of an earlier study released by professional… Read More

Peso surges vs. USD; PSEi down

Peso surges vs. USD; PSEi down

November 27, 2017, 6:59 pm

MANILA - - Latest Senate discussion on the proposed tax reforms boosted the Philippine peso Monday while some profit-taking led the main stocks gauge to dip slightly. The peso finished the day at 50.51 from 50.72 Friday last week, which a trader traced to the weakness of the US dollar over… Read More