Business

BOC posts record-breaking November revenue

BOC posts record-breaking November revenue

December 2, 2017, 4:52 pm

MANILA -- The Bureau of Customs (BOC) posted PHP46.470 billion revenues  in November, its highest recorded monthly collection.Customs Commissioner Isidro Lapena reported that five collection districts were able to surpass their monthly targets, namely, ports of Batangas, Davao, Cagayan de Oro,… Read More

8990 Holdings to launch P60-B projects next year

8990 Holdings to launch P60-B projects next year

December 1, 2017, 8:46 pm

MANILA – Listed mass housing developer 8990 Holdings Inc. will introduce to the market next year five projects worth PHP60 billion, to boost its revenue target of PHP14 billion after posting strong growth this year.Company Chief Operating Officer Willie Uy said these projects are located in… Read More

Consumption to remain as PH's major growth driver: HSBC economist

Consumption to remain as PH's major growth driver: HSBC economist

December 1, 2017, 8:44 pm

MANILA - - Consumption is seen to remain among the major growth drivers of the Philippine economy and counter the impact of negative developments overseas.In a research, HSBC economist Joseph Incalcaterra said that consumption, which accounts for more than 70 percent of domestic output, continues… Read More

PH urges nations to ensure industrialization brings inclusive growth

PH urges nations to ensure industrialization brings inclusive growth

December 1, 2017, 7:45 pm

MANILA -- The Philippines is urging other countries to work together to ensure all sectors benefit from robust economic growth amid industrialization and technological advancements.Socioeconomic Planning Secretary Ernesto Pernia noted that inclusivity requires the provision of greater market… Read More

PH posts highest PMI in Nov ’17

PH posts highest PMI in Nov ’17

December 1, 2017, 7:39 pm

MANILA -- The Nikkei Manufacturing PMI (Purchasing Managers’ Index) jumped to 54.8 in November from 53.7 in the previous month, its highest reading for this year, according to IHS Markit’s Philippines In its survey released Friday, the increase in PMI last month was due to solid expansions in… Read More

US GDP report weakens PSEi, peso

US GDP report weakens PSEi, peso

December 1, 2017, 7:35 pm

MANILA - -Investors' risk-off sentiment resulted in the continued drop of the Philippines main equities index and the local currency Friday.The Philippine Stocks Exchange index (PSEi) shed 1.33 percent, or 110.01 points, to 8,144.02 points.All the other indices tracked the main index, with the All… Read More

PEZA mulls perks for local SMEs in manufacturing

PEZA mulls perks for local SMEs in manufacturing

December 1, 2017, 7:03 pm

MANILA -- The Philippine Economic Zone Authority (PEZA) is crafting a new policy to boost local small and medium enterprises (SMEs) in the manufacturing sector, its top official told the Philippine News Agency (PNA). “We are now creating new policy. This is for domestic manufacturing… Read More

Commercial bank to double SME loan window in 2018

Commercial bank to double SME loan window in 2018

December 1, 2017, 6:29 pm

DAVAO CITY -- A commercial bank, with 600 branches nationwide, will double its loan window facility in Southern Mindanao next year to give access to more small and medium entrepreneurs (SMEs). Ariel Roca, assistant vice president and area head of the Philippine National Bank (PNB) in South Eastern… Read More

Senate's tax reform measure more supportive of consumption: study

Senate's tax reform measure more supportive of consumption: study

December 1, 2017, 6:50 am

MANILA -- The Senate version of the proposed tax reform bill has lesser inflationary impact and is more supportive of domestic consumption, according to Credit Suisse, a global financial service company. After the Senate approved on third and final reading its tax reform measure Monday night,… Read More

Duty free shop to rise in Zamboanga City

Duty free shop to rise in Zamboanga City

November 30, 2017, 6:19 pm

ZAMBOANGA CITY -- The Zamboanga City Special Economic Zone (Zamboecozone) and the Duty Free Philippines have entered into a lease agreement for the establishment of a Duty Free Shoppe in this city. Zamboecozone Chair and Administrator Christopher Lawrence Arnuco on Thursday said the Duty Free… Read More

Bank execs back cut in banks’ reserve requirements

Bank execs back cut in banks’ reserve requirements

November 30, 2017, 6:03 pm

MANILA -- A cut in Philippine banks’ reserve requirement ratio (RRR) will boost financial institutions’ ability to expand their lending operations to further help the vibrant domestic economic activities.To date, universal and commercial banks (U/KBs) are required to have a 20 percent RRR,… Read More

PEZA registers P203-B investments in Jan-Oct ’17

PEZA registers P203-B investments in Jan-Oct ’17

November 30, 2017, 6:01 pm

MANILA -- The Philippine Economic Zone Authority (PEZA) has registered PHP203.2 billion investments in January to October 2017, up 89.3 percent from PHP107.3 billion in the same period in 2016.PEZA Director General Charito Plaza said the number of projects, job generation, and export revenues in… Read More

Alsons teams up with GBP to pursue Mindanao power projects

Alsons teams up with GBP to pursue Mindanao power projects

November 30, 2017, 6:54 am

MANILA -- Listed Alsons Consolidated Resources Inc. (ACR) on Wednesday said it has formally started its partnership with Global Business Power Corporation (GBP) to undertake energy and power projects through Mindanao power generation holding company, Alsons Thermal Energy Corp. (ATEC). The two… Read More

IFC urges PH to pass measures to hike access to MSMEs

IFC urges PH to pass measures to hike access to MSMEs

November 29, 2017, 8:53 pm

MANILA -- The World Bank's corporate arm, the International Finance Corp. (IFC), has urged the Philippines to prioritize the passage of legislation that will increase access to finance micro, small and medium enterprises (MSMEs) and make doing business easier for them.Yuan Xu, IFC Country Manager… Read More

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