Business

Financial system improvements allow market to prepare for crisis

MANILA – Citing the improvements in the financial market in the last three decades, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno has underscored the need to be prepared against the risks that come with these changes.During the launch of the systemic risk crisis management (SRCM)... Read More

Economic recovery, lower alert level seen to boost businesses

MANILA – Food ingredients and plastics manufacturer D&L Industries sees the recovery in the domestic economy and implementation of a lower alert level benefiting its business in the second quarter and the rest of the year.In a virtual press briefing Monday, D&L president and chief... Read More

Big-time oil price hike set this week

MANILA – Oil companies will increase their prices with big-time increments on diesel products.In separate advisories, Caltex, Cleanfuel, PTT Philippines, Seaoil, and Shell said they will raise diesel prices by PHP6.55 per liter and gasoline prices by PHP2.70 per liter.Caltex, Seaoil, and Shell... Read More

Local cement industry escalates case vs. Vietnam dumping

MANILA – The local cement manufacturing industry finds a common voice in Republic Cement against complaints of unabated cement dumping from Vietnam.Republic Cement decried how continued dumping of cement imports from Vietnam has resulted in material injury to the domestic manufacturers.In his... Read More

DTI hopes next Congress can concur RCEP

MANILA –As the Senate fails to concur on the Regional Comprehensive Economic Partnership (RCEP), the Philippines will not yet reap the benefits of the free trade agreement (FTA).Department of Trade and Industry (DTI) Secretary Ramon Lopez told reporters Thursday he still hopes that the next... Read More

FIRB eyes uniform fees charged by investment promotion agencies

MANILA – The Fiscal Incentives Review Board (FIRB) will harmonize all fees collected by investment promotion agencies (IPAs) from their registered investors “to ensure that rates are just and reasonable.”The board has directed all IPAs to submit a copy of the fees they collected... Read More

PSEi slips, peso weakest in more than 3 years

MANILA – The Philippine Stock Exchange index (PSEi) slipped by 0.38 percent during Friday’s trading, while the peso was at its weakest since March 2019.The PSEi ended this week’s trading at 6,686.83, declining by 25.38 points.All shares also went down by 0.22 percent or 7.99 points... Read More

Biz groups appeal for recall of new wage law for W. Visayas

ILOILO CITY – Five business groups from Capiz and Iloilo have appealed for the recall of Wage Order RBVI-26, which imposes a 13 percent to 35 percent increase, and its amendment to 3 percent to 5 percent of the current rate.The appeal, signed by presidents of the Iloilo Business Club, Inc.,... Read More

BOC-Cebu posts P659-M surplus in May collection

CEBU CITY – The Bureau of Customs-Port of Cebu on Thursday reported a surplus in its PHP3.605-billion collection for the month of May.Lawyer Charlito Martin Mendoza, BOC-Cebu collector, said their collection is 22.37 percent higher than the PHP2.946 billion target, or a surplus of PHP659.22... Read More

Razon firm buying Uy’s shares in Malampaya

MANILA – Magnate Enrique Razon Jr. is buying a majority share of Dennis Uy’s Udenna Corp. in the Malampaya gas field, Razon’s infrastructure business Prime Infra Holdings Inc. said Thursday.“The acquisition process has kicked off and will close subject to the consent of... Read More

PH stocks index, peso slip on inflation concerns

MANIILA –Philippines’ main stocks index shed anew on Wednesday due to inflation fears and the local currency weakened against the US dollar.The Philippine Stock Exchange index (PSEi) lost 0.92 percent, or 62.47 points, to 6,712.21 points.All Shares followed with a jump of 0.47 percent,... Read More

PH factories grow for 4 consecutive months

MANILA – The performance of the country's manufacturing sector continued to improve in May, posting four months of consecutive growth.The S&P Global Philippines Manufacturing Purchasing Managers’ Index (PMI) reported Wednesday that the domestic sector posted a score of 54.1 last... Read More

LPG prices down for 2 straight months

MANILA – The retail prices of liquefied petroleum gas (LPG) have decreased for two consecutive months as firms announced price rollbacks for this month.Phoenix LPG said it slashed LPG prices by PHP5.18 per kg.; Petron, by PHP5.20 per kg.; and Solane LPG, by PHP5.21 per kg.The new price... Read More

PH stocks gauge slips but peso keeps footing vs. USD

MANILA – The Philippines’ main stocks index reversed its gains on Tuesday and finished the day in the red but maintained its sideways close against the greenback.After several days of rally, the Philippine Stock Exchange index (PSEi) shed 0.70 percent, or 47.64 points, to 6,774.68... Read More

BSP eyes May ’22 inflation between 5-5.8%

MANILA – Rate of price increases for May 2022 is seen to further accelerate to between 5 and 5.8 percent after surpassing the government’s 2-4 percent target band last April due to continued oil price increases.“The continued increase in domestic petroleum prices, higher prices of... Read More

BTr partially awards 3-year T-bond after rate uptick

MANILA – Bureau of the Treasury (BTr) partially awarded on Tuesday the three-year Treasury bond (T-bond) after investors asked for high rates.The average rate of the debt paper rose to 4.994 percent from 4.598 percent previously.BTr offered the T-bond for PHP35 billion but the auction... Read More

Chinese vax maker eyes investments in PH

MANILA – The Board of Investments (BOI) said Tuesday the agency met with Chinese global pharmaceutical firm Yisheng Biopharma Co. Ltd. to discuss the company’s investment plans in the Philippines.Yisheng chairman Zhang Yi led the business delegation to Manila as the group also met with... Read More

PEZA, DENR sign MOU to convert idle lands to ecozones

MANILA – The Philippine Economic Zone Authority (PEZA) and the Department of Environment and Natural Resources (DENR) signed a memorandum of understanding (MOU) Tuesday that will help the former to identify idle lands across the country that can be developed into economic zones.In her speech... Read More

BTr rejects bids of 1-year T-bills despite drop in interest rate

MANILA – Bids for the Philippines’ one-year Treasury bills (T-bills) were rejected on Monday even after the decline of the debt paper’s interest rate after the auction committee noted low demand compared to the other tenors.However, both the three-month and six-month papers were... Read More

Pangasinan delicacy biz PH’s 3rd best livelihood project

INFANTA, Pangasinan – A patotoy (native delicacy) making venture of a family in this town was awarded as the third-best Department of Labor and Employment (DOLE)-assisted livelihood project in the country.The native delicacy known for its sweetness is made of glutinous rice as the outer... Read More