Business

PH data center seen to reach 516MW by 2028

PH data center seen to reach 516MW by 2028

July 19, 2024, 9:05 pm

MANILA — The country is expected to have installed a 516-megawatt capacity of data centers by 2028, Fitch Solutions unit BMI said. In its commentary released to the press on Friday, BMI said there were over 400 MW of committed data center capacity from companies over the past 10 months.… Read More

Japanese cement manufacturer inaugurates P12.8-B plant in Cebu

Japanese cement manufacturer inaugurates P12.8-B plant in Cebu

July 19, 2024, 6:33 pm

MANILA – Japanese cement manufacturer Taiheiyo Cement Philippines, Inc. (TCPI) inaugurated its PHP12.8 billion plant in San Fernando, Cebu that will boost the local production and reduce the country’s reliance on imports. On Friday, the Department of Trade and Industry (DTI) said Secretary… Read More

BIR raids 2 QC warehouses with over P700-M ethyl alcohol tax liability

BIR raids 2 QC warehouses with over P700-M ethyl alcohol tax liability

July 19, 2024, 6:20 pm

MANILA – The Bureau of Internal Revenue (BIR) confiscated on Friday 390,000 liters of ethyl alcohol from two warehouses in Balintawak, Quezon City, with an estimate unpaid excise taxes above PHP700 million. "The PHP700 million lost in public funds due to the smuggling or non-payment of excise… Read More

PSEi closes slightly below 6,800 mark; peso stays flat

PSEi closes slightly below 6,800 mark; peso stays flat

July 19, 2024, 6:08 pm

MANILA – The local stock market ended the last trading day of the week at slightly below the 6,800 level, while the peso closed almost unchanged. The Philippine Stock Exchange index (PSEi) closed at 6,791.69, up by 86.68 points, while the broader All Shares also rose 24.97 points to 3,627.83.… Read More

DTI suspends online selling of vape

DTI suspends online selling of vape

July 19, 2024, 4:30 pm

MANILA – Department of Trade and Industry (DTI) Secretary Alfredo Pascual said on Friday he has signed an administrative order (AO) that temporarily suspends the selling of all vape products in all e-commerce platforms. In a press briefing with trade reporters in Makati City, Pascual said the AO… Read More

PH posts $155-M balance of payments deficit in June

PH posts $155-M balance of payments deficit in June

July 19, 2024, 3:33 pm

MANILA – The country's balance of payments (BOP) position recorded a lower deficit in June this year, the Bangko Sentral ng Pilipinas (BSP) said. Data released by the BSP on Friday showed that the BOP in June posted a deficit of USD155 million, down from the USD606 million deficit in June 2023.… Read More

MIC finalizes investment, risk management framework

MIC finalizes investment, risk management framework

July 19, 2024, 1:22 pm

MANILA — The Maharlika Investment Corp. (MIC) has finalized its investment and risk management framework and also secured a membership in the International Forum of Sovereign Wealth Funds (IFSWF), giving it authority to begin engaging with investors and gain access to tap global network of… Read More

Easing inflation to boost FMCG firm’s performance in PH

Easing inflation to boost FMCG firm’s performance in PH

July 18, 2024, 7:44 pm

MANILA – Even multinational fast-moving consumer goods (FMCG) company Unilever is seen to benefit from the easing inflation in the country as this would boost consumer spending on such goods. Unilever Philippines Nutrition Business lead Marinelle Villanueva told reporters Thursday that the sales… Read More

Improving peso boosts index

Improving peso boosts index

July 18, 2024, 6:33 pm

MANILA – The improving peso against the US dollar boosted the local bourse to the 6,700 level on Thursday. The Philippine Stock Exchange index (PSEi) increased by 0.26 percent to 6,705.01, with All Shares also improving by 0.23 percent to 3,602.86 points. “The local market extended its climb… Read More

US exec: Nuke deal with PH to ‘stand multiple US administrations’

US exec: Nuke deal with PH to ‘stand multiple US administrations’

July 18, 2024, 6:29 pm

MANILA – A visiting official of the United States has assured the Philippines that the 123 Agreement, or the civil nuclear cooperation deal, could stand different administrations, especially with the US presidential elections in November. US Nuclear Regulatory Commission chair Christopher Hanson… Read More

Luzon grid under yellow alert anew

Luzon grid under yellow alert anew

July 18, 2024, 9:56 am

MANILA – For two straight days, the Luzon grid has been placed under yellow alert anew following the derated capacity of SMC Consolidated Power Corp. (SCPC) Units 1 to 4. The National Grid Corporation of the Philippines (NGCP) announced Thursday that the Luzon grid is under yellow alert from 1… Read More

Young Pinoys urged to take electronics industry-related courses

Young Pinoys urged to take electronics industry-related courses

July 17, 2024, 8:44 pm

MANILA – Amid the declining number of enrollees in certain engineering courses, stakeholders in the semiconductor and electronics industry have urged young Filipinos to explore career opportunities in this sector. In a press briefing in Makati City Wednesday, Department of Trade and Industry… Read More

PSEi, peso up on strong PH economic growth projections

PSEi, peso up on strong PH economic growth projections

July 17, 2024, 8:31 pm

MANILA – The local bourse strengthened on Wednesday amid strong Philippine economic growth projections and anticipated rate cut by the Federal Reserve, while the peso also closed stronger against the dollar. The Philippine Stock Exchange index (PSEi) rose 20.62 points to 6,687.71, while the… Read More

PH renewables get boosts from new 64-MW Cavite solar plant

PH renewables get boosts from new 64-MW Cavite solar plant

July 17, 2024, 8:27 pm

MANILA – The country's supply of renewable energy (RE) continues to increase as Prime Infra's unit, Prime Solar Solutions Corp., inaugurated its 64-megawatt solar power plant in Maragondon, Cavite on Wednesday.  The new solar plant is part of Prime Solar's 128-MW pilot project, which includes… Read More

PH economy grows by 6.1% on average during PBBM's term

PH economy grows by 6.1% on average during PBBM's term

July 17, 2024, 7:05 pm

MANILA – The Philippine economy has so far grown by more than 6 percent since President Ferdinand R. Marcos Jr. took office in 2022. Economic managers earlier said Philippine economic growth from the third quarter of 2022 to the first quarter of 2024 hit an average of 6.1 percent. For the first… Read More

PEZA optimistic to hit up to P250-B investment approvals in '24

PEZA optimistic to hit up to P250-B investment approvals in '24

July 17, 2024, 6:15 pm

MANILA – Philippine Economic Zone Authority (PEZA) Director General Tereso Panga remains confident in meeting the investment approvals of PHP200 billion to PHP250 billion by year-end. Panga's optimism is bolstered by projections of robust gross domestic product (GDP) growth and promising… Read More

BSP OKs new guidelines, penalty provisions for FX transactions

BSP OKs new guidelines, penalty provisions for FX transactions

July 17, 2024, 4:55 pm

MANILA – The Bangko Sentral ng Pilipinas (BSP) said the Monetary Board has approved further amendments to foreign exchange (FX) regulations. The amendments were detailed in BSP's Memorandum Circular 1197 issued on July 12 this year. The BSP said the major amendments include the revised monetary… Read More

BIR, SEC sign deal on data-sharing

BIR, SEC sign deal on data-sharing

July 17, 2024, 4:35 pm

MANILA – The Securities and Exchange Commission and the Bureau of Internal Revenue on Wednesday signed an agreement allowing the BIR to access the data-sharing system established by the SEC. The memorandum of agreement signed at the SEC headquarters in Makati City allows the BIR to be the first… Read More

Luzon under yellow alert for 6 hrs. on July 17

Luzon under yellow alert for 6 hrs. on July 17

July 17, 2024, 2:35 pm

MANILA – The National Grid Corporation of the Philippines (NGCP) placed the Luzon grid under yellow alert on Wednesday, attributing the thinner power supply to the tripping of the 417.4-megawatt San Gabriel power plant. In an advisory, the NGCP said the yellow alert in the Luzon grid will be… Read More

New transmission lines to improve Bohol's power situation

New transmission lines to improve Bohol's power situation

July 17, 2024, 1:59 pm

MANILA – The province of Bohol can expect a better power situation as the National Grid Corporation of the Philippines (NGCP) targets to complete the Cebu-Bohol 230 kilovolt (kV) line this December. On Tuesday, the NGCP energized the Dumanjug-Corella 230 kV Line 1 and Dumanjug 70 megavolt… Read More