Business

CDC remits P1.80B cash dividends to national treasury

CDC remits P1.80B cash dividends to national treasury

March 26, 2024, 4:38 pm

MANILA – The Clark Development Corporation (CDC) said it has remitted an all-time high PHP1.80 billion in cash dividends to the national government. In a statement on Monday, the CDC said the cash dividend last year was 49 percent higher than the PHP1.207 billion remittance in 2022. Department… Read More

OPEC Secretary General calls for increased investments in oil industry

OPEC Secretary General calls for increased investments in oil industry

March 26, 2024, 3:02 pm

ABU DHABI – Haitham Al Ghais, Secretary General of the Organisation of the Petroleum Exporting Countries (OPEC), underscored the need for increased investments in the oil industry to meet global energy demands and sustain economic growth. He said these investments are crucial for ensuring… Read More

LandBank digital banking services to stay available during Holy Week

LandBank digital banking services to stay available during Holy Week

March 26, 2024, 2:50 pm

MANILA –State-run Land Bank of the Philippines (LandBank) on Tuesday assured that all digital channels will remain up and running throughout the Holy Week. In a statement, the bank said clients can perform banking transactions during the four-day long weekend using the LandBank Mobile Banking… Read More

South Korea, Taiwan increase inspection on imported chili

South Korea, Taiwan increase inspection on imported chili

March 26, 2024, 2:10 pm

HÀ NỘI – The Republic of Korea (RoK) and Taiwan have increased the inspection on imported chili, including from Việt Nam, with aims to ensure safety and quality of these food items entering the markets. The Việt Nam Trade Office in RoK said that it has received a notice from the South… Read More

Tech firm Ericsson to lay off 1,200 staffers

Tech firm Ericsson to lay off 1,200 staffers

March 26, 2024, 2:06 pm

ISTANBUL – Swedish-based tech company Ericsson announced on Monday that it will lay off 1,200 staff as part of its global initiatives to improve its cost position. The staff reduction will be done in Sweden, Ericsson said. Ericsson expects "a challenging mobile networks market in 2024, with… Read More

DOE, PNP sign MOA for Oplan LIRA

DOE, PNP sign MOA for Oplan LIRA

March 25, 2024, 8:45 pm

MANILA – The Department of Energy (DOE) and the Philippine National Police (PNP) on Monday signed a memorandum of agreement (MOA) to implement the Liquefied Petroleum Gas Industry Regulation Act (LIRA). Signed by DOE Secretary Raphael Lotilla and PNP Chief Gen. Benjamin Acorda Jr., the MOA… Read More

Oil prices up as geopolitical tensions fuel supply concerns

Oil prices up as geopolitical tensions fuel supply concerns

March 25, 2024, 8:29 pm

ANKARA – Oil prices increased on Monday amid global supply concerns supported by heightened geopolitical risks. International benchmark Brent crude traded at USD85.21 per barrel at 10:29 a.m. local time (0729 GMT), a 0.45 percent rise from the closing price of USD84.83 per barrel in the previous… Read More

PSEi, peso close weak for 2 trading days

PSEi, peso close weak for 2 trading days

March 25, 2024, 8:15 pm

MANILA – Both the local shares and currency continued to fall for two consecutive trading days. The Philippine Stock Exchange index (PSEi) declined 0.42 percent to 6,853.10, with All Shares also slipping by 0.27 percent to 3,578.21. “Philippine shares were quietly sold down as investors… Read More

PH saves 132 MW of energy on Earth Hour

PH saves 132 MW of energy on Earth Hour

March 25, 2024, 8:05 pm

MANILA – The Philippines saved 132.11 megawatts (MW) of energy during this year’s Earth Hour by turning off non-essential lights and appliances from 8:30 to 9:30 p.m. last Saturday (March 23). According to the Department of Energy (DOE), the energy savings this year more than doubled from last… Read More

PEZA: More EU investments to enter PH with FTA talks revival

PEZA: More EU investments to enter PH with FTA talks revival

March 25, 2024, 7:45 pm

MANILA – The Philippine Economic Zone Authority (PEZA) is bullish that more investors from the European Union (EU) will be keen on exploring opportunities in export zones in the country with the revival of the negotiations of the Philippines-EU free trade agreement (FTA). “With the initiatives… Read More

New PH building gets LEED Gold Certification

New PH building gets LEED Gold Certification

March 25, 2024, 7:25 pm

MANILA – More Philippine companies are going “green” with the design of their buildings providing environmental, social, and governance benefits to the firm. Adding to the growing number of buildings with Leadership in Energy and Environmental Design (LEED) certification in the country is… Read More

Vietnamese EV taxis to register with BOI

Vietnamese EV taxis to register with BOI

March 25, 2024, 5:58 pm

MANILA – Another investment commitment from President Ferdinand R. Marcos Jr.’s foreign trips is taking shape as a Vietnamese ride-hailing app that uses electric vehicles is eyeing to register with the Board of Investments (BOI). The BOI told reporters in a Viber message Monday that Green and… Read More

Bureau of the Treasury fully awards T-bills

Bureau of the Treasury fully awards T-bills

March 25, 2024, 5:54 pm

MANILA – The Bureau of the Treasury (BTr) on Monday fully awarded bids for Treasury bills (T-bills). The 91-, 182-, and 364-day T-bills fetched average rates of 5.710 percent, 5.880 percent, and 5.982 percent, respectively, all lower than prevailing secondary market benchmarks. Rizal Commercial… Read More

DOF pushes for excise tax on single-use plastic bags

DOF pushes for excise tax on single-use plastic bags

March 25, 2024, 4:35 pm

MANILA – The Department of Finance (DOF) said the proposed excise tax on single-use plastic bags (SUPs) will not only generate more than PHP31 billion in estimated revenue but will also help address climate change. In a statement on Monday, the DOF said it is proposing a weight-based rate for… Read More

PH economy forecast to grow by 6.1% in Q1

PH economy forecast to grow by 6.1% in Q1

March 25, 2024, 3:54 pm

MANILA – Philippine economic growth is projected to accelerate in the first quarter of the year, mainly driven by the government's infrastructure spending, a report released by the First Metro Investment Corporation (FMIC) and the University of Asia and the Pacific (UA&P) said. In the latest… Read More

Travelers face oil price hikes on Holy Tuesday

Travelers face oil price hikes on Holy Tuesday

March 25, 2024, 3:52 pm

MANILA – Those who will be traveling during the Holy Week are advised to gas up as a hefty oil price increase will be effective Tuesday. In separate advisories, Caltex, Cleanfuel, Jetti, Petro Gazz, PTT, Seaoil, and Shell announced that they will hike gasoline prices by PHP2.20 per liter and… Read More

P14-B copper mining project from PBBM’s Aussie trip secures permit

P14-B copper mining project from PBBM’s Aussie trip secures permit

March 24, 2024, 9:40 am

MANILA – For the first time in 15 years, the Philippine government granted permit to the copper mining project of Perth-based Celsius Resources with initial investments of USD253 million, or around PHP14 billion. In a statement over the weekend, the Department of Trade and Industry (DTI) said… Read More

PSEi succumbs to profit taking, peso weak

PSEi succumbs to profit taking, peso weak

March 22, 2024, 7:09 pm

MANILA – The local index succumbed to profit taking as it neared the 7,000 resistance level, while the Philippine peso lost its strength to end the week. The benchmark Philippine Stock Exchange index (PSEi) dropped 1.17 percent to 6,881.97, with the broader All Shares likewise declining by 0.76… Read More

Change of leadership in AboitizPower starting H2 2024

Change of leadership in AboitizPower starting H2 2024

March 22, 2024, 6:57 pm

MANILA — Aboitiz Power Corp. president and chief executive officer Emmanuel Rubio will step down from his current position in the second half of the year. In a disclosure with the Philippine Stock Exchange Friday, the company also called AboitizPower said Rubio will be replaced by Danel Aboitiz,… Read More

Samsung keen to supply PH digitization initiatives

Samsung keen to supply PH digitization initiatives

March 22, 2024, 6:43 pm

MANILA – The local unit of Korean electronics firm Samsung sees great opportunity in the Philippines, especially in business-to-business (B2B) solutions, with the country’s ongoing digitalization efforts. In an interview with Samsung Electronics Philippines Corp. president Chu Minsu in Pasay… Read More