Business

DOF proposes sale of SCTEX shares to SSS, GSIS

DOF proposes sale of SCTEX shares to SSS, GSIS

May 16, 2024, 11:00 pm

MANILA – Finance Secretary Ralph Recto said the interest of the Bases Conversion and Development Authority (BCDA) in the Subic-Clark-Tarlac Expressway (SCTEX) could also be sold to the Social Security System (SSS) and the Government Service Insurance System (GSIS). "We're looking at selling… Read More

PSEi tracks Wall Street, peso ends sideways

PSEi tracks Wall Street, peso ends sideways

May 16, 2024, 8:21 pm

MANILA – The Philippine Stock Exchange index (PSEi) rose following the improvements in Wall Street and while waiting for the policy stance of the Monetary Board, even as the peso closed sideways during Thursday’s trading. The PSEi finished the day gaining 1.06 percent and closing at 6,628.20,… Read More

DTI chief highlights PBBM’s economic policies at Qatar Economic Forum

DTI chief highlights PBBM’s economic policies at Qatar Economic Forum

May 16, 2024, 7:46 pm

MANILA – Department of Trade and Industry (DTI) Secretary Alfredo Pascual highlighted the policies of the Marcos administration to continue the Philippines’ robust economic growth at the Qatar Economic Forum in Doha. Pascual joined Minister of Industry and Trade of the Kingdom of Morocco Ryad… Read More

BSP: Policy easing possible in Q3

BSP: Policy easing possible in Q3

May 16, 2024, 7:44 pm

MANILA – The Bangko Sentral ng Pilipinas (BSP) will likely ease policy rates starting August this year. "We are actually somewhat less hawkish than before, which means we could ease or cut rates Q3 (third quarter) or Q4 (fourth quarter) this year, so the second half of this year," BSP Governor… Read More

APECO seals $25-M renewable energy deal

APECO seals $25-M renewable energy deal

May 16, 2024, 5:00 pm

MANILA – The Aurora Pacific Economic Zone and Freeport Authority (APECO) has signed a USD25-million investment agreement with a Singapore-based renewable energy (RE) company, promoting green developing in investment promotion agencies. APECO and Pacific Impact Development Pte. Ltd. sealed the… Read More

Batangas' LIMA Estate poised to become more than just BPO hub 

Batangas' LIMA Estate poised to become more than just BPO hub 

May 16, 2024, 3:58 pm

MALVAR, Batangas – A privately-funded economic zone in this province that was initially billed as a burgeoning hub for business process outsourcing (BPO) operations is now also poised to play an important role in large-scale food processing. The management of Aboitiz Construction, Inc. (ACI)… Read More

Foreign investment pledges reach PHP148B in Q1 2024

Foreign investment pledges reach PHP148B in Q1 2024

May 16, 2024, 2:55 pm

MANILA – Total approved foreign investment (FI) pledges amounted to PHP148.43 billion in the first quarter of the year, the Philippine Statistics Authority (PSA) said. In a report released on Thursday, the PSA said these investments were pledges from Investment Promotion Agencies (IPAs) which… Read More

EV battery maker triples investment in New Clark City

EV battery maker triples investment in New Clark City

May 16, 2024, 1:20 pm

CAPAS, Tarlac – StB GigaFactory, Inc., a battery manufacturer funded by an Australian investment company, is ramping up its investment in the Philippines by more than threefold, its chief executive officer Dennis Chan Ibarra said. Ibarra said in an interview during the One Clark Forum Friday… Read More

NEDA Board OKs tariff rate modification on EVs, key infra projects

NEDA Board OKs tariff rate modification on EVs, key infra projects

May 16, 2024, 1:16 pm Updated on May 16, 2024, 5:43 pm

MANILA – The National Economic and Development Authority (NEDA) Board, chaired by President Ferdinand R. Marcos Jr., recently approved the tariff rate modification of electric vehicles. In a statement on Thursday, the NEDA said the Board, during a meeting on May 15, approved the recommendations… Read More

Shares down ahead of BSP monetary policy briefing, peso up

Shares down ahead of BSP monetary policy briefing, peso up

May 15, 2024, 10:00 pm

MANILA – Local shares declined on Wednesday ahead of the Bangko Sentral ng Pilipinas' (BSP) Monetary Board meeting, while the peso closed slightly higher against the dollar. The Philippine Stock Exchange index (PSEi) shed 49.73 points to close at 6,558.63, while All Shares also went down by… Read More

Remittances from overseas Filipinos up by 2.6% in March

Remittances from overseas Filipinos up by 2.6% in March

May 15, 2024, 5:37 pm

MANILA – Personal remittances of overseas Filipinos (OFs) went up by 2.6 percent in March this year, the Bangko Sentral ng Pilipinas (BSP) said. Data released by the BSP on Wednesday showed that personal remittances from OFs climbed to USD3.05 billion from USD2.97 billion in March last year.… Read More

BIR seizes illicit cigarettes with P150-M tax liability in Palawan

BIR seizes illicit cigarettes with P150-M tax liability in Palawan

May 15, 2024, 3:46 pm

MANILA – The Bureau of Internal Revenue (BIR) confiscated 227,351 packs of illicit cigarettes in Brooke's Point, Palawan. In a statement on Wednesday, the BIR said the illicit cigarettes, worth PHP150.6 million in tax liability, were seized from seven makeshift warehouses during a raid on May 1,… Read More

50 Bicol MSMEs eye P10-M sales at Manila trade fair     

50 Bicol MSMEs eye P10-M sales at Manila trade fair     

May 15, 2024, 3:07 pm

LEGAZPI CITY – The Department of Trade and Industry (DTI) in Bicol is targeting to generate around PHP10 million in sales as 50 micro, small and medium enterprises (MSMEs) join the Orgullo kan Bikol (OKB) Trade Fair at Shangri-La Plaza mall in Mandaluyong City from May 16-19. On Wednesday,… Read More

PH, Qatar eye finalizing ratification of IPPA this year

PH, Qatar eye finalizing ratification of IPPA this year

May 15, 2024, 2:19 pm

MANILA – The Philippines and Qatar are expected to finalize the ratification process of the two countries' Investment Promotion and Protection Agreement (IPPA) within the year, the Department of Trade and Industry (DTI) said. In a statement, the DTI said the agreement was made during Trade… Read More

Stocks, peso end near flat ahead of BSP policy decision

Stocks, peso end near flat ahead of BSP policy decision

May 14, 2024, 6:40 pm

MANILA – Both the local stock barometer and currency closed nearly flat on Tuesday's trading. The Philippine Stock Exchange index (PSEi) slightly improved by 0.06 percent, or 4.11 points, ending at 6,608.36, while the broader all shares increased by 4.15 points to 3,511.91. Philstocks Financial,… Read More

BTr partially awards T-bonds at higher yield

BTr partially awards T-bonds at higher yield

May 14, 2024, 5:00 pm

MANILA – The Bureau of the Treasury (BTr) on Tuesday partially awarded reissued Treasury bonds (T-bonds) at a higher yield. The BTr offered PHP30-billion T-bonds with a remaining term of 14 years and eight months but only accepted PHP11.5 billion of the total bids. Total tenders amounted to… Read More

More power capacity coming online to prevent yellow, red alerts

More power capacity coming online to prevent yellow, red alerts

May 14, 2024, 3:28 pm

MANILA – The Department of Energy (DOE) assured lawmakers that there are more power plants coming online that would prevent a repeat of recent yellow and red alerts raised due to tight power supply. In a hearing of the Committee on Energy at the House of Representatives Tuesday, DOE… Read More

Meralco hikes power rate in May

Meralco hikes power rate in May

May 14, 2024, 3:05 pm

MANILA – The tight power supply in the Luzon grid during the yellow and red alerts in April has pushed electricity rates up in franchise areas of Manila Electric Company (Meralco). Meralco announced Tuesday that power rates in May increased by PHP0.4621 per kilowatt hour to PHP11.4139 per kWh… Read More

CIAC building Clark nat’l food hub with learnings from the Netherlands

CIAC building Clark nat’l food hub with learnings from the Netherlands

May 13, 2024, 9:10 pm

MANILA – The Clark International Airport Corp. (CIAC) aims to learn from the expertise of the Netherlands in constructing the Clark National Food Hub. In a statement Monday, the CIAC said its president and chief executive officer Arrey Perez joined the Philippine delegation to Amsterdam last… Read More

New international container terminal to rise in Batangas town

New international container terminal to rise in Batangas town

May 13, 2024, 9:08 pm

BAUAN, Batangas – A new international container facility is set to be built in this municipality and is targeted for completion by the end of 2027. In an email on Monday, the International Container Terminal Services Inc. (ICTSI) said design and engineering studies on the new terminal are… Read More