Business

Oil firms to implement big-time price rollback Tuesday

Oil firms to implement big-time price rollback Tuesday

June 10, 2024, 3:35 pm

MANILA – Oil companies will implement rollback on petroleum prices for as much as PHP1.30 per liter starting 12:01 a.m. of June 11. In separate advisories Monday, Caltex, Cleanfuel, Jetti, Petro Gazz, PTT, Shell, Seaoil, and Unioil said they will reduce gasoline prices by PHP0.60 per liter, and… Read More

ARTA adds 6 Mindanao LGUs fully compliant with eBOSS

ARTA adds 6 Mindanao LGUs fully compliant with eBOSS

June 10, 2024, 3:31 pm

MANILA – The Anti-Red Tape Authority (ARTA) reported on Monday that six local government units (LGUs) in Mindanao are now fully compliant with the electronic Business One-Stop Shop (eBOSS). In a statement, ARTA said the additional eBOSS-compliant LGUs in Mindanao are Davao City, General Santos… Read More

PH, France sign accord on financial, dev't cooperation

PH, France sign accord on financial, dev't cooperation

June 10, 2024, 2:43 pm

MANILA – The Philippines and France have signed a government-to-government agreement on financial and development cooperation. In a statement on Monday, the Department of Finance (DOF) said the agreement on Financial and Development Cooperation (AFDC) was signed by Finance Secretary Ralph Recto… Read More

Hyundai, Kia take record share of US market through May

Hyundai, Kia take record share of US market through May

June 9, 2024, 1:34 pm

SEOUL – South Korea's top automaker Hyundai Motor Co. and its sister company Kia Corp. captured the largest share of the American market for electric vehicles (EVs) in the first five months of 2024, data showed Sunday. The two carmakers accounted for 11.2 percent, or 48,838, of the 437,246 EVs… Read More

PH seeks IPEF technical assistance to improve campaign vs. corruption

PH seeks IPEF technical assistance to improve campaign vs. corruption

June 8, 2024, 8:20 pm

MANILA – The Philippines plans to leverage the Indo-Pacific Economic Framework for Prosperity (IPEF) to intensify anti-corruption measures in the country following the signing of the Fair Economy Agreement in Singapore. In a news release on Saturday, Department of Trade and Industry (DTI)… Read More

Video game retailer GameStop posts 28% net sales fall in Q1

Video game retailer GameStop posts 28% net sales fall in Q1

June 8, 2024, 3:22 pm

ISTANBUL – American video game and consumer electronics retailer GameStop saw an estimated 28 percent decline in net sales during the first quarter of the year, according to its financial results statement released Friday. The company reported net sales of nearly USD882 million for the 13 weeks… Read More

Fitch affirms PH’s ‘BBB’ investment grade rating

Fitch affirms PH’s ‘BBB’ investment grade rating

June 8, 2024, 9:35 am

MANILA – Fitch Ratings has affirmed the Philippines' investment grade rating at “BBB” with a stable outlook after noting the country's robust medium-term growth potential and stable debt level. "The 'BBB' rating and Stable Outlook reflect the Philippines' strong medium-term growth, which… Read More

Indian e-vehicle firm eyes replacing aging PH jeepneys

Indian e-vehicle firm eyes replacing aging PH jeepneys

June 7, 2024, 8:16 pm

MANILA – An Indian electric vehicle (e-vehicle) manufacturer is in the process of setting up sales operations in the country in hopes of capturing a stake in the mass transportation market. Urban Sphere, which is headquartered in the city of Bengaluru, has been lured here by the Philippine… Read More

Stocks, peso up on Friday

Stocks, peso up on Friday

June 7, 2024, 5:53 pm

MANILA – The local stock market ended the day almost unchanged while the peso closed stronger against the dollar. The Philippine Stock Exchange index (PSEi) slightly went up by 8.90 points to 6,518.76. All Shares, meanwhile, closed at 3,491.93, up by 2.14 points. "Philippine equities ended the… Read More

Siemens, DTI sign MOU to strengthen Industry 4.0 and e-Mobility

Siemens, DTI sign MOU to strengthen Industry 4.0 and e-Mobility

June 7, 2024, 5:45 pm

MANILA – Siemens and the Department of Trade and Industry (DTI) signed on Friday a memorandum of understanding (MoU) to boost partnership in promoting Industry 4.0 and e-Mobility in the Philippines. In a statement, Siemens said the MoU aims to explore areas of cooperation to address the needs of… Read More

Manufacturing output grows in April

Manufacturing output grows in April

June 7, 2024, 3:42 pm

MANILA – The country's manufacturing output, both in volume and value, grew in April this year, a turnaround from the recorded contraction in March, data from the Philippine Statistics Authority (PSA) showed. Results of the latest Monthly Integrated Survey of Selected Industries released on… Read More

ECB cuts interest rates for 1st time in 5 years, matching forecasts

ECB cuts interest rates for 1st time in 5 years, matching forecasts

June 7, 2024, 3:07 pm

ANKARA — The European Central Bank (ECB) on Thursday lowered interest rates for the first time in five years, cutting its three key benchmarks by 25 basis points, meeting market forecasts. The interest rates on the main refinancing operations plus the marginal lending facility and the deposit… Read More

BIR to investigate Mayor Alice Guo on possible tax evasion

BIR to investigate Mayor Alice Guo on possible tax evasion

June 7, 2024, 2:11 pm Updated on June 7, 2024, 5:01 pm

MANILA – Bureau of Internal Revenue (BIR) Commissioner Romeo Lumagui Jr. ordered the BIR to look into the names and entities mentioned during the ongoing Senate inquiry against Bamban Mayor Alice Guo. "I have commanded the whole BIR to cooperate with the Senate and look into the mentioned names… Read More

Samsung workers to stage walkout over wages

Samsung workers to stage walkout over wages

June 7, 2024, 12:10 pm

SEOUL – Unionized workers of Samsung Electronics Co. were set to launch a one-day walkout over wages on Friday, a union official said, in what would be the first walkout at the technology giant. About 28,000 members of the National Samsung Electronics Union (NSEU) were set to collectively take… Read More

Stocks up after better-than-expected May inflation data

Stocks up after better-than-expected May inflation data

June 6, 2024, 7:37 pm

MANILA – The local stock market continued to gain on Thursday following the better-than-expected May 2024 inflation data, while the peso closed stronger against the US dollar. The Philippine Stock Exchange index (PSEi) gained 68.54 points to close at 6,509.86, while All Shares, likewise, gained… Read More

Investment pledges in PEZA reach P37B in Jan-May '24

Investment pledges in PEZA reach P37B in Jan-May '24

June 6, 2024, 6:57 pm

MANILA – Investment pledges in the Philippine Economic Zone Authority (PEZA) reached PHP36.83 billion in the January to May 2024 period after it approved 22 projects in May with investments amounting to PHP6.87 billion. PEZA said in a statement Thursday that it registered a total of 95 projects… Read More

Improved access to social services to further cut poverty in BARMM

Improved access to social services to further cut poverty in BARMM

June 6, 2024, 6:46 pm

MANILA – The World Bank on Thursday said that while the poverty level has already decreased and economic growth has shown signs of acceleration in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), more efforts should be made to boost farm profitability and improve access to social… Read More

German biz PH outlook in next 12 months remains optimistic

German biz PH outlook in next 12 months remains optimistic

June 6, 2024, 6:45 pm

MANILA – German businesses based in the Philippines have a positive outlook in terms of their development, investments, hiring, and the country's economic growth within a year. The AHK World Business Outlook Survey Spring 2024 released on Thursday showed that 61 percent of the surveyed firms… Read More

Cement firm eyes recycling 10M tons of demolition wastes by 2025

Cement firm eyes recycling 10M tons of demolition wastes by 2025

June 6, 2024, 5:05 pm

MANILA – Strengthening its circular economy strategy, Holcim Group said Thursday it is targeting to recycle 10 million tons of demolition wastes next year. In a statement, the volume of Holcim’s recycle materials would be higher than last year’s level of nearly 8.4 million tons, making the… Read More

LandBank gets int'l awards for dev't projects

LandBank gets int'l awards for dev't projects

June 6, 2024, 4:41 pm

MANILA – State-run Land Bank of the Philippines (LandBank) recently received two international awards from the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) for its development projects on rural electrification and financial inclusion. In a statement on… Read More