Business
DBM assures budget for Q1 despite pending GAA
January 3, 2019, 8:23 pm
MANILA -- A US government-style shutdown is highly unlikely here, even while the Philippine government’s proposed 2019 national budget remains pending before Congress, with the Department of Budget and Management directing state agencies to obligate their first quarter funding requirements. In a… Read More
PCC gets P2.6-T worth merger, acquisition deals as of 2018
January 3, 2019, 8:17 pm
MANILA -- The Philippine Competition Commission (PCC) reported Thursday that a total of PHP2.6 trillion worth of merger and acquisition (M&A) transactions were filed with the Commission as of end-2018. PCC Chairman Arsenio Balisacan said the antitrust body received 168 M&A notifications as of… Read More
Gov't workers' pay hike hangs pending 2019 budget approval
January 3, 2019, 8:09 pm
MANILA -- Government workers have to wait for the approval of the proposed PHP3.757-trillion 2019 national budget before they can enjoy the fourth and last tranche of the Salary Standardization Law of 2015 (SSL). This, as the government is now operating on a re-enacted budget pending lawmakers'… Read More
PSEi rises anew; peso pulls back on risk-off sentiment
January 3, 2019, 8:07 pm
MANILA -- Risk-on sentiments remained in the Philippines’ equity market Thursday but the peso weakened to its two-week low in line with its counterparts in the region. The Philippine Stock Exchange index (PSEi) rose to 7,680.60 points, up 2.56 percent or 191.40 points. Regina Capital Managing… Read More
Power restored in 87% of typhoon-hit households: DOE
January 3, 2019, 7:48 pm
MANILA -- About 87 percent or more than 700,000 households now have access to electricity again, after distribution utilities have restored power to areas hard-hit by Tropical Depression “Usman”, the Department of Energy (DOE) said Thursday. In a press briefing, DOE Undersecretary Felix… Read More
DOE rolls out guidelines for oil tax hike implementation
January 3, 2019, 7:47 pm
MANILA -- The Department of Energy (DOE) said it will implement measures to ensure that the second tranche of excise tax hike on fuel products will be correctly implemented. DOE Undersecretary Felix William Fuentebella said Thursday that the government requires oil companies to submit operations… Read More
PH success in offshore bond markets show confidence in Duterte
January 3, 2019, 1:38 pm
MANILA -- Economic managers said the Philippines’ successful bond issuances in the offshore bond markets in 2018 underscored the strong confidence of the international business community in the country’s growth narrative under President Rodrigo Duterte's watch. Finance Secretary Carlos… Read More
ING economist eyes December ‘18 inflation at 5.5%
January 2, 2019, 7:43 pm
MANILA -- Philippines’ December 2018 inflation rate is seen to slide further to 5.5 percent as supply-side issues have been addressed and oil prices continue to decline in the international market. In a report, ING Bank, N.V. Manila Branch senior economist Nicholas Mapa said the fourth quarter… Read More
PSEi, PHP start 2019 on positive note
January 2, 2019, 7:35 pm
MANILA -- Volatilities remain overseas due in part to the US government shutdown, which is now on its 11th day, but the Philippine Stock Exchange index (PSEi) and the peso managed to end 2019’s first trading day with gains. The local stocks’ main gauge finished the trading with 0.31 percent… Read More
Agri damage from ‘Usman’ now at P431-M
January 2, 2019, 3:39 pm
MANILA -- The Department of Agriculture (DA) has placed agriculture damages and losses brought about by Tropical Depression Usman at PHP431.21 million as of noon Wednesday. For palay, some PHP366.07-million damage or 6,525 metric tons (MT) volume production loss was recorded. Around 21,441… Read More
Oil price rollback greets motorists Tuesday
January 1, 2019, 5:31 pm
MANILA -- Motorists venturing out on New Year's Day following the exhausting revelry the night before will be pleased to discover that pump prices have been rolled back once again. This, as local oil firms implemented on Tuesday, January 1, the latest in a long succession of weekly price… Read More
PH banking system resilient amid external concerns
December 31, 2018, 8:37 pm
MANILA -- The Philippine banking system has remained fundamentally strong despite having its share of challenges over the years, and 2018 proved to be no exception. Its resiliency has been time-proven and has been cited by several rating agencies, as well as research firms, as among the strongest… Read More
Residential real estate up 4.4% year-on-year in Q3: BSP
December 31, 2018, 4:37 pm
MANILA -- Residential real estate prices were higher by 4.4 percent year-on-year in Q3 2018 as the Residential Real Estate Price Index (RREPI) increased to 116.5 from 111.6 for the same quarter a year ago, the Bangko Sentral ng Pilipinas (BSP) revealed in a statement over the weekend. Year-on-year… Read More
Biz groups optimistic as 2018 ends on stable note
December 31, 2018, 4:10 pm
MANILA -- Entrepreneurs have every reason to be optimistic about business prospects next year after the country's economy ended 2018 in much better shape, business leaders told the Philippine News Agency (PNA). International Chamber of Commerce Philippines (ICCP) founder and chairman Francis Chua… Read More
Drive vs. smuggling, tax evasion shifts to high gear in 2018
December 31, 2018, 2:47 pm
MANILA -- The government continued to intensify its campaign against smuggling and tax evasion through the combined efforts of the Bureaus of Customs (BOC) and of Internal Revenue (BIR) in 2018. On the watch of Finance Secretary Carlos Dominguez III, the BIR spearheaded several raids on warehouses… Read More
Grab users spent average of P7K for rides in 2018
December 31, 2018, 1:25 pm
MANILA -- Customers of ridesharing firm, Grab, spent an average of PHP7,000 in fares for their trips in 2018. This, as the company has traveled more than 920 million kilometers reaching destinations across the country this year. “Our most engaged users -- the top 5 percent -- spent an average of… Read More
Central Visayas sees construction boom in 2018
December 28, 2018, 8:38 pm
CEBU CITY -- The construction industry in Central Visayas seems poised for robust growth next year as it ranks second in the top five regions with the highest number of construction projects, with Cebu province placing third at the provincial level, the Construction Statistics from Approved… Read More
Peso flat, PSEi down on 2018's last trading day
December 28, 2018, 6:39 pm
MANILA -- The Philippine peso ended sideways against the US dollar while the local stock market slipped during the last day of trading for 2018. The peso ended Friday at 52.58 from previous day’s closing of 52.66 to the greenback. It opened the day stronger at 52.65 from Thursday’s kick off at… Read More
TRAIN on its 1st year of implementation
December 28, 2018, 6:37 pm
MANILA -- Policy-makers are one in saying that any tax reform measure will always be met with doubts, but the Duterte administration’s economic managers were able to break the back of the beast, so to speak, after the first tax reform package was signed into law in December 2017. Called the Tax… Read More
Subic port breaches revenue goal by over P1-B
December 28, 2018, 4:59 pm
MANILA — The Bureau of Customs (BOC)-Port of Subic posted PHP22.4 billion revenues for this year, surpassing its annual revenue goal of PHP 21.1 billion or by PHP1.2 billion. District collector and lawyer Rhea Gregorio on Friday said that as of December 28, the figure was the port's highest-ever… Read More
