Business
Construction of Makati-Taguig skytrain may begin Q4 2019
December 18, 2018, 9:09 pm
MANILA -- Infracorp Development Inc., the infrastructure subsidiary of tycoon Andrew Tan’s Alliance Global Group Inc (AGI), targets to begin construction of its proposed Makati-Taguig skytrain monorail by fourth quarter of 2019. Infracorp President Kevin Tan said the company is now finalizing… Read More
MICC to audit mining firms anew: DOF
December 18, 2018, 8:08 pm
MANILA -- The interagency Mining Industry Coordinating Council (MICC) has agreed to conduct the second round of “objective, science-based, and fact-finding” review of mining operations in 2019 to cover the remaining 15 mining companies which were part of the 41 mines initially reviewed by the… Read More
Singapore agency to firm up food export deal with PH
December 17, 2018, 9:19 pm
MANILA -- Singapore wants to import chicken, other poultry products and vegetables from the Philippines. Agriculture Secretary Emmanuel Piñol announced this in a chance interview with media on the sidelines of the First Command Conference of the Philippine Committee (PhilCom) against IUU fishing… Read More
Multi-sectoral group adopts law vs illegal fishing
December 17, 2018, 8:27 pm
MANILA -- Concerned government agencies on Monday adopted a Joint Memorandum Circular which strengthens the Fisheries Law Enforcement Manual of Operation that will be used in eliminating illegal, unreported and unregulated (IUU) fishing in the country. The manual, which will be provided to law… Read More
Local markets start trading week in negative territory
December 17, 2018, 7:27 pm
MANILA -- Both the local currency and stock market started the trading week in negative territory amid mixed economic data overseas. The Philippine peso shed PHP0.10 against the US dollar during the day’s trading, closing at 52.98 from last week’s closing of 52.88 to a greenback. According to… Read More
Remittances up 2.9% to USD26.5-B at end-October
December 17, 2018, 7:25 pm
MANILA – Personal remittances from overseas Filipinos (OFs) for the first 10 months of the year reached USD26.5 billion, equivalent to a 2.9 percent year-on-year growth. For October alone, personal remittances totaled USD2.8 billion, higher by 8.0 percent from USD2.6 billion a year ago, BSP… Read More
BTr awards 91-day T-bills, rejects 182, 364-day bids
December 17, 2018, 7:23 pm
MANILA – The Bureau of Treasury (BTr) awarded the 91-day Treasury bills (T-bills) in full while rejecting tenders for the 182- and 364-day T-bills during Monday’s auction. BTr awarded the PHP4 billion T-bills at 5.323 percent. Total tenders for the debt paper reached PHP6.575 billion. On the… Read More
Seda Hotel to invest up to P10-B for portfolio expansion
December 17, 2018, 5:22 pm
MANILA -- Seda Hotel is poised to invest between PHP8 billion and PHP10 billion to beef up its portfolio over the next two years and meet the growing demand for hotel rooms across the country. “With 1,863 rooms now in our portfolio and having achieved most of our annual targets, we are confident… Read More
Oil firms announce 'modest' price rollback effective Dec. 18
December 17, 2018, 4:49 pm
MANILA – Local oil firms announced another rollback in pump prices effective Dec. 18, Tuesday. The more modest oil price rollback will range from PHP0.25 to PHP0.35 per liter for diesel, between PHP0.10 and PHP0.15 per liter for unleaded gasoline and PHP0.25 per liter for kerosene. Prices of… Read More
KIA PH set on bringing back sales to 10K-level in 2019
December 17, 2018, 4:41 pm
MANILA -- KIA Philippines aims to raise its sales back to the 10,000-unit level next year, as AC Automotive relaunches the brand in 2019. In a media briefing Monday, KIA Philippines President Manny Aligada said that now, with the backing of the Ayala Group, selling 10,000 units in 2019 is once… Read More
Globe to adopt 8-digit landline numbers starting March 2019
December 17, 2018, 4:26 pm
MANILA -- The landline telephone numbers of Globe subscribers in Metro Manila and neighboring areas bearing the 02-area code will migrate to an eight digit format starting March next year in compliance with the directive of the National Telecommunications Commission (NTC). This is to ensure that… Read More
ADB sets USD1.3-B assistance for long-term Mindanao dev't
December 17, 2018, 8:42 am
MANILA -- The Asian Development Bank (ADB) has earmarked some USD1.3 billion in financing assistance for the long-term development of southern Philippines. Apart from the USD408 million worth of loans and grants that the ADB approved as Emergency Assistance for the Reconstruction and Recovery of… Read More
PSEi ends week flat, peso downed by risk-off sentiment
December 14, 2018, 8:10 pm
MANILA -- The lack of positive developments on the US-China trade issue resulted in the flat close of the Philippine Stock Exchange index (PSEi) and the depreciation of the peso as the trading week closed. The Philippine Stock Exchange index (PSEi) ended the week at 7,524.37 points, up 0.02… Read More
SNAP to build USD28-M battery energy storage project
December 14, 2018, 8:04 pm
MANILA -- SN AboitizPower (SNAP), a joint venture of Norwegian firm SN Power and Aboitiz Group’s unit AboitizPower, has set its sights on the construction of a 20-megawatt battery energy storage system (BESS) worth USD28 million or nearly PHP1.5 billion. In a statement Friday, SNAP said the BESS… Read More
BSP cuts 2018 BOP assumption
December 14, 2018, 7:19 pm
MANILA -- The Bangko Sentral ng Pilipinas (BSP) has adjusted its balance of payment (BOP) forecast for 2018 as imports growth continued to be stronger than exports. After the review held last November, BSP’s new BOP assumption for this year is a deficit of USD5.5 billion, a big leap from the… Read More
RDC-7 approves P27.8-B investment for 2020
December 14, 2018, 6:31 pm
CEBU CITY – A total of PHP27.884 billion will fund the development of Central Visayas in the next two years as the Regional Development Council (RDC) Full Council on Friday approved the Annual Investment Program (AIP) for fiscal year 2020. RDC 7 (Central Visayas) Full Council presiding officer,… Read More
SteelAsia, Chinese firms eye USD4.4-B steel complex in Mindanao
December 14, 2018, 6:28 pm
MANILA -- The country’s largest steel producer, SteelAsia Manufacturing Corp., is partnering with Chinese firms Hebei Iron and Steel (HBIS) Group and Huili Investment Fund Management Co., Ltd. to build an integrated steel complex in Mindanao. The three companies signed a memorandum of… Read More
DICT orders unlocking of mobile phones after lock-in period
December 14, 2018, 6:22 pm
MANILA -- Mobile phone subscribers will soon gain additional flexibility to choose their service providers after the Department of Information and Communications Technology (DICT) has directed the National Telecommunications Commission (NTC) to oversee a mandatory unlocking of mobile devices after… Read More
Economists weigh BSP's next policy moves
December 14, 2018, 6:11 pm
MANILA -- Top economic think tanks are divided on the policy decisions of the Bangko Sentral ng Pilipinas’ (BSP) policy-making Monetary Board (MB) in 2019 following its decision to keep key rates steady this week. In a research note, Fitch Solutions maintained its forecast for a 50 basis points… Read More
ADB OKs USD408-M funding for Marawi
December 14, 2018, 5:38 pm
MANILA -- The Asian Development Bank (ADB) on Friday approved the financing package to support the Philippine government's Bangon Marawi Comprehensive Rehabilitation and Recovery Program. ADB Country Director for the Philippines Kelly Bird announced in a press briefing that the ADB will disburse… Read More
