Business
Pork, poultry, rice supply assured during holiday season
December 14, 2018, 5:00 pm
MANILA -- Industry leaders have assured consumers of enough supply and stable prices for rice, pork and poultry products during the holiday season and weeks thereafter. The assurance was made by former Agricultural Sector Alliance of the Philippines (AGAP) party-list Rep. Nicanor Briones, who is… Read More
Local markets follow through on gains
December 13, 2018, 10:11 pm
MANILA -- The easing of trade tensions between the US and China boosted both the Philippine peso and the main stocks gauge Thursday. The local currency ended the day’s trade at 52.62 to a US dollar, better that its 52.715 close in the previous session. Bank of the Philippine Island (BPI), in its… Read More
DBM urges lawmakers to swiftly study and pass 2019 budget
December 13, 2018, 9:22 pm
MANILA -- The Department of Budget and Management (DBM) on Thursday called on lawmakers to carefully study and immediately pass the proposed PHP3.757-trillion national budget for 2019. “We urge both Houses of Congress to scrutinize and expedite the passage of the 2019 National Budget for the… Read More
Customs-Cebu surpasses target collection
December 13, 2018, 8:07 pm
CEBU CITY – The Bureau of Customs – Port of Cebu has posted a surplus in revenues with 10 more working days before the end of the collection year, said Cebu Customs District Collector Elvira Cruz. As of December 12, BOC-Cebu’s collection surpassed the 2018 target by PHP370.780 million, said… Read More
PCC to review ICTSI-Manila North harbor deal further
December 13, 2018, 7:36 pm
MANILA -- The Philippine Competition Commission (PCC) will conduct a more stringent review of the proposed acquisition by International Container Terminal Services Inc. (ICTSI) of shares in Manila North Harbour Port, Inc. (MNHPI) The deal will allow ICTSI to have an ownership of 50 percent of MHPI… Read More
BSP moderates inflation forecasts for 2018-2020
December 13, 2018, 7:26 pm
MANILA -- Bangko Sentral ng Pilipinas’ (BSP) policy-making Monetary Board (MB) on Thursday dialed back slightly the inflation assumption for 2018-20 after latest forecasts suggest more restrained inflationary pressures in the next two years. To date, the 2018 inflation forecast is now at 5.2… Read More
BSP keeps rates steady
December 13, 2018, 6:18 pm
MANILA -- Philippine monetary officials on Thursday kept key rates steady amid a deceleration in inflation, which is expected to ease back within government's target levels by the second half of 2019. Thus, the overnight lending rate remains at 5.25 percent, up by 175 basis points as a result of… Read More
Sabin Aboitiz to be Aboitiz Group's next CEO
December 13, 2018, 5:10 pm
MANILA -- Aboitiz Equity Ventures, Inc. (AEV) Executive Vice President and Chief Operating Officer Sabin M. Aboitiz will be taking over as company President and Chief Executive Officer (CEO) beginning Jan. 1, 2020. The AEV board of directors approved the transition on Tuesday (Dec. 11, 2018).… Read More
Filipinos' financial literacy improving: Sun Life exec
December 12, 2018, 7:37 pm
MANILA -- Sun Life Financial Philippines country head and Chief Executive Officer (CEO) Benedict Sison said he is banking on Filipinos’ improved financial literacy to drive the company's continued growth. In an interview Wednesday, Sison said that for this year alone their premium income rose by… Read More
Recovery in local markets sustained
December 12, 2018, 6:36 pm
MANILA -- The slight easing of global trade tensions following reports that China will reduce tariffs on US-made cars, allowed the Philippine peso to regain its footing against the greenback while the main equities gauge also advanced for the second consecutive day. The local unit ended Wednesday… Read More
Fewer bids offered for 7-day T-bond at BTr tap facility
December 12, 2018, 5:09 pm
MANILA -- The Bureau of Treasury’s (BTr) tap facility ended up undersubscribed after opening for the sale of the 7-year Treasury bond (T-bond) Tuesday afternoon. Data released by the BTr showed that tenders only amounted to PHP2.474 billion, way lower than the PHP15 billion offering. National… Read More
Diokno raises possibility of special session for 2019 budget
December 12, 2018, 4:58 pm
MANILA -- Budget and Management Secretary Benjamin Diokno raised the possibility of requesting for a special session with lawmakers to discuss the passage of the proposed PHP3.757-trillion national budget for 2019. This, as the approval of the proposed budget for next year remains in question as… Read More
PH growth 2nd fastest in Southeast Asia: ADB
December 12, 2018, 2:40 pm
MANILA -- The Philippines is expected to become the second fastest growing economy in Southeast Asia after Vietnam over the next years, supported by robust public and private investment, the Asian Development Bank (ADB) said. In a supplement to its Asian Development Outlook 2018 Update report… Read More
PH's CA affected by changes in economy's requirements
December 11, 2018, 8:08 pm
MANILA -- An economist for ING Bank Manila said the Philippine economy’s continued expansion is not expected to give the country’s current account (CA) deficit leeway and this might even hurt the local currency in the next few years. In a study, ING Bank Manila senior economist Nicholas Mapa… Read More
Local markets recover as investors scout opportunities
December 11, 2018, 7:36 pm
MANILA -- Bargain hunting powered the Philippine Stock Exchange index (PSEi) into recovery after four days of losing while the peso was lifted by investors who took advantage of a favorable exchange rate to unload their US dollars. The main stocks gauge ended the day at 7,451.08 points, up 1.40… Read More
BOI OKs P820-M oleochemicals plant in Batangas
December 11, 2018, 6:59 pm
MANILA -- The Board of Investments (BOI) has approved the PHP820-million investment of Balayan Bay Batangas Development, Inc. (BBBDI) for an oleochemicals plant within the Phoenix Petrochemicals and Industrial Park in Calaca, Batangas. BBBDI’s manufacturing plant will be producing linear… Read More
PH fishery products can now enter Russia
December 11, 2018, 6:57 pm
MOSCOW – Philippine fishery products can now enter the Russian market after the conclusion of talks between agriculture officials from the Philippines and Russia on December 5, 2018 in Moscow. Agriculture Undersecretary Waldo R. Carpio said that three Philippine fisheries exporters have been… Read More
PH, EU sign Horizontal Aviation Agreement
December 11, 2018, 6:47 pm
BRUSSELS – The Philippines and the European Union (EU) have signed the PH-EU Horizontal Aviation Agreement during a ceremony held at the Justus Lipsius Building in Brussels on 29 November 2018. Ambassador to Brussels and the European Union Eduardo José A. de Vega, and Ambassador of the… Read More
Subic Port ready for peak season
December 11, 2018, 5:56 pm
MANILA -- Subic Bay International Terminal Corp. (SBITC), the container operator of Subic Freeport Area, assured that the company is prepared for the expected surge in cargo volume this peak season. In a statement Tuesday, SBITC said it is already seeing the rush in imports and exports which is… Read More
BTr fully awards 7-year T-bond, opens tap facility
December 11, 2018, 4:56 pm
MANILA -- The rate of the Philippines’ re-issued seven-year Treasury bond grew further to seven percent Tuesday amid investors' risk-on sentiment. During the auction last November 27, the same tenor fetched an average rate of 6.974 percent, with National Treasurer Rosalia de Leon attributing the… Read More
