Business
USD1-B regional R&D hub for Maglev trains eyed in Cagayan ecozone
November 7, 2018, 8:13 pm
MANILA -- Cagayan Economic Zone Authority (CEZA) Administrator and Chief Executive Officer Raul Lambino and two Chinese firms have signed a memorandum of understanding (MOU) to establish a regional research and development (R&D) hub for Maglev technology transportation. Maglev, or magnetic… Read More
BOI foreign investment approvals up 156% in Jan.-Oct.
November 7, 2018, 8:06 pm
MANILA -- The Board of Investment (BOI) approved PHP39.3 billion worth of projects from foreign sources in the first 10 months of the year. BOI reported Wednesday that foreign investment pledges from January to October this year surged 156 percent from only PHP15 billion worth of projects… Read More
DOF eyes 6.5% GDP growth in Q3
November 7, 2018, 7:58 pm
MANILA -- The Department of Finance (DOF) is projecting "at least 6.5 percent" growth for the Philippine economy in the third quarter this year, higher than the upwardly revised 6.2 percent in the previous quarter. In a report to Finance Secretary Carlos Dominguez III, Finance Undersecretary and… Read More
Peso back at 52-to-USD level, PSEi down ahead of GDP report
November 7, 2018, 7:53 pm
MANILA -- The continued anticipation of another increase in the Bangko Sentral ng Pilipinas’ (BSP) key rates before yearend lifted the peso back to the 52-to-the-greenback level Wednesday, but the Philippine Stock Exchange index (PSEi) retreated again ahead of a growth report. The peso ended the… Read More
Vista Land nets P8.3-B in 9 months
November 7, 2018, 7:49 pm
MANILA -- Vista Land & Lifescapes Inc. expects to sustain its growth momentum in the fourth quarter and achieve 15 to 17-percent earnings increase this year on the back of positive economic trend. “I think there are some positive things to look at in terms of the macroeconomic situation… Read More
Mislatel Consortium selected as provisional 3rd telco player
November 7, 2018, 7:48 pm
MANILA -- The joint venture between Davao City-based holding company Udenna Corporation and China Telecommunications Corporation (China Telecom) has been selected on Wednesday as the provisional new major telecommunications player in the country. Mislatel Consortium won the selection process after… Read More
AboitizPower nets P16.7-B in Jan.-Sept.
November 7, 2018, 6:33 pm
MANILA -- AboitizPower posted a net income of PHP16.7 billion in the January to September period this year, constituting a 6-percent growth from the PHP15.7 billion in the same period in 2017. The Aboitiz Group’s power generation, distribution, and retail electricity services arm also announced… Read More
TDF rates sustain rise
November 7, 2018, 5:39 pm
MANILA -- Rates of the Bangko Sentral ng Pilipinas’ (BSP) Term Deposit Facilities (TDFs) rose across-the-board Wednesday while bid coverage ratio fell due to undersubscription in two of the three tenors. Data released by the central bank showed that the rate of the seven-day facility improved to… Read More
Oil prices to stay below USD80 per barrel till yearend: Cusi
November 7, 2018, 5:09 pm
MANILA -- World crude prices have been on a downward trend in recent weeks, fueling expectations that prices would not breach the USD80 per barrel in the remaining months of the year, the country’s top energy official said. In a briefing at Malacañan Palace Wednesday, Department of Energy (DOE)… Read More
Prioritize infra projects, economist tells gov't
November 6, 2018, 9:06 pm
MANILA -- With the Philippines twin deficits, an economist of Maybank said the Philippine government should prioritize projects under its massive infrastructure program. During the 2019 economic outlook jointly hosted by Maybank Philippines Inc. and Maybank ATR Kim Eng in Makati City Tuesday, Dr.… Read More
PH to hold another bidding for rice imports
November 6, 2018, 9:00 pm
MANILA -- The government will conduct another bidding for the procurement of the 500,000 metric tons (MT) of rice on Nov. 20, to augment the country's buffer stock and bring prices further down. This, after the National Food Authority (NFA) on Tuesday failed to secure offers for the supply of… Read More
ALI nets P20.8-B in Jan.-Sept.
November 6, 2018, 8:57 pm
MANILA -- Ayala Land Inc. (ALI) booked a 17-percent increase in net income during the first nine months of the year, driven mainly by its residential and commercial leasing businesses. ALI reported to the local bourse its profit reached PHP20.78 billion in January to September, higher than PHP17.8… Read More
Bidding for 3rd telco set on Wednesday
November 6, 2018, 7:59 pm
MANILA -- The selection for the local telecommunications industry's new major player will push through on Wednesday, November 7, after the Manila Regional Trial Court (RTC) junked the petition for writ of preliminary injunction filed by Now Telecom. The Department of Information and Communications… Read More
BSP rate hike hopes boost PHP, PSEi down on uncertainties
November 6, 2018, 7:18 pm
MANILA -- Expectations of an additional hike in the Bangko Sentral ng Pilipinas’ (BSP) key rates boosted the peso Tuesday but uncertainties pulled down the Philippine Stock Exchange index (PSEi). The local currency gained PHP0.19 to the greenback after finishing the day’s trade at 53.025 from… Read More
Another hike in BSP rates seen before yearend
November 6, 2018, 5:42 pm
MANILA -- Economists seem to agree that another upward adjustment in the Bangko Sentral ng Pilipinas' (BSP) key rates in November is very likely even if inflation has shown signs of easing, citing the need to still anchor inflation expectations. BSP’s policy-making Monetary Board (MB) will have… Read More
Economic managers: Gov't measures vs. inflation 'bearing fruit'
November 6, 2018, 5:41 pm
MANILA -- Headline inflation stayed at 6.7 percent in October 2018 but declined month-on-month, with the downward path indicating that concerted government efforts to tame rising prices have been bearing fruit. The Philippine Statistics Authority (PSA) on Tuesday reported that seasonally adjusted… Read More
Production output, value up in September
November 6, 2018, 4:41 pm
MANILA -- Both volume and value of production in September this year posted notable increments, the Philippine Statistics Authority (PSA) reported Tuesday. Figures bounced back from September 2017, with the volume of production index (VoPi) increasing by 4 percent this year from a 5.7-percent… Read More
Globe launches eSIM in PH
November 6, 2018, 4:39 pm
MANILA -- Globe Telecom launched the embedded Subscriber Identification Module (eSIM) in the Philippine market to enhance the mobile experience of its subscribers. The eSIM is a virtual SIM that can be an alternative to the physical, plastic SIM cards that are currently being used by smartphone… Read More
BSP rates to climb further: ANZ Reasearch
November 6, 2018, 4:38 pm
MANILA -- Economic think tank ANZ Research still forecasts another increase in the Bangko Sentral ng Pilipinas’ (BSP) key policy rates, by 25 basis points, in December 2018 even if it turns out that domestic inflation has hit its peak in October. In a study released Tuesday, the Australia, New… Read More
October inflation flat at 6.7%
November 6, 2018, 3:40 pm
MANILA -- Inflation in October held steady at 6.7 percent, unchanged from the previous month’s level, leading the Bangko Sentral ng Pilipinas (BSP) to state that it may have finally peaked, as the reading is further reinforced by a deceleration in heavily-weighted food items. BSP Governor Nestor… Read More
