Peso weakens, local shares dip

MANILA -- The Philippine peso lost ground against the US dollar on Wednesday while the local stocks barometer also stumbled back to the 7,700 level during midweek trading.The local currency finished the day at PHP51.86, 12 centavos weaker than Monday's PHP51.74.Meanwhile, the Philippine Stock... Read More

BOI, PEZA investment approvals up 53% in Q1

MANILA -- The value of projects approved by the Philippine government's two investment promotion agencies (IPAs) increased by a substantial 53.2 percent in the first quarter of 2018 relative to the same period last year.Combined investment approvals by the Board of Investments (BOI) and the... Read More

Grab to LTFRB: Hike TNVS units to meet rising passenger demand

MANILA -- Ridesharing company Grab Philippines is asking for a dialogue with the Land Transportation Franchising and Regulatory Board (LTFRB) to increase the number of transportation network vehicle services (TNVS) units amid increasing passenger demand.Grab said the suspension of the... Read More

'Build, Build, Build' jobs await returning OFWs from Kuwait

MANILA -- Jobs here at home await returning overseas Filipino workers (OFWs) from Kuwait, particularly those employed in construction, with the government’s Build, Build, Build Program, the chief of the Department of Budget and Management (DBM) said.Budget Secretary Benjamin Diokno said during... Read More

Manufacturing sector on the rise latest PMI shows

MANILA -- The country’s manufacturing purchasing managers index (PMI), which measures the crucial sector's performance, further rose at the start of the current year's second quarter, IHS Markit reported Wednesday.IHS Markit data showed that manufacturing PMI in April grew to 52.7 from 51.5 in... Read More

Budget reform bill ensures agency accountability: Diokno

MANILA -- The passage into law of the budget reform bill would enhance accountability of government agencies over the use of public funds with the shift to an annual cash-based budgeting system from a two-year obligation-based budget, Budget Secretary Benjamin Diokno said on Wednesday.During his... Read More

Smart to complete upgrade of QC cell sites

MANILA -- The management of Smart Communications announced Wednesday that it expects to complete the upgrade of its cell sites in Quezon City within this month. Hopes are high that with the completion, delivery of mobile services in the country's most populous city would improve substantially.Smart... Read More

DBM assures higher UCT, military pension in 2019

MANILA -- Department of Budget and Management (DBM) Secretary Benjamin Diokno on Wednesday expressed confidence that the budget proposal for 2019 could provide enough funding for the increase in the unconditional cash transfers (UCTs) and pension for military retirees.During the regular forum... Read More

DBM to release P490-M fund for Boracay road rehab

MANILA -- Department of Budget and Management (DBM) Secretary Benjamin Diokno has announced that the national government is releasing PHP490 million for the rehabilitation of the Boracay Circumferential Road.This is on top of the initial budget of PHP50 million allocated under the 2018 fund of the... Read More

Meralco Q1 income up 7% at P4.9-B

MANILA -- Manila Electric Company (Meralco) on Monday announced an unaudited Consolidated Core Net Income for the first quarter of 2018 of PHP4.9 billion or 7 percent higher than the same period last year.The firm's Consolidated Reported Net Income for the first quarter is PHP5.3 billion, 10 percent... Read More

Oil pump prices rise on Labor Day

MANILA -- Oil firms have announced increase in pump prices effective May 1, Labor Day.Effective 12:01 a.m., Petron will carry a price hike of PHP1.90 per kilogram for liquefied petroleum gas, and PHP1.05 per liter for AutoLPG.Starting 6 a.m., Petron, Jetti, TOTAL, Eastern Petroleum, Phoenix... Read More

Peso, local stocks firm up

MANILA -- The Philippine peso gained strength against the greenback while the Philippine Stock Exchange index (PSEi) bounced back to the 7,800-mark on Monday, right before the market takes a one-day break for Labor Day.The local currency finished the day's trade at 51.74 from last Friday's... Read More

Link ASEAN e-payment networks: Espenilla

MANILA -- Bangko Sentral ng Pilipinas (BSP) Governor Nestor Espenilla raised the possibility of linking instant payment networks within member states of the Association of Southeast Asian Nations (ASEAN) to enable cross-border payments, following the launch of the country's second automated clearing... Read More

PCSO posts P16-B revenues in Q1 2018

LIPA CITY, Batangas - The Philippine Charity Sweepstakes Office (PCSO) posted PHP 15,983,404,422 revenues in the first quarter this year, according to PCSO General Manager Alexander Balutan during the media forum held Saturday at the Mount Malarayat Golf & Country Club Conference Hall... Read More

BSP adjusts April inflation forecast 'slightly upward'

MANILA -- The Department of Economic Research of the Bangko Sentral ng Pilipinas (BSP) has adjusted its inflation rate forecast this month, placing it at the 3.9 percent to 4.7 percent range and calling the move a ”slight upward revision.”In a statement Monday, the BSP attributed the... Read More

BCDA opens bidding for Clark airport operator

MANILA -- The state-owned Bases Conversion and Development Authority (BCDA) has opened the bidding for the operations and management (O&M) contract of Clark International Airport Monday.This followed the National Economic and Development Authority (NEDA) Board's recent approval the... Read More

Ease of Doing Business law will raise PH's global ranking

MANILA -- Hopes are high that the expected passage of The Ease of Doing Business and Efficient Government Service Delivery Act of 2018 will help improve the country's ranking in the World Bank and International Finance Corporation's (IFC) 2019 Doing Business Report.Trade and Industry Undersecretary... Read More

Office space demand seen to drive real estate growth

MANILA -- Global real estate consulting firm JLL expects steady and continuing growth for the Philippine real estate sector this year, mainly on the back of the stable demand for office spaces with the country’s strong economic growth.JLL Philippines Country Head Christophe Vicic said the high... Read More

Sta. Lucia allots P15-B property capex for next 3 years

MANILA -- Property developer Sta. Lucia Land Inc. (SLI) targets to spend over PHP15 billion in the next three years to support the rollout of more real estate projects, after posting record-breaking sales in the first quarter.SLI President Exequiel Robles said its capital expenditure (capex) budget... Read More

Bank exec urges PH workforce to prepare for blockchain tech

MANILA -- Filipinos are urged to develop skills on blockchain programming, as the skill set for this technology is seen to be in demand in the coming years, a local bank’s executive said.Blockchain is a digital ledger with a large network of entities, where data is stored in... Read More