Business

Money laundering decision vs. RCBC exec to help in funds recovery

Money laundering decision vs. RCBC exec to help in funds recovery

January 11, 2019, 8:10 am

MANILA -- The conviction of a former Rizal Commercial Banking Corporation (RCBC) official for money laundering, in relation to the USD81 million stolen funds of Bangladesh Bank, part of which ended in casinos operating in the Philippines, will indirectly help in the recovery of the remaining… Read More

Dominguez bats for liberal regulatory system for Fintech

Dominguez bats for liberal regulatory system for Fintech

January 10, 2019, 8:56 pm

MANILA -- Finance Secretary Carlos Dominguez III in a statement on Thursday underscored the need to put in place a liberal regulatory environment to enable financial technologies (Fintech), that would help Filipinos ride the digital wave, flourish in the country. In a meeting held recently with… Read More

Peso Rediscount Facility availments surge in 2018

Peso Rediscount Facility availments surge in 2018

January 10, 2019, 8:27 pm

MANILA -- Availments in the Bangko Sentral ng Pilipinas’ (BSP) Peso Rediscount Facility posted a big year-on-year jump in 2018 a clear indication that banks are lending more to their clients. Data released by the central bank Thursday showed that total availments in the PRF reached PHP71.524… Read More

Cleanergy powers all Net Group buildings in BGC

Cleanergy powers all Net Group buildings in BGC

January 10, 2019, 7:31 pm

MANILA -- AboitizPower’s Cleanergy is now providing all seven buildings of The Net Group (TNG) with clean and renewable energy. AboitizPower and TNG signed a power supply contract on Thursday, in which the former will supply a total of 13.5 megawatts (MW) to TNG’s seven office buildings. These… Read More

Metrobank helps fund FFCCCII civic projects

Metrobank helps fund FFCCCII civic projects

January 10, 2019, 6:48 pm

MANILA -- The Federation of Filipino-Chinese Chambers of Commerce and Industry, Inc. (FFCCCII) received on Thursday financial support from the Metrobank Group to support its various civic projects around the country. Metrobank Group Chairman Arthur Ty turned over PHP4 million to FFCCII President… Read More

5% of gas stations prematurely implemented excise tax hike: DOE

5% of gas stations prematurely implemented excise tax hike: DOE

January 10, 2019, 6:36 pm

MANILA -- The Department of Energy (DOE) said 444 retail stations or around 5 percent of all gas stations in the country have prematurely implemented the second tranche of excise tax under the Tax Reform for Acceleration and Inclusion (TRAIN) law. In a press briefing Thursday, DOE Undersecretary… Read More

Local markets cheer good news from US

Local markets cheer good news from US

January 10, 2019, 6:18 pm

MANILA -- Investors' hopes that a workable trade deal between the US and China will eventually be brokered as both sides thresh out contentious issues, boosted both the Philippines equities market and the peso Thursday. The Philippine Stock Exchange index (PSEi) finished the day 0.83 percent or… Read More

Globe backs bill to block websites facilitating online piracy

Globe backs bill to block websites facilitating online piracy

January 10, 2019, 6:17 pm

MANILA -- Globe Telecom and the international Coalition Against Piracy (CAP) have come out in support of a Senate bill aiming to deter online piracy in the country by blocking Internet websites that illegally distribute copyrighted material like videos, music and gaming. Senate President Vicente… Read More

Hainan agri products trading center inaugurated in Haikou

Hainan agri products trading center inaugurated in Haikou

January 10, 2019, 2:58 pm

HAIKOU, China -- The trading center for Hainan international tropical agricultural products was inaugurated in Haikou, capital of south China's Hainan Province, on December 18, 2018. On the same day, the Xinhua-HSF natural rubber series price indexes were released, consisting of concentrated… Read More

Lower oil prices to benefit peso during 1st sem

Lower oil prices to benefit peso during 1st sem

January 9, 2019, 8:24 pm

MANILA -- The drop in international petroleum prices is seen to give the Philippine peso some lift during the year's first semester but Fitch Solutions expects the local unit to be in deprecation mode beyond that, ending 2019 at about 54.13 against the greenback. To date, the local currency is… Read More

Mislatel targets 10K cell sites within 7 years

Mislatel targets 10K cell sites within 7 years

January 9, 2019, 8:07 pm

MANILA -- Mislatel Consortium, winning bidder for the country's third telco slot, is eyeing to install some 10,000 cell sites within the country in the next seven years. This, as the company said it will establish partnerships with various stakeholders in the telco industry to provide consumers… Read More

IBPAP, CloudSwyft launch e-learning platform

IBPAP, CloudSwyft launch e-learning platform

January 9, 2019, 7:48 pm

MANILA -- The Information Technology and Business Process Association of the Philippines (IBPAP) and CloudSwyft Global Systems, Inc. jointly launched an online learning platform aimed at raising the competence level of the country’s IT and business process outsourcing (ITBPO) workforce. The… Read More

PHINMA selling over P6-B shares to Ayala Corp.

PHINMA selling over P6-B shares to Ayala Corp.

January 9, 2019, 7:19 pm

MANILA -- PHINMA announced that, subject to adjustments, it is selling PHP3.42 billion worth of its shares in PHINMA Energy to Ayala Corporation's energy unit AC Energy. AC Energy also stated that it intends to subscribe to approximately PHP2.632 billion worth of PHINMA Energy primary shares.… Read More

TDF rates down, bid coverage ratio declines

TDF rates down, bid coverage ratio declines

January 9, 2019, 7:18 pm

MANILA -- The rates of central bank’s Term Deposit Facility (TDF) fell across-the-board Wednesday but bid coverage ratios improved after the holidays. Data released by the Bangko Sentral ng Pilipinas (BSP) showed that weighted average accepted yield of the seven-day facility declined to 5.0706… Read More

Local markets recover in midweek session

Local markets recover in midweek session

January 9, 2019, 6:31 pm

MANILA – Risk-on sentiment returned to the Philippines' financial and capital markets Wednesday, allowing both local stocks and the peso to walk away with gains. The Philippine Stock Exchange index (PSEi) surged to the 7,900-level after rising by 2.83 percent, or 217.55 points, to 7,919.67… Read More

PH mulls stricter rules on Indonesian palm oil imports

PH mulls stricter rules on Indonesian palm oil imports

January 9, 2019, 5:32 pm

MANILA -- Agriculture Secretary Manny Piñol said government is seriously considering the possible tightening up on palm oil importations, particularly those coming from Indonesia, to prevent a flooding in the local market and at the same time address the trade gap between countries. Piñol noted… Read More

Diokno eyes at least 7% GDP growth in 2019

Diokno eyes at least 7% GDP growth in 2019

January 9, 2019, 2:03 pm

MANILA -- Budget and Management Secretary Benjamin Diokno is hopeful that 2019 gross domestic product (GDP) will hit the lower end of the 7 to 8 percent target set by economic managers. “We’re confident that this time we’ll hit 7 percent, at least,” he said in a briefing Wednesday. The 7-8… Read More

DOF sustains programs to cut red tape, improve EODB in 2018

DOF sustains programs to cut red tape, improve EODB in 2018

January 9, 2019, 2:00 pm

MANILA -- The Department of Finance (DOF) continued to spearhead programs on cutting red tape and improving the ease of doing business in 2018, with the government’s online trading portal that automates licensing, permits and other trade procedures going live in December and successfully linking… Read More

Tobacco growers worried by latest tax hike bill

Tobacco growers worried by latest tax hike bill

January 8, 2019, 8:39 pm

MANILA -- The Philippine Tobacco Growers Association Inc. (PTGA) on Tuesday expressed grave concern over the proposed increase in excise taxes on tobacco, saying the battery of taxes is killing the local industry. In a statement sent to the Philippines News Agency, the PTGA said cigarette taxes… Read More

Fitch Solutions eyes PH budget deficit at 2.9% of GDP

Fitch Solutions eyes PH budget deficit at 2.9% of GDP

January 8, 2019, 8:38 pm

MANILA -- Economic think-tank Fitch Solutions said the Philippine government’s 2019 budget deficit is likely to remain at 2.9 percent of gross domestic product (GDP), within the Duterte administration’s 3.2 percent deficit to GDP ratio target. While remaining within target, the forecasted… Read More