Growth of remittances to continue amid risks -- Espenilla

MANILA -- Inflow of remittances from Overseas Filipino Workers (OFWs) is not expected to take a hit from the first package of the government's tax reform program since migrant workers are exempted from paying documentary stamp tax (DST).This was stressed by Bangko Sentral ng Pilipinas (BSP) Governor... Read More

Gov’t to seek biz sentiment on tax reform package 2

MANILA -- The government is partnering with the country’s largest business organization, Philippine Chamber of Commerce and Industry (PCCI), to solicit sentiments among businessmen on the second package of the Duterte administration’s tax reform program.The Department of Finance (DOF)... Read More

PSEi registers another record high, peso slips vs. USD

MANILA -- The Philippine Stock Exchange index (PSEi) continues to surge Monday after posting another record high, but the peso weakened against the greenback.PSEi closed the week’s first trading day at 9,058.62 points, higher than its previous all-time high of 9,041.20 points hit last Friday,... Read More

IPOPHL eyes to expand enforcement of intellectual property rights

MANILA -- The Intellectual Property Office of the Philippines (IPOPHL) aims to further expand intellectual property rights (IPR) enforcement through cooperating with members of the Sub-Committee on Organized Crime of the National Law Enforcement Coordinating Committee (NALECC-SCOS).The IPOPHL on... Read More

Fitch ups Landbank, DBP ratings

MANILA - - Fitch Ratings on Friday revised upwards the long-term issuer default ratings (IDRs) of state-owned Land Bank of the Philippines (Landbank) and Development Bank of the Philippines (DBP) to ‘BBB’ from ‘BBB-“ with Stable outlook following the same upgrade of the... Read More

Tax reform to benefit insurance industry : IC commissioner Funa

MANILA - - Insurance Commissioner Dennis Funa is optimistic of the impact of the first package of tax reform on the insurance industry since people will have additional disposable income.Funa in a briefing Friday, said people would have more capacity to buy microinsurance with the implementation of... Read More

PSEi breaches 9,000 pts ; peso trades sideways

MANILA - - Positive sentiments on the Philippine economy pushed the Philippine Stock Exchange index (PSEi) to a new record high Friday, while the peso managed to close little changed against the dollar even after the greenback’s recovery.PSEi surged to 9,041.20 points, up 0.47 percent or 42.03... Read More

UnionBank nets P8.4-B in 2017

MANILA -- Listed Aboitiz-led UnionBank of the Philippines on Friday reported a 16.35-percent decline in net profit in 2017 due mainly to lower earnings from trading and non-trading financial assets.UnionBank told the local bourse its net income reached PHP8.42 billion in 2017 compared to the... Read More

Insurance industry assets up 18% to P1.55 trillion in '17

MANILA -- Total assets of the insurance industry rose 17.89 percent year-on-year to PHP1.55 trillion in 2017, up from the PHP1.31 trillion in 2016, Insurance Commission data released Friday show.Industry premiums totaled to PHP259.65 billion, up 11.97 percent from the previous year’s PHP231.88... Read More

SEC halts Calata’s initial coin offering

MANILA -- The Securities and Exchange Commission (SEC) has stopped four companies, which are either owned, headed or associated with besieged Joseph Calata, from selling and offering for sale Krops Tokens and KropCoins. SEC issued a cease and desist order (CDO) against Black Cell Technology Inc.,... Read More

Prices of rice, other agri commodities up slightly

MANILA -- Prices of rice and other selected agricultural commodities rose slightly in third week of January 2018, the Philippine Statistics Authority (PSA) reported on Thursday.The PSA said a price increase of PHP1 per kilo of special and premium rice was noted in Tuguegarao City and Naga City; and... Read More

Full implementation of RH law to cut poverty: NEDA

MANILA -- The National Economic and Development Authority (NEDA) is drafting an executive order (EO) mandating all local government units (LGUs) to implement the Reproductive Health (RH) law, which it deems vital to the government’s goal of accelerating poverty reduction in the... Read More

PSEi recovers; peso ends with gains

MANILA - - The Philippine Stock Exchange index (PSEi) recovered Thursday after ending its two-day surged a day agoThe main stocks gauge gained 0.89 percent, or 78.94 points, 8,999.17 points, which a trader pointed to correction.Profit-taking caused the main index to lose steam a day ago but the... Read More

1st batch of BDO EMV-equipped ATM cards out by Feb. 1

MANILA -- Banco de Oro Unibank said on Thursday it was completing the issuance of the first batch of new Europay, Master Card, and Visa (EMV)-equipped automated teller machine (ATM) cards to its clients by February 1.The bank did not give any figures on how many of its clients had been issued... Read More

BIR tax effort improves to 11.26% in ‘17

MANILA --Tax collection effort of the Bureau of Internal Revenue (BIR) improved to 11.26 percent last year from an average of 10.5-10.9 percent in the last five years.BIR Commissioner Caesar Dulay, in his speech during the induction of new officers and general membership meeting of the Tax... Read More

BMI research forecasts sustained 6% level growth for PH

MANILA-- The research subsidiary of Fitch Group projects the sustained robust expansion of the Philippine economy on back of the government’s infrastructure program, favorable demographics and increased trade with China.BMI Research eyes a 6.3 percent growth in 2018 and 6.2 percent in 2019 - -... Read More

Cirtek eyes P500-M revenues from MultiPay

MANILA -- Electronics manufacturer Cirtek Holdings Philippines Corp. (CHPC) expects its recently acquired e-commerce firm, MultiPay, to generate PHP500 million revenues this year. CHPC invested an initial PhP100 million to acquire a substantial stake in MultiPay, and would support the firm in its... Read More

Ayala’s energy unit to build solar power projects in Vietnam

MANILA -- The energy unit of Ayala Corp. (AC) is teaming up with BIM Group to jointly develop over 300 megawatts of solar power projects in Vietnam. The initial phase of the 30-MW solar project broke ground Tuesday, with investment for this phase expected to reach 800 billion Vietnamese dong (VND)... Read More

PSEi ends record-high climb; peso takes a breather

MANILA — Profit-taking ended the two-day surge to record-highs of the Philippine Stock Exchange index (PSEi) on Wednesday, but the peso improved as investors offloading their dollar holdings.PSEi, which posted two consecutive record levels so far this week, ended the day at 8,920.23 points,... Read More

DBS sees steady 6.7% GDP growth for PH until ’19

MANILA — Global banking player DBS is considering the sustained 6.7 percent growth of the Philippine economy until 2019, to be buoyed by private consumption as well as investments both by the private and public sectors.In a study, DBS economist Gundy Cahyadi said although growth, as measured... Read More