Business

Net inflow in 'hot money' posted as of August 10

Net inflow in 'hot money' posted as of August 10

August 23, 2018, 5:29 pm

MANILA -- The inflow of foreign portfolio investments, also called "hot money" because they can come in and out of an economy, remain in positive territory as of the second week of August 2018. Data released by the Bangko Sentral ng Pilipinas (BSP) Thursday showed that as of the week ending August… Read More

BSP asks firms to submit 2019 foreign borrowings plan

BSP asks firms to submit 2019 foreign borrowings plan

August 23, 2018, 5:02 pm

MANILA -- The Bangko Sentral ng Pilipinas (BSP) has given both publicly and privately-owned Philippine companies until September 30, 2018 to submit their foreign borrowings plans for 2019. In an advisory published in a major daily, the central bank said the reminder is in line with its… Read More

Gov’t seizes P8.8-B fake goods in first semester

Gov’t seizes P8.8-B fake goods in first semester

August 23, 2018, 5:00 pm

MANILA -- The National Committee on Intellectual Property Rights (NCIPR) has confiscated some PHP8.8-billion worth of pirated and counterfeit goods from January to June 2018. The Intellectual Property Office of the Philippines (IPOPHL), which is the vice chair of NCIPR, reported Thursday that the… Read More

Strong economy not incentives attracted investors: Dominguez

Strong economy not incentives attracted investors: Dominguez

August 23, 2018, 3:06 pm

MANILA -- The remarkable increase in foreign direct investments (FDIs) entering the country in the last 17 months best illustrates that investors are now flocking to the Philippines because of its exciting growth prospects, rather than the fiscal incentives it continues to offer to businesses,… Read More

Gov't posts improvements in revenues, expenditures in July

Gov't posts improvements in revenues, expenditures in July

August 23, 2018, 2:32 pm

MANILA -- Improvements in the Philippine government’s revenue collections and spending was very apparent in July 2018 after a slip the previous month, the Bureau of the Treasury (BTr) reported Wednesday. Revenues grew by 24 percent year on year in the seventh month to PHP241.7 billion.… Read More

Biz group backs SMC’s Bulacan airport as new gateway to Manila

Biz group backs SMC’s Bulacan airport as new gateway to Manila

August 22, 2018, 8:15 pm

MANILA -- International Chamber of Commerce Philippines (ICCP) founder and chairman Francis Chua said Wednesday the proposed airport of San Miguel Corp. (SMC) in Bulacan could be the next main gateway of the capital. Chua said with last week’s mishap at the Ninoy Aquino International Airport… Read More

PSEi resumes trading up, peso stays firm amid concerns

PSEi resumes trading up, peso stays firm amid concerns

August 22, 2018, 7:07 pm

MANILA -- The Philippine Stock Exchange index (PSEi) resumed trading on Wednesday on a positive note and the Peso ended sideways to the greenback. PSEi gained 1.76 percent, or 131.73 points, to 7,632.26 points, which a trader pointed partly to bargain hunting. The main index also mirrored Wall… Read More

DTI puts up 58 Go! Lokal, upgrades over 100 OTOP stores

DTI puts up 58 Go! Lokal, upgrades over 100 OTOP stores

August 22, 2018, 7:01 pm

MANILA -- Department of Trade and Industry (DTI) Secretary Ramon Lopez said the agency has currently established 58 Go! Lokal stores and upgrading more than 100 One Town One Product (OTOP) stores nationwide. On the sidelines of the opening ceremony of the 2018 Sikat Pinoy National Trade Fair… Read More

MSMEs generate P400-M sales in gov’t trade fair

MSMEs generate P400-M sales in gov’t trade fair

August 22, 2018, 6:09 pm

MANILA -- Micro, small, and medium enterprises (MSMEs) have generated about PHP400 million in sales and orders from trade shows initiated by the Department of Trade and Industry (DTI), the agency’s top official said Wednesday. During the opening of the 2018 Sikat Pinoy National Trade Fair in… Read More

SEC approves Globe's cell tower company

SEC approves Globe's cell tower company

August 22, 2018, 4:06 pm

MANILA -- The Securities and Exchange Commission (SEC) has approved the establishment of an independent tower company by Globe Telecom that will be in charge of installing cell towers for the delivery of telecommunication services to its subscribers. Globe said the SEC has approved the… Read More

TDF rates up this week

TDF rates up this week

August 22, 2018, 3:42 pm

MANILA -- Impact of the hike in the Bangko Sentral ng Pilipinas’ (BSP) key rates earlier this month continues to produce similar results in other investments such as the central bank’s Term Deposit Facility (TDF), which registered increases in all tenors Wednesday. Data released by the BSP… Read More

DOF firm on hikes in alcoholic beverages taxes

DOF firm on hikes in alcoholic beverages taxes

August 21, 2018, 7:42 pm

MANILA -- To further institute reforms in Philippines’ sin taxes and strengthen moves to prevent the poor and young people from taking alcoholic products, the Department of Finance (DOF) is proposing further increase in excise taxes of these products. DOF data show that under the proposed rates… Read More

More hikes in BSP key rates seen this year

More hikes in BSP key rates seen this year

August 21, 2018, 6:45 pm

MANILA -- An economist projects further hike in the Bangko Sentral ng Pilipinas’ (BSP) key rates this 2018 if inflation hits 6 percent in the next few months. In a research note, ING Bank Manila senior economist Joey Cuyegkeng said a 6-percent level inflation rate is possible “in the next two… Read More

Fixed exchange rate dangerous for PH: Espenilla

Fixed exchange rate dangerous for PH: Espenilla

August 21, 2018, 2:21 pm

MANILA -- Some people have questioned the market-determined exchange rate policy of the Bangko Sentral ng Pilipinas (BSP), especially now that the local unit has been posting weakness against the US dollar. However, monetary officials have repeatedly said that the current exchange rate policy of… Read More

Peso stays strong, local shares shed on profit-taking

Peso stays strong, local shares shed on profit-taking

August 20, 2018, 8:49 pm

MANILA -- The Philippine peso finished Monday strong against the US dollar while the Philippine Stock Exchange index (PSEi) fell on profit-taking. Easing of concerns on developments in Turkey allowed the local currency to finish the day at 53.38 at the start of this week from 53.425 close Friday… Read More

Gas prices to go up Tuesday

Gas prices to go up Tuesday

August 20, 2018, 8:32 pm

MANILA -- Local oil companies are again poised to raise the price of unleaded gasoline effective 6 a.m. Tuesday, August 21. In separate announcements, oil firms said that their gasoline products will increase by a moderate PHP0.30 per liter. There will, however, be a PHP0.20 per liter decrease in… Read More

June borrowing up 224.87% year-on-year   

June borrowing up 224.87% year-on-year  

August 20, 2018, 8:29 pm

MANILA -- Borrowings by the Philippine government surged to PHP153.291 billion in June 2018 due to the issuance of retail treasury bonds (RTB). Bureau of the Treasury (BTr) data showed that last June’s borrowing is 224.87 percent higher than the PHP47.185 billion in June 2017, and is more than… Read More

PCC: New telco must stay away from PLDT, Globe

PCC: New telco must stay away from PLDT, Globe

August 20, 2018, 8:28 pm

MANILA -- A prospective new telco player should keep a safe distance from the industry's existing duopoly. This was the stand of the Philippine Competition Commission (PCC) on the latest terms of reference by the Department of Information and Communications Technology (DICT), which utilizes the… Read More

Overall BOP position posts lower deficit of USD455-M in July

Overall BOP position posts lower deficit of USD455-M in July

August 20, 2018, 8:16 pm

MANILA -- The country’s overall balance of payments (BOP) position in July 2018 posted a deficit of USD455 million, lower than the USD678-million BOP deficit recorded in the same month last year. Outflows in July 2018 stemmed mainly from payments made by the national government for its maturing… Read More

Shift to Euro-2 diesel not environmentally sustainable: DOTr

Shift to Euro-2 diesel not environmentally sustainable: DOTr

August 20, 2018, 7:28 pm

MANILA -- The Department of Transportation (DOTr) opposes a directive of the Department of Energy (DOE) for oil companies to offer Euro-2 compliant diesel at fuel stations to mitigate the impact of the recent series of oil price increases to motorists. The DOTr said DOE Memorandum Order No.… Read More