Business

Oil firms announce 'modest' price rollback effective Dec. 18

Oil firms announce 'modest' price rollback effective Dec. 18

December 17, 2018, 4:49 pm

MANILA – Local oil firms announced another rollback in pump prices effective Dec. 18, Tuesday. The more modest oil price rollback will range from PHP0.25 to PHP0.35 per liter for diesel, between PHP0.10 and PHP0.15 per liter for unleaded gasoline and PHP0.25 per liter for kerosene. Prices of… Read More

KIA PH set on bringing back sales to 10K-level in 2019

KIA PH set on bringing back sales to 10K-level in 2019

December 17, 2018, 4:41 pm

MANILA -- KIA Philippines aims to raise its sales back to the 10,000-unit level next year, as AC Automotive relaunches the brand in 2019. In a media briefing Monday, KIA Philippines President Manny Aligada said that now, with the backing of the Ayala Group, selling 10,000 units in 2019 is once… Read More

Globe to adopt 8-digit landline numbers starting March 2019

Globe to adopt 8-digit landline numbers starting March 2019

December 17, 2018, 4:26 pm

MANILA -- The landline telephone numbers of Globe subscribers in Metro Manila and neighboring areas bearing the 02-area code will migrate to an eight digit format starting March next year in compliance with the directive of the National Telecommunications Commission (NTC). This is to ensure that… Read More

ADB sets USD1.3-B assistance for long-term Mindanao dev't

ADB sets USD1.3-B assistance for long-term Mindanao dev't

December 17, 2018, 8:42 am

MANILA -- The Asian Development Bank (ADB) has earmarked some USD1.3 billion in financing assistance for the long-term development of southern Philippines. Apart from the USD408 million worth of loans and grants that the ADB approved as Emergency Assistance for the Reconstruction and Recovery of… Read More

PSEi ends week flat, peso downed by risk-off sentiment

PSEi ends week flat, peso downed by risk-off sentiment

December 14, 2018, 8:10 pm

MANILA -- The lack of positive developments on the US-China trade issue resulted in the flat close of the Philippine Stock Exchange index (PSEi) and the depreciation of the peso as the trading week closed. The Philippine Stock Exchange index (PSEi) ended the week at 7,524.37 points, up 0.02… Read More

SNAP to build USD28-M battery energy storage project

SNAP to build USD28-M battery energy storage project

December 14, 2018, 8:04 pm

MANILA -- SN AboitizPower (SNAP), a joint venture of Norwegian firm SN Power and Aboitiz Group’s unit AboitizPower, has set its sights on the construction of a 20-megawatt battery energy storage system (BESS) worth USD28 million or nearly PHP1.5 billion. In a statement Friday, SNAP said the BESS… Read More

BSP cuts 2018 BOP assumption

BSP cuts 2018 BOP assumption

December 14, 2018, 7:19 pm

MANILA -- The Bangko Sentral ng Pilipinas (BSP) has adjusted its balance of payment (BOP) forecast for 2018 as imports growth continued to be stronger than exports. After the review held last November, BSP’s new BOP assumption for this year is a deficit of USD5.5 billion, a big leap from the… Read More

RDC-7 approves P27.8-B investment for 2020

RDC-7 approves P27.8-B investment for 2020

December 14, 2018, 6:31 pm

CEBU CITY – A total of PHP27.884 billion will fund the development of Central Visayas in the next two years as the Regional Development Council (RDC) Full Council on Friday approved the Annual Investment Program (AIP) for fiscal year 2020. RDC 7 (Central Visayas) Full Council presiding officer,… Read More

SteelAsia, Chinese firms eye USD4.4-B steel complex in Mindanao

SteelAsia, Chinese firms eye USD4.4-B steel complex in Mindanao

December 14, 2018, 6:28 pm

MANILA -- The country’s largest steel producer, SteelAsia Manufacturing Corp., is partnering with Chinese firms Hebei Iron and Steel (HBIS) Group and Huili Investment Fund Management Co., Ltd. to build an integrated steel complex in Mindanao. The three companies signed a memorandum of… Read More

DICT orders unlocking of mobile phones after lock-in period

DICT orders unlocking of mobile phones after lock-in period

December 14, 2018, 6:22 pm

MANILA -- Mobile phone subscribers will soon gain additional flexibility to choose their service providers after the Department of Information and Communications Technology (DICT) has directed the National Telecommunications Commission (NTC) to oversee a mandatory unlocking of mobile devices after… Read More

Economists weigh BSP's next policy moves

Economists weigh BSP's next policy moves

December 14, 2018, 6:11 pm

MANILA -- Top economic think tanks are divided on the policy decisions of the Bangko Sentral ng Pilipinas’ (BSP) policy-making Monetary Board (MB) in 2019 following its decision to keep key rates steady this week. In a research note, Fitch Solutions maintained its forecast for a 50 basis points… Read More

ADB OKs USD408-M funding for Marawi

ADB OKs USD408-M funding for Marawi

December 14, 2018, 5:38 pm

MANILA -- The Asian Development Bank (ADB) on Friday approved the financing package to support the Philippine government's Bangon Marawi Comprehensive Rehabilitation and Recovery Program. ADB Country Director for the Philippines Kelly Bird announced in a press briefing that the ADB will disburse… Read More

Pork, poultry, rice supply assured during holiday season

Pork, poultry, rice supply assured during holiday season

December 14, 2018, 5:00 pm

MANILA -- Industry leaders have assured consumers of enough supply and stable prices for rice, pork and poultry products during the holiday season and weeks thereafter. The assurance was made by former Agricultural Sector Alliance of the Philippines (AGAP) party-list Rep. Nicanor Briones, who is… Read More

Local markets follow through on gains

Local markets follow through on gains

December 13, 2018, 10:11 pm

MANILA -- The easing of trade tensions between the US and China boosted both the Philippine peso and the main stocks gauge Thursday. The local currency ended the day’s trade at 52.62 to a US dollar, better that its 52.715 close in the previous session. Bank of the Philippine Island (BPI), in its… Read More

DBM urges lawmakers to swiftly study and pass 2019 budget

DBM urges lawmakers to swiftly study and pass 2019 budget

December 13, 2018, 9:22 pm

MANILA -- The Department of Budget and Management (DBM) on Thursday called on lawmakers to carefully study and immediately pass the proposed PHP3.757-trillion national budget for 2019. “We urge both Houses of Congress to scrutinize and expedite the passage of the 2019 National Budget for the… Read More

Customs-Cebu surpasses target collection

Customs-Cebu surpasses target collection

December 13, 2018, 8:07 pm

CEBU CITY – The Bureau of Customs – Port of Cebu has posted a surplus in revenues with 10 more working days before the end of the collection year, said Cebu Customs District Collector Elvira Cruz. As of December 12, BOC-Cebu’s collection surpassed the 2018 target by PHP370.780 million, said… Read More

PCC to review ICTSI-Manila North harbor deal further

PCC to review ICTSI-Manila North harbor deal further

December 13, 2018, 7:36 pm

MANILA -- The Philippine Competition Commission (PCC) will conduct a more stringent review of the proposed acquisition by International Container Terminal Services Inc. (ICTSI) of shares in Manila North Harbour Port, Inc. (MNHPI) The deal will allow ICTSI to have an ownership of 50 percent of MHPI… Read More

BSP moderates inflation forecasts for 2018-2020

BSP moderates inflation forecasts for 2018-2020

December 13, 2018, 7:26 pm

MANILA -- Bangko Sentral ng Pilipinas’ (BSP) policy-making Monetary Board (MB) on Thursday dialed back slightly the inflation assumption for 2018-20 after latest forecasts suggest more restrained inflationary pressures in the next two years. To date, the 2018 inflation forecast is now at 5.2… Read More

BSP keeps rates steady

BSP keeps rates steady

December 13, 2018, 6:18 pm

MANILA -- Philippine monetary officials on Thursday kept key rates steady amid a deceleration in inflation, which is expected to ease back within government's target levels by the second half of 2019. Thus, the overnight lending rate remains at 5.25 percent, up by 175 basis points as a result of… Read More

Sabin Aboitiz to be Aboitiz Group's next CEO

Sabin Aboitiz to be Aboitiz Group's next CEO

December 13, 2018, 5:10 pm

MANILA -- Aboitiz Equity Ventures, Inc. (AEV) Executive Vice President and Chief Operating Officer Sabin M. Aboitiz will be taking over as company President and Chief Executive Officer (CEO) beginning Jan. 1, 2020. The AEV board of directors approved the transition on Tuesday (Dec. 11, 2018).… Read More