Business
P53-to-the-USD barrier breached, stocks dip
June 13 2018, 6:42 pm
MANILA -- The Philippine peso slipped even lower, breaching the 53-to-the-greenback psychological barrier, while local stocks tumbled to the 7,600-mark on Wednesday. The local currency closed the day at 53.23 from the previous session's finish of 52.95, thus weakening to an almost 12-year low… Read More
Dominguez orders BOC, BIR to run after cigarette counterfeiters
June 13 2018, 6:24 pm
MANILA -- Finance Secretary Carlos Dominguez III has directed the Bureau of Customs (BOC) and the Bureau of Internal Revenue (BIR) to track down manufacturers of counterfeit tobacco products and their possible cohorts in government, who had a role in allowing the entry of unlicensed… Read More
SEIPI chair calls 10% corporate income tax 'very fair'
June 13 2018, 5:56 pm
MANILA -- Semiconductor and Electronics Industries in the Philippines, Inc. (SEIPI) Chair Melba Cuyahon said Wednesday that a reduced corporate income tax (CIT) rate of only 10%, inclusive of local business tax and real property tax is something that the local electronics industry truly… Read More
Market prefers short-term TDF
June 13 2018, 5:54 pm
MANILA -- The Bangko Sentral ng Pilipinas (BSP) has awarded the seven-day term deposit facility (TDF) in full as bids for the short tenor facility poured in on Wednesday’s auction. Tenders for the PHP40-billion seven-day TDF reached PHP58.28 billion. Average rate of this facility declined to… Read More
NEDA seeks more foreign investments in Eastern Visayas
June 13 2018, 4:20 pm
TACLOBAN CITY -- Reducing the cost of doing business and enhancing the business environment are two major activities recommended by the National and Economic Development Authority (NEDA) in order to draw more foreign investment to Eastern Visayas. In the 2017 state of the region report released… Read More
BIR exceeds collection target for January-May 2018
June 13 2018, 4:18 pm
MANILA -- For the first five months of the year, the Bureau of Internal Revenue (BIR) collected PHP827.91 billion. This is PHP24.91 billion more or 3.10 percent higher than the goal of PHP803 billion set for the period. Likewise, the BIR posted a growth rate of 14.76 percent or an increase of… Read More
Lopez bats for ‘drastic change’ to leapfrog in doing biz ranking
June 13 2018, 4:11 pm
MANILA -- The country’s top trade official seeks a “drastic change” in the bureaucracy to ensure that the Philippines will land in the top 20 percent of the ease of doing business global ranking by 2020. During the 6th Ease of Doing Business Summit in Pasay City Wednesday, Department of… Read More
PH seeks stronger customs cooperation with Russia
June 12 2018, 5:31 pm
MANILA -- Finance Secretary Carlos Dominguez III has called for closer cooperation between the Russian Federation and the Association of Southeast Asian Nations (ASEAN) in the field of customs administration, as a way to further strengthen economic ties between the two major global trade hubs.… Read More
TUCP: Wage hike in Regions 6, 7 won't lift workers from poverty
June 12 2018, 5:14 pm
MANILA -- Organized labor branded the wage orders released separately by the Regional Tripartite Wages and Productivity Boards (RTWPB) of Regions 6 (Western Visayas) and 7 (Central Visayas) as being too small to address the current needs of workers. The usually moderate Associated Labor… Read More
Exporters eye local market due to robust demand
June 12 2018, 3:56 pm
MANILA -- A ranking trade official said that aside from looking overseas, exporters are now also scouting for domestic opportunities arising from robust demand. Export Marketing Bureau (EMB) Director Senen Perlada told reporters on Monday that some of the country's traditional exports have equally… Read More
Cloud over global economy getting darker: IMF chief
June 12 2018, 12:25 pm
BERLIN -- International Monetary Fund (IMF) chief Christine Lagarde on Monday attacked the US protectionist trade policies and warned that the cloud over global economy "is getting darker". "The biggest and darkest cloud that we see is the deterioration in confidence that is prompted by (an)… Read More
LTFRB to set, regulate fares of TNCs
June 11 2018, 7:37 pm
MANILA -- The Department of Transportation (DOTr) has released an order that will grant authority to the Land Transportation Franchising and Regulatory Board (LTFRB) to regulate the operations of transportation network companies (TNCs) and transportation network vehicle services (TNVS) units… Read More
BSP peso rediscount facility availments drop in Jan-May ‘18
June 11 2018, 7:28 pm
MANILA -- Banks’ availment of central bank's peso rediscount facility from January to May this year only reached PHP8.92 billion, a 40-percent drop from the PHP15-billion availment of the facility in the same period in 2017. Bangko Sentral ng Pilipinas (BSP) data released on Monday showed that… Read More
French firms to explore PH electronics market
June 11 2018, 7:27 pm
MANILA -- Representatives of companies from the city of Angers, known as France' electronics and Internet hub, are coming to town to explore opportunities in the Philippine market. It was announced Monday that Angers French Tech (AFT), which represents the group, will be setting up a French… Read More
DOF reviews carriers' tax on int'l air, sea cargo vessels
June 11 2018, 7:25 pm
MANILA -- The Department of Finance (DOF) is reviewing the implementation of a law imposing a common carriers tax on international air and sea cargo vessels doing business in the Philippines to ensure a level playing field. According to a statement issued Monday, finance Secretary Carlos Dominguez… Read More
Stocks rise but Peso dives to 11-year low
June 11 2018, 6:52 pm
MANILA — The Philippine peso hit a fresh 11-year low against the greenback, while local stocks charged in the opposite direction. The local unit shed 25 centavos to close at 52.95 from last Friday's finish of 52.7, registering its weakest level since July 2006. The Philippine Stock Exchange… Read More
Gov't hikes retail treasury bonds offerings to P122-B
June 11 2018, 6:27 pm
MANILA -- The national government hiked its offering of retail treasury bonds (RTBs) to PHP121.8 billion as a result of the investing public's robust appetite for the three-year securities. The PHP121.8 billion RTBs set to be issued by the Bureau of Treasury (BTr) was oversubscribed more than… Read More
Oil price rollback set Tuesday
June 11 2018, 4:58 pm
MANILA -- Pump prices in the country will go down a little bit more on Independence Day as world petroleum prices continue to take a direction favorable to consumers. In seperate text messages to journalists, local oil firms announced a price reduction of 0.55 centavos/liter on unleaded gasoline,… Read More
PH urged to supply more goods, services to UN
June 11 2018, 1:37 pm
MANILA -- Philippine exporters are urged to increase their activities of supplying goods and services to the United Nations (UN). The UN Development Program (UNDP) will be on a roadshow in the country to present export opportunities for local enterprises. On the sidelines of the Doing Business… Read More
PEZA pushes for countryside development
June 6 2018, 10:29 pm
ILOILO CITY -- The Philippine Economic Zone Authority (PEZA) is encouraging local government units (LGUs), private landowners and business groups to have their lands converted into an economic zone to enhance their development potential. Director-General Charito B. Plaza, in a press conference… Read More
