Business

HK firm says contract with fired Nayong Pilipino board still valid

HK firm says contract with fired Nayong Pilipino board still valid

August 7, 2018, 6:49 pm

MANILA -- A Hong Kong-based company has insisted that the contract it signed with the sacked board of trustees and management team of Nayong Pilipino Foundation (NPF) remained valid and still bound the Philippine government. In a statement, Landing International Development Ltd. said its lease… Read More

July '18 inflation uptick expected: Espenilla

July '18 inflation uptick expected: Espenilla

August 7, 2018, 6:45 pm

MANILA -- The Philippines' inflation rate rose to multiyear high of 5.7 percent but Bangko Sentral ng Pilipinas (BSP) Governor Nestor A. Espenilla Jr. said this is expected and reiterated monetary officials’ expectation that this will go back to within-target levels in 2019. The Philippine… Read More

Sacked Nayong Pilipino chair breaks into tears at event

Sacked Nayong Pilipino chair breaks into tears at event

August 7, 2018, 6:42 pm

MANILA -- Fired Nayong Pilipino Foundation (NPF) Chairman Patricia Ocampo was at an event which was to seal the NFP's partnership with Landing International Development Ltd. when news of her dismissal broke out. Apparently unable to contain her emotions, she was observed breaking into tears during… Read More

Nayong Pilipino exec denies corruption allegation

Nayong Pilipino exec denies corruption allegation

August 7, 2018, 5:35 pm

MANILA – Outgoing Nayong Pilipino Foundation (NPF) Chairperson Patricia Ocampo, who was sacked by President Rodrigo Duterte with her entire board, has denied that their business dealings in behalf of government was tainted with corruption. In a statement sent to reporters Tuesday, Ocampo said… Read More

BIR denies failure to remit collection from employees on time

BIR denies failure to remit collection from employees on time

August 7, 2018, 1:58 pm

MANILA -- The Bureau of Internal Revenue (BIR) said that contrary to a report that came out in one of the leading newspapers in the country, it has remitted its withholding taxes and the social contributions of its employees on time, as mandated by governing laws. The alleged PHP80.914 million… Read More

PH's fiscal position still strong: Dominguez

PH's fiscal position still strong: Dominguez

August 7, 2018, 1:17 pm

MANILA -- Finance Secretary Carlos Dominguez III has assured senators that the Philippines’ fiscal position remains strong, with revenues expected to be above target, the debt burden continuing its downtrend and the government’s spending program sustainable over the medium term. In a briefing… Read More

Salceda says measures to cushion inflation surge needed

Salceda says measures to cushion inflation surge needed

August 6, 2018, 9:49 pm

LEGAZPI CITY --- Albay Representative Joey Salceda on Monday said he anticipates that surging inflation is likely to persist until yearend, and that the administration's economic managers should implement aggressive measures to cushion its effects. Salceda, an economic analyst, said July inflation… Read More

Chinese steel investor in talks with gov't for more perks

Chinese steel investor in talks with gov't for more perks

August 6, 2018, 8:11 pm

MANILA -- The Philippine government is considering extending more perks to a potential Chinese investor in the hopes it will establish an integrated steel mill, the country's top trade official revealed. Trade and Industry Ramon Lopez told reporters the government may provide more incentives to… Read More

Gov’t to hold job fair for 'Build, Build, Build' projects

Gov’t to hold job fair for 'Build, Build, Build' projects

August 6, 2018, 7:16 pm

MANILA -- Thousands of job vacancies in the construction sector may be filled on Sunday, Aug. 12, when government stages its own job fair dubbed Jobs Jobs Jobs Caravan. The positions up for grabs are exclusively for projects related to the “Build, Build, Build” program, the Duterte… Read More

 Peso posts nearly 2-month high vs. USD, PSEi slips

Peso posts nearly 2-month high vs. USD, PSEi slips

August 6, 2018, 7:14 pm

MANILA -- The Philippine peso closed at nearly a two-month high against the US dollar on Monday but the Philippine Stock Exchange index (PSEi) slipped again on profit-taking. The local unit gained PHP0.3 after closing at PHP52.85 from PHP53.15 Friday last week. Its closing level at the start of… Read More

T-bills attract large bids on Monday

T-bills attract large bids on Monday

August 6, 2018, 6:45 pm

MANILA -- A strong demand for the Philippines’ Treasury bills (T-bills) resounded across-the-board Monday but rates were mixed on investors’ cautious stance ahead of important data releases this week. The Bureau of the Treasury (BTr) offered the bellwether 91-day paper for PHP4 billion and… Read More

10-centavo/liter rollback in gas, diesel set Tuesday

10-centavo/liter rollback in gas, diesel set Tuesday

August 6, 2018, 6:00 pm

MANILA -- A 10-centavo per liter rollback in the prices of both unleaded gasoline and diesel is set to be implemented Tuesday (August 7), even if motorists are unlikely to notice the difference. Industry spokesmen, through separate text messages to journalists, announced the "very modest" price… Read More

LuLu Group to open first PH warehouse

LuLu Group to open first PH warehouse

August 6, 2018, 3:56 pm

MANILA -- Middle East supermarket chain LuLu Group International is all set to launch this week its first warehouse facility in the Philippines. May Export Philippines, the local unit of LuLu, will be inaugurating Warehouse No.1 at Calamba Premiere International Park in Calamba, Laguna on… Read More

645 firms still getting tax perks after 15 years

645 firms still getting tax perks after 15 years

August 6, 2018, 2:06 pm

MANILA -- The Department of Finance (DOF) has identified a total of 645 registered enterprises that continue to receive tax incentives even after 15 years in the business, proving that investment perks usually given to big or multinational firms -- many of them are "inherently profitable" -- have… Read More

PSEi recovers, Peso end sideways amid trade war jitters

PSEi recovers, Peso end sideways amid trade war jitters

August 3, 2018, 7:48 pm

MANILA -- Bargain hunting boosted the Philippines’ main stocks gauge and the Peso remained afloat amid heightened trade war concerns between the world's two economic giants, the US and China. The Philippine Stock Exchange index (PSEi) recovered and rose 0.77 percent, or 59.84 points, to 7,819.39… Read More

Moody’s Analytics forecasts Q2 GDP growth at 6.6%

Moody’s Analytics forecasts Q2 GDP growth at 6.6%

August 3, 2018, 7:28 pm

MANILA -- Moody's Analytics is betting on a 6.6 percent Gross Domestic Product (GDP) growth for the Philippines in the second quarter of 2018, which if achieved, would be solid performance from a country quickly earning a reputation as a regional growth leader. This is modestly lower than the 6.8… Read More

HSBC predicts 50 bps hike in BSP rates

HSBC predicts 50 bps hike in BSP rates

August 3, 2018, 6:00 pm

MANILA -- Banking giant HSBC forecasts a 50 basis point increase in the Bangko Sentral ng Pilipinas’ (BSP) key rates when its policy-making Monetary Board (MB) holds this year's fifth rate-setting meeting on August 9. In a report on economic data and previews, HSBC traced its projected increase… Read More

Unemployment decline, hefty remittances buoy consumer spending

Unemployment decline, hefty remittances buoy consumer spending

August 3, 2018, 4:02 pm

MANILA -- The declining number of unemployed as well as a hefty inflow of foreign remittances are seen to support local consumer spending in 2018 until 2019, a Fitch Group unit reported Friday. Fitch Solutions’ industry trend analysis on consumer and retail noted that spending of Filipino… Read More

CEZA welcomes Slovak firm

CEZA welcomes Slovak firm

August 3, 2018, 2:48 pm

MANILA -- Cagayan Economic Zone Authority (CEZA) Administrator and Chief Executive Officer Raul Lambino said a Slovak company planning to put up a premier health care facility in the Cagayan Special Economic Zone and Freeport (CSEZF) is a welcome development . This is after CEZA and Commerce Ltd.… Read More

 Mining council reviews mining firms' audit results

Mining council reviews mining firms' audit results

August 2, 2018, 8:01 pm

MANILA -- The Department of Environment and Natural Resources (DENR) has yet to decide the fate of the 26 mining companies ordered closed by former Environment and Natural Resources Secretary Regina Lopez. This was stressed by DENR Secretary Roy Cimatu in an interview by journalists after a… Read More