Business

Higher cost of North-South Commuter Railway project approved

Higher cost of North-South Commuter Railway project approved

November 9, 2018, 7:54 pm

MANILA -- The Cabinet Cluster of the National Economic and Development Authority’s (NEDA) Investment Coordination Committee (ICC) has approved the 76-percent increase in the cost of the North-South Commuter Railway (NSCR) System in a bid to expand the project’s capacity and enhance operational… Read More

D&L Industries’ 9-month profit hits P2.4-B

D&L Industries’ 9-month profit hits P2.4-B

November 9, 2018, 7:38 pm

MANILA -- Chemical and food ingredient manufacturer D&L Industries, Inc. (D&L) is on track to grow its net income by at least 10 percent or about PHP3.2 billion this year, due mainly to the strong demand for its high-margin specialty products (HMSP). “Since first nine months we had 13-percent… Read More

2 SEA airport operators bid for Clark O&M

2 SEA airport operators bid for Clark O&M

November 9, 2018, 7:29 pm

MANILA -- Two Southeast Asian-based airport operators separately formed joint ventures with Philippine firms to bid for the operations and maintenance (O&M) of Clark International Airport. The Bases Conversion and Development Authority (BCDA) received on Friday the proposals from the two… Read More

Local markets down on Fed rate hike anticipation

Local markets down on Fed rate hike anticipation

November 9, 2018, 7:15 pm

MANILA -- The Philippine Stock Exchange index (PSEi) fell to the 6,900-level Friday and the peso made a u-turn in apparent reaction to a statement from the US Federal Reserve hinting that further tightening is to come. The PSEi ended the week at 6,968.82 points, down 0.95 percent or 66.89 points.… Read More

DOF pushes for economic growth sustaining measures

DOF pushes for economic growth sustaining measures

November 9, 2018, 6:29 pm

MANILA --The passage of still pending tax reform measures, addressing supply-related issues in agriculture and opening imports of agriculture inputs for manufacturing, are seen to sustain the robust growth of the Philippine economy. In an economic bulletin released Friday, the Department of… Read More

PRU Life UK launches yearly renewable product

PRU Life UK launches yearly renewable product

November 9, 2018, 6:27 pm

MANILA -- People who need insurance coverage but cannot pay expensive premiums can now avail of the yearly renewable life insurance from British life insurer Pru Life UK. In a briefing during the launch of Prulife your term Friday, Pru Life UK Assistant Vice President Arabelle G. Adigue said… Read More

Mislatel has valid franchise: Chelsea Holdings

Mislatel has valid franchise: Chelsea Holdings

November 9, 2018, 6:26 pm

MANILA -- Mislatel Consortium, the provisional awardee of the country's third telco slot, has an existing legislative franchise, according to a company under its umbrella. “We wish to clarify that prior to the selection process for the third telco, the National Telecommunications Commission… Read More

ABAC PH to address 4-point agenda to APEC leaders

ABAC PH to address 4-point agenda to APEC leaders

November 9, 2018, 6:24 pm

MANILA -- The Asia Pacific Economic Cooperation (APEC) Business Advisory Council (ABAC) Philippines will table its four-point agenda during this month’s summit in Port Moresby, Papua New Guinea. ABAC Philippines Chair Tomas Alcantara said the four-point agenda is consistent with the… Read More

Rice traders, retailers warned vs. SRP violations

Rice traders, retailers warned vs. SRP violations

November 9, 2018, 6:23 pm

MANILA -- The Department of Agriculture (DA) reiterated its warning that traders and retailers caught selling rice at prices higher than the government’s suggested retail price (SRP) stand to lose their business licenses. The government on Friday started imposing sanctions on rice retailers… Read More

PLDT eyes to allocate over P50B capex for 2019

PLDT eyes to allocate over P50B capex for 2019

November 9, 2018, 4:31 pm

MANILA -- Telecommunications firm PLDT Inc. is eyeing to spend around PHP58-PHP60 billion in capital expenditures for next year, which will be mostly allocated for the rollout of its broadband services in the country, its chairman and CEO Manuel Pangilinan said Thursday. “Our growth is coming… Read More

8990 Holdings posts record profit in 9 months

8990 Holdings posts record profit in 9 months

November 9, 2018, 8:48 am

MANILA -- Mass housing developer, 8990 Holdings Inc., on Thursday announced that it incurred a record high net income of PHP3.4 billion in the first three quarters of 2018, up 38 percent from last year, driven by strong buyer demand amid the recent surge in inflation. “We are not feeling it… Read More

Processes for MRT3 rehab to begin January

Processes for MRT3 rehab to begin January

November 8, 2018, 9:07 pm

MANILA -- Full mobilization of the team tasked to oversee rehabilitation and upgrading of MRT3 will start January 2019 following the signing of the agreement for a 38.1-billion-yen loan from the Japan International Cooperation Agency (JICA) Thursday. Finance Secretary Carlos Dominguez III signed… Read More

Gov’t remains firm in implementing infra projects

Gov’t remains firm in implementing infra projects

November 8, 2018, 8:54 pm

MANILA -- The government remains committed to implementing the country’s aggressive infrastructure program despite suggestions that it needs to prioritize projects to reduce the rising trade deficit. Socioeconomic Planning Secretary Ernesto Pernia said infrastructure projects under the “Build,… Read More

Peso gains strength, local shares lethargic

Peso gains strength, local shares lethargic

November 8, 2018, 8:06 pm

MANILA -- The Philippine peso improved further Thursday due to a general weakness in the US dollar while the Philippine Stock Exchange index (PSEi) ended flat. The local currency finished the day at 52.57 from 52.95 a day ago, which a trader attributed to expectations of large inflows in the… Read More

PH still among Asia’s fastest growing economies

PH still among Asia’s fastest growing economies

November 8, 2018, 6:53 pm

MANILA -- The Philippines remained one of the fastest growing economies in Asia even after posting slightly slower growth at 6.1 percent in the third quarter, due to weaker agriculture output and ‘temporary’ decline in household spending over an inflation surge. In a press briefing on… Read More

Infra program to boost PH growth in 2019

Infra program to boost PH growth in 2019

November 8, 2018, 6:49 pm

MANILA -- Global information firm IHS Markit remains optimistic about the Philippine economy's direction for the remainder of the year but expects stronger growth in 2019 with the Duterte administration’s “Build, Build, Build” program as main driver. IHS Markit APAC Chief Economist Rajiv… Read More

PH to maintain GDP growth within 6% level

PH to maintain GDP growth within 6% level

November 8, 2018, 5:48 pm

MANILA -- The Philippine economy will continue to grow within the 6-percent level for the rest of the year and in 2019, according to London-based economic think-tank IHS Markit. In an e-mail Thursday, the firm's Chief Economist for Asia Pacific Rajiv Biswas said their gross domestic product (GDP)… Read More

AboitizLand sees no slowdown in demand for industrial space

AboitizLand sees no slowdown in demand for industrial space

November 8, 2018, 5:20 pm

MANILA -- AboitizLand, Inc. continues to see a robust demand for industrial spaces, pushing the company to look for more land acquisition opportunities throughout the country. In a media briefing on Wednesday, AboitizLand First Vice President of Operations Rafael Fernandez de Mesa said the… Read More

DOE, EU to energize 100K off-grid Mindanao households

DOE, EU to energize 100K off-grid Mindanao households

November 8, 2018, 4:15 pm

MANILA -- The Department of Energy (DOE) and the European Union (EU) are pushing ahead with the energization of off-grid communities that would benefit close to 100,000 households, especially in the Bangsamoro region. EU Head of Development Cooperation Enrico Strampelli and DOE Undersecretary… Read More

Manufacturing sector can drive PH growth: Lopez

Manufacturing sector can drive PH growth: Lopez

November 8, 2018, 3:42 pm

MANILA -- Strengthening the country’s manufacturing sector can add even more momentum to the national economy's growth, Department of Trade and Industry (DTI) Secretary Ramon Lopez told reporters Thursday. On the sidelines of the 3rd Philippine Construction Industry Congress in Pasay City, Lopez… Read More