Phoenix Petroleum to buy FamilyMart

MANILA -- Phoenix Petroleum Philippines, Inc. (PNX) is foraying into the convenience retail market with the full acquisition of the franchisee of the FamilyMart brand of convenience stores.PNX told the Philippine Stock Exchange (PSE) it signed Monday a memorandum of understanding (MOU) to acquire... Read More

Gas, diesel prices up Tuesday

MANILA -- Oil companies will increase pump prices of gasoline by 25 centavos per liter; diesel by 25 centavos per liter; and 45 centavos for kerosene per liter, effective Tuesday.Pilipinas Shell Petroleum Corp., Eastern Petroleum, Sea Oil, PTT Philippines, and Phoenix Petroleum will implement the... Read More

Espenilla backs liberalization of PH telco industry

MANILA - - Bangko Sentral ng Pilipinas (BSP) Governor Nestor Espenilla Jr. is open to any initiative that will liberalize the domestic telecommunication sector to further improve delivery of financial services in the country.He sees “a lot of value” in opening up the telco industry to... Read More

PSBank deposit system upgrade up on Nov 3-5

MANILA - -Philippine Savings Bank (PSBank) is encouraging account holders in several branches nationwide to transact ahead of the bank’s deposit system upgrade scheduled from 10 p.m. of Nov. 3 up to 5 a.m. of Nov. 6, 2017.In a statement Monday, the thrift banking arm of Metrobank said affected... Read More

Max’s Group eyes more stores in Mindanao

MANILA -- Listed casual dining chain operator Max’s Group Inc. (MGI) plans to open more stores in Mindanao following the end of Marawi conflict, as it seeks further expansion opportunities here and abroad.MGI President Robert F. Trota said the company has already 15 branches in Mindanao,... Read More

MRC, mall developer discuss tie-up in solar panel installation

MANILA -- Listed firm MRC Allied Inc. is in talks with XRC Mall Developer Inc. (XRC) for a tie-up in the installation of solar panels in the latter's community malls.The discussions are meant to explore, develop and install Solar Photovoltaic (PV) Systems for rooftops in various malls owned by... Read More

Holcim nets P2.3-B in Jan-Sept

MANILA -- Building solutions provider Holcim Philippines has posted a 57.6-percent decline in its profit in the first three quarters of the year on lower volumes and prices.Holcim told the local bourse its net income reached PHP2.3 billion in January to September from PHP5.42 billion during the same... Read More

PSEi finishes week up; peso stays flat vs. USD

MANILA - - The Philippine Stock Exchange index (PSEi) gained Friday while the peso finished the week little changed against the US dollar as investors await report on US’ third quarter growth later in the day.The main stocks index rose 0.34 percent, or 28.03 points, to 8,295.95 points.All... Read More

BSP excludes MFI-guaranteed loans from cap on banks' loans

MANILA - - Banks have been given extra leeway to increase financing of high priority projects following the latest Bangko Sentral ng Pilipinas’ (BSP) directive excluding loans guaranteed by Multilateral Financial Institutions (MFIs) from the cap on banks’ loans to subsidiaries and... Read More

  PSBank to continue select services on All Saints Day

MANILA -- Philippine Savings Bank (PSBank) branches nationwide will be closed on October 31 and November 1 (All Saints’ Day) but online facilities and payroll services will continue.In a statement, the thrift banking arm of Metrobank said all its 609 automated teller machines (ATMs) will be... Read More

Basic Energy to invest in RE projects abroad

MANILA -- Publicly-listed holding firm Basic Energy Corp. (BEC) is investing in four renewable energy projects in Japan, Myanmar and Thailand as part of its overseas expansion.“The investments are seen to provide Basic Energy with revenue streams off projects with fast turnaround times,”... Read More

PH, China to remain world’s fastest growing economies

MANILA -- The Philippines and China are projected to continue being the fastest growing countries in the world, bolstering trade links between the two countries in the next decades, said an economist.Prof. Federico Macaranas, former chairman of Asian Institute of Management’s Department of... Read More

More Chinese investors keen on PH

MANILA -- More Chinese companies are keen on investing in the Philippines, encouraged by its robust economic growth and huge market.“We received a lot of (business) delegations that are inquiring about all (sectors) especially in the tourism, infrastructure, chemicals, fruits and so... Read More

Task force formed to help solve infra process gaps

MANILA -- An inter-agency task force was recently created to institute policies and processes to address bottlenecks and gaps in the country's infrastructure development, according to the National Economic and Development Authority (NEDA).NEDA Director General and Socioeconomic Planning Secretary... Read More

PNB raises P6.35-B long-term fund

MANILA - - The Philippine National Bank (PNB) was able to raise PHP6.35 billion from the issuance of its 5.5-year Long-Term Negotiable Certificates of Time Deposit (LTNCTD), proceeds of which will be used to boost its business.During the listing of the LTNCTD with the Philippine Dealing System (PDS)... Read More

Peso slightly up vs. USD; PSEi down

MANILA - - Off-loading by exporters and money changers of their dollar holders favored the Philippine peso Thursday while the Philippine Stock Exchange index (PSEi) finished on the red a day after recovering.The local unit finished the day at 51.75 from 51.77 a day ago, which a trader pointed said... Read More

BSP readies banks’ cybersecurity upgrades

MANILA -- Cyber criminals continue to look for ways on how to hit information technology (IT) systems of companies and various institutions.In the case of Philippine banks, these institutions have upped their system especially since the Bangko Sentral ng Pilipinas (BSP) now rate these financial... Read More

EU eyes 55-M-euro grant for Marawi rehab

MANILA -- European Union (EU) Ambassador to the Philippines Franz Jessen said Thursday the bloc is eyeing a 55 million-euro (about PHP3 billion) grant to support Mindanao, particularly the rehabilitation of Marawi City.On the sidelines of the Energy Smart Philippines 2017, Jessen told reporters that... Read More

BSP chief: Peso still stable amids hitting 11-year lows

MANILA -- Hopes for additional hikes in the Federal Reserve rates as well as naming of a hawk to head the Fed are the recent reasons for the drop of the Philippine peso to its 11-year low to a greenback.Amid this, Philippine monetary officials continue to assure the public that the peso remains... Read More

BSP cuts longer-term TDF offering

MANILA - - Bangko Sentral ng Pilipinas’ (BSP) has cut offering for the Nov. 2 auction on longer-tenor Term Deposit Facility (TDF) from PHP 100 billion to PHP90 billion due to sustained under-subscription.Offering for the shorter-term remains at PHP 40 billion, central bank data released... Read More