Business

Peso firmer but local stocks down on geo-political tensions

Peso firmer but local stocks down on geo-political tensions

October 24, 2018, 7:09 pm

MANILA -- The softening of global oil prices boosted the Philippine Peso but the Philippine Stock Exchange index (PSEi) declined anew as tensions between the US and Saudi Arabia heat up. The Peso finished the day at 53.725, better than the 53.815 close on Tuesday. A trader attributed this to the 4… Read More

TRAIN's 2018 revenue target cut

TRAIN's 2018 revenue target cut

October 24, 2018, 7:07 pm

MANILA -- Economic managers have reduced the revenue goal from the Tax Reform for Acceleration and Inclusion (TRAIN) law this year, mainly because of the delayed implementation of electronic invoicing (e-invoicing) and fuel marking. During a Senate hearing Wednesday, Finance Undersecretary Karl… Read More

Gov’t recognizes auto industry’s economic contributions

Gov’t recognizes auto industry’s economic contributions

October 24, 2018, 7:04 pm

MANILA -- The Philippine government has recognized the automotive vehicle industry's contributions towards accelerating the country’s economic growth in recent years, a Palace official said. During the 7th Philippine International Motor Show in Pasay City on Wednesday, Executive Secretary… Read More

Auto manufacturers see 14% sales drop this year

Auto manufacturers see 14% sales drop this year

October 24, 2018, 6:03 pm

MANILA -- The Chamber of Automotive Manufacturers of the Philippines (CAMPI) disclosed that its member companies have expected a combined drop in sales by 14 percent this year compared to the 2017 figure. On the sidelines of the 7th Philippine International Motor Show (PIMS) in Pasay City, CAMPI… Read More

Cashalo exec cites importance of financial literacy

Cashalo exec cites importance of financial literacy

October 24, 2018, 9:03 am

MANILA -- Several entities offering financial products have tapped financial technology or fintech to more efficiently cater to their target market, which is normally the underserved or the unbanked population. While this is a plus, especially to the micro, small, and medium enterprises (MSMEs),… Read More

Use of S&T to boost food output, lower prices: NEDA

Use of S&T to boost food output, lower prices: NEDA

October 23, 2018, 11:38 pm

MANILA — The government must invest more on science and technology (S&T) for the country’s food industry to bring down inflation, the National Economic and Development Authority (NEDA) said. Socioeconomic Planning Secretary Ernesto Pernia attributed the rise in the inflation rate mainly to the… Read More

Rice price ceiling violators may face sanctions: DA

Rice price ceiling violators may face sanctions: DA

October 23, 2018, 11:35 pm

MANILA — The Department of Agriculture (DA) on Tuesday warned rice retailers and vendors in Metro Manila and nearby areas that they will face fines and other penalties if caught selling their products higher than the suggested retail prices (SRP). The implementation of the SRP for premium… Read More

Regional collective action brings huge benefits: ADB

Regional collective action brings huge benefits: ADB

October 23, 2018, 11:33 pm

MANILA — Asia-Pacific’s developing economies, including the Philippines, can align their national development priorities with the need for regional public goods (RPGs), such as cross-border infrastructure, to promote collective action and enhance benefits, a new report from the Asian… Read More

PSEi down on profit-taking; peso holds steady

PSEi down on profit-taking; peso holds steady

October 23, 2018, 7:06 pm

MANILA -- Profit-taking cut short the Philippine Stock Exchange index’ (PSEi) five-day winning streak but the peso ended little changed during Tuesday's trading. The main stocks gauge shed 0.53 percent, or 38.54 points, to 7,197.62 points. P2P Trade Online, in a market report, said net selling… Read More

No to extending sunset provision of TEZ incentives: Dominguez

No to extending sunset provision of TEZ incentives: Dominguez

October 23, 2018, 7:04 pm

MANILA -- Finance Secretary Carlos Dominguez III has opposed an extension of the period, wherein companies in Tourism Enterprise Zones (TEZs) may avail of government incentives. Republic Act (RA) 9593, otherwise known as the Tourism Act of 2009, was enacted in 2009 but its Implementing Rules and… Read More

Proposed toll hikes have minimal impact on inflation

Proposed toll hikes have minimal impact on inflation

October 23, 2018, 6:58 pm

MANILA -- Tollways operator Metro Pacific Tollways Corporation (MPTC) on Tuesday assured that its proposed toll increases will only cause minimal impact on the country's inflation rate. “Any adjustments will have impact but we have implemented measures that will mitigate or lessen the impact… Read More

BTr reject bids for 7-yr T-bonds

BTr reject bids for 7-yr T-bonds

October 23, 2018, 5:00 pm

MANILA -- The Bureau of the Treasury’s (BTr) auction committee on Tuesday rejected all bids for the seven-year Treasury bond (T-bond) despite the high demand after investors asked for yields that were deemed too high. Had the auction committee made a full award of PHP15 billion, rate of the debt… Read More

Sales of imported vehicles down by 13% Jan.-Sept. 2018

Sales of imported vehicles down by 13% Jan.-Sept. 2018

October 23, 2018, 4:33 pm

MANILA – The Association of Vehicle Importers and Distributors (AVID) reported that sales of its declined by 13 percent to 65,917 units in January-September this year from 75,949 units sold during the same period in 2017. “AVID sales hit 65,917 units sold in the first nine months of the year… Read More

PH, US resolve trade issues, eye stronger economic ties

PH, US resolve trade issues, eye stronger economic ties

October 23, 2018, 3:40 pm

MANILA -- The Philippine and United States governments jointly announced that huge strides have been made towards resolving bilateral trade issues under the Trade and Investment Framework Agreement (TIFA), saying that both parties are committed to enhance economic ties. This was contained in a… Read More

Robust gov’t spending to drive H2 growth: economist

Robust gov’t spending to drive H2 growth: economist

October 23, 2018, 3:38 pm

MANILA -- An economist of ING Bank Manila remains optimistic that the Philippine economy will continue to expand in the second half of 2018, largely driven by robust government spending. Citing data released by the Bureau of the Treasury (BTr) Monday, ING Bank Manila senior economist Nicholas… Read More

Ease of doing business IRR submitted to PRRD

Ease of doing business IRR submitted to PRRD

October 23, 2018, 2:38 pm

MANILA -- The Department of Trade and Industry (DTI) has submitted the implementing rules and regulations (IRR) of Ease of Doing Business and Efficient Government Service Delivery Act of 2018 or the EODB law to President Rodrigo Duterte on Monday. “Official issuance [of the IRR is] once the… Read More

Firms get original proponent status for Davao, Kalibo airports

Firms get original proponent status for Davao, Kalibo airports

October 23, 2018, 2:31 pm

MANILA -- The Department of Transportation (DOTr) announced on Tuesday that it granted the original proponent status (OPS) on the proposals to expand, operate and manage the Davao and Kalibo International Airports. This as the board of the Civil Aviation Authority of the Philippines (CAAP), headed… Read More

Landbank lowers offer for PDSHC stake

Landbank lowers offer for PDSHC stake

October 22, 2018, 9:02 pm

MANILA — The management of Land Bank of the Philippines (Landbank) has reduced its offer to buy majority stake in the Philippine Dealing System Holdings Corp. (PDSHC) from PHP360 apiece to PHP215 after the latter registered lower net asset value. In an interview with journalists Monday, Landbank… Read More

Gov’t reforms making PH more competitive: DTI

Gov’t reforms making PH more competitive: DTI

October 22, 2018, 9:00 pm

MANILA — The government's continued effort to improve the business environment in order to make the Philippines a more competitive investment destination has been bearing fruit, the Department of Trade and Industry (DTI) said. In a statement, Trade Secretary Ramon Lopez welcomes the country’s… Read More

Local markets off to a good start this week

Local markets off to a good start this week

October 22, 2018, 7:59 pm

MANILA -- Risk-on sentiments prevailed in local markets at the start of the trading week, lifting the Philippine Stock Exchange index (PSEi) and helping the peso keep its ground amid an invigorated US dollar. The main equities gauge rose 1.18 percent, or 84.64 points, to 7,236.16 points, which… Read More