PSEi up ahead of Fed decision; peso stays strong

MANILA - - Expectations for a hike in the Federal Reserve’s rate after the meeting of the Federal Open Market Committee (FOMC) later in the day led the Philippines main equities index to recover Wednesday as the peso stayed firm on wait-and-see stance.The Philippine Stock Exchange index (PSEi)... Read More

Loan validity for Visayas projects extended

MANILA -- The National Economic and Development Authority (NEDA) Investment Coordination Committee-Cabinet Committee (ICC-CabCom) has approved the extension of the loan validity and the construction period of road and dam projects in the Visayas region.It gave the green light to the request of the... Read More

Car sales breaches 40K-mark in Nov. '17

MANILA -- Monthly sales of automotive vehicles among members of Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) breached the 40,000-mark in November this year. CAMPI and TMA reported Wednesday that combined sales of the two industry... Read More

Ilocana dragon fruit producer joins techno mission in Bangkok

LAOAG CITY— A dragon fruit producer and processor in Ilocos Norte province is on a technological mission to Bangkok, Thailand to share their best practices and learn from others.Bringing in the latest innovations from the REFMAD Farm’s processed dragon fruit products, such as energy tea,... Read More

Production output, value slow down in Oct. '17 

MANILA --Manufacturing industry's production volume and value slowed down in October this year, the Philippine Statistics Authority (PSA) reported Tuesday. Volume of production index (VoPi) for October this year declined by 6.5 percent, from a 9.9 percent growth in the same month in 2016. Likewise,... Read More

IT-BPM resurgence seen in 2018

MANILA -- The office property market is expected to continue expanding next year with a resurgence of the information technology-business process management (IT-BPM) and growth of the offshore online gaming industry.David Leechiu, chief executive officer of Leechiu Property Consultants (LPC),... Read More

Peso, PSEi down ahead of BSP, Fed meetings

MANILA - - Risk-off sentiment ahead of the respective policy meetings of the Bangko Sentral ng Pilipinas (BSP) and the Federal Reserve this week weakened the Philippine peso and local equities market on Tuesday.The local currency ended the day’s trade at 50.51 from 50.36 a day ago, which was... Read More

P3-B worth of cigarettes with fake stamps destroyed

P3-B worth of cigarettes with fake stamps destroyedMANILA -- Finance Secretary Carlos Dominguez III on Tuesday personally witnessed the destruction of cigarettes with fake tax stamps confiscated from the warehouses of Mighty Corp. in Bulacan and Pampanga last March.The event, held at the Norzagaray... Read More

Dominguez hails Bicam’s approval of proposed tax reforms

MANILA -- Finance Secretary Carlos Dominguez III is happy with the Bicameral Conference Committee’s approval of the first package of the proposed tax reform, gains from which is seen to reach PHP130 billion, near the PHP157 billion projected by the Department of Finance (DOF).In a briefing... Read More

Anti-trust body issues guidelines on SM-Goldilocks deal

MANILA -- The Philippine Competition Commission (PCC) said it has issued a Statement of Concerns (SOC) to the parties involved in the planned acquisition of Goldilocks Bakeshop, Inc., the country's largest bakeshop chain, by Sy-led SM Investments Corp. (SMIC). In a media briefing Tuesday, PCC... Read More

Vitarich to spend P130-M for new feed mill next year

MANILA -- Listed agribusiness firm Vitarich Corp. is earmarking PHP130 million in capital expenditures (capex) next year in an effort to expand its production capacity and achieve a target revenue growth of more than 30 percent.The company allotted about PHP80 million in capital spending in... Read More

Total trade grows 10.4% in October

MANILA -- The country’s total trade grew by 10.4 percent in October 2017 from 4.6 percent in the previous month after exports recorded its 11th consecutive month of positive growth, the Philippine Statistics Authority (PSA) reported on Tuesday.The PSA, an attached agency of the National... Read More

Unemployment slightly up in October

MANILA -- The country’s unemployment rate slightly increased to 5 percent last October from 4.7 percent in the same month last year, the Philippine Statistics Authority (PSA) reported on Tuesday.In its October 2017 Labor Force Survey (LFS), the PSA, an attached agency of the National Economic... Read More

RCBC to BB: Share results of cyber heist probe

MANILA -- Rizal Commercial Banking Corp. (RCBC) has again called on officials of Bangladesh Bank (BB) to make public the results of its own investigation on the 2016 bank heist, wherein it lost a substantial amount, instead of blaming other entities.In a statement Tuesday, lawyer George dela Cuesta,... Read More

Oil firms cut pump prices Tuesday

MANILA -- Oil firms slashed pump prices on Tuesday, reflecting petroleum price movement in the international petroleum market.In separate advisories, Flying V and Seaoil cut gasoline prices by 25 centavos per liter and kerosene price by 15 centavos per liter effective midnight Tuesday.Meanwhile,... Read More

Nomura sees PSEi hitting 9,100 pts by 2018

MANILA --Online brokerage BDO Nomura Securities Inc. expects the local stock barometer to rise to the 9,100 points by the end of 2018, bolstered by strong economic growth story of the Philippines.Dante Tinga Jr., head of equity research at BDO Nomura Securities, remains bullish about the outlook for... Read More

New South Wales wants to boost economic ties with PH

MANILA – The government of New South Wales aims to strengthen its trade and investment ties with the Philippines, particularly sharing its expertise and technological know-how and participating in infrastructure projects. In a statement Monday, Department of Trade and Industry (DTI) Secretary... Read More

Philab expands into precision medicine with SLI acquisition

MANILA -- Listed healthcare technology company Philab Holdings Corp. on Monday confirmed its plans to acquire 67 percent of local pharmaceutical firm Sydenham Laboratories Inc. (SLI) in a bid to expand its portfolio.“SLI’s specialty in manufacturing pharmaceutical products will enhance... Read More

Upgrade on PH credit rating a plus on planned ROP issuance

MANILA -- National Treasurer Rosalia De Leon said Monday’s upgrade by Fitch Rating of its ratings on the Philippines will further boost the government’s planned US dollar-denominated bond issuance in early 2018.“I think, if ever we go out it’s very good timing following the... Read More

Upgrade on PH's credit ratings boosts peso, PSEi

MANILA - - Monday’s upgrade by Fitch Ratings on the Philippines’ investment grade to ‘BBB’ from ‘BBB-‘ with Stable outlook lifted both the peso and the Philippine Stock Exchange index (PSEi) on Monday.The local unit finished the day’s trade at 50.36, way... Read More