Business
PH asks South Korea to cut banana tariff
September 2, 2018, 12:04 pm
MANILA -- The Philippines’ trade department is in talks with its counterpart in South Korea to further reduce tariff rate for its banana exports entering the East Asian country. In a text message to reporters over the weekend, Department of Trade and Industry (DTI) Secretary Ramon Lopez said he… Read More
Domestic liquidity growth eases further in July: BSP
August 31, 2018, 9:43 pm
MANILA -- Bangko Sentral ng Pilipinas' (BSP) preliminary data released Friday showed that domestic liquidity (M3) grew by 11.0 percent year-on year to about P11.1 trillion in July 2018, slower than the 11.8-percent (revised) expansion in the previous month. On a month-on-month seasonally-adjusted… Read More
Local stocks up, Peso little changed as trading week ends
August 31, 2018, 8:05 pm
MANILA -- The resiliency of the Philippine peso and the Philippine Stock Exchange index (PSEi) shone through on Friday amidst negative sentiments due to concerns over US-China trade woes and worsening economic issues in Argentina and Turkey. Local equities also suffered from the impact of… Read More
Economists forecast '6%-level' August inflation
August 31, 2018, 8:03 pm
MANILA -- Private-sector economists forecast August's inflation to be in the "six percent-level", slightly higher than what their counterparts in government are predicting. In a report released Friday, ING economist for Asia Prakash Sakpal forecasts “inflation surging past the six percent mark… Read More
PH joins move for ASEAN-wide Self-Certification Scheme
August 31, 2018, 7:38 pm
MANILA -- The Philippines, along with the nine member states of Association of Southeast Asian Nations (ASEAN), are on their way towards the realization of an ASEAN-wide Self-Certification Scheme (AWSC). During the ASEAN Economic Ministers (AEM) Meeting in Singapore from August 29 to September 1,… Read More
Seamless electronic toll collection for CALAX motorists by 2020
August 31, 2018, 7:35 pm
MANILA -- An electronic toll collection (ETC) system will be established along the Cavite-Laguna Expressway (CALAX) once its construction is completed by 2020. CALAX operator MPCALA Holdings Incorporated has signed an agreement with infrastructure firm Egis Projects Philippines Inc. (EPPI) for the… Read More
Beep card transactions hit 1-B mark
August 31, 2018, 7:33 pm
MANILA -- The payment of fares using beep cards by passengers of Light Rail Transit (LRT) Lines 1 and 2, as well as the Metro Rail Transit Line 3 (MRT-3) has reached the one billion mark this month. Of this number, 56 percent were beep card transactions while 44 percent were cash through single… Read More
BSP forecasts August inflation at 5.9%
August 31, 2018, 6:39 pm
MANILA -- Philippine monetary officials are expecting inflation to soar even higher in August, about 5.9 percent, or even higher than a month-ago’s multiyear high of 5.7 percent. In a statement Friday, the Bangko Sentral ng Pilipinas (BSP) said its Department of Economic Research (DER) forecasts… Read More
DTI asks wet market vendors to explain poultry prices
August 31, 2018, 4:58 pm
MANILA -- The Department of Trade and Industry (DTI) issued on Friday letters of inquiry to 15 wet market vendors in Paco Market (Manila) and Nepa Q-Mart (Quezon City), asking them to explain why the prices of chicken are so high. This, is after the Fair Trade Enforcement Bureau (FTEB) learned… Read More
15-yr transition period needed for federalism: NEDA
August 31, 2018, 4:56 pm
MANILA -- The switch to a federal system of government should be carried out in five phases spanning 15 years to avoid disruption to the economy’s growth momentum, the National Economic and Development Authority (NEDA) said in a statement on Friday. In a presentation at the cabinet-level… Read More
Vehicle sales hit largest drop in July
August 31, 2018, 1:38 pm
MANILA -- Motor vehicle sales in the country dropped sharply in July, as revealed by the joint report of the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) which was released Friday. Combined sales of CAMPI and TMA last month declined… Read More
Technology boosting PH SMEs' competitiveness: survey
August 31, 2018, 9:55 am
MANILA -- Adaptation by Philippine-based small and medium enterprises (SMEs) is high and this gives them a big advantage to be at par with the best in the world. Results of the survey “Global is the New Local: The Changing International Trade Patterns of Small Businesses in Asia Pacific”… Read More
PSEi recovers, Peso stands firm on Thursday
August 30, 2018, 7:44 pm
MANILA -- The Philippines’ main equities gauge recovered while the peso ended almost unchanged against the greenback during Thursday's session as investors remain on the wait-and-see mode. Philippine Stock Exchange index (PSEi) gained 0.28 percent, or 22.20 points, to 7,853.16 points, which a… Read More
Diokno eyes passage of all tax measures in 8 weeks
August 30, 2018, 7:13 pm
MANILA -- Budget and Management Secretary Benjamin Diokno is optimistic about the passage of all tax reform measures within the next two months, noting that lawmakers understand their importance in realizing the government’s infrastructure program. “I’m very confident that all the tax… Read More
Economic managers seek clarity on proposed federal charter
August 30, 2018, 7:02 pm
MANILA -- Clarity. This is what economic managers are seeking from the draft Federal Constitution. Finance Secretary Carlos Dominguez III said this is what he said during the meeting between members of the Economic Development Cluster and some members of the Consultative Committee that ended… Read More
Rules on reporting cyber attacks, IT glitches out soon: BSP
August 30, 2018, 5:21 pm
MANILA -- A circular that will require banks to report as soon as possible any cyber attack and other Information Technology-related incidents in their systems is expected to be released in September, a ranking Bangko Sentral ng Pilipinas (BSP) official said. BSP Deputy Governor Chuchi Fonacier… Read More
Dominguez welcomes local currency financing plan for infra program
August 30, 2018, 5:01 pm
MANILA -- Finance Secretary Carlos Dominguez III welcomes a proposal by the Asian Infrastructure Investment Bank (AIIB) to use local currency financing to help fund the Duterte administration’s infrastructure program, noting that this will reduce foreign currency risks. “If you take the view… Read More
BIR files raps vs. 4 alleged delinquent taxpayers
August 30, 2018, 1:23 pm
MANILA -- The Bureau of Internal Revenue (BIR) announced in a statement on Thursday that it has filed four separate criminal complaints with the Department of Justice against delinquent taxpayers for willful failure to pay taxes under the National Internal Revenue Code of 1997, as amended (Tax… Read More
Diokno hopeful of infra projects financing pact w/ China by Nov '18
August 30, 2018, 7:35 am
MANILA -- Budget and Management Secretary Benjamin Diokno expressed optimism for the signing of at least 10 infrastructure-related agreements with China in November during the visit to the Philippines of Chinese President Xi Jinping. The Chinese government has committed to help in the financing of… Read More
MARINA to accredit cruise ships up to 20 years old
August 29, 2018, 7:47 pm
MANILA -- The Maritime Industry Authority (MARINA) announced that cruise ships in service between one to twenty years will undergo a process of accreditation to ensure the seaworthiness of ocean vessels traversing along the Philippine seas. This, as the agency said it supports the development of… Read More
