Business

TF to study impact of oil excise tax suspension to be formed

TF to study impact of oil excise tax suspension to be formed

October 16, 2018, 10:58 pm

MANILA – Economic managers are in the process of forming a task force to study what happens to government projects already in the pipeline, should the oil excise tax' second tranche be put on hold. In a briefing Tuesday, Finance Secretary Carlos Dominguez III said members of the inter-agency… Read More

Gov't adjusts GDP, inflation targets

Gov't adjusts GDP, inflation targets

October 16, 2018, 8:47 pm

MANILA – The Philippine government's economic managers on Tuesday announced the revision of some economic targets after factoring-in the impact of mostly external factors. In a briefing, Budget and Management Secretary Benjamin Diokno said the gross domestic product (GDP) target for 2018 was cut… Read More

Local markets manage to eke gains Tuesday

Local markets manage to eke gains Tuesday

October 16, 2018, 8:42 pm

MANILA – Both the Philippine Stock Exchange index (PSEi) and the peso finished Tuesday with gains even as investors contemplate how a souring of US-Saudi relations over the presumed murder of journalist Jamal Khashoggi can shake world markets, particularly the world crude market. PSEi gained… Read More

PRRD expresses support for Silk Road initiatives

PRRD expresses support for Silk Road initiatives

October 16, 2018, 5:54 pm

ZHIANGJIAJIE, China – President Rodrigo Duterte has expressed support for the initiatives of the Silk Road Chamber of International Commerce (SRCIC), which seeks to promote trade and economic development in the region. In a message sent to the SRCIC for the 2018 Silk Road Business Summit that… Read More

Non-infra programs face cancellation if oil excise tax suspended

Non-infra programs face cancellation if oil excise tax suspended

October 15, 2018, 9:45 pm

MANILA – Some of the Duterte administration's non-infrastructure expenditures scheduled for 2019 face possible cancellation if the implementation the oil excise tax's second tranch is put on hold due to soaring world crude prices, Finance Secretary Carlos Dominguez III said. Under the Tax Reform… Read More

Peso stays afloat but PSEi weighed down by trade concerns

Peso stays afloat but PSEi weighed down by trade concerns

October 15, 2018, 8:37 pm

MANILA – Stronger inflows from Overseas Filipino Workers (OFWs) as of end-August 2018 buoyed the peso Monday but the Philippine Stock Exchange index (PSEi) fell on jitters created by US President Donald Trump's threat to impose additional tariff on Chinese goods. The local unit ended the day at… Read More

DA eyes support price for some agri products

DA eyes support price for some agri products

October 15, 2018, 8:35 pm

MANILA -- The Department of Agriculture (DA) mulls the setting of farm support prices for some agricultural products like rice, chicken and pork, to protect producers from a sudden decline in the prices of these commodities as supply continues to recover. Agriculture Secretary Emmanuel Piñol said… Read More

BTr rejects 91-day T-bill bids, partially awards longer tenors

BTr rejects 91-day T-bill bids, partially awards longer tenors

October 15, 2018, 8:29 pm

MANILA -- Demands for greater yield resulted in the rejection of bids for the 91-day Treasury bill (T-bill) and only partial awards for the two higher tenors by the Bureau of the Treasury (BTr) Monday. Had the auction committee made a full award of PHP4 billion for the bellwether three-month… Read More

Dominguez calls for crackdown vs. smuggling

Dominguez calls for crackdown vs. smuggling

October 15, 2018, 4:48 pm

MANILA -- Finance Secretary Carlos Dominguez III on Monday called for renewed vigor in government's drive against smuggling following the commissioning of two fast patrol boats that will be used for joint operations of the Bureau of Customs (BOC) and the Philippine Coast Guard (PCG). The two… Read More

Senate pushes for oil excise tax reduction

Senate pushes for oil excise tax reduction

October 15, 2018, 3:20 pm

LEGAZPI CITY -- Senate Majority Floor Leader Juan Miguel Zubiri said over the weekend the Senate has recommended a PHP2.00 reduction in the excise tax levied on petroleum products as an immediate measure to cushion inflation, which reached a multi-year high at 6.7 percent in September this year.… Read More

Silk Road Chamber offers funding for PH projects

Silk Road Chamber offers funding for PH projects

October 15, 2018, 11:11 am

ZHIANGJIAJIE, China – The Silk Road Chamber of International Commerce (SRCIC) is offering RMB50-billion funding (USD7.3 billion) for projects in the Philippines, its chairman Lu Jianzhong said. Lu told reporters here that the SRCIC will make the Silk Road Development Fund available to different… Read More

Duterte to announce oil excise tax hike suspension

Duterte to announce oil excise tax hike suspension

October 14, 2018, 10:10 pm

MANILA — President Rodrigo R. Duterte is set to announce his decision on the temporary suspension of the scheduled oil excise tax hike for 2019, as price of oil in the international market is projected to remain at USD80 per barrel level in the coming months. “Today’s price and multiple… Read More

‘Affordable luxury hotel’ in BGC launched

‘Affordable luxury hotel’ in BGC launched

October 14, 2018, 7:29 pm

MANILA — A group of real estate developer and hotel operators are taking advantage of the growing number of business travelers and tourists in the Philippines, as they launched an “affordable luxury hotel” in Bonifacio Global City (BGC), Taguig City. C-5 Mansions Development Corp. and Novel… Read More

Pinoy bizmen urged to open shops in China's 'Silk Road' district

Pinoy bizmen urged to open shops in China's 'Silk Road' district

October 14, 2018, 3:29 pm

XI'AN, China — Filipino businessman are urged to explore opportunities in Tang West Market here, the original site of the starting point of the ancient network of trade routes called 'Silk Road'. Hu Ji, consultant of Tang West Market Cultural Industry Investment Group Co., Ltd., said in an… Read More

Finally, an oil price rollback Monday

Finally, an oil price rollback Monday

October 14, 2018, 9:14 am

MANILA -- After weeks of nearly unabated increases, Filipino motorists will get a respite when local oil companies roll back pump prices effective 6 a.m., Oct. 15. In separate advisories, oil firms announced downward price adjustments amounting to PHP0.85 per liter of unleaded gasoline, PHP0.65… Read More

Now Telecom’s TRO petition junked, search for 3rd telco goes on

Now Telecom’s TRO petition junked, search for 3rd telco goes on

October 12, 2018, 7:54 pm

MANILA – A major stumbling block has been removed in the selection for the local telecommunications industry's third player after the Manila Regional Trial Court (RTC) junked a petition for a temporary restraining order (TRO) filed by Now Telecom against the terms of reference set by the… Read More

SSS reminds self-employed, voluntary members to pay using PRN

SSS reminds self-employed, voluntary members to pay using PRN

October 12, 2018, 7:51 pm

MANILA -- The Social Security System (SSS) reminded self-employed and voluntary members to pay their monthly contributions using the Payment Reference Number (PRN) to ensure instantaneous posting to their accounts. The SSS, in a statement Friday, clarified that it will only accept payments without… Read More

Local markets' resiliency shines through as trading week closes

Local markets' resiliency shines through as trading week closes

October 12, 2018, 7:46 pm

MANILA — News of a one-on-one talk between US President Donald Trump and China President Xi Jinping at the G20 meeting in Buenos Aires next month, possibly ending the trade standoff, enabled local stocks to end the week with gains and the Peso to sustain its firmness. The Philippine Stock… Read More

 Pru Life UK exec optimistic about peso-hedged product

Pru Life UK exec optimistic about peso-hedged product

October 12, 2018, 7:44 pm

MANILA -- Filipinos are now considered mature enough in their investment choices and their appetite for products, much toned down from their risky tastes in investment in the past. Pru Life UK Chief Investment Officer Anthony Garces told the Philippines News Agency (PNA) on Friday that Filipino… Read More

China Telecom to bid for 3rd telco slot

China Telecom to bid for 3rd telco slot

October 12, 2018, 5:38 pm

MANILA -- China Telecom on Friday purchased bidding documents, formally signaling its participation in the selection process for the next major player in the country's telecommunications industry. The Chinese telco firm is the second foreign company, after Norway’s Telenor Group, to express… Read More