Business

PH inks oil exploration deal with Israeli firm

PH inks oil exploration deal with Israeli firm

October 17, 2018, 9:10 pm

MANILA — Energy Secretary Alfonso G. Cusi witnessed on Wednesday the ceremonial signing of the Petroleum Service Contract (PSC) for Area 4 (East Palawan Basin) of the Fifth Philippine Energy Contracting Round (PECR5) at the Presidents' Hall of Malacanan Palace. President Rodrigo R. Duterte… Read More

Avida eyes P4-B sales from Mandaluyong residential project

Avida eyes P4-B sales from Mandaluyong residential project

October 17, 2018, 8:01 pm

MANILA — The mid-range brand of property giant Ayala Land Inc. expects to generate PHP4 billion in sales from its residential project in Mandaluyong City, targeting business process outsourcing (BPO) employees and other office workers. Melissa Corpuz, Project Development Manager for North Luzon… Read More

Oil futures forecast downward trend

Oil futures forecast downward trend

October 17, 2018, 7:56 pm

MANILA -- The current price of Dubai crude oil in the international market is now over USD80 per barrel but oil futures predict declining levels in 2019. In an economic bulletin Wednesday, the Department of Finance (DOF) said oil prices remain volatile due to combination of factors that include… Read More

Local markets still up for a 2nd day

Local markets still up for a 2nd day

October 17, 2018, 7:38 pm

MANILA – Both the Philippine bourse and the peso ended with gains for the second consecutive day Wednesday, mirroring the bullish sentiment at Wall Street. The Philippine Stock Exchange index (PSEi) rose by 1.61 percent, or 112.66 points, to 7,099.68 points. Landbank market economist Guian… Read More

TDF rates down this week

TDF rates down this week

October 17, 2018, 7:37 pm

MANILA – The rates of Bangko Sentral ng Pilipinas’ (BSP) Term Deposit Facility (TDF) fell across-the-board Wednesday but the offering for the longest tenor increased for next week’s auction. Data released by the central bank showed that weighted average accepted yield of the seven-day… Read More

PCC imposes P16-M fine vs. Uber, Grab on merger deal

PCC imposes P16-M fine vs. Uber, Grab on merger deal

October 17, 2018, 7:15 pm

MANILA – The Philippine Competition Commission (PCC) has imposed a PHP16-million fine against ride-sharing firms Grab Philippines and Uber for violating the interim measures it has imposed during the review period of their merger earlier this year. The anti-trust watchdog said the non-compliance… Read More

Italpinas sets P3-B for 2 residential projects

Italpinas sets P3-B for 2 residential projects

October 17, 2018, 7:11 pm

MANILA – Green property developer Italpinas Development Corporation (IDC) will spend up to PHP3 billion next year to expand its residential projects in Batangas and Cagayan de Oro, to meet rising demand and to help address the housing backlog in the country. IDC chairman and chief executive… Read More

Liberalized importation to address inflation upticks

Liberalized importation to address inflation upticks

October 17, 2018, 6:57 pm

MANILA – The Philippine government’s bid to liberalize importation of some basic commodities is targeted to ensure sufficient supply and address inflation upticks but businessmen still need to go through the proper paperwork, the country's budget chief said. “The main objective of the… Read More

Community bakeries keep Pinoy 'Tasty', pandesal prices till yearend

Community bakeries keep Pinoy 'Tasty', pandesal prices till yearend

October 17, 2018, 6:21 pm

MANILA – Community bakeries across the country are matching a move by their bigger competitors to maintain the prices of Pinoy Tasty and Pinoy Pandesal until Dec. 31 this year, to help Filipino consumers enjoy the Christmas season despite high inflation. Philippine Federation of Bakers’… Read More

Protectionism could lead to price spike, cement importers say

Protectionism could lead to price spike, cement importers say

October 17, 2018, 5:21 pm

MANILA – Cement importers warned that cement prices in Metro Manila could hit record-highs if the Department of Trade and Industry (DTI) backs the adoption of protectionist policies. In an interview, Cohaco Cement Importer chair Napoleon Co said a bag of cement may reach up to PHP250 in the… Read More

No hike in Pantawid Pasada for 2019

No hike in Pantawid Pasada for 2019

October 17, 2018, 4:09 pm

MANILA – Beneficiaries of the government’s Pantawid Pasada program may not receive an increase in 2019 if the second hike in oil excise taxes under the Tax Reform for Acceleration and Inclusion (TRAIN) is suspended next year. In a briefing Wednesday, Budget Secretary Benjamin Diokno said the… Read More

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