Business

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

No price hike for Pinoy Tasty, Pinoy Pandesal until December: DTI

No price hike for Pinoy Tasty, Pinoy Pandesal until December: DTI

October 12, 2018, 8:29 am

MANILA -- There is no movement in the prices of Pinoy Tasty and Pinoy Pandesal until December this year, Department of Trade and Industry (DTI) Secretary Ramon Lopez said. In a text message, Lopez said the price of Pinoy Tasty remains at PHP35 per loaf, while Pinoy Pandesal at PHP21.50 per… Read More

DOTr to grant original proponent status on Davao, Kalibo airport bids

DOTr to grant original proponent status on Davao, Kalibo airport bids

October 12, 2018, 6:33 am

MANILA — The Department of Transportation (DOTr) is set to grant original proponent status (OPS) on the proposals to expand, operate and manage the Davao and Kalibo International Airports. This, as a resolution for the granting of the OPS to unsolicited proposals for both airports is now… Read More

Structural reforms to prevent liquidity problem contagion in EMs

Structural reforms to prevent liquidity problem contagion in EMs

October 11, 2018, 8:00 pm

MANILA -- Improved fundamentals is expected to cushion the impact of tightening global liquidity in emerging markets (EMs), including the Philippines. In a report, Standard & Poor’s Global Ratings discounted the possible spread of potential liquidity problems in most EMs as a result of interest… Read More

Auto sales down by 9.7% in September

Auto sales down by 9.7% in September

October 11, 2018, 7:32 pm

MANILA -- The sales of automotive vehicles in September this year posted a 9.7-percent decrement to 31,116 units from 34,445 unit sales, a joint report released Thursday by the Chamber of Automotive Manufacturers of the Philippines (CAMPI) and Truck Manufacturers Association (TMA) revealed. Both… Read More

Peso ends flat; PSEi slides again in Thursday trading

Peso ends flat; PSEi slides again in Thursday trading

October 11, 2018, 6:49 pm

MANILA -- Foreign selling, triggered by concerns over the US-China trade war, once again spread bearishness in the Philippines equities market Thursday and resulted in a flat close for the peso against the greenback. The peso finished the trade at 54.18, which a trader said is in line with… Read More

PEZA head seeks meeting with PRRD on TRAIN-2

PEZA head seeks meeting with PRRD on TRAIN-2

October 11, 2018, 4:34 pm

MANILA -- Philippine Economic Zone Authority (PEZA) Director General Charito Plaza wants to talk directly to President Rodrigo Duterte to discuss her agency’s concerns about the second package of the tax reform program. On the sidelines of the Economic Journalists Association of the Philippines… Read More

PT&T seeks 3rd telco slot

PT&T seeks 3rd telco slot

October 11, 2018, 3:47 pm

MANILA -- The Philippine Telegraph and Telephone Company (PT&T) formally threw its hat in the race to become the new major player in the local telecommunications industry. This, as PT&T purchased bidding documents Wednesday joining bidders Udenna Corporation of Davao-based businessman Dennis Uy,… Read More

DTI says port congestion no excuse to hike prices

DTI says port congestion no excuse to hike prices

October 11, 2018, 3:45 pm

MANILA -- Trade Secretary Ramon Lopez echoed the statement of Bureau of Customs (BOC) Commissioner Isidro Lapeña that the Port of Manila is not congested hence, port congestion cannot be used as an excuse to raise the prices of goods. In a statement Monday, Lopez said he had a meeting with… Read More

Rice contribution to inflation grew tenfold: DOF

Rice contribution to inflation grew tenfold: DOF

October 11, 2018, 2:33 pm

MANILA -- Basic food items, such as rice, fish, meat and vegetables, have been major drivers of inflation this year with the contribution of rice rising 10 times to 1 percentage point of the inflation rate, the Department of Finance (DOF) said in a statement on Thursday. According to the… Read More