Business
Chinese steel investor in talks with gov't for more perks
August 6, 2018, 8:11 pm
MANILA -- The Philippine government is considering extending more perks to a potential Chinese investor in the hopes it will establish an integrated steel mill, the country's top trade official revealed. Trade and Industry Ramon Lopez told reporters the government may provide more incentives to… Read More
Gov’t to hold job fair for 'Build, Build, Build' projects
August 6, 2018, 7:16 pm
MANILA -- Thousands of job vacancies in the construction sector may be filled on Sunday, Aug. 12, when government stages its own job fair dubbed Jobs Jobs Jobs Caravan. The positions up for grabs are exclusively for projects related to the “Build, Build, Build” program, the Duterte… Read More
Peso posts nearly 2-month high vs. USD, PSEi slips
August 6, 2018, 7:14 pm
MANILA -- The Philippine peso closed at nearly a two-month high against the US dollar on Monday but the Philippine Stock Exchange index (PSEi) slipped again on profit-taking. The local unit gained PHP0.3 after closing at PHP52.85 from PHP53.15 Friday last week. Its closing level at the start of… Read More
T-bills attract large bids on Monday
August 6, 2018, 6:45 pm
MANILA -- A strong demand for the Philippines’ Treasury bills (T-bills) resounded across-the-board Monday but rates were mixed on investors’ cautious stance ahead of important data releases this week. The Bureau of the Treasury (BTr) offered the bellwether 91-day paper for PHP4 billion and… Read More
10-centavo/liter rollback in gas, diesel set Tuesday
August 6, 2018, 6:00 pm
MANILA -- A 10-centavo per liter rollback in the prices of both unleaded gasoline and diesel is set to be implemented Tuesday (August 7), even if motorists are unlikely to notice the difference. Industry spokesmen, through separate text messages to journalists, announced the "very modest" price… Read More
LuLu Group to open first PH warehouse
August 6, 2018, 3:56 pm
MANILA -- Middle East supermarket chain LuLu Group International is all set to launch this week its first warehouse facility in the Philippines. May Export Philippines, the local unit of LuLu, will be inaugurating Warehouse No.1 at Calamba Premiere International Park in Calamba, Laguna on… Read More
645 firms still getting tax perks after 15 years
August 6, 2018, 2:06 pm
MANILA -- The Department of Finance (DOF) has identified a total of 645 registered enterprises that continue to receive tax incentives even after 15 years in the business, proving that investment perks usually given to big or multinational firms -- many of them are "inherently profitable" -- have… Read More
PSEi recovers, Peso end sideways amid trade war jitters
August 3, 2018, 7:48 pm
MANILA -- Bargain hunting boosted the Philippines’ main stocks gauge and the Peso remained afloat amid heightened trade war concerns between the world's two economic giants, the US and China. The Philippine Stock Exchange index (PSEi) recovered and rose 0.77 percent, or 59.84 points, to 7,819.39… Read More
Moody’s Analytics forecasts Q2 GDP growth at 6.6%
August 3, 2018, 7:28 pm
MANILA -- Moody's Analytics is betting on a 6.6 percent Gross Domestic Product (GDP) growth for the Philippines in the second quarter of 2018, which if achieved, would be solid performance from a country quickly earning a reputation as a regional growth leader. This is modestly lower than the 6.8… Read More
HSBC predicts 50 bps hike in BSP rates
August 3, 2018, 6:00 pm
MANILA -- Banking giant HSBC forecasts a 50 basis point increase in the Bangko Sentral ng Pilipinas’ (BSP) key rates when its policy-making Monetary Board (MB) holds this year's fifth rate-setting meeting on August 9. In a report on economic data and previews, HSBC traced its projected increase… Read More
Unemployment decline, hefty remittances buoy consumer spending
August 3, 2018, 4:02 pm
MANILA -- The declining number of unemployed as well as a hefty inflow of foreign remittances are seen to support local consumer spending in 2018 until 2019, a Fitch Group unit reported Friday. Fitch Solutions’ industry trend analysis on consumer and retail noted that spending of Filipino… Read More
CEZA welcomes Slovak firm
August 3, 2018, 2:48 pm
MANILA -- Cagayan Economic Zone Authority (CEZA) Administrator and Chief Executive Officer Raul Lambino said a Slovak company planning to put up a premier health care facility in the Cagayan Special Economic Zone and Freeport (CSEZF) is a welcome development . This is after CEZA and Commerce Ltd.… Read More
Mining council reviews mining firms' audit results
August 2, 2018, 8:01 pm
MANILA -- The Department of Environment and Natural Resources (DENR) has yet to decide the fate of the 26 mining companies ordered closed by former Environment and Natural Resources Secretary Regina Lopez. This was stressed by DENR Secretary Roy Cimatu in an interview by journalists after a… Read More
Peso stays firm; local shares down on profit-taking
August 2, 2018, 7:43 pm
MANILA -- The peso ended Thursday almost unchanged against the US dollar in line with the risk-off sentiment in the region but the main stocks gauge fell due to profit-taking after recovering the previous day. The local currency closed the session at 53.09 from 53.08 a day ago, which Land Bank of… Read More
PH needs to be more competitive to lure Chinese investors
August 2, 2018, 7:36 pm
MANILA -- The Philippines needs to be more competitive in terms of costs to attract more Chinese manufacturing companies to locate in the country with the increasing operation cost in China. In an interview, International Chamber of Commerce Philippines (ICCP) Founder and Philippine Chamber of… Read More
SSS chief supports Duterte tax reform bid
August 2, 2018, 7:33 pm
MANILA -- Social Security System (SSS) President and Chief Executive Officer (CEO) Emmanuel Dooc expressed support for the administration's tax reform program, taking note of its benefits to the agency and its members. For one, the first tax reform package, called the Tax Reform for Acceleration… Read More
DTI continues to promote entrepreneurship
August 2, 2018, 7:30 pm
MANILA -- The Department of Trade and Industry (DTI) said it will continue to promote entrepreneurship among Filipinos through education and assistance. Three out of its “7Ms” to create smarter and more successful entrepreneurs, are related to education and helping Filipinos kick off their own… Read More
Arroyo proposes 5 economic measures to cushion inflation
August 2, 2018, 7:28 pm
LEGAZPI CITY -- House Speaker Gloria Macapagal Arroyo has proposed at least five economic measures that would cushion the impact of rising inflation, Albay (2nd District) Rep. Joey Salceda said. According to the newly-installed House Speaker, the measures would reduce tariff on oil, electricity… Read More
Gov't lost P178.5-B in tax incentives for 3K firms in 2016
August 2, 2018, 5:57 pm
MANILA -- The government lost P178.56 billion in potential revenues in 2016 as a result of tax incentives given out to only 3,102 firms registered with various investment promotion agencies (IPAs), the Department of Finance (DOF) revealed in a statement on Thursday. Finance Undersecretary Karl… Read More
Bamboo farming eyed for quick rehab of mined lands
August 2, 2018, 1:32 pm
MANILA -- Bamboo farming is now being eyed to hasten the rehabilitation of areas laid waste by mining operations, Trade and Industry Secretary Ramon Lopez told reporters Thursday. Lopez said a meeting between the government and stakeholders of the mining industry was held early this week, wherein… Read More
