Business
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
Local stocks, Peso gain in midweek trading
August 2, 2018, 12:56 pm
MANILA -- News about Moody’s positive outlook on the Philippine economy allowed the Philippine Stock Exchange index (PSEi) to bounce back Wednesday, which also buoyed the peso during the day. PSEi rose 2.17 percent, or 166.22 points, to 7,838.22 points a day after it fell on profit-taking. This… Read More
TDF rates mixed anew
August 1, 2018, 8:35 pm
MANILA -- The Bangko Sentral ng Pilipinas' (BSP) Term Deposit Facility (TDF) rate posted mixed results Wednesday as banks continued to weigh their options concerning the direction interest rates are headed to. Data released by the BSP showed that the rate of both the seven- and 14-day facility… Read More
IC formulating circular for insurance firms' infra investment
August 1, 2018, 8:31 pm
MANILA -- A circular that will allow insurance companies to invest in infrastructure-related projects of the government is being drafted by officials of the Insurance Commission (IC). Deputy Insurance Commissioner Ferdinand George A. Florendo said the proposal seeks to allow the companies to… Read More
BOI registers first inclusive biz project
August 1, 2018, 6:47 pm
MANILA -- The Board of Investments (BOI) has registered the Ayala Group’s eco-tourism project in El Nido, Palawan as an inclusive business (IB) activity under the current Investment Priorities Plan (IPP). Econorth Resort Ventures, Inc., a unit of Ayala Land Hotel and Resort Corp., invested… Read More
NCR tops regions with highest gov't vacancies
August 1, 2018, 6:11 pm
MANILA -- The Duterte government is committed to address backlogs in government workers, the bulk of these vacancies being in the National Capital Region (NCR). In a briefing Wednesday, Department of Budget and Management (DBM) Secretary Benjamin Diokno said unfilled positions as of July 30 this… Read More
PH biz community fetes Banatao
August 1, 2018, 6:08 pm
MANILA -- Diosdado “Dado” Banatao, touted as a global Filipino technology innovator, was recognized as the 2018 Ramon V. Del Rosario Sr. Awardee for Nation Building for his contributions in the Philippines’ innovation system that would help in uplifting lives of Filipinos. The award was… Read More
PH manufacturing sector still among most active in ASEAN
August 1, 2018, 4:40 pm
MANILA -- The Philippines’ manufacturing sector's Purchasing Manager’s Index (PMI) remained high in July based on the IHS Markit’s Manufacturing data released on Wednesday. Although the country’s manufacturing score last month slowed down to 50.9 from its PMI of 52.9 in June, the… Read More
Insurance sector urged to invest in Build, Build, Build
August 1, 2018, 3:32 pm
MANILA -- Finance Secretary Carlos Dominguez III called on the insurance industry to be a major player in the government’s high and inclusive growth strategy by investing in the Duterte administration’s infrastructure modernization program. The Insurance Commission (IC) is now working on the… Read More
5.1-5.8% PH inflation forecast for July not alarming: Diokno
August 1, 2018, 12:17 pm
MANILA -- Budget and Management Secretary Benjamin Diokno said the higher range set by the Bangko Sentral ng Pilipinas (BSP) for its July 2018 inflation projection, at between 5.1-5.8 percent, is not worrisome. “(It is) not alarming,” he said during the weekly Breakfast with Ben briefing held… Read More
Pernia hopeful of reduction in PH poverty incidence
August 1, 2018, 9:35 am
MANILA -- Socioeconomic Planning Secretary Ernesto Pernia is hopeful of further reduction in the country’s poverty incidence given the sustained economic growth and the moderate food inflation. The Duterte administration targets to reduce poverty incidence between 17.3 percent to 19.3 percent… Read More
BIR gets alternative site for core system after glitch
July 31, 2018, 9:18 pm
MANILA -- The server for the Bureau of Internal Revenue's (BIR) core system will be relocated to an undisclosed site in Makati City from its head office in Quezon City, after a system glitch earlier this month. BIR Commissioner Caesar Dulay said officials of the Department of Information and… Read More
DBCC recommends filing of MR on SC decision on IRA
July 31, 2018, 9:14 pm
MANILA -- Finance Secretary Carlos Dominguez III said economic managers have recommended the filing of a motion for reconsideration on the recent Supreme Court (SC) decision that expands the source of local governments’ internal revenue allotment (IRA) to “all” national taxes. “The DBCC… Read More
DM Wenceslao nets P970-M in 1st semester
July 31, 2018, 9:12 pm
MANILA -- Integrated property developer D.M. Wenceslao & Associates, Incorporated (DMW) on Tuesday said its profit surged by 42 percent in the first half of 2018, driven by the strong core leasing growth and the addition of an investment property. In a disclosure to the local bourse, DMW said its… Read More
