Business
Lower interconnection rates to benefit new telco player: PRRD
July 24, 2018, 10:06 am
MANILA -- Lowering interconnection rates of telecommunication firms will help create a competitive environment for a new player to enter the industry and provide services to the public, President Rodrigo R. Duterte said. “We shall, therefore, lower interconnection rates between all industry… Read More
Duterte warns rice hoarders, cartels
July 24, 2018, 7:42 am
MANILA -- President Rodrigo R. Duterte on Monday issued a stern warning against rice traders engaged in hoarding and cartel operations, who are being blamed for the artificial rice shortage that leads to high rice prices. “I now ask all the rice hoarders, cartels and their protectors, you know… Read More
Do not block tax reforms, Duterte says
July 23, 2018, 8:59 pm
MANILA -- President Rodrigo Duterte on Monday said his administration’s tax reform program should be implemented to achieve sustainable growth, as he urged Congress to immediately pass its second package seeking to lower the corporate income tax and creating millions of jobs for more Filipinos.… Read More
Muslim biz group welcomes imminent passing of Bangsamoro law
July 23, 2018, 8:41 pm
MANILA -- The Bangsamoro Business Club (BBC) is eagerly looking forward to the possible enactment of the Bangsamoro Organic Law (BOL). The bill may be signed into law by President Rodrigo Duterte within 48 hours, it was reported. BBC President Mohamad Omar Pasigan said the Bangsamoro Organic Law… Read More
PRRD hopes tax reform package 2 gets nod by yearend
July 23, 2018, 8:38 pm
MANILA -- President Rodrigo Duterte on Monday urged lawmakers to approve tax reform measures as he called on all sectors not to prevent their implementation since they would ensure that jobs would be made available to Filipinos. In his third State of the Nation Address (SONA), the President said… Read More
Biz leaders back bill to end contractualization
July 23, 2018, 8:32 pm
MANILA -- Business leaders have expressed their support to President Rodrigo Duterte's call to put an end to labor contractualization during his third State of the Nation Address (SONA) on Monday. International Chamber of Commerce-Philippines (ICCP) Founder and Philippine Chamber of Commerce and… Read More
Oil firms to slash pump prices Tuesday
July 23, 2018, 7:59 pm
MANILA -- Local oil firms announced a reduction in pump prices effective 6 a.m. Tuesday (July 24). In separate announcements, Petron, Flying V, Jetti Petroleum, Uniol, Caltex, PTT Philippines, and Phoenix Petroleum said they will implement price rollbacks of PHP1 per liter for diesel, and PHP0.70… Read More
Peso keeps ground, PSEi starts day with drop
July 23, 2018, 7:40 pm
MANILA -- The latest statement by US President Donald Trump regarding his preference for a weaker greenback supported the Philippine peso Monday but the Philippine Stock Exchange index (PSEi) declined after investors took to heart Moody’s concern about the country’s political situation. The… Read More
BTr fully awards T-bill offering amid rate uptick
July 23, 2018, 7:38 pm
MANILA -- The Bureau of the Treasury’s (BTr) auction committee on Monday made a full award for three tenors of Treasury bills (T-bills) even with the uptick in rates for the longer tenor debt papers. The rate of the six-month paper rose to 4.235 percent from 4.185 percent during the auction last… Read More
De Leon sees sustained improvement in PH fiscal position
July 23, 2018, 7:21 pm
MANILA -- National Treasurer Rosalia De Leon is optimistic of the sustained improvement of the Philippine government’s fiscal position following the 20 percent rise of both the revenues and expenditures in the first half of 2018. Data released by the Bureau of the Treasury (BTr) Monday showed… Read More
Ayala Corp. raises P8.07-B from sale of common shares
July 23, 2018, 5:15 pm
MANILA -- Conglomerate Ayala Corp. has raised PHP8.07 billion from the sale of common shares through a placement, generating fresh capital for its new acquisitions or debt payment. Ayala on Monday announced that it completed the placement of 8.81 million common shares of stock at a price of PHP916… Read More
BOI optimistic to hit 10% growth in investment approvals
July 23, 2018, 4:58 pm
MANILA -- The Board of Investments (BOI) is optimistic about achieving a 10-percent growth in investment approvals in 2018, its managing head Ceferino Rodolfo said in a statement Monday. Rodolfo, also a Trade Undersecretary, said BOI is on track to hit the PHP680-billion target in investment… Read More
FMIC, UA&P see GDP growth of at least 7% in Q2
July 23, 2018, 3:15 pm
MANILA -- First Metro Investments Corp. (FMIC) and the University of Asia and the Pacific (UA&P) remain optimistic the Philippine economy will continue accelerating at 7 percent or higher in the third quarter and even into the fourth. “We remain confident that second-quarter GDP (gross domestic… Read More
PEZA okays P439-B investments in Duterte admin
July 23, 2018, 2:43 pm
MANILA -- The Philippine Economic Zone Authority (PEZA) disclosed over the weekend that it has approved a total of PHP438.78 billion worth of projects during the first two years of the Duterte administration. PEZA Promotions and Public Relations Group Manager Elmer San Pascual said these… Read More
Local stocks end week in positive territory, Peso moves sideways
July 21, 2018, 9:01 am
MANILA -- Positive sentiments returned to the Philippine equities market Friday enabling the main gauge to finish the week with gains but the peso closed almost unchanged against the US dollar. The Philippine Stock Exchange index (PSEi) gained 0.16 percent, or 11.74 points, to 7,399.61 points,… Read More
Moody's affirms 'Stable' rating on PH
July 20, 2018, 9:05 pm
MANILA -- Debt rater Moody’s Investors Service on Friday affirmed the Philippines’ long-term local and foreign currency issuer rating at ‘Baa2’ with Stable outlook after noting the economy’s robust expansion, improving fiscal situation and debt affordability. In a statement issued Friday… Read More
DOF probes another tax credit controversy in textile industry
July 20, 2018, 8:58 pm
MANILA -- Finance Secretary Carlos Dominguez III has ordered the creation of a task force that will investigate individuals involved in the alleged issuance and use of erroneous Tax Credit Certificates (TCCs) from 2008 to 2014, which reportedly allowed holders to get incentives amounting to… Read More
Landbank branches open Saturday following ATM troubles
July 20, 2018, 5:50 pm
MANILA -- Branches of state-owned Land Bank of the Philippines (Landbank) will be open for business from 8:30am to 3:30pm on Saturday (July 21) to service depositors following problems with its Automated Teller Machine (ATM) network that persisted all day Friday. Landbank branches remained open… Read More
DTI to consider realities in crafting ease of doing biz act IRR
July 20, 2018, 5:24 pm
MANILA -- The Department of Trade and Industry (DTI) will look into practical realities in the bureaucracy and their limitations in crafting the implementing rules and regulations (IRR) of Republic Act No. 11032 or the Ease of Doing Business (EODB) and Efficient Government Service Delivery Act of… Read More
Espenilla hints possible hike in BSP rates
July 20, 2018, 4:19 pm
MANILA -- Bangko Sentral ng Pilipinas (BSP) Governor Nestor A. Espenilla Jr. on Friday hinted the possibility of another increase in the central bank’s key rates in August to address potential price pressures generated by excessive foreign exchange volatility and its impact on inflation… Read More
