Business
JG Summit units hit by Boracay closure, TRAIN
May 28, 2018, 8:27 pm
MANILA -- Business units of Gokongwei-led JG Summit Holdings, Inc. were hit hard by the shutdown of Boracay island and the implementation of Tax Reform for Acceleration and Inclusion (TRAIN) law this year, according to a report by top management. During the firm’s annual stockholders’ meeting,… Read More
T-bills fetch lower rates
May 28, 2018, 8:12 pm
MANILA -- Treasury bills (T-bills) fetched lower yields on Monday's auction, prompting the Bureau of Treasury (BTr) to award the PHP15-billion debt papers in full. Average rate for the 91-day T-bills settled at 3.300 percent. Tenders reached PHP13.8 billion, which is more than twice oversubscribed… Read More
Oil firms hike fuel pump prices Tuesday
May 28, 2018, 7:59 pm
MANILA -- Pump prices in the Philippines will go even higher when another oil price hike takes effect Tuesday (May 29). This is set to happen amid calls to suspend excise taxes levied on petroleum products to mitigate surging local prices which was triggered by a lingering volatility in the world… Read More
DTI allocates P350-K for Silay City coffee processing project
May 28, 2018, 7:30 pm
BACOLOD CITY -- The Department of Trade and Industry (DTI) has allocated PHP350,000 to fund the coffee processing project in Silay City, Negros Occidental under the agency’s shared service facility (SSF) initiative. The amount is part of DTI's almost PHP6.2 million allocation under its regular… Read More
Grab fares “generally higher” than other public transport modes
May 28, 2018, 7:26 pm
MANILA -- The Philippine Competition Commission's (PCC) review on the consumated Grab and Uber deal revealed that fares on transport network vehicle service (TNVS) are “generally higher” than other modes of public transportation including taxis. This information is contained in the Statement… Read More
Construction of P3-B Guada-BGC monorail project to start this year
May 28, 2018, 6:36 pm
MANILA -- The construction of the proposed monorail project connecting Makati City to Bonifacio Global City (BGC) in Taguig City is set to start this year after the Department of Transportation (DOTr) granted original proponent status to Infracorp Development Corporation. The PHP3-billion Skytrain… Read More
DMCI expands land bank by 41%
May 28, 2018, 2:19 pm
MANILA -- Listed firm DMCI Holdings, Inc. announced on Monday that DMCI Homes has expanded its land bank by 41 percent since 2017, with most of its newly-acquired land located in Metro Manila. In its disclosure to the Philippines Stock Exchange, DMCI said its residential property unit now has a… Read More
Measures in place to dampen effects of oil price hikes
May 28, 2018, 1:39 pm
MANILA -- The Department of Finance (DOF) has assured the public that the government has put measures in place to help ease the impact of increasing oil prices. In a statement Monday, finance undersecretary Karl Kendrick Chua cited these social mitigation measures include the Unconditional Cash… Read More
Hike in revenue collections enabled gov’t to spend sans deficit
May 27, 2018, 4:16 pm
MANILA -- Finance Secretary Carlos Dominguez III said Friday the impressive increase in revenues, particularly on tax collections by revenue agencies for the first four months of 2018 as a result of the effective implementation of the Tax Reform for Acceleration and Inclusion (TRAIN) law, enabled… Read More
CEZA pursuing expressway, railway projects in Cagayan
May 27, 2018, 4:10 pm
MANILA -- The Cagayan Economic Zone Authority (CEZA) is pursuing expressway and railway projects to link the northern part of the country to the capital, its top official told reporters. In an interview over the weekend, CEZA Administrator and Chief Executive Officer Raul Lambino said the agency… Read More
UnionBank welcomes BSP cut on reserve requirement
May 25, 2018, 8:32 pm
MANILA -- Union Bank of the Philippines President and Chief Executive Officer Edwin Bautista has welcomed Bangko Sentral ng Pilipinas' (BSP) move to cut banks’ reserve requirement ratio by 1 percentage point, as this will allow more liquidity in the market On the sidelines of UnionBank’s… Read More
Alsons eyes completion of 3 power projects in 3 years
May 25, 2018, 8:30 pm
MANILA -- Top management of Alsons Consolidated Resources, Inc. (ACR) announced that it is set to complete three major power projects within the next three years. They include the second section of Sarangani Energy Corporation baseload coal-fire power plant; the 15-megawatt Siguil Hydro Project;… Read More
Don't blame TRAIN for inflation surge
May 25, 2018, 8:28 pm
MANILA -- A confluence of international and domestic events led to the 4.5-percent spike in inflation last April, with the implementation of the Tax Reform for Acceleration and Inclusion (TRAIN) law at the start of this year playing only a minor role in it, a ranking finance official said. Finance… Read More
Grab claims unfair treatment over P2-travel charge non-reimposition
May 25, 2018, 5:52 pm
MANILA -- Ridesharing firm Grab Philippines has claimed that the Land Transportation Franchising and Regulatory Board (LTFRB) is being unfair when it suspended the firm's PHP2-per-minute travel charge on its riders. In its petition filed before the Board dated May 18, Grab said the suspension by… Read More
Aisin takes 61% stake in Toyota's auto parts arm in the PH
May 25, 2018, 4:06 pm
MANILA -- Aisin Seiki Co., Ltd. has gained a clear majority stake in Toyota Autoparts Philippines, Inc. (TAP) following the aquisition of additional shares from Toyota Motor Corp. Top officials of Toyota and Aisin inked the agreement here Thursday evening. With the signing of the deal, Aisin now… Read More
Monetary Board reduces reserve requirements anew
May 24, 2018, 8:39 pm
MANILA -- The policy-making Monetary Board (MB) announced Thursday the reduction in the reserve requirement ratio by 1 percentage point as part of its broad medium-term financial market reform agenda. The reduction will apply to those reservable liabilities of all banks and non-bank financial… Read More
US trade official, PH economic managers meet
May 24, 2018, 8:25 pm
MANILA -- A delegation of the United States Trade Representative (USTR) met with Philippine economic managers to discuss the status of bilateral trade, among other economic issues, between the longtime allies when they visited the country this week. The USTR delegation, led by its representative… Read More
TUCP calls on wage boards to hold emergency meetings
May 24, 2018, 7:30 pm
MANILA -- The Associated Labor Unions-Trade Union Congress of the Philippines (ALU-TUCP) called on all Regional Tripartite Wages and Productivity Boards nationwide to immediately convene for the purpose of setting emergency wage increases so workers can cope with the surge in inflation. In a… Read More
Diners Club seen to complement other BDO credit cards
May 24, 2018, 5:34 pm
MANILA – The top management of BDO Unibank, Inc. expressed optimism that its new credit card brand, Diners Club International, will complement its existing credit card brand partners. On Thursday, BDO and Discover Financial Services formally launched Diners Club International as an addition to… Read More
Hollywood hotel offering green card for USD500K investment
May 24, 2018, 4:39 pm
An architect's perspective of the upcoming Tommie Hotel Hollywood in downtown Los Angeles (Photo from Harvey Law Group Philippines)MANILA -- An investment immigration law firm is inviting investors from South East Asia, including Filipinos, to invest in a Hollywood hotel firm that comes with it… Read More
