Business
PetroWind begins commissioning of Nabas-2 wind power
April 5, 2024, 6:56 pm
MANILA – Yuchengco-led PetroWind Energy Inc. (PWEI) announced Friday that it started the commissioning of clean energy from the Nabas 2 Wind Power Project on April 4. The exporting of power from the wind energy farm to the grid followed the approval of the Independent Energy Market Operator of… Read More
PBBM to launch Cebu-Negros-Panay backbone project on Apr. 8
April 5, 2024, 6:50 pm
ILOILO CITY – President Ferdinand Marcos Jr. is set to inaugurate the Cebu-Negros-Panay Backbone Project Stage 3 (CNP3) will be inaugurated on April 8, Iloilo City Mayor Jerry Treñas said on Friday. During the Philippine Electric Power Industry Forum 2024 at the Iloilo Convention Center,Treñas… Read More
PSEi, peso weaken on higher inflation
April 5, 2024, 6:41 pm
MANILA – Both the local bourse and the currency dropped on Friday following the higher inflation rate in March 2024 as reported by the Philippine Statistics Authority (PSA). The Philippine Stock Exchange index (PSEi) continued its losses for four consecutive days dropping below the 6,800-mark to… Read More
Unemployment rate to remain at 3-4% level in 2024
April 5, 2024, 6:10 pm
MANILA – The country's unemployment rate will likely continue to remain at the 4-percent level in the coming months, an economist said on Friday. Rizal Commercial Banking Corporation chief economist Michael Ricafort said so far, economic indicators as well as better corporate sales and earnings… Read More
Fed chair needs 'more evidence' to begin lowering rates
April 5, 2024, 4:07 pm
ISTANBUL – US Federal Reserve Chairman Jerome Powell said he needs to see "more evidence" before the central bank starts to lower interest rates. "Over the past year, inflation has come down significantly but is still running above the Federal Open Market Committee's (FOMC) 2 percent goal," he… Read More
Gov't strengthens measures to tame upward price pressures
April 5, 2024, 1:03 pm
MANILA – The government will strengthen measures to tame upward price measures amid the El Niño and La Niña challenges, the National Economic and Development Authority (NEDA) said. NEDA issued the statement after the Philippine Statistics Authority (PSA) reported on Friday that headline… Read More
PSEi down for 3 straight days; peso bounces back
April 4, 2024, 6:42 pm
MANILA – The local stock barometer dropped for three consecutive days, while the peso gained strength in Thursday’s trade. The Philippine Stock Exchange index (PSEi) fell 0.76 percent to 6,827.06, while All Shares declined by 0.25 percent to 3,580.32. Rizal Commercial Banking Corp. (RCBC)… Read More
SSS to roll out calamity loan for OFWs affected by Taiwan earthquake
April 4, 2024, 6:17 pm
MANILA – The Social Security System (SSS) is planning to offer a calamity loan assistance program for overseas Filipino worker (OFW) members recently affected by the earthquake in Taiwan. In a press briefing at the SSS office in Quezon City, SSS president and chief executive officer Rolando… Read More
Jollibee Group eyes to ramp up franchising in US
April 4, 2024, 2:44 pm
MANILA – Jollibee Foods Corp. (JFC) aims to ramp up franchising activity to grow its presence in North America, its chief finance officer Richard Shin said in a virtual briefing Thursday. Shin said JFC’s expansion in the United States is focused on the top 30 cities for fried chicken.… Read More
Banks' non-performing loan ratio at 3.44% in February
April 4, 2024, 1:39 pm
MANILA – The Bangko Sentral ng Pilipinas (BSP) said the proportion of non-performing loans (NPLs) of Philippine banks to their total loans settled reached 3.44 percent as of February this year. BSP data released late Wednesday showed that the ratio during the month was the same as the NPL ratio… Read More
OPEC+ keeps current output policy unchanged
April 4, 2024, 1:23 pm
VIENNA – Participants of the 53rd Meeting of the Joint Ministerial Monitoring Committee (JMMC) of the Organization of the Petroleum Exporting Countries and its allies, OPEC+, agreed to keep current oil production levels unchanged. During the meeting, which took place via videoconference today,… Read More
Biz groups open to 'heat breaks' for select employees
April 3, 2024, 9:16 pm
MANILA – Leaders of the country’s top business organizations have expressed openness to a lawmaker’s proposal that employees be given special or unscheduled breaks from work during times of severe heat, but said employers should be given a free hand on its implementation. In an interview on… Read More
PAL chief hopes new NAIA operator to prioritize interconnectivity
April 3, 2024, 5:57 pm
MANILA – The head of flag carrier Philippine Airlines (PAL) is hoping that the soon-to-be new operator of the Ninoy Aquino International Airport (NAIA) would prioritize interconnectivity and digitalization. "Like in airports of other countries, interconnectivity really helps. For us in PAL, we… Read More
PSEi, peso lose on mid-week trading trailing regional peers
April 3, 2024, 5:20 pm
MANILA – The local index dropped on the mid-week trading, trailing behind regional peers, even as the peso closed weak. The benchmark Philippine Stock Exchange index (PSEi) fell below the 6,900-mark closing at 6,863.82, down by 96.61 points (1.39 percent). The broader All Shares also shed 37.33… Read More
Maharlika Consortium to power 8 underserved areas
April 3, 2024, 5:13 pm
MANILA – The Department of Energy (DOE) announced on Wednesday that it had awarded the microgrid system service contract (MSC) to Maharlika Consortium to provide power to eight underserved areas in the provinces of Cebu, Quezon, and Palawan. The DOE awarded the contract to Maharlika Consortium… Read More
DOE, DOST partner for renewables research, dev't
April 3, 2024, 5:13 pm
MANILA – The Department of Energy (DOE) and the Department of Science and Technology (DOST) are partnering for research and development (R&D) in the renewables sector using the Renewable Energy Trust Fund (RETF). This, as DOE Secretary Raphael Lotilla and DOST Secretary Renato Solidum Jr. led… Read More
World Bank: Streamlining VAT exemptions can raise tax collections
April 3, 2024, 3:09 pm
MANILA – The World Bank on Wednesday recommended studying the country's value-added tax (VAT) exemptions as a way to enhance collection efficiency. In a press briefing, World Bank lead economist Gonzalo Varela said the Philippines can increase tax collection through better tax administration and… Read More
BIR seizes P151-M vape products in Manila, Rizal
April 3, 2024, 2:15 pm
MANILA – The Bureau of Internal Revenue (BIR) said 63,139 vape products with an estimated total tax liability of PHP151.1 million were seized from three warehouses in Manila and Rizal province. In a statement on Wednesday, BIR Commissioner Romeo Lumagui Jr. said the warehouses with illicit vape… Read More
First Gen exploring RE projects in Nueva Ecija
April 2, 2024, 5:53 pm
MANILA – First Gen Corp. is exploring to develop renewable energy (RE) projects near its hydroelectric power plant (HEPP) complex in Pantabangan, Nueva Ecija, including solar and wind farms as well as a battery energy storage system (BESS). In a statement Tuesday, First Gen vice president Ricky… Read More
RE investments dominate P1.9-T green lane projects
April 2, 2024, 4:32 pm
MANILA – Department of Trade and Industry (DTI) Secretary Alfredo Pascual said Tuesday 51 out of 59 projects endorsed for green lane treatment are in the renewables sector. During the awarding of Green Lane Certificate to Prime Infrastructure Inc. in Parañaque City, Pascual said the One-Stop… Read More
