Business
E-visa, VAT refund for tourists to back PH as Asia’s shopping hub
August 29, 2024, 3:21 pm
MANILA – It is “never too late” for the Philippines to become the shopping hub in Asia if the government will fully implement an electronic visa system and value-added tax (VAT) refund scheme for foreign travelers, the administration’s economic czar said. On the sidelines of the National… Read More
PH secures more support from ADB for climate action initiatives
August 29, 2024, 3:20 pm
MANILA – The Asian Development Bank (ADB) is finalizing the approval of a USD500-million financing support to the Philippines under the Climate Change Action Program (CCAP) Subprogram 2, the Department of Finance (DOF) said on Thursday. In a statement, the DOF said ADB President Masatsugu… Read More
Fintech usage via mobile apps seen to reach 66.4M in 2024
August 29, 2024, 2:59 pm
MANILA – Consumer credit service Digido sees 66.4 million unique users of financial technology (fintech) services through mobile applications by the end of 2024, translating to a 79.5-percent adoption rate. This increased from the 72.2 percent adoption rate, or approximately 59.3 million users,… Read More
LDF Board law to help PH set gold standard for climate finance
August 29, 2024, 2:47 pm
MANILA – Finance Secretary Ralph Recto said the Philippines is set to put up a gold standard for climate finance and action globally with the recent enactment of the Loss and Damage Fund (LDF) Board Act. “The LDF Board Act is one of many decisive actions we take to escalate our climate… Read More
Albay entrepreneurs to showcase success stories at trade fair
August 28, 2024, 8:07 pm
LEGAZPI CITY – Fifty micro, small and medium enterprises (MSMEs) are set to tell their stories on how they managed to survive and succeed during the 1st "Sarabay-saBUY, sa Albay" trade fair at the Albay Astrodome on Friday. In a press conference on Wednesday, Jaymee Florence Estrada Ribaya, head… Read More
IPOPHL introduces new rules to recognize IP agents, lawyers
August 28, 2024, 6:40 pm
MANILA – The Intellectual Property Office of the Philippines (IPOPHL) has introduced new rules to officially recognize IP agents and lawyers, ensuring their credibility and that they possess the needed competence and experience in patents and trademarks. In a statement Wednesday, IPOPHL said its… Read More
PH index falls; peso flat ahead of US data releases
August 28, 2024, 6:16 pm
MANILA – The Philippine Stock Exchange index (PSEi) slipped on Wednesday but is still within the 6,900 level as investors await for economic data releases in the United States while the Philippine peso closed with slight gains. The benchmark PSEi declined 0.22 percent to 6,958.01, with All… Read More
PH launches 3-tranche US dollar bond offering
August 28, 2024, 6:03 pm
MANILA – The Philippines returned to the international bond market for the second time this year via a three-tranche US dollar-denominated bond offering. "[It will be] benchmark size and it's a multi-tranche USD issuance," National Treasurer Sharon Almanza said in a Viber message on Wednesday.… Read More
DOE receives 8 bids for petroleum, natural hydrogen exploration
August 28, 2024, 5:57 pm
MANILA – The Department of Energy (DOE) on Wednesday said it has received eight applications from local and foreign companies for indigenous energy resources exploration under the 1st Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) Conventional Energy Bid Round and the 2024 Philippine… Read More
14 Aussie firms to hold biz mission in PH
August 28, 2024, 1:52 pm
MANILA – Fourteen Australian investment funds and corporations will be in the country for a business mission next month, the Australian Embassy in Manila said. According to the Embassy, the Australian Business Mission will be held in Makati City from Sept. 5 to 6. “Australia’s Business… Read More
Budget deficit declines in July
August 28, 2024, 12:58 pm
MANILA – The national government's budget deficit went down by 39.67 percent in July as revenue growth surpassed the increase in spending, the Bureau of the Treasury (BTr) said. Data released on Wednesday showed that the budget deficit during the month declined to PHP28.8 billion from PHP47.8… Read More
BIR: More medicines now VAT exempt
August 28, 2024, 11:11 am
MANILA – The Bureau of Internal Revenue (BIR) said 15 more medicines for cancer, high cholesterol, hypertension, and mental illness are now exempted from value-added tax (VAT). In a statement on Wednesday, the BIR said Commissioner Romeo Lumagui Jr. issued Revenue Memorandum Circular No. 93-2024… Read More
DOST, tech biz innovators start platform, programs for startups
August 27, 2024, 9:58 pm
MANILA – Strategic and Collaborative Alliance for Leveraging Ecosystem (SCALE NCR), a consortium of technology business innovators (TBIs), on Tuesday announced the launching of platforms to accelerate the growth of technology-based startups and business enterprises in Metro Manila. SCALE… Read More
Meralco secures best bids for 600-MW power supply
August 27, 2024, 9:18 pm
MANILA – The Manila Electric Company (Meralco) on Tuesday announced that it secured two lowest prices for its 600 megawatts baseload power requirement. After conducting a Competitive Selection Process (CSP), Masinloc Power Co. Ltd. and GNPower Dinginin Ltd. Co. will be supplying Meralco’s… Read More
PH credit ratings boost stock market, peso
August 27, 2024, 9:11 pm
MANILA – The country’s recent credit ratings from global debt watchers boosted the local stock market and currency on Tuesday. The Philippine Stock Exchange index (PSEi) closed the day inching near the 7,000 mark at 6,973.41, or 0.16 percent higher than its finish on Thursday. All Shares… Read More
PBBM gets commemorative coins for 75 yrs of PH central banking
August 27, 2024, 6:50 pm
MANILA – President Ferdinand R. Marcos Jr. was presented with the 7,500-Piso Gold and 750-Piso Silver commemorative coins by Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. at Malacañang in Manila on Tuesday in celebration of the 75th anniversary of central banking in the… Read More
BTr fully awards Treasury bills
August 27, 2024, 6:27 pm
MANILA – The Bureau of the Treasury (BTr) on Tuesday fully awarded bids for Treasury bills (T-bills). The 91-, 182-, and 364-day T-bills fetched average rates of 5.966 percent, 5.996 percent, and 6.022 percent, respectively. Last week, the 91-, 182-, and 364-day T-bills fetched average rates of… Read More
APECO taps US to build PH’s 1st nat’l defense hub
August 27, 2024, 5:00 pm
MANILA – The Aurora Pacific Economic Zone and Freeport Authority (APECO) wants to partner with the United States to build the country’s first national defense hub within its ecozone in Casiguran, Aurora in Central Luzon. APECO executives led by preesident and chief executive officer Gil Taway… Read More
DOF proposes P33.7-B budget for 2025
August 27, 2024, 4:15 pm
MANILA – The Department of Finance (DOF) is seeking a PHP33.75 billion budget for 2025 which will be used for efficient tax administration and public service, Finance Secretary Ralph Recto said. “[O]ur proposed budget every year is always a faithful reflection of our strategic priorities under… Read More
BOI OKs P1.2-B automated biscuit manufacturing project
August 27, 2024, 3:14 pm
MANILA – The Board of Investments (BOI) has approved a PHP1.2-billion investment project of listed firm Monde Nissin Corp. for its automated manufacturing and processing of its butter coconut biscuits. Data provided by the BOI Tuesday showed that this project was approved by the BOI Board last… Read More
