Business
FIRB approves tax perks for Hanjin shipyard rehab
May 10, 2022, 2:44 pm
MANILA – The Fiscal Incentives Review Board (FIRB), upon the endorsement of the Subic Bay Metropolitan Authority (SBMA), has approved the grant of tax incentives to Project AGILA for the redevelopment and operations of the Hanjin shipyard in the Subic Bay freeport zone. Finance Secretary… Read More
Over P4 hike on fuel prices set this week
May 9, 2022, 7:40 pm
MANILA – After a minimal price rollback last week, oil firms will implement big-time price hikes on petroleum prices after election day. In separate advisories on Monday, Caltex, Cleanfuel, Flying V, Petro Gazz, Petron, Phoenix Petroleum, Seaoil, Shell, and Unioil said they will increase both… Read More
EVIDA passage to make PH more attractive to hi-tech investments
May 8, 2022, 6:34 pm
MANILA – The Department of Trade and Industry (DTI) welcomes the enactment of Republic Act 11697, otherwise known as the Electric Vehicle Industry Development Act (EVIDA), which provides for a national policy framework to develop the electric vehicle industry in the Philippines. DTI Secretary… Read More
PEZA fears growing ‘underground’ IT-BPO operation
May 8, 2022, 11:43 am
MANILA – The Philippine Economic Zone Authority (PEZA) has received reports that registered information technology and business process outsourcing (IT-BPO) companies are losing their employees to “underground” IT-BPO entities operating in a work-from-home (WFH) set-up. In an interview,… Read More
Cebu power utility firm, workers' union sign 5-year CBA
May 7, 2022, 4:09 pm
CEBU CITY – The management of Cebu’s biggest power distributor, Visayan Electric Co. (Veco), and its employees’ union have signed a 5-year collective bargaining agreement (CBA), marking a milestone for the labor sector here. Engr. Mark Anthony Kindica, head of the management panel, said… Read More
PSEi, peso slash gains on Friday
May 6, 2022, 8:41 pm
MANILA – The Philippine Stock Exchange index (PSEi) and peso closed this week both shedding their gains from the previous day’s trading as investors look ahead to April jobs data. The PSEi ended Friday logging its second worst trading this year at 6,759.90, slashing by 1.59 percent to 109.02… Read More
No power shortage during May 9 polls
May 6, 2022, 8:39 pm
MANILA – The National Grid Corp. of the Philippines (NGCP) issued on Friday its power outlook for May 7 to 10, seeing no shortage in power supply across the country in the next four days. The NGCP said as candidates are expected to hold their miting de avance this weekend, the Luzon grid will… Read More
PEZA to construct 33-story building for commercial use
May 6, 2022, 5:29 pm
MANILA – The Philippine Economic Zone Authority (PEZA) will construct a 33-story building on its 5,000-square meter land along Roxas Boulevard, its director general Charito Plaza said in an interview. Plaza told reporters that PEZA is currently in talks with three groups to construct the office… Read More
SB Corp. releases P7.2-B microloans for MSMEs
May 6, 2022, 2:11 pm
MANILA – Department of Trade and Industry (DTI) Secretary Ramon Lopez said the agency’s financing arm has released a total of PHP7.2 billion worth of loans to micro, small and medium enterprises (MSMEs) to help them recover from the pandemic. At the launch of the Rise Up Program Friday, Lopez… Read More
SEC approves VistaREIT, Raslag IPOs
May 5, 2022, 8:27 pm
MANILA – The Securities and Exchange Commission (SEC) has considered favorably the initial public offerings (IPO) of VistaREIT, Inc. of up to PHP9.178 billion and of Raslag Corp. worth up to PHP700 million. In its meeting on May 5, the commission en banc resolved to render effective the… Read More
Stocks follow reg’l rally amid Fed rate hike; peso gains
May 5, 2022, 7:20 pm
MANILA – Local shares and currency gained on Thursday trading following data releases from both international and domestic markets. The Philippine Stock Exchange index (PSEi) ended the day’s trading 66.19 points higher, or 0.97 percent change, to 6,868.92 with all counters in the green. All… Read More
PEZA approves P8.14-B investments in Q1
May 5, 2022, 5:56 pm
MANILA – The Philippine Economic Zone Authority (PEZA) has approved a total of PHP8.14 billion in investments from January to March this year. Comparing the data from the Philippine Statistics Authority (PSA), investment approvals of PEZA in the first quarter this year plummeted by 67.9 percent… Read More
BSP eyes AI applications to enhance functions
May 5, 2022, 5:50 pm
MANILA – The Bangko Sentral ng Pilipinas (BSP) is exploring applications of machine learning (ML) techniques, particularly in the areas of natural language processing, nowcasting, and banking supervision. “Central banks’ interest in ML has been increasing over the years, mainly due to its… Read More
Summit showcases C. Luzon as premier tourism, investment hub
May 5, 2022, 5:11 pm
CLARK FREEPORT, Pampanga – Vast opportunities in the fields of tourism and investment in Central Luzon were showcased in the first Central Luzon Tourism Investment Summit and Business Exchange (CLTISBEX) Hybrid Edition at Hilton Clark Sun Valley Resort, here on May 4-5. The summit, spearheaded… Read More
Gov’t accelerating interventions to temper inflation: NEDA
May 5, 2022, 2:33 pm
MANILA – The government is accelerating a comprehensive set of interventions to mitigate the impact of rising commodity prices, the National Economic and Development Authority (NEDA) said. The Philippine Statistics Authority reported Thursday that the headline inflation increased from 4.0… Read More
Oil prices jump as EU aims for Russian oil ban
May 5, 2022, 2:26 pm
NEW YORK – Oil prices rose sharply on Wednesday after the European Union (EU) unveiled a plan to phase out Russian oil, triggering concerns over tight supplies. The West Texas Intermediate (WTI) for June delivery added 5.4 US dollars, or 5.3 percent, to settle at 107.81 dollars a barrel on the… Read More
PH inflation rises to 4.9% in April
May 5, 2022, 2:22 pm
MANILA – The government reported Thursday that inflation rate rose to 4.9 percent in April, higher by 0.9 percentage points than the inflation rate in March. The Philippine Statistics Authority (PSA) said April inflation rate is the fastest since January 2019. “The increase in the country’s… Read More
Fed raises interest rates by half point, ramps up inflation fight
May 5, 2022, 2:13 pm
WASHINGTON – The U.S. Federal Reserve on Wednesday raised its benchmark interest rate by a half percentage point, marking the sharpest rate hike since 2000, as it takes more aggressive steps to rein in the highest inflation in four decades. The Federal Open Market Committee (FOMC), the Fed's… Read More
DTI chief hopes next admin will support MSME dev't, EODB
May 5, 2022, 1:59 pm
MANILA – Department of Trade and Industry (DTI) Secretary Ramon Lopez hopes that the next administration will continue supporting the development of micro, small and medium enterprises (MSMEs) and pursue ease of doing business (EODB). In an interview with Net 25 Thursday, Lopez cited MSME… Read More
3-yr T-bond rate rises ahead of Fed rate decision
May 4, 2022, 8:55 pm
MANILA — The rate of three-year Treasury bond (T-bond) increased on Wednesday in line with recent jumps in debt paper yields given the expected aggressive hikes in the Federal Reserve’s key rates. The average rate of the debt paper increased to 4.598 percent from 4.210 percent in the… Read More
