Business
Loan program for microfinance institutions being studied
July 20, 2021, 7:36 pm
MANILA – Authorities are considering the creation of a dedicated loan program for microfinance non-government organizations to boost lending to small businesses. In a reply to questions from the Philippine News Agency (PNA), the Bangko Sentral ng Pilipinas (BSP) said another option they and the… Read More
LGUs post 12% hike in operating income to P825-B in 2020
July 20, 2021, 4:06 pm
MANILA – The total current operating income of the local government units (LGUs) rose from PHP738.54 billion in 2019 to PHP825.2 billion last year, representing an increase of PHP86.66 billion or 12 percent, as a result of their higher internal revenue allotment (IRA) and improved local tax… Read More
IPOPHL, PCAARRD promote patent search in agri R&D
July 19, 2021, 8:04 pm
MANILA – The Intellectual Property Office of the Philippines (IPOPHL) is undertaking a new collaboration with the Department of Science and Technology (DOST) to further the country’s research and technology advancements in the agriculture and natural resources sector by encouraging the use of… Read More
Security Bank branches close for Eid'l Adha holiday
July 19, 2021, 7:11 pm
MANILA – Security Bank Corporation (Security Bank) said all its branches across the country will be closed on Tuesday in line with the observance of the Muslim holiday Eid’l Adha (Feast of Sacrifice). In a statement, the bank advised its clients to check the financial institution’s… Read More
Tax perks of favored firms cost gov't P482-B foregone revenues
July 19, 2021, 6:30 pm
MANILA – Fiscal incentives enjoyed by favored enterprises have cost the government PHP481.7 billion in foregone revenues in 2019 alone, or a year before the landmark congressional approval of the law that finally introduced bold reforms in the corporate income tax (CIT) system. This substantial… Read More
Delta variant worries weaken PH stocks, peso
July 19, 2021, 6:09 pm
MANILA – Both the Philippine Stock Exchange index (PSEi) and the peso started the week’s trade in the negative territory partly on concerns regarding the Delta variant of the coronavirus disease 2019 (Covid-19). The main equities index shed 1.59 percent, or 106.63 points, to 6,587.20… Read More
T-bills attract strong demand but rates rise
July 19, 2021, 5:31 pm
MANILA – The Bureau of Treasury (BTr) did not offer the Treasury bills (T-bills) over the tap facility window on Monday amidst the strong demand for all tenors. It offered the 91-day, 182-day, and 364-day papers for PHP5 billion each, and all tenors were fully awarded and… Read More
Cebu, preferred expansion site of European companies
July 19, 2021, 4:52 pm
CEBU CITY – The European Chamber of Commerce of the Philippines (ECCP) marked an impressive growth of up to 25 percent of its membership since its first regional office in Cebu opened in 1990. Data showed that Cebu is among the preferred destinations for many European companies looking to… Read More
Gasoline, diesel prices up for 8th straight week
July 19, 2021, 4:36 pm
MANILA – Prices of gasoline and diesel continue to increase for eight straight weeks now, while kerosene prices will go up anew starting Tuesday morning. In separate advisories on Monday, Caltex, Petro Gazz, PTT Philippines, Seaoil, Shell, and Total said they will increase prices of gasoline by… Read More
Imported vehicle sales up 55% in first half of 2021
July 19, 2021, 4:06 pm
MANILA – Sales of imported vehicles in the country improved by 55 percent to 30,153 units in the first half of the year from 19,509 units in the same period in 2020, the Association of Vehicle Importers and Distributors (AVID) reported Monday. In a statement, AVID president Ma. Fe Perez-Agudo… Read More
Resumption of oil exploration in WPS, gain from Hague ruling
July 16, 2021, 7:41 pm
MANILA – Department of Energy (DOE) Secretary Alfonso Cusi said one of the gains of the country from The Hague ruling in 2016 was that the country pursued oil and gas exploration in the West Philippine Sea. Last October, President Rodrigo Duterte lifted the moratorium on oil and gas exploration… Read More
BSP 28-day securities rate falls anew on strong demand
July 16, 2021, 7:37 pm
MANILA – High domestic liquidity situation and strong demand for Bangko Sentral ng Pilipinas’ (BSP) 28-day debt paper resulted in the continued drop of the paper’s interest rate. Data released by the central bank on Friday showed that the average rate of the debt instrument fell to 1.7844… Read More
DBM chief eyes improvement in agencies’ budget utilization
July 16, 2021, 7:08 pm
MANILA – Improvement of the various government agencies’ processes in budget utilization is expected among the keys to address the seeming underspending, Budget and Management Secretary Wendell Avizado said. In a virtual briefing on Friday, Avisado said the Department of Budget and… Read More
Chinese firm to invest in PH
July 16, 2021, 7:04 pm
MANILA – Trade Undersecretary Ceferino Rodolfo said a company from Wuhan, China is coming to the country to set up its facility here. Rodolfo, who is also the managing head of Board of Investments (BOI), said this investment shows the continued interest of Chinese investors in the… Read More
Stocks, peso feel the pinch from Covid-19 Delta variant
July 16, 2021, 7:00 pm
MANILA – Local shares weakened further on Friday due to the 16 new infections caused by the Delta variant of the coronavirus disease 2019 (Covid-19) but the peso managed to end sideways against the greenback. The Philippine Stock Exchange index (PSEi) shed 0.51 percent, or 34.1 points, to… Read More
PH, Brunei sign double taxation pact to bring investments, jobs
July 16, 2021, 6:35 pm
BANDAR SERI BEGAWAN – The Philippines and Brunei Darussalam have signed an agreement aimed at eliminating double taxation and preventing fiscal evasion on taxes on income arising from cross-border transactions between these two Southeast Asian countries. The agreement was signed by Philippine… Read More
Gov’t discusses concerns on new BIR regulation
July 16, 2021, 6:31 pm
MANILA – Amid calls from several business groups to repeal Revenue Regulation (RR) 9-2021 issued by the Bureau of Internal Revenue (BIR), Department of Trade and Industry (DTI) Undersecretary Ceferino Rodolfo said the government is giving high priority to discuss the issue. In a webinar Friday,… Read More
PH backs conclusion of WTO talks on fisheries subsidies this year
July 16, 2021, 5:14 pm
MANILA – High-level Philippine officials have vowed to support the World Trade Organization (WTO) to conclude negotiations on fisheries subsidies agreement prior to the 12th WTO Ministerial Conference (MC12) in December this year. In a statement Friday, the Department of Trade and Industry… Read More
UN Climate Fund body taps DBP for climate mitigation financing
July 16, 2021, 2:35 pm
MANILA – State-owned Development Bank of the Philippines (DBP) has secured the accreditation of a United Nations-backed institution that provides financing support for environment and climate-related programs and advocacies in line with the Paris Agreement and Kyoto Protocol, a top official… Read More
AirAsia operates Cebu flights with vaccinated crew
July 16, 2021, 1:31 pm
CEBU CITY – AirAsia Philippines is eyeing the full vaccination of employees directly interacting with passengers – pilots, cabin crew, ground staff, and ramp agents – against the coronavirus disease 2019 (Covid-19) by August, its spokesperson has said. “The big step towards achieving a… Read More
