Business
APEC lays basis for sustainable fiscal mgt to drive recovery
March 19, 2021, 8:16 pm
JAKARTA – Finance and central bank deputies from 21 Asia-Pacific Economic Cooperation (APEC) member economies are laying the groundwork for sustainable fiscal management to boost recovery. This measure was taken after the extraordinary rollout of policy levers to aid in mitigating the… Read More
Bank economist sees steady BSP rate this year
March 19, 2021, 7:47 pm
MANILA – An economist of the Philippine National Bank (PNB) is discounting any adjustment in the Bangko Sentral ng Pilipinas’ (BSP) key policy rates this year, citing a similar path for the Federal Reserve rates. “Our house view is that the policy rate will remain at 2 percent through… Read More
BSP debt securities rate rises on inflation expectations
March 19, 2021, 7:44 pm
MANILA – The rate of the Bangko Sentral ng Pilipinas (BSP) term deposit facility (TDF) rose Friday as investors continued to price in the elevated inflation rate. The average interest of the 28-day facility increased to 1.9630 percent from last week’s 1.9444 percent. The BSP offered the debt… Read More
Stocks slip; peso ends sideways vs. US dollar
March 19, 2021, 7:14 pm
MANILA – The Philippine Stock Exchange index (PSEi) ended its three-day rally on Friday, mirroring its counterparts in the US, while the peso closed the day sideways against the US dollar. The main equities index shed 2.94 percent, or 194.75 points, to 6,436.10 points. All other indexes… Read More
DOTr inaugurates 3 sea port projects in Palawan
March 19, 2021, 7:11 pm
MANILA – The Department of Transportation (DOTr) Friday inaugurated three sea port projects in different parts of Palawan that are expected to bring enhanced connectivity and mobility in the province, and boost the region’s economy. The inauguration signals the start of operations of the… Read More
BSP hikes BOP surplus forecast to $6.2-B this year
March 19, 2021, 7:05 pm
MANILA – Expectations for an economic recovery, buoyed by optimism on the Philippines’ coronavirus disease 2019 (Covid-19) vaccination program, made monetary authorities revise further the balance of payment (BOP) surplus projection this year. As of the first quarter of this year, BSP’s BOP… Read More
SMC waives close to P200-M in toll fees for medical front-liners
March 19, 2021, 5:42 pm
MANILA – One year since the coronavirus disease 2019 (Covid-19) global pandemic hit the country, San Miguel Corporation (SMC) has waived PHP190.7 million worth of toll fees for medical front-liners passing through expressways it operates. SMC, which operates the Southern Tagalog Arterial Road… Read More
PCC OKs joint venture for Manila Bay reclamation project
March 19, 2021, 3:23 pm
MANILA – The Philippine Competition Commission (PCC) announced Friday that it approved the joint venture between the City Government of Manila and Waterfront Manila Premier Development Inc. to build the Manila Waterfront City. The anti-trust body said it found that the transaction would not… Read More
PAL cancels 45 int'l flights from March 19-23
March 19, 2021, 2:58 pm
MANILA – Flag carrier Philippine Airlines (PAL) announced on Friday the cancellation of 45 flights between Manila and several international destinations scheduled from March 19-23. This is just an initial list, as PAL said more flight cancellations will be announced once the details are… Read More
IATF suspends reopening of cinemas, other sectors
March 18, 2021, 7:35 pm
MANILA – Department of Trade and Industry (DTI) Secretary Ramon Lopez on Thursday said some of the newly opened sectors in areas under general community quarantine (GCQ) will be closed temporarily due to rising coronavirus disease 2019 (Covid-19) cases. In a text message, Lopez said driving… Read More
PH banks fined billions for non-compliance with Agri-Agra law
March 18, 2021, 7:01 pm
MANILA – Local banks have paid billions in penalties for non-compliance with the Agri-Agra Reform Credit Act of 2009. “On average, banks pay around PHP2 billion in penalties every year,” Maria Cynthia Sison, Bangko Sentral ng Pilipinas (BSP) Supervisory Policy and Research Department… Read More
CBAA resolves cases involving P4.53-B real property taxes
March 18, 2021, 6:55 pm
MANILA – The Central Board of Assessment Appeals (CBAA) has resolved 26 cases appealed by local government units (LGUs) involving about PHP4.53 billion in combined real property taxes in 2020. In his report to Finance Secretary Carlos Dominguez III, CBAA chairperson Robert Hernando Tobia said… Read More
PH fintech allots P3-B revolving credit for MSMEs
March 18, 2021, 6:49 pm
MANILA – First Circle, a Philippine-based financial technology (fintech) firm, is allotting PHP3 billion as revolving credit for small-scale businesses, a company official said on Thursday. In a statement, First Circle vice president for external relations Benedict Carandang said they target to… Read More
Peso nearly flat as PSEi rises after Fed keeps rates near zero
March 18, 2021, 5:06 pm
MANILA – The Philippine Stock Exchange index (PSEi) rose anew Thursday partly on Federal Reserve’s bid to keep key rates low until 2023 to help in the economic growth, a news that also benefited the peso. The main equities index jumped by 0.98 percent, or 64.02 points, to 6,630.85… Read More
PEZA okays P13-B investments
March 18, 2021, 5:03 pm
MANILA – The Philippine Economic Zone Authority (PEZA) has approved PHP13.19 billion worth of investments involving 33 projects, the investment promotion agency said in a statement Thursday. The projects were approved during the agency’s board meeting on March 11, PEZA said. “The approval… Read More
E-commerce seen to rise due to digital payments
March 18, 2021, 4:56 pm
MANILA – Convenience experienced by consumers on their financial transactions during the pandemic is expected to further boost electronic commerce (e-commerce) post-pandemic. Dan Wolbert, Visa country manager for the Philippines and Guam, sees e-commerce in the country to “continue to… Read More
DOE invites firms to invest in 69 unserved, underserved areas
March 18, 2021, 3:27 pm
MANILA – The Department of Energy (DOE) is inviting firms to invest and provide electricity services in 69 remote, unserved, and underserved areas in Negros Occidental and Palawan. In a statement Thursday, companies, cooperatives, non-government organizations, generation companies or their… Read More
DOLE-7 releases P500-K to aid Boholanos start biz
March 18, 2021, 3:04 pm
CEBU CITY – The Department of Labor and Employment in Central Visayas (DOLE-7) has released over PHP500,000 in livelihood grant to beneficiaries in Bohol, the agency said on Thursday. The funds will be used by the beneficiaries to start their respective enterprises. In her report to DOLE-7… Read More
DMCI builds largest water reclamation facility in PH
March 18, 2021, 1:11 pm
MANILA – Premier contractor D.M. Consunji Inc. (DMCI) has begun construction of the PHP10.5-billion Caloocan-Malabon-Navotas (CAMANA) water reclamation facility (WRF) project of Maynilad Water Services Inc. (Maynilad). Designed to treat 205 million liters per day (MLD) of wastewater, the CAMANA… Read More
DBP lends P760-M for health care facility in Pangasinan
March 18, 2021, 12:40 pm
MANILA – State-owned Development Bank of the Philippines (DBP) has signed a term loan agreement amounting to PHP760 million with a renowned hospital chain to enhance the health care facilities and boost the operating capacity of its branch in Pangasinan, a top official said. In a statement… Read More
