Business
‘Aghon’ downs 19 power plants, causes red alert in Luzon grid
May 27, 2024, 6:20 pm
MANILA – The Department of Energy (DOE) said 19 power plants went down due Typhoon Aghon, eight of which are on-grid and 11 are in off-grid areas. The eight power plants connected to the grid that were affected and went offline due to Aghon include the 1,200-megawatt (MW) Ilijan power plant; the… Read More
Greenhills mall free of fake goods by 2027
May 27, 2024, 4:50 pm
MANILA – The Intellectual Property Office of the Philippines (IPOPHL), brand owners and enforcement agencies held on May 9, 2024 a dialogue with the Greenhills Shopping Center (GSC), which presented ongoing developments in its campaign to encourage its flea market traders to shift away from… Read More
Oil price hike set on May 28
May 27, 2024, 4:30 pm
MANILA – Oil companies will increase oil prices on Tuesday by less than 50 centavos. In separate advisories, Caltex, Cleanfuel, Jetti, Petro Gazz, Seaoil, and Shell said they will hike gasoline and diesel prices by PHP0.40 per liter. Caltex, Seaoil, and Shell will also implement PHP0.30 per… Read More
Bureau of Treasury fully awards T-bills at slightly higher rates
May 27, 2024, 3:40 pm
MANILA – The Bureau of the Treasury (BTr) fully awarded bids for Treasury bills (T-bills) during Monday's auction. The 91-, 182-, and 364-day T-bills fetched average rates of 5.719 percent, 5.886 percent, and 6.043 percent, respectively, slightly higher than last week's average rate. Last week,… Read More
World Bank cites need to increase IP's access to education, health
May 27, 2024, 2:17 pm
MANILA – The World Bank said increasing access to water and sanitation, education, health services, and economic opportunities while preserving their cultural identities could improve indigenous peoples' (IPs) living standards. In its "No Story, No Data: Indigenous Peoples in the Philippines"… Read More
PEZA makes follow-through on PBBM’s Germany trip to lure investors
May 27, 2024, 12:35 pm
MANILA – The Philippine Economic Zone Authority (PEZA) made a follow-through on the recent official visit of President Ferdinand R. Marcos Jr. to Germany to attract German firms to invest in the country. In a statement Monday, PEZA said Director General Tereso Panga embarked on an investment… Read More
Cebu City eyes investors for creative district
May 26, 2024, 5:19 pm Updated on May 26, 2024, 5:20 pm
CEBU CITY – The local government here is seeking investors to develop the Cebu City Creative District, a 150-hectare project within the North Reclamation. Cebu City Vice Mayor Raymond Alvin Garcia, the acting city mayor, pitched the project to Department of Trade and Industry (DTI) Secretary… Read More
SteelAsia investing PHP65-B to ramp up PH steel production
May 26, 2024, 4:36 pm
COMPOSTELA, Cebu – SteelAsia Manufacturing Corp., the country’s largest steelmaker, will invest PHP65 billion to build four new production facilities in Luzon and Mindanao, creating 3,000 direct jobs within the next three to four years. SteelAsia chair and chief executive officer Benjamin Yao… Read More
PH stocks track Wall Street decline, peso ends nearly flat
May 24, 2024, 7:58 pm
MANILA – The local stock market ended the last trading day of the week in the negative territory, while the peso closed flat. The Philippine Stock Exchange index (PSEi) shed 40.10 points to close at 6,619.89, while All Shares also went down by 13.80 points to 3,523.49. "The local bourse dropped… Read More
MIC, NEA, PALECO partner to address power supply issues in Palawan
May 24, 2024, 4:40 pm
MANILA – The Maharlika Investment Corp. (MIC), National Electrification Administration (NEA), and Palawan Electric Cooperative (PALECO) signed on Friday an agreement to strengthen Palawan's electric grid. The memorandum of understanding (MOU) was signed by MIC President and CEO Rafael Consing… Read More
DTI extends aid to MSMEs in Cebu
May 24, 2024, 4:15 pm
CEBU CITY – Department of Trade and Industry (DTI) Secretary Alfredo Pascual and Undersecretary Jose Edgardo Sunico led the distribution of assistance to micro, small, and medium enterprises (MSMEs) during the Visayas town hall meeting at the University of the Philippines (UP) here Friday.… Read More
Volume, value of domestic trade up in Q1
May 24, 2024, 2:05 pm
MANILA – The total volume and value of domestic trade recorded a double-digit increase in the first quarter of the year, the Philippine Statistics Authority (PSA) said. In a report released on Friday, the PSA said the total quantity of domestic trade during the period reached 7.73 million tons,… Read More
PH largest steelmaker exports P1.5-B rebars to Canada
May 24, 2024, 12:26 pm
CEBU CITY – Despite its focus on the local market, the country’s largest steelmaker SteelAsia Manufacturing Corp. has tapped opportunities overseas. SteelAsia senior vice president for business development Rafael Hidalgo said in an interview here Thursday that the company made six shipments to… Read More
Bargain hunting lifts PSEi; peso stays at 58 vs. US dollar
May 23, 2024, 8:05 pm
MANILA – After a two-day decline, the local bourse recovered on bargain hunting while the peso closed within the 58-level. The benchmark Philippine Stock Exchange index (PSEi) finished the day gaining by 0.80 percent to 6,659.99, while All Shares also increased by 0.38 percent to 3,537.29 level.… Read More
PH firm gets P1.16-B loan for affordable housing project from US DFC
May 23, 2024, 7:10 pm
MANILA – Philippine real estate investment company Lhoopa, Inc. secured a USD20-million (PHP1.16 billion) loan from the United States International Development Finance Corp. (DFC). The loan agreement between the DFC and Lhoopa is one of the offshoots at the recently concluded Indo-Pacific… Read More
Queen Máxima, BSP push for more financial inclusion
May 23, 2024, 6:34 pm
MANILA – Queen Máxima of the Netherlands in her capacity as the United Nations Secretary-General’s Special Advocate for Inclusive Finance for Development (UNSGSA) said her visit to the Philippines aims to increase financial inclusion in the country. In a briefing at the Bangko Sentral ng… Read More
Red alert looms anew in Luzon, Visayas after nearly a month
May 23, 2024, 2:43 pm
MANILA – Red alert looms anew in the Luzon and Visayas grids, nearly a month since these grids were put under this status. The National Grid Corporation of the Philippines (NGCP) placed the Luzon grid under red alert from 1 to 5 p.m. and 6 to 10 p.m., while the Visayas grid was put under the… Read More
BOK extends rate freeze amid inflation woes, ups 2024 growth estimate
May 23, 2024, 2:11 pm
SEOUL – South Korea's central bank froze its key rate for the 11th straight session Thursday given still-high inflation and a faster-than-expected growth projection for the year. In a widely expected decision, the monetary policy board of the Bank of Korea (BOK) kept its policy rate unchanged at… Read More
Flava vape violated Vape Law: DTI
May 23, 2024, 2:05 pm
MANILA – The Department of Trade and Industry (DTI) said Flava Corp. and Lilac Sison Tayaban, operating under the business name Lilacs Vape Shop, were found guilty of violating Republic Act (RA) 11900, or the Vape Law. In a statement, DTI said Flava Corp. violated RA 11900 by selling vape… Read More
NEDA, BPDA partner for impact evaluation of BARMM programs
May 23, 2024, 1:55 pm
MANILA – The National Economic and Development Authority (NEDA) and the Bangsamoro Planning and Development Authority (BPDA) recently signed an agreement to strengthen impact evaluation for programs and projects in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM). In a statement on… Read More
