Business
DOE opens bidding for 22 areas for renewable energy dev’t
January 7, 2021, 3:36 pm
MANILA – The Department of Energy (DOE) has started accepting bids for 22 predetermined areas for potential geothermal and hydropower resources to accelerate the renewable energy (RE) development in the country. During the 3rd Open and Competitive Selection Process (OCSP) on Jan. 5, the DOE… Read More
DBP grants P645-M loan to boost banana flour, coco sugar exports
January 7, 2021, 1:28 pm
MANILA – State-owned Development Bank of the Philippines (DBP) has granted a PHP645-million loan to Hijo Superfoods, Inc. (HSI) for the establishment and expansion of its banana flour and coconut sugar manufacturing facilities, a top official said. In a statement Thursday, DBP president and… Read More
Cebu Pacific sees rising demand of cargo service
January 6, 2021, 8:16 pm
CEBU CITY – Budget carrier Cebu Pacific (CEB) said Wednesday it recently took delivery of its second ATR cargo freighter to boost its cargo operations to and from domestic airports with short runways. “We saw this pandemic as an opportunity to recalibrate our business and optimize… Read More
Biz group says Cebu can’t withstand another lockdown
January 6, 2021, 7:57 pm
CEBU CITY – The Cebu Chamber of Commerce and Industry (CCCI) has opposed plans to impose strict quarantine measures again if the new variant of SARS-CoV-2, the virus that causes coronavirus disease (Covid-19), is detected in the country. CCCI president Felix Taguiam said Cebu’s economy is… Read More
Stocks index slips; peso still firm vs. dollar
January 6, 2021, 6:41 pm
MANILA – Wait-and-see stance on the election result in Georgia, United States kept investors at bay, resulting in the negative close of all indices in the local bourse, while the peso managed to stay firm against the greenback. The Philippine Stock Exchange index (PSEi) shed 1.21 percent, or… Read More
Oil prices soar after surprise OPEC+ output cut
January 6, 2021, 5:53 pm
ANKARA – Oil prices jumped significantly on Wednesday after a more than expected cut in OPEC+ production when Saudi Arabia issued a surprise, major unilateral cut of 1 million barrels per day (bpd). International benchmark Brent crude was trading at USD53.87 per barrel at 0647 GMT for a… Read More
Safeguard on imported cars to save local jobs: DTI
January 6, 2021, 5:22 pm
MANILA – Trade Secretary Ramon Lopez rebutted on Wednesday the claims of car industry groups that the safeguard duties imposed on imported vehicles will result in job losses in the country. “Safeguard duty is definitely meant to help and boost local manufacturing revival efforts and meant to… Read More
Term deposit rates decline on oversubscription
January 6, 2021, 5:00 pm
MANILA – Oversubscription was registered during the term deposit facility (TDF) auction Wednesday even after the Bangko Sentral ng Pilipinas (BSP) increased the offering compared to the last auction in 2020. Data released by the central bank showed that bids for the seven-day facility reached… Read More
Economist forecasts PH GDP growth at 5.5-6% this year
January 6, 2021, 4:41 pm
MANILA – Kuala Lumpur-based Juwai IQI global chief economist Shan Saeed forecasts the gross domestic product (GDP) growth for the Philippines to bounce back between 5.5 percent and 6 percent this year. Saeed told the Philippine News Agency in an e-mail Wednesday that local demand and… Read More
UCPB waives PESONet, InstaPay fees until end-March '21
January 6, 2021, 3:38 pm
MANILA – The United Coconut Planters Bank (UCPB) has extended until March 31 the waiver on fees for InstaPay and PESONet transactions. This will make the fee waiver in effect for a year after the bank first suspended the collection of digital financial transaction fees when the government… Read More
BSP extends P540-B cash advance to gov’t anew
January 6, 2021, 2:51 pm
MANILA – The Bangko Sentral ng Pilipinas (BSP) extended another PHP540-billion cash advance to the national government last December to help boost its cash flows. In an online briefing Wednesday, BSP Governor Benjamin Diokno said the central bank’s policy-making Monetary Board (MB) approved… Read More
AREIT acquires 9.8-hectare land in Laguna for P1.1-B
January 6, 2021, 2:47 pm
MANILA – AREIT, Inc., the real estate investment trust of Ayala Land, Inc., has purchased 9.8 hectares of land at the Laguna Technopark through a deed of sale for PHP1.1 billion, with the acquisition expected to directly contribute to its income starting this month. “Aside from being… Read More
PH’s largest bus firm vows to sustain reliable public transport
January 6, 2021, 1:17 pm
BACOLOD CITY – The top official of the country’s largest bus operator has vowed to continue providing “the most reliable means of public transportation” to Filipino commuters amid the continuing challenges faced by the company. Leo Rey Yanson, president and chief executive officer of both… Read More
ABAC reiterates need for collaboration to thrive amid pandemic
January 6, 2021, 1:10 pm
MANILA – With the global economy reeling from the severe impact of the coronavirus disease 2019 (Covid)-19, the Asia-Pacific Economic Cooperation (APEC) Business Advisory Council (ABAC) reiterated in its year-end report the need for collaboration and connectivity to respond to the crisis while… Read More
Economists forecast RRR cut as early as Q1
January 5, 2021, 8:33 pm
MANILA – Further cut in banks’ reserve requirement ratio (RRR) is expected this quarter since the uptick in inflation rate last December is considered as a factor for monetary authorities to keep key rates steady anew. In a report, Rizal Commercial Banking Corporation (RCBC) chief economist… Read More
10-year T-bond rate falls
January 5, 2021, 8:28 pm
MANILA – High liquidity situation resulted in the drop in Philippine government-issued 10-year Treasury bond (T-bond) Tuesday. The average rate of the debt paper, with a remaining life of four years and eight months, slipped to 2.536 percent from 2.900 percent during the auction of the same… Read More
SMC tollways to go 100% cashless by Jan. 11
January 5, 2021, 8:24 pm
MANILA – San Miguel Corporation (SMC) has reached its target of 156 radio frequency identification (RFID) stations last December 29, as its expressways gear up for cashless toll collections next week. “...We’re no longer seeing long lines at the stations. We will continue to serve and… Read More
Oil prices down over adjourned OPEC+ meeting
January 5, 2021, 8:21 pm
ANKARA – Oil prices fell on Tuesday over uncertainties due to the adjournment of the OPEC+ group meeting in which differences arose among member countries in their agreement of a production cut quota for February. International benchmark Brent crude was trading at USD50.84 per barrel at 0634… Read More
Stocks index falls; peso closes sideways vs. dollar
January 5, 2021, 7:02 pm
MANILA – Profit-taking resulted in the negative close of the Philippine Stock Exchange index (PSEi) Tuesday while the peso continues to stay firm against the greenback. The local stock barometer shed by 0.88 percent, or 63.32 points, to 7,134.18 points. All Shares followed with a drop of 1.001… Read More
ARTA to inspect LGUs’ compliance with biz one-stop shop
January 5, 2021, 5:35 pm
MANILA – The Anti-Red Tape Authority (ARTA) is reminding all local government units (LGUs) throughout the country to put up a Business One-Stop Shop (BOSS), a system that will make it easier for the public to transact with the government. During the Laging Handa briefing Tuesday, ARTA director… Read More
