Business
Foreign direct investment drops by 49% in H1: UN report
October 28, 2020, 8:20 pm
ANKARA – A new UN report revealed that global foreign direct investment flows dropped by 49 percent in the first half of 2020, compared to the same period last year, due to the coronavirus pandemic. James Zhan, investment and enterprise director at the UN Conference on Trade and Development… Read More
Oil prices down over unexpected rise in US crude
October 28, 2020, 8:14 pm
ANKARA – Oil prices were down on Wednesday over a more-than-expected build-up in US crude inventories, which is intensifying investor concerns over demand recovery at a time when some countries have started to impose new restrictions to battle the coronavirus. International benchmark Brent… Read More
More gov’t agencies urged to use e-payment system
October 28, 2020, 8:12 pm
MANILA – Digital payment transactions in government agencies are expected to increase as the Bangko Sentral ng Pilipinas (BSP) encourages more offices to use EGov Pay. In a virtual event titled Advancing E-Payments via Public-Private Partnership hosted by the Makati Business Club (MBC)… Read More
DTI to issue circular vs. mislabeled cement products
October 28, 2020, 7:17 pm
MANILA – The Department of Trade and Industry (DTI) will issue a new memorandum circular (MC) to clarify rules and regulations on labeling cement products. The supplemental guidelines for the implementation of Department Administrative Order (DAO) 17-06, Series of 2017, or “The New Rules and… Read More
Tech startup invites technicians who lost jobs to join team
October 28, 2020, 7:13 pm
MANILA – Technology startup Teko is inviting technicians who lost their jobs amid the pandemic to be their partners as it aims to expand its appliance service business. In an online media briefing Wednesday, Teko chief executive officer and co-founder Farah Barre said the company targets to… Read More
BSP term deposit facility rates rise anew
October 28, 2020, 7:10 pm
MANILA – The interest rates of the Bangko Sentral ng Pilipinas’ (BSP) term deposit facility (TDF) rose anew Wednesday due to strong demand despite the 28-day facility still not offered. Data released by the central bank showed that the average yield of the seven-day facility rose to 1.9373… Read More
BTr sets P140-B borrowing plan for next month
October 28, 2020, 7:07 pm
MANILA – The Bureau of the Treasury (BTr) has scheduled the auction of about PHP140 billion worth of debt securities next month. In a memorandum to government securities eligible dealers (GSEDs) dated Oct. 27, National Treasurer Rosalia de Leon said PHP20 billion worth of treasury bills… Read More
Northbound Skyway Extension on track for yearend completion
October 28, 2020, 6:00 pm
MANILA – After announcing the soft opening of its much-awaited Skyway 3 project in December, San Miguel Corporation (SMC) president and chief operating officer Ramon Ang said the structure of the northbound section of its Skyway Extension project is now 70 percent done and on-schedule for… Read More
PLDT improves network capacity
October 28, 2020, 5:59 pm
MANILA – PLDT remains to have the largest fiber network infrastructure in the country, spanning 395,000 kilometers (km) as of the end of September, and improved its network capacity to 55 terabits per second (Tb/s). In a statement on Wednesday, PLDT said its fiber network is the “most… Read More
Lower office rental rates seen by yearend
October 28, 2020, 5:55 pm
MANILA – Real estate services firm KMC Savills said it is possible that rental rates for office spaces in the National Capital Region (NCR) will contract by the end of 2020 compared to the price levels in 2019. In its Metro Manila office briefing Wednesday, rental rates of all markets have… Read More
Stocks index slips anew; peso flat vs. USD
October 28, 2020, 5:51 pm
MANILA – The local main equities index declined anew Wednesday while the peso ended flat against the US dollar due mainly to the continued rise of coronavirus disease (Covid-19) infections. The Philippine Stock Exchange index (PSEi) shed by 0.58 percent, or 37.29 points, to 6,377.79… Read More
AirAsia PH chief bullish on increased domestic travel in Q1 2021
October 28, 2020, 5:13 pm
MANILA – AirAsia Philippines chief executive officer Ricardo Isla on Wednesday said he is hopeful of a continuous increase in the number of domestic flights in January to February or "after the pandemic". "Even now, we have many bookings for future flights. We have to give jobs. We have to… Read More
DTI launches ‘Make It Happen in the Philippines’ campaign
October 28, 2020, 3:47 pm
MANILA – The Department of Trade and Industry (DTI) soft launched on Wednesday the ‘Make It Happen in the Philippines’ campaign to invite foreign investors and choose the Philippines as their next investment destination. DTI Secretary Ramon Lopez initially launched the campaign to investors… Read More
SEC clears Filinvest Land, Megawide, Cityland’s public offerings
October 28, 2020, 2:48 pm
MANILA – The Securities and Exchange Commission (SEC) has considered favorably the respective public offerings by Filinvest Land, Inc., Megawide Construction Corp., and Cityland Development Corp. In its meeting Tuesday, the Commission en banc resolved to render effective the registration… Read More
Cebu’s first toll bridge to spur trade activities in C. Visayas
October 28, 2020, 2:39 pm
CEBU CITY – The PHP30-billion toll bridge project connecting Mactan Island’s Cordova town to this capital city will spur more trade activities in the Central Visayas region, the bridge contractor said on Wednesday. Set to be a new landmark in the country, Cebu’s first toll bridge is… Read More
DOE respects Petron’s decision should it close refinery
October 27, 2020, 8:07 pm
MANILA – The Department of Energy (DOE) said it will respect the decision of Petron Corporation’s management should it pursue its plans to shut down its refinery in Bataan. In a statement Tuesday, DOE Secretary Alfonso Cusi said the department has yet to receive a notification from Petron… Read More
No need to change PH's oil tax system: DOF chief
October 27, 2020, 8:05 pm
MANILA – Department of Finance (DOF) Secretary Carlos Dominguez III discounts the need to change the current tax system for oil products amid the reality that oil refiners pay more taxes than importers. In a Viber message to journalists Tuesday, Dominguez said there are timing and market issues… Read More
DOE stops endorsements for new coal power projects
October 27, 2020, 8:01 pm
MANILA – The Department of Energy (DOE) has declared a moratorium on endorsements for greenfield coal power plants. DOE Secretary Alfonso Cusi made the statement Tuesday in his recorded speech for the 2nd Global Ministerial Conference on System Integration of Renewables as part of the Singapore… Read More
PH gets Hungary’s support for EU free trade talks
October 27, 2020, 7:10 pm
MANILA – The Hungarian government has assured the Philippines of support to continue negotiations for a free trade deal between the Philippines and the European Union (EU), the Department of Trade and Industry (DTI) said Tuesday. DTI Secretary Ramon Lopez and Minister of Foreign Affairs and… Read More
Economist eyes sustained rise of BOP surplus
October 27, 2020, 6:28 pm
MANILA – An economist forecasts a sustained rise of the country’s balance of payment (BOP) surplus which rose to USD6.88 billion in end-September, benefiting the peso and the foreign reserves. The Bangko Sentral ng Pilipinas (BSP) on Monday reported that BOP surplus last September amounted to… Read More
