Business
APECO seals $25-M renewable energy deal
May 16, 2024, 5:00 pm
MANILA – The Aurora Pacific Economic Zone and Freeport Authority (APECO) has signed a USD25-million investment agreement with a Singapore-based renewable energy (RE) company, promoting green developing in investment promotion agencies. APECO and Pacific Impact Development Pte. Ltd. sealed the… Read More
Batangas' LIMA Estate poised to become more than just BPO hub
May 16, 2024, 3:58 pm
MALVAR, Batangas – A privately-funded economic zone in this province that was initially billed as a burgeoning hub for business process outsourcing (BPO) operations is now also poised to play an important role in large-scale food processing. The management of Aboitiz Construction, Inc. (ACI)… Read More
Foreign investment pledges reach PHP148B in Q1 2024
May 16, 2024, 2:55 pm
MANILA – Total approved foreign investment (FI) pledges amounted to PHP148.43 billion in the first quarter of the year, the Philippine Statistics Authority (PSA) said. In a report released on Thursday, the PSA said these investments were pledges from Investment Promotion Agencies (IPAs) which… Read More
EV battery maker triples investment in New Clark City
May 16, 2024, 1:20 pm
CAPAS, Tarlac – StB GigaFactory, Inc., a battery manufacturer funded by an Australian investment company, is ramping up its investment in the Philippines by more than threefold, its chief executive officer Dennis Chan Ibarra said. Ibarra said in an interview during the One Clark Forum Friday… Read More
NEDA Board OKs tariff rate modification on EVs, key infra projects
May 16, 2024, 1:16 pm Updated on May 16, 2024, 5:43 pm
MANILA – The National Economic and Development Authority (NEDA) Board, chaired by President Ferdinand R. Marcos Jr., recently approved the tariff rate modification of electric vehicles. In a statement on Thursday, the NEDA said the Board, during a meeting on May 15, approved the recommendations… Read More
Shares down ahead of BSP monetary policy briefing, peso up
May 15, 2024, 10:00 pm
MANILA – Local shares declined on Wednesday ahead of the Bangko Sentral ng Pilipinas' (BSP) Monetary Board meeting, while the peso closed slightly higher against the dollar. The Philippine Stock Exchange index (PSEi) shed 49.73 points to close at 6,558.63, while All Shares also went down by… Read More
Remittances from overseas Filipinos up by 2.6% in March
May 15, 2024, 5:37 pm
MANILA – Personal remittances of overseas Filipinos (OFs) went up by 2.6 percent in March this year, the Bangko Sentral ng Pilipinas (BSP) said. Data released by the BSP on Wednesday showed that personal remittances from OFs climbed to USD3.05 billion from USD2.97 billion in March last year.… Read More
BIR seizes illicit cigarettes with P150-M tax liability in Palawan
May 15, 2024, 3:46 pm
MANILA – The Bureau of Internal Revenue (BIR) confiscated 227,351 packs of illicit cigarettes in Brooke's Point, Palawan. In a statement on Wednesday, the BIR said the illicit cigarettes, worth PHP150.6 million in tax liability, were seized from seven makeshift warehouses during a raid on May 1,… Read More
50 Bicol MSMEs eye P10-M sales at Manila trade fair
May 15, 2024, 3:07 pm
LEGAZPI CITY – The Department of Trade and Industry (DTI) in Bicol is targeting to generate around PHP10 million in sales as 50 micro, small and medium enterprises (MSMEs) join the Orgullo kan Bikol (OKB) Trade Fair at Shangri-La Plaza mall in Mandaluyong City from May 16-19. On Wednesday,… Read More
PH, Qatar eye finalizing ratification of IPPA this year
May 15, 2024, 2:19 pm
MANILA – The Philippines and Qatar are expected to finalize the ratification process of the two countries' Investment Promotion and Protection Agreement (IPPA) within the year, the Department of Trade and Industry (DTI) said. In a statement, the DTI said the agreement was made during Trade… Read More
Stocks, peso end near flat ahead of BSP policy decision
May 14, 2024, 6:40 pm
MANILA – Both the local stock barometer and currency closed nearly flat on Tuesday's trading. The Philippine Stock Exchange index (PSEi) slightly improved by 0.06 percent, or 4.11 points, ending at 6,608.36, while the broader all shares increased by 4.15 points to 3,511.91. Philstocks Financial,… Read More
BTr partially awards T-bonds at higher yield
May 14, 2024, 5:00 pm
MANILA – The Bureau of the Treasury (BTr) on Tuesday partially awarded reissued Treasury bonds (T-bonds) at a higher yield. The BTr offered PHP30-billion T-bonds with a remaining term of 14 years and eight months but only accepted PHP11.5 billion of the total bids. Total tenders amounted to… Read More
More power capacity coming online to prevent yellow, red alerts
May 14, 2024, 3:28 pm
MANILA – The Department of Energy (DOE) assured lawmakers that there are more power plants coming online that would prevent a repeat of recent yellow and red alerts raised due to tight power supply. In a hearing of the Committee on Energy at the House of Representatives Tuesday, DOE… Read More
Meralco hikes power rate in May
May 14, 2024, 3:05 pm
MANILA – The tight power supply in the Luzon grid during the yellow and red alerts in April has pushed electricity rates up in franchise areas of Manila Electric Company (Meralco). Meralco announced Tuesday that power rates in May increased by PHP0.4621 per kilowatt hour to PHP11.4139 per kWh… Read More
CIAC building Clark nat’l food hub with learnings from the Netherlands
May 13, 2024, 9:10 pm
MANILA – The Clark International Airport Corp. (CIAC) aims to learn from the expertise of the Netherlands in constructing the Clark National Food Hub. In a statement Monday, the CIAC said its president and chief executive officer Arrey Perez joined the Philippine delegation to Amsterdam last… Read More
New international container terminal to rise in Batangas town
May 13, 2024, 9:08 pm
BAUAN, Batangas – A new international container facility is set to be built in this municipality and is targeted for completion by the end of 2027. In an email on Monday, the International Container Terminal Services Inc. (ICTSI) said design and engineering studies on the new terminal are… Read More
Strong FDI boosts local index, peso weak
May 13, 2024, 9:05 pm
MANILA – The higher net foreign direct investment (FDI) inflows in February buoyed the local index on Monday, while the peso closed weak against the US dollar. The Philippine Stock Exchange index (PSEi) gained 92.32 points, or 1.42 percent, to close at 6,604.25 points. All Shares also went up by… Read More
BTr accepts higher tenders from T-bills auction
May 13, 2024, 5:35 pm
MANILA – The Bureau of the Treasury (BTr) has raised more than the initially offered amount in its Treasury bills (T-bills) auction on Monday. As the debt paper was oversubscribed by nearly fourfold, the Auction Committee raised a total of PHP17 billion from its initial offer of PHP15 billion.… Read More
BIR heeds PBBM’s call to combat illicit vape, cigarettes
May 13, 2024, 4:51 pm
MANILA – Bureau of Internal Revenue (BIR) Commissioner Romeo Lumagui Jr. said on Monday his office is heeding the call of President Ferdinand R. Marcos Jr. to continue its fight against illicit vape products and cigarettes. Following the meeting of Marcos with the Private Sector Advisory… Read More
Oil price rollback as much as P2/liter set May 14
May 13, 2024, 3:21 pm
MANILA – Oil companies will slash petroleum prices as much as PHP2 per liter on May 14. In separate advisories, Caltex, Cleanfuel, Jetti, Seaoil, and Shell said they will roll back gasoline price by PHP2 per liter and will also cut diesel price by PHP0.50 per liter. Caltex, Seaoil, and Shell… Read More
