Business
PH economy to decline in 2020 amid coronavirus, recover in 2021
September 15, 2020, 2:34 pm
MANILA – The Philippine economy is forecast to contract by 7.3 percent in 2020 amid the coronavirus disease 2019 (Covid-19) pandemic before growth returns to 6.5 percent in 2021, according to a new report from the Asian Development Bank (ADB) released Tuesday. The Asian Development Outlook… Read More
DOE clears bidders for oil exploration in WPS
September 15, 2020, 7:39 am
MANILA – The Department of Energy (DOE) has opened the bids submitted by parties interested to explore untapped energy resources in the West Philippine Sea under the Philippine Conventional Energy Contracting Program (PCECP). During the opening of bids Monday, DOE said the bidders for the four… Read More
Bayanihan 2 has enough funding: National Treasurer
September 14, 2020, 8:21 pm
MANILA – The government’s additional stimulus program, the Bayanihan to Recovery as One Act which was signed into law on Sept. 11, has sufficient funding, National Treasurer Rosalia de Leon said. “Bayanihan 2 (is) adequately covered by debt service, savings, and additional income,” she… Read More
G20 economies see unprecedented shrinkage in Q2
September 14, 2020, 7:26 pm
ANKARA – G20 economies saw an unprecedented falls in the gross domestic product (GDP) in the second quarter of 2020, according to the Organization for Economic Cooperation and Development (OECD) on Monday. For the G20 area as a whole, GDP dropped by a record 6.9 percent, significantly larger… Read More
T-bill rates mixed ahead of BSP bills auction
September 14, 2020, 6:59 pm
MANILA – Rates of the Philippines’ treasury bills (T-bills) posted mixed results Monday ahead of the initial auction of the Bangko Sentral ng Pilipinas’ (BSP) debt paper later this week. The rate of the 91-day paper declined to 1.150 percent from last week’s 1.167 percent. Those of the… Read More
Stocks index gains, peso nearly unchanged
September 14, 2020, 5:16 pm
MANILA – Risk-on sentiments ahead of the Federal Reserve meeting this week partly boosted the local stock barometer while the peso closed almost unchanged against the US dollar Monday. The Philippine Stock Exchange index (PSEi) rose for the second consecutive day after an uptick of 0.49… Read More
MECQ in Mega Manila hits auto sales in August
September 14, 2020, 5:10 pm
MANILA – After three consecutive months of recording monthly sales growth, vehicle sales in August 2020 declined as a stricter community quarantine measure was implemented in Metro Manila, Bulacan, Cavite, Laguna, and Rizal last month. The Chamber of Automotive Manufacturers of the Philippines,… Read More
Big-time oil price rollback set this week
September 14, 2020, 3:56 pm
MANILA – More oil companies announced a big-time oil price rollback for this week. In separate advisories, Chevron, Petro Gazz, Seaoil, and Shell said they will cut diesel prices by PHP1.55 per liter and gasoline by PHP1 per liter effective Tuesday. Chevron, Seaoil, and Shell will also reduce… Read More
PCC to boost enforcement activities amid M&A review suspension
September 14, 2020, 3:51 pm
MANILA – The Philippine Competition Commission (PCC) will intensify its enforcement activities after the newly passed Bayanihan to Recover as One (Bayanihan 2) Act suspended the merger and acquisition (M&A) notification and review of the antitrust body. Under the Bayanihan 2, compulsory… Read More
DTI eyes bigger MSME loan funding via interest subsidy
September 14, 2020, 11:42 am
MANILA – The Department of Trade and Industry (DTI) is eyeing to help more micro, small and medium enterprises (MSMEs) through an interest subsidy scheme using the PHP10 billion microfinancing fund provided by the Bayanihan 2 for the Small Business (SB) Corp. The Bayanihan 2 allocated… Read More
AllHome reports sales growth amid pandemic
September 13, 2020, 6:19 pm
MANILA – AllHome Corporation saw growth in sales in home appliances and essential items amid the pandemic, as consumers resumed home improvement projects and select businesses started reopening. In a statement, AllHome vice chairman Camille Villar said the company’s wide range of products… Read More
Jan-Aug tax collections surpass DBCC targets despite pandemic
September 13, 2020, 12:19 pm
MANILA – The combined collection of PHP1.636 trillion by the Bureaus of Internal Revenue (BIR) and of Customs (BOC) for the first eight months of 2020 surpassed the PHP1.527-trillion target set by the Development Budget Coordination Committee (DBCC) by 7.17 percent for this period despite the… Read More
Experts: Oil price remains low in September but will rise again
September 13, 2020, 12:16 pm
MOSCOW – The price of oil in September will remain low, perhaps even with a slight decrease from the current levels below USD40 per barrel, experts told TASS. In October, the downward trend is likely to be interrupted and a gradual growth will begin, which will accelerate in November and… Read More
30 Cebu establishments receive DTI's 'Gold Bagwis' seal
September 11, 2020, 9:37 pm
CEBU CITY – The Department of Trade and Industry (DTI) on Friday cited 30 business establishments in Cebu with its Bagwis Awards in recognition of their efforts to uphold the rights and welfare of consumers and the practice of responsible business. DTI-Cebu provincial director Rose Mae… Read More
29th MinBizCon pushes for more resilient agriculture in Mindanao
September 11, 2020, 8:24 pm
DAVAO CITY – The ongoing coronavirus disease 2019 (Covid-19) health crisis has led the majority of Filipinos to see the value of agriculture to ensure food security amid the movement restrictions to contain infections, an official of the Philippine Chamber of Commerce and Industry (PCCI)… Read More
Cebu amusement park reopens after 6-month hiatus
September 11, 2020, 7:28 pm
MINGLANILLA, Cebu – After six months of hiatus amid the community quarantine due to the coronavirus disease 2019 (Covid-19) pandemic, a premier amusement park in this southern town of Cebu province has officially reopened on Friday. Chester Lim, Belmont One president, said in his message during… Read More
PEZA seeks to cut export threshold amid pandemic
September 11, 2020, 6:27 pm
MANILA – The Philippine Economic Zone Authority (PEZA) has proposed to lower the export threshold to 50 percent for economic zone locators to help them survive as global demand remains low due to the coronavirus disease 2019 (Covid-19) pandemic. PEZA Director General Charito Plaza said in a… Read More
PH stocks index, peso end week up
September 11, 2020, 6:26 pm
MANILA – The Philippine Stock Exchange index (PSEI) recovered Friday and the peso ended the week sideways against the US dollar. After a two-day slide, the main equities index rose by 1.11 percent, or 65.57 points, to 5,967.96 points. All Shares also increased after it rose by 0.67 percent, or… Read More
Legislative measures needed to boost PH money laundering rules
September 11, 2020, 6:10 pm
MANILA – The chief of the Anti-Money Laundering Council (AMLC) Secretariat on Friday said measures against money laundering in the Philippines have improved over the years but additional measures are needed to further improve the system. AMLC Secretariat Executive Director lawyer Mel Georgie B.… Read More
Eased contraction in July gives exporters ‘cautious optimism’
September 11, 2020, 5:36 pm
MANILA – The slowdown in contraction of merchandise exports in July has given Philippine exporters a ‘cautious optimism’ that they are on the path to recovery, an official of the Department of Trade and Industry (DTI) said Friday. DTI Export Marketing Bureau (EMB) director Senen Perlada said… Read More
