Business
Covid-19 vaccine, quarantine easing to boost peso, stocks
August 14, 2020, 7:54 pm
MANILA – Optimism on the possible easing of quarantine measures in the National Capital Region (NCR) and hopes for coronavirus disease 2019 (Covid-19) vaccines are expected to buoy the Philippine peso and the main stocks index next week. In a reply to e-mailed questions from PNA, Rizal… Read More
Peso strengthens anew, stocks index drops
August 14, 2020, 7:18 pm
MANILA – The peso sustained its rise to its best against the US dollar since November 2016 while the Philippine Stock Exchange index (PSEi) ended its four-day rally on Friday on risk-off sentiments. The main equities index declined by 0.34 percent, or 20.87 points, to 6,076.91 points. However,… Read More
Monthly auto sales up 31.9% in July
August 14, 2020, 6:24 pm
MANILA -- Combined vehicle sales of Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) sold 20,542 units of vehicles in July 2020. CAMPI and TMA sales in July are higher by 31.9 percent from previous month’s sales of 15,578… Read More
Smart, Globe assure connectivity upgrade in Cebu’s Camotes island
August 14, 2020, 6:19 pm
CEBU CITY – Telecommunications giants Smart Communications and Globe Telecom have assured the provincial government here they will upgrade their cell site facilities on the islands of Camotes "within a month’s time.” This developed following complaints from town mayors and resort operators… Read More
Shell to help workers find jobs after refinery shutdown
August 14, 2020, 6:15 pm
MANILA – An executive of Pilipinas Shell Petroleum Corp. said the firm has pledged to help workers who would be affected by the shutdown of its oil refinery in Batangas. Serge Bernal Jr., Pilipinas Shell vice president for external and government relations, said the firm would do its best to… Read More
Limit loan moratorium to 1 month: MAP
August 14, 2020, 5:04 pm
MANILA – The Management Association of the Philippines (MAP) has flagged as detrimental to the banking system a provision in the House of Representatives’ version of Bayanihan 2, giving a 365-day moratorium on loans. In a statement Friday, MAP president Francis Lim said it would be better to… Read More
Local PPE makers ask for more gov’t support
August 13, 2020, 9:23 pm
MANILA – The Confederation of Wearable Exporters of the Philippines (CONWEP) and the Confederation of Philippine Manufacturers of PPE (CPMP) have appealed to the government to provide more support to local manufacturers of medical-grade personal protective equipment (PPE) through the Bayanihan… Read More
Megaworld nets P5.9B in H1; grows office business amid pandemic
August 13, 2020, 7:54 pm
MANILA – Megaworld, the country’s leading developer of integrated urban townships, posted a 34-percent drop in its net income during the first half of 2020 to PHP5.9 billion from PHP8.9 billion during the same period last year. In a statement Thursday, the company said its consolidated… Read More
Structural reforms back PH's ability to manage external debt
August 13, 2020, 7:47 pm
MANILA – Structural reforms in the last 20 years provided the Philippines strong support to manage its external liabilities even as foreign debt increases vis-à-vis the government’s programs to address the pandemic. “While the country’s outstanding external debt will increase to the… Read More
Businesses can’t afford another lockdown: ECCP
August 13, 2020, 6:32 pm
MANILA – It will be harder for businesses to survive and recover if the government will extend stringent community quarantine, European Chamber of Commerce of the Philippines (ECCP) president Nabil Francis said on Thursday. In a webinar and press conference, Francis said the current modified… Read More
Rural, coop banks extend lifeline to pandemic-affected MSMEs
August 13, 2020, 6:23 pm
MANILA – The Bangko Sentral ng Pilipinas’ (BSP) policy to accept as reserve requirement the compliance of rural and cooperative banks’ (RCBs) lending to the micro, small, and medium enterprises (MSMEs) affected by the pandemic has posted gains. In a virtual briefing Thursday, BSP Governor… Read More
Stocks, peso sustain rise
August 13, 2020, 5:39 pm
MANILA – Risk-on sentiments lifted the main equities index to the 6,000-level Thursday while the peso further improved against the US dollar. The Philippine Stock Exchange index (PSEi) rose by 1.71 percent, or 102.78 points, to 6,097.78 points. All Shares increased by 1.12 percent, or 39.76… Read More
ARTA probes deficiency in PhilHealth’s Citizen’s Charter
August 13, 2020, 5:05 pm
MANILA –The Anti-Red Tape Authority (ARTA) has formed a Special Task Force (STF) that will investigate the deficiency in the Citizen’s Charter of the Philippine Health Insurance Corp. (PhilHealth). In a statement Thursday, ARTA said the STF held a virtual meeting this day to discuss the… Read More
AllHome posts P4.85-B sales in H1
August 13, 2020, 5:00 pm
MANILA – AllHome Corp., a pioneering one-stop shop home store in the Philippines, posted PHP4.85 billion in sales for the first half of 2020, down slightly by 4 percent from the same period last year despite the closure of stores during the enhanced community quarantine (ECQ). In a statement… Read More
1st REIT listing shows PHL market ready to resume business
August 13, 2020, 3:20 pm
MANILA – Finance Secretary Carlos Dominguez III said Thursday the Philippines’ first Real Estate Investment Trust (REIT) listing done by the Ayala-backed AREIT Inc. signals that the domestic market is ready to resume business amid the challenges arising from the coronavirus-induced global… Read More
DOLE-7 urges employers to adopt e-money for wages amid pandemic
August 13, 2020, 3:13 pm
CEBU CITY – Central Visayas employers are urged to explore the use of transaction accounts, known as bank or e-money accounts, as a preferred mode to pay wages and other monetary benefits to workers. Salome Siaton, Department of Labor and Employment (DOLE)-7 regional director, said this… Read More
Mactan Island hospitality sector ready for ‘new normal'
August 13, 2020, 1:25 pm
LAPU-LAPU CITY, Cebu – The Tourism, Cultural and Historical Affairs Commission (TCHAC) here said it is now prepared for the reopening the hospitality industry in Cebu’s resort island once its community quarantine status is downgraded. City officials have been visiting hotels and resorts to… Read More
Shell to convert Batangas refinery to world-class import terminal
August 13, 2020, 12:43 pm
MANILA – Pilipinas Shell Petroleum Corp. on Thursday disclosed that it will permanently shut down its oil refinery facility in Batangas and transform it into a world-class full import terminal. "Due to the impact of the Covid-19 pandemic on the global, regional and local economies, and the oil… Read More
Rise of online shopping nationwide, not just from metro
August 12, 2020, 9:41 pm
MANILA – The increase of online shopping since the implementation of community quarantines to address the rise of coronavirus disease 2019 (Covid-19) cases cannot be attributed primarily to the metropolis but nationwide. “I wouldn’t say there was an outsized increase or imbalance in… Read More
Britain enters deepest recession on record due to pandemic
August 12, 2020, 9:32 pm
LONDON – Britain has officially entered into a recession, according to new figures published on Wednesday. The recession is its deepest since the start of record-keeping and deeper than any other major economy. The Office for National Statistics (ONS), the United Kingdom’s official statistics… Read More
