Business
BTr awards P192.7-B worth of retail treasury bonds
July 16, 2020, 5:26 pm
MANILA – The Bureau of the Treasury (BTr) on Thursday awarded PHP192.707 billion worth of five-year retail treasury bond (RTB) during the rate setting auction, more than six times the PHP30-billion offer. The debt paper fetched a coupon rate of 2.625 percent, lower than the 6.25 percent the… Read More
Clark airport project to open C. Luzon to int'l market: Dominguez
July 16, 2020, 4:48 pm
CLARK FREEPORT, Pampanga – The new passenger terminal building at the Clark International Airport here that is set to operate in six months is seen to boost the economic development of Central Luzon. “This facility is very important for us because it opens up the Central Luzon area to the… Read More
Grab PH president Cu to step down in August
July 16, 2020, 3:29 pm
MANILA – International ridesharing and delivery service company Grab on Wednesday announced that Brian Cu, president for Grab Philippines (Grab PH), will leave the company next month. Singapore-based Russell Cohen, group managing director- operations for Grab, said Cu is set to step down from… Read More
Path of US economy largely depends on Covid-19: Fed official
July 16, 2020, 2:12 pm
WASHINGTON – The path of the United States economy largely depends on developments involving the coronavirus disease 2019 (Covid-19) as the country has failed to control the pandemic, a senior Federal Reserve official said on Wednesday. "Despite the enormous sacrifices made by tens of millions… Read More
Shakey’s defers store expansion plan, sees sales recovery
July 16, 2020, 1:13 pm
MANILA – Shakey’s Pizza Asia Ventures Inc. on Wednesday said it has postponed plans to open new stores this year amid the coronavirus disease (Covid-19) pandemic as it expects the expansion of dine-in capacity of restaurants to boost sales. “On new stores, what (was) supposed to be a… Read More
DBM chief cites PH achievement on budget transparency
July 16, 2020, 1:03 pm
MANILA – The country’s bid to ensure transparency on government processes and engagement makes it among the best in this field, Department of Budget and Management (DBM) Secretary Wendel Avisado said. In his presentation during the second virtual pre-State-of-the-Nation Address (SONA) forum… Read More
Stocks index slips; peso ends sideways
July 15, 2020, 9:22 pm
MANILA – The peso ended Wednesday sideways against the US dollar but the main equities index finished on the negative after a suggestion for the US Federal Reserve to increase asset purchases to lift the economy. The Philippine Stock Exchange index (PSEi) shed 2.53 percent, or 156.30 points, to… Read More
BSP term deposit facility rates rise
July 15, 2020, 9:14 pm
MANILA – After several weeks of decline, average rates of the Bangko Sentral ng Pilipinas’ (BSP) term deposit facility (TDF) increased Wednesday even as demand remained strong. Data released by the central bank showed that the average rate of the seven-day facility increased to 1.7557 percent… Read More
Digital upscaling priority under proposed 2021 budget
July 15, 2020, 6:13 pm
MANILA – The Philippine government is firm on facing the digital economy head-on as allocations have been included for this under the proposed 2021 national budget, Department of Budget and Management (DBM) Secretary Wendel Avisado said. During the second virtual pre-State-of-the-Nation Address… Read More
Biz group to upskill 1M Filipinos under 5-year program
July 15, 2020, 6:08 pm
MANILA – The Information Technology and Business Process Association of the Philippines (IBPAP) is eyeing a five-year program that targets to expand the skills of one million Filipinos. In a statement Wednesday, IBPAP said the program will offer near-hire training grants, upskilling vouchers,… Read More
PEZA okays 50 new projects worth P22.5B
July 15, 2020, 5:01 pm
MANILA – The Philippine Economic Zone Authority (PEZA) on Wednesday said its Board has approved a total of 50 new projects with investments reaching PHP22.5 billion last July 10. In a statement Wednesday, the PEZA said 33 of these projects are expansion projects of its locators. They… Read More
Bank exec cites importance of securing online presence
July 15, 2020, 4:20 pm
MANILA – An executive of Union Bank of the Philippines (Unionbank) has underscored the importance of cyber hygiene especially now that more people are using online transactions to lessen their need to go out of their homes during the coronavirus disease 2019 (Covid-19) In a virtual briefing… Read More
‘Online barter’ for personal transaction not illegal: DTI chief
July 15, 2020, 1:49 pm
MANILA – Trade Secretary Ramon Lopez has clarified his recent statement that ‘online barter’ is illegal, saying exchanges of goods for personal transactions, not as business, is allowed. In a text message Wednesday, Lopez said barter trade is only allowed in three areas in the country --… Read More
PH banks can manage credit risk from ABS-CBN loans
July 15, 2020, 8:54 am
MANILA – Philippine banks remain strongly capable of managing risks on their credit portfolio despite the non-renewal of broadcast giant ABS-CBN’s franchise, an organization of universal and commercial banks said Tuesday. In a statement, the Bankers Association of the Philippines (BAP) said… Read More
BSP chief stresses importance of gradual re-opening of economy
July 15, 2020, 8:49 am
MANILA – The economic impact of the coronavirus disease 2019 (Covid-19) pandemic is projected to be greater than expected, hence, the need for the gradual re-opening of the economy to prevent it from further contraction, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said. “We… Read More
Diokno cites need for vigilance vs. spillovers of pandemic
July 14, 2020, 9:51 pm
MANILA – Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said authorities are now more vigilant in ensuring that spillovers of the global health crisis will not impact on the financial market. In a virtual briefing during the release of the report about the Macroprudential Policy… Read More
Imported vehicle sales rebound in June
July 14, 2020, 9:29 pm
MANILA – Not only locally assembled vehicles recovered from business disruption due to community quarantine measures but also sales of imported vehicles improved in June compared to the previous month. The Association of Vehicle Importers and Distributors (AVID) reported Tuesday its monthly… Read More
DMCI group sees strong business recovery in 2021
July 14, 2020, 9:11 pm
MANILA – Diversified engineering conglomerate DMCI Holdings Inc. is optimistic about a “very strong” business recovery in 2021 after a marked slowdown in consolidated earnings it expects this year amid the coronavirus disease (Covid-19) that continues to drag down economic activities. In a… Read More
Stocks index recovers, peso weakens
July 14, 2020, 8:30 pm
MANILA – The Philippine Stock Exchange index (PSEi) managed to recover on Tuesday but the peso weakened against the US dollar partly on news about the further contraction of Singapore’s economy in the second quarter. The main equities index barely rose after ending the day at 6,172.81 points,… Read More
Authorities sustain policies boosting economic growth: exec
July 14, 2020, 6:46 pm
MANILA – Finance authorities continue to have policy leeway to support domestic growth as inflation remains manageable, a ranking Department of Finance (DOF) official said Tuesday. In an economic bulletin, Finance Undersecretary Gil Beltran described as still moderate the uptick in last… Read More
