Business
Banks waive PESONet, InstaPay fees until September, year’s end
July 9, 2020, 8:45 pm
MANILA -- Some Philippine banks will waive fees for PESONet and InstaPay transactions until the end of the third quarter while others will be until the end of the year, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said. In a Viber message to journalists Thursday, Diokno said this… Read More
Top Frontier upbeat on SMC rebound
July 9, 2020, 8:35 pm
MANILA – Parent firm Top Frontier Investment Holdings Inc. maintained its positive outlook for San Miguel Corporation (SMC) as it hailed the conglomerate’s initiatives to help the country’s economy recover from the effects of the coronavirus disease (Covid-19) pandemic. In a statement… Read More
Ayala bats for continued partnership with science sector
July 9, 2020, 7:55 pm
MANILA -- Businessman Jaime Augusto Zobel de Ayala on Thursday said he hopes for a continued partnership with the scientific community during the "new normal". In a webinar organized by the National Academy of Science and Technology (NAST), Ayala said innovation has played a vital role in dealing… Read More
Metrobank, GT Capital donate Covid-19 test kits
July 9, 2020, 7:53 pm
MANILA – The government’s fight against coronavirus disease (Covid-19) got a boost through the PHP5.6-billion donation by Metrobank and GT Capital Holdings for the distribution of University of the Philippines-developed Covid-19 detection kits. The reverse transcription-polymerase chain… Read More
Oil prices down with surprise rise in US crude stocks
July 9, 2020, 7:00 pm
ANKARA – Oil prices went down on Thursday with a surprise increase in US crude oil stocks, signaling that oil demand could remain weak in the world's largest oil-consuming nation. The international benchmark Brent crude was trading at USD43.17 per barrel at 0626 GMT for a 0.28-percent decline… Read More
Peso stays afloat vs. USD, main equities index dip
July 9, 2020, 6:57 pm
MANILA – The peso ended sideways against the US dollar on Thursday but the main equities index weakened amid profit-taking a day after its recovery. The Philippine Stock Exchange index shed 1.48 percent, or 92.92 points, to 6,192.58 points. This negative close was also the theme for most of… Read More
DTI, private sector join hands to support women entrepreneurs
July 9, 2020, 5:26 pm
MANILA – The Department of Trade and Industry (DTI), United States Agency for International Development (USAID), National Confederation of Cooperatives (NATCCO), Facebook Philippines, Lazada, and Shopee have partnered to launch a program that will support women entrepreneurs using digital… Read More
DOE gets 10K rapid test kits for employees
July 9, 2020, 4:21 pm
MANILA – The Department of Energy (DOE) can boost the coronavirus disease (Covid-19) testing among its employees as it gets 10,000 rapid test kits (RTK) as donations to the office. In a statement Thursday, DOE said it received the initial 200 rapid test kits from Manila Electric Company… Read More
US apparel retailer Brooks Brothers files for bankruptcy
July 9, 2020, 2:16 pm
NEW YORK – Brooks Brothers, one of the oldest apparel retailers in the United States, filed for bankruptcy protection on Wednesday, as the coronavirus pandemic continues to impact businesses. In a statement, the company said it has commenced Chapter 11 cases in the United States Bankruptcy… Read More
Corporate debt funds boost firms’ liquidity needs amid pandemic
July 9, 2020, 2:08 pm
MANILA – The Securities and Exchange Commission (SEC) is working on a new regulatory framework for the development of a capital market where closed-end investment companies primarily invest in corporate debt papers of large and medium enterprises to cushion the economic fallout due to the… Read More
7-day TDF rate slides anew; 14-, 28-day rates rise
July 8, 2020, 10:16 pm
MANILA – Upticks were registered on the rates of Bangko Sentral ng Pilipinas’ (BPS) 14- and 28-day term deposit facility (TDF) after several months of decline but rate of the seven-day tenor sustained its drop. Data released by the central bank Wednesday showed that the average rate of the… Read More
'20 growth target stays amid expected deeper contraction in Q2
July 8, 2020, 10:11 pm
MANILA – Economic contraction in the second quarter of the year is expected to be deeper than the first three months performance, but economic managers are keeping their 2 percent to 3.4 percent contraction projection for this year. “It’s logical that the second quarter will be worse than… Read More
ADB sells $4-B 3-year global benchmark bond
July 8, 2020, 10:06 pm
MANILA – The Asian Development Bank (ADB) returned to the US dollar bond market with the pricing of a USD4-billion three-year global bond, the proceeds of which will become part of ADB’s ordinary capital resources. “We are very appreciative of the consistently solid investor support that… Read More
Gov't in talks with new possible NAIA rehab proponents
July 8, 2020, 10:03 pm
MANILA – Discussions are now underway between the government and the potential proponents for the PHP102-billion rehabilitation and redevelopment of the Ninoy Aquino International Airport (NAIA). During a virtual pre-State-of-the-Nation Address (SONA) briefing Wednesday, Finance Secretary… Read More
Data shows economy starting to recover from pandemic: NEDA chief
July 8, 2020, 9:55 pm
MANILA – The economy is starting to rebound from the coronavirus disease 2019 (Covid-19) pandemic but returning to positive growth depends on proactive implementation of the economic recovery program, the country’s chief economist said on Wednesday. “We have prepared the macroeconomic… Read More
2nd wave of virus may leave 80M people unemployed: OECD
July 8, 2020, 9:15 pm
ANKARA – A second wave of the novel coronavirus around the world could leave 80 million people out of work in the world's developed nations, the Organization for Economic Cooperation (OECD) said in a report. “Up to 10 times fewer hours were worked in some countries, compared with the first few… Read More
Cebu Landmasters sales up 41.3% in H1 amid coronavirus
July 8, 2020, 7:35 pm
MANILA – Cebu Landmasters, a residential developer in Visayas and Mindanao (VisMin), announced a 41-percent growth in sales to PHP7.43 billion in the first semester of 2020 year-on-year, driven by increased demand from end-users of affordable homes seeking safer and more secure dwellings as… Read More
PCC flags anti-competition provisions in stimulus bills
July 8, 2020, 7:31 pm
MANILA – Philippine Competition Commission (PCC) Chairman Arsenio Balisacan has identified some provisions in the stimulus package bills that may restrict the enforcement of the Philippine Competition Act (PCA) to preserve fair and healthy market competition. In an online seminar of Ateneo de… Read More
PH strong enough to win vs. pandemic: DOF chief
July 8, 2020, 6:13 pm
MANILA – The Philippine economy may be suffering from the impact of the coronavirus disease 2019 (Covid-19) pandemic but it is strong enough to “get back to its feet” and achieve more once it recovers. During a virtual pre-State-of-the-Nation Address (SONA) forum Wednesday, Department of… Read More
Stocks recover, peso ends sideways vs. USD
July 8, 2020, 4:52 pm
MANILA – The Philippine main equities index regained its footing Wednesday while the peso ended sideways against the US dollar as investors continue to be wary of the rising coronavirus disease 2019 (Covid-19) worldwide. After a two-day slide, the Philippine Stock Exchange index (PSEi) rose by… Read More
