Business
IPOPHL launches online mediation
May 21, 2020, 8:26 pm
MANILA – The resolution of disputes through the Intellectual Property Office of the Philippines’ (IPOPHL) mediation service will resume as it now allows mediation proceedings to be held online, a move that not only contributes to shaping the “new normal” at the office but also furthers its… Read More
BSP: FIST law needed vs. Covid-19's impact on banks
May 21, 2020, 7:10 pm
MANILA – Monetary authorities are pushing for the enactment of the proposed Financial Institutions Strategic Transfer (FIST) law to help banks facing difficulties amid the coronavirus disease 2019 (Covid-19) global pandemic. In a virtual briefing Thursday, Bangko Sentral ng Pilipinas (BSP)… Read More
Stocks end higher, peso sideways
May 21, 2020, 7:06 pm
MANILA – Risk-on sentiments continue to boost the financial market on positive news about the developments of possible vaccines against the coronavirus disease 2019 (Covid-19) including on economic recovery outlook as more areas continue to ease restrictions. The Philippine Stock Exchange index… Read More
PH lures 7 foreign firms with businesses in China
May 21, 2020, 6:24 pm
MANILA – Trade Undersecretary Ceferino Rodolfo said seven foreign companies with businesses in China have diversified their operations in the Philippines. These companies registered their projects with investment promotion agencies (IPAs) attached with the Department of Trade and Industry… Read More
Senate urged to include stimulus measures in calibrated CTRP
May 21, 2020, 5:48 pm
MANILA – Finance Secretary Carlos Dominguez III has called on the Senate to include the economic team's proposal on immediately cutting the corporate income tax (CIT) rate from 30 percent to 25 percent starting July this year, along with other investor-friendly measures, when it opens plenary… Read More
BOI investment approvals drop 71% to P84-B in Jan-April
May 21, 2020, 4:09 pm
MANILA – The Board of Investments (BOI) has approved PHP84 billion worth of investment pledges from January to April, down by 71 percent from PHP286.7 billion in the same period in 2019. According to the BOI, these investments involve 70 projects that are expected to create 11,055 jobs once… Read More
SM net income down by 16% to P9B in Q1
May 21, 2020, 2:14 pm
MANILA – The country’s largest conglomerate SM Investments Corporation (SM) on Thursday reported its profit declined by 16 percent in the first quarter of 2020 due partially to effects of the coronavirus disease 2019 (Covid-19) pandemic and enhanced community quarantine (ECQ). In a… Read More
SEC reiterates mandatory grace period for loans amid quarantine
May 21, 2020, 1:57 pm
MANILA – The Securities and Exchange Commission (SEC) has reiterated its directive for all financing and lending companies to provide borrowers more time to settle loans falling due within the enhanced community quarantine (ECQ) and modified enhanced community quarantine (MECQ) period. In a… Read More
Diokno cites opportunities for digital transactions post Covid-19
May 20, 2020, 9:10 pm
MANILA – The global pandemic has provided the Bangko Sentral ng Pilipinas’ (BSP) financial inclusion and digital transformation’s bid further boost opportunities now abound for financial technology (fintech) firms. In his speech during the virtual forum on fintech’s role in pump-priming… Read More
BSP’s 7-day term facility rate declines anew
May 20, 2020, 9:06 pm
MANILA – The rate of the Bangko Sentral ng Pilipinas’ (BSP) seven-day term facility slipped anew on Wednesday. Data released by the central bank showed the weighted average accepted yield of this tenor declined to 2.2543 percent from 2.2578 percent last week. The BSP offered this tenor of… Read More
WTO's goods trade barometer 'flashes red'
May 20, 2020, 6:11 pm
GENEVA – The volume of world merchandise trade is likely to fall steeply in the first half of 2020 as the coronavirus disease 2019 (Covid-19) pandemic disrupts the global economy, the World Trade Organization's (WTO) Goods Trade Barometer showed Wednesday. "The index currently stands at 87.6,… Read More
Finance exec cites gains from fiscal reforms
May 20, 2020, 5:32 pm
MANILA – Fiscal reform programs should be sustained to allow the government to “strongly face” the global pandemic, an economic bulletin of the Department of Finance (DOF) said. Penned by Finance Undersecretary Gil Beltran, the economic bulletin, issued Wednesday, said fiscal reforms… Read More
Stimulus talks in US lift PH stocks; peso ends sideways
May 20, 2020, 5:26 pm
MANILA – Last-minute bargain hunting lifted the country’s equities index Wednesday but the peso closed almost unchanged against the US dollar. Luis Limlingan, Regina Capital Development Corporation head of sales, attributed the bargain hunting to news about another possible stimulus program… Read More
SMC gets workplace ready; starts PCR testing of employees
May 20, 2020, 5:12 pm
MANILA – San Miguel Corporation (SMC) has begun testing its employees for Covid-19 as part of an extensive plan to reopen its workplaces safely and continue providing essential services to the public. Swabbing is currently ongoing in key facilities of the company while work to build a dedicated… Read More
LTFRB: Bookme app unauthorized; TNVS only allowed in GCQ areas
May 20, 2020, 4:24 pm
MANILA – The Land Transportation and Franchising Regulatory Board (LTFRB) on Wednesday warned the public against using the Bookme Transport Lite mobile app and said that transport network vehicle services (TNVS) are only authorized to operate in areas under general community quarantine (GCQ).… Read More
BOC-Dumaguete Q1 collection up 30%, down in April
May 19, 2020, 9:20 pm
DUMAGUETE CITY – The first quarter collection of the Bureau of Customs (BOC) Sub-port Office here went up 30 percent but reported a drop in its April revenue collection during the imposition of the enhanced community quarantine (ECQ) in Negros Oriental to fight the coronavirus disease 2019… Read More
VAT, excise tax collections lost due to ECQ: DOF chief
May 19, 2020, 9:15 pm
MANILA – Finance Secretary Carlos Dominguez III has assured senators that government revenues from income tax remains safe despite the postponement of collections due to the enhanced community quarantine (ECQ) amid the coronavirus disease 2019 (Covid-19) pandemic. “What we really lost is the… Read More
Supplies of alcohol, face mask stable: DTI chief
May 19, 2020, 7:26 pm
MANILA – Department of Trade and Industry (DTI) Secretary Ramon Lopez said the supply and demand situation for alcohol and face masks has already stabilized. In an interview on ANC Tuesday, Lopez said there are now available supplies of alcohol in drugstores and supermarkets while retailers can… Read More
BTr fully awards 35-day T-bill; rate declines
May 19, 2020, 7:22 pm
MANILA – The demand for government securities remains high, resulting in the full award of the 35-day Treasury bill (T-bill) Tuesday. The Bureau of the Treasury’s (BTr) auction committee awarded PHP15 billion worth of debt paper after tenders totaled to PHP33.4 billion. It also offered the… Read More
Gov’t eyes zero-interest loans for MSMEs
May 19, 2020, 7:17 pm
MANILA – Micro, small and medium enterprises (MSMEs) will be offered zero-interest loans under the Philippine Economic Stimulus Act (PESA) bill, government officials said. “If we’re able to get zero-cost funding, that’s the fund that we can lend at zero percent also. And then out of that… Read More
