Business
Liquidity support, tax perks eyed for firms to boost recovery
May 14, 2020, 11:36 pm
MANILA – The government is looking to provide liquidity support and tax incentives to firms and stimulate employment as it prepares for the coronavirus disease 2019 (Covid-19) recovery period. “So the whole idea here is a way to provide immediate cash flow to the firms so that they can… Read More
SEC extends deadlines for company reports filing amid pandemic
May 14, 2020, 10:02 pm
MANILA – The Securities and Exchange Commission (SEC) has extended the deadlines for the submission of annual reports and/or audited financial statements of companies with fiscal years ending amid the coronavirus disease 2019 (Covid-19) pandemic. In an en banc meeting through videoconferencing… Read More
Fitch Solutions eyes at least 50 bps add’l cut in BSP rates
May 14, 2020, 8:10 pm
MANILA – Fitch Solutions projects at least 50 basis points additional reduction in the Bangko Sentral ng Pilipinas’ (BSP) key rates this 2020 to help lift the economy from the impact of the global pandemic. “On the monetary side, easing inflationary pressures and the peso exchange… Read More
Stocks recover, peso weakens amid market anxieties
May 14, 2020, 7:49 pm
MANILA – The local stock barometer recovered Thursday but the peso weakened due to developments on the coronavirus disease 2019 (Covid-19) and anxieties on the trade war between the US and China. After a two-day slide, the Philippine Stock Exchange index (PSEi) recovered and gained 0.51… Read More
Covid-related activities, ‘Balik Probinsya’ proposed in 2020 IPP
May 14, 2020, 7:01 pm
MANILA – Economic activities that would help the government in its fight against the coronavirus disease 2019 (Covid-19) pandemic and the ‘Balik Probinsya’ program are included in the proposed 2020 Investment Priorities Plan (IPP) of the Board of Investments (BOI), Trade Secretary Ramon… Read More
DOF eyes add’l financing of up to P160B for Covid-19 response
May 14, 2020, 6:56 pm
MANILA – The Department of Finance (DOF) plans to increase the capital of state-owned banks and the Philippine Guarantee Corporation (PhilGuarantee) as part of the government’s coronavirus disease 2019 (Covid-19) response. During the press conference of the first online consultative… Read More
JG Summit revises capex to P58-B amid pandemic
May 14, 2020, 5:34 pm
MANILA – JG Summit Holdings, Inc. (JGSHI) has revised its capital expenditure (capex) for this year downward amid the challenging business climate due to the coronavirus disease 2019 (Covid-19) pandemic. During the conglomerate’s virtual annual stockholders’ meeting Thursday, JGSHI… Read More
Covid-19 to shrink global economy by 3.2% in 2020: UN
May 14, 2020, 3:41 pm
ANKARA – The global economy is projected to contract by 3.2 percent this year, against the backdrop of the devastating coronavirus pandemic, according to a UN report released Wednesday. World trade is forecast to shrink by nearly 15 percent in 2020 amid sharply reduced global demand and… Read More
Skyway Extension project construction resumes May 15
May 14, 2020, 1:48 pm
MANILA – San Miguel Corporation (SMC) will resume construction of the Skyway Extension project, halted for two months of community quarantine, on May 15 following the issuance of guidelines by the government’s Inter-Agency Task Force on the coronavirus disease 2019 (Covid-19). SMC, through… Read More
IPOPHL sees stronger ties with WIPO as Asean partner takes helm
May 13, 2020, 9:37 pm
MANILA – The Intellectual Property Office of the Philippines (IPOPHL) welcomes the appointment of Singapore’s Daren Tang as the new Director General of the World Intellectual Property Organization (WIPO). “We extend our heartfelt congratulations to the appointment of DG-elect Daren Tang.… Read More
Strong demand pulls down 7-day TDF rate
May 13, 2020, 8:16 pm
MANILA – Rate of the Bangko Sentral ng Pilipinas’ (BSP) seven-day term deposit facility (TDF) declined anew Wednesday still due to strong demand. BSP offered the facility for PHP100 billion and the auction committee made a full award. Bids were more than twice at PHP231.35 billion. Average… Read More
Covid-19 pandemic cuts global trade value by 3% in Q1 2020
May 13, 2020, 8:07 pm
MANILA – The coronavirus disease 2019 (Covid-19) pandemic has triggered a decline in global trade value by 3 percent in the first quarter of the year, according to the United Nations Conference on Trade and Development (UNCTAD) data. The report by the Committee for the Coordination of… Read More
Peso closes sideways, stocks down
May 13, 2020, 7:04 pm
MANILA – The peso ended sideways against the greenback on Wednesday but the main equities index slipped anew due to concerns on the reopening of the economy. The local currency finished the day at 50.26 from 50.31 on Tuesday. It opened at 50.32 from 50.38 the previous day, trading between… Read More
PH economy still strong despite lower growth forecast: economist
May 13, 2020, 6:22 pm
MANILA – Philippines’ investment grade credit ratings, along with strong foreign reserves, among others, are expected to assure investors of the economy’s strength amid the impact of the global pandemic, an economist of a local bank said. This, even after authorities revised their economic… Read More
Up to 78% of employees back to work under MECQ: DTI chief
May 13, 2020, 5:23 pm
MANILA – Trade Secretary Ramon Lopez said more employees can go back to their jobs under modified enhanced community quarantine (MECQ). “So, total around 75 to 78 percent [are] allowed to work under MECQ,” Lopez told reporters in a Viber message Wednesday. President Rodrigo Duterte… Read More
Fitch Ratings changes outlook, rating of PH banks
May 13, 2020, 2:29 pm
MANILA – Fitch Ratings has revised the ratings and outlook of several Philippine banks as a result of the expected contraction of the domestic economy due to the coronavirus disease 2019 (Covid-19) pandemic. In a report, the debt rater said the lockdown that is still in place in mainland Luzon… Read More
Agri-based firms go digital, diversify amid Covid-19 crisis
May 12, 2020, 9:51 pm
MANILA – The Department of Trade and Industry (DTI), through the initiative of its Regional Operations Group (ROG), is assisting the micro, small, and medium enterprises (MSMEs) to adapt new business concepts and get past the so-called old "brick and mortar" mindset in order to survive the… Read More
Filipinos urged to invest in equities market amid lower prices
May 12, 2020, 9:39 pm
MANILA – Officials of Pru Life UK are optimistic for the success of their latest unit investment trust funds (UITF) products despite market volatility, and encouraged investors to take advantage of drop in share prices to purchase equity shares. In an online briefing Tuesday, Pru Life UK… Read More
Crisis-hit micro, small firms in NegOcc seek DTI financing
May 12, 2020, 8:40 pm
BACOLOD CITY – At least 119 micro and small enterprises (MSEs) in Negros Occidental affected by the coronavirus disease 2019 (Covid-19) crisis have sought assistance from the Enterprise Rehabilitation Financing (ERF) Program of the Department of Trade and Industry (DTI). Rachel Nufable,… Read More
Food industry sees minimal impact on food supply amid ECQ
May 12, 2020, 8:06 pm
MANILA -- The country's food industry such as Aboitiz food business unit Pilmico Foods Corporation echoed the government's assertion on sufficient food supply amid uncertainties brought about by the coronavirus disease 2019 (Covid-19) pandemic.“Pilmico’s business continuity plans are in place… Read More
