Business
SMC abandons Holcim acquisition as PCC closes to end review
May 12, 2020, 7:41 pm
MANILA – The Philippine Competition Commission (PCC) has learned that San Miguel Corp. (SMC) pulled out its plan of acquiring Holcim Philippines, Inc. (HPI) when the antitrust body is nearly finished with the second phase of the review of the transaction. SMC made a disclosure to the Philippine… Read More
Peso nearly unchanged, stocks index declines
May 12, 2020, 7:36 pm
MANILA – The Philippine peso ended little changed against the US dollar on Tuesday but the main equities index fell due to anxieties over the reopening of some sectors of the economy after May 15. The local currency ended the day at 50.31 from its 50.3 close a day ago. It opened the day at… Read More
Moody's keeps ratings, outlook on PH amid pandemic
May 12, 2020, 6:49 pm
MANILA – Moody’s Investors Service on Tuesday maintained its Baa2 investment grade rating with a stable outlook for the Philippines despite cutting its 2020 growth output due to the impact of the coronavirus disease 2019 (Covid-19) pandemic. Moody’s now forecasts the country’s growth, as… Read More
Services marketplace biz booms during Covid-19 ECQ
May 12, 2020, 6:18 pm
MANILA – Services marketplace, MyKuya, has doubled the number of its customer accounts during the enhanced community quarantine (ECQ) due to coronavirus disease 2019 (Covid-19) pandemic, company chief executive officer Shahab Shabibi said in a virtual press conference Tuesday. Shabibi said… Read More
‘Balik Probinsya’ program to spur real estate growth outside NCR
May 12, 2020, 3:22 pm
MANILA – The property sector finds a “silver lining” amid the coronavirus disease 2019 (Covid-19) pandemic, seeing development opportunities outside Metro Manila with the government’s ‘Balik Probinsya’ program. In a virtual briefing Tuesday, KMC Savills Managing Director Michael… Read More
CITIRA passage, BBB to help economic recovery: Dominguez
May 12, 2020, 1:29 pm
MANILA – The resumption of activities for the government’s priority “Build, Build, Build” (BBB) infrastructure program will help jumpstart the economy once the death rate and coronavirus disease 2019 (Covid-19) infection are under control, Finance Secretary Carlos Dominguez III… Read More
Infra spending to address decline in gov't expenditures
May 11, 2020, 9:43 pm
MANILA – Government spending, which fell below target in the first quarter of 2020, is expected to recover once the enhanced community quarantine (ECQ) is eased, Finance Secretary Carlos Dominguez III said. Data released by the Bureau of the Treasury (BTr) Monday showed that government… Read More
Employment-creating program to boost economic recovery: Diokno
May 11, 2020, 9:35 pm
MANILA – A quick-disbursing, employment-creating program will greatly help the economy recover from the impact of the coronavirus disease 2019 (Covid-19) pandemic, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said. “The emergency employment is quick-disbursing and will have (a)… Read More
T-bill rates decline anew
May 11, 2020, 8:19 pm
MANILA – The Bureau of the Treasury (BTr) again opened its tap facility Monday to offer the one-year Treasury bill (T-bill) to address strong appetite after investors swamped the auction, which resulted in drop in interest rates. BTr offered the three-month paper for PHP5 billion, and the… Read More
Ayala Land’s Q1 profit falls 41% due to ECQ, Taal eruption
May 11, 2020, 7:45 pm
MANILA – Ayala Land Inc. (ALI) on Monday reported a 41-percent decline in its net income in the first quarter of 2020, attributed to the impact of enhanced community quarantine (ECQ) measures due to the coronavirus disease 2019 (Covid-19) pandemic. In a statement, ALI said net income reached… Read More
Stocks, peso rise ahead of decision on ECQ lockdown changes
May 11, 2020, 7:17 pm
MANILA – Both the Philippines’ main equities gauge and the peso ended on a positive note Monday as investors await the decision on whether the Luzon lockdown will be lifted or eased after May 15. The Philippine Stock Exchange index (PSEi) gained 0.82 percent, or 45.99 points, to 5,667.93… Read More
FPI recommends modified GCQ for Metro Manila
May 11, 2020, 6:15 pm
MANILA – The Federation of Philippine Industries (FPI) has urged the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF-EID) to adopt a modified general community quarantine (GCQ) in Metro Manila after May 15. The modified GCQ is one of the three recommendations of… Read More
Oil prices down with weak demand, rising supply glut
May 11, 2020, 5:47 pm
ANKARA – Crude oil prices were down on Monday, as global oil demand remains weak causing a rising glut of supply around the world. International benchmark Brent crude was trading at USD30.55 per barrel at 0641 GMT for a 1.36 percent decline after closing Friday at USD30.97 a barrel. American… Read More
PCCI asks financial institutions to extend loan maturity for biz
May 11, 2020, 5:46 pm
MANILA – The country’s largest business organization, the Philippine Chamber of Commerce and Industry (PCCI), is asking banks and other financial institutions to extend loan maturity for enterprises for at least one year for them to be able to recover from the impact of the community… Read More
GSIS grants P4B in loan aid to gov’t workers, pensioners
May 11, 2020, 2:45 pm
MANILA – The Government Service Insurance System (GSIS) has released a total of PHP4.1 billion in loans to some 60,000 government workers and pensioners nationwide as of April 30. This was reported Monday by Rolando Ledesma Macasaet, president and general manager of the state pension… Read More
Big-time oil price hike set on May 12
May 11, 2020, 2:41 pm
MANILA – Oil players are set to implement a big-time increase in fuel prices starting Tuesday. In separate advisories, Chevron (Caltex), Flying V, Petro Gazz, Phoenix Petroleum Philippines, Seaoil, and Shell will hike diesel prices by PHP1.90 per liter and PHP2 per liter for gasoline. Chevron,… Read More
Farmers start selling produce at Petron stations
May 10, 2020, 6:58 pm
MANILA – San Miguel Corporation (SMC) has opened its first local farm produce stands in two Petron stations as it prepares to open more such stores throughout Metro Manila to help provide outlets for local farmers to sell their crops during these difficult times. The two fresh produce stores it… Read More
DA backs ANI, IP groups tie-up for rice-corn project
May 10, 2020, 2:23 pm
MANILA – The Department of Agriculture (DA) is supporting the "BigMa" (Bigas-Mais) rice-corn blending initiative of listed firm AgriNurture, Inc. (ANI) and groups of indigenous peoples (IPs) in Mindanao to devote vast tracts of idle land for planting white corn as an alternative to reduce… Read More
IPOPHL, NCIPR lauded for PH exclusion from IPR piracy watchlist
May 10, 2020, 2:02 pm
MANILA – Department of Trade and Industry (DTI) Secretary Ramon Lopez commended the 12-member National Committee on Intellectual Property Rights (NCIPR), which he leads, for the Philippines’ seven-year exclusion from the United States Trade Representative’s (USTR) counterfeiting and piracy… Read More
Half of export from Thailand undertaken via new forms of trade
May 10, 2020, 11:59 am
TOKYO – Thailand’s trade is no longer to take place between independent exporters and importers, or between intra-firms of transnational corporations (TNCs), but also through non-equity modes (NEMs) of production. This mode of exports has been increasing, reaching an estimated at least… Read More
