Business
DTI to step up recovery, rehab plans in Zamboanga
May 9, 2020, 4:34 pm
ZAMBOANGA CITY – The Department of Trade and Industry (DTI) 9 (Zamboanga Peninsula) said it is stepping up efforts related to the Regional Recovery and Rehabilitation Plan (RRP) to cushion the effect of the coronavirus disease 2019 (Covid-19) crisis.DTI-9 Director Ceferino Rubio said Saturday… Read More
MinDA to assess impact of ECQ on power sector
May 8, 2020, 8:26 pm
DAVAO CITY -- The Mindanao Development Authority (MinDA) said it will conduct an assessment on the power industry of the island vis-a-vis the current situation brought about by the 2019 coronavirus disease (Covid-19) pandemic.MinDA Assistant Secretary Romeo Montenegro underscored Friday the need… Read More
Peso rises, stocks gauge down on reopening of PH eco
May 8, 2020, 8:01 pm
MANILA – The Philippine peso ended the week up against the US dollar while the main stocks gauge ended in the red on anxieties on the reopening of some sectors of the Philippine economy after May 15.The local unit ended at 50.42 on Friday from 50.56 the previous day. It opened the day at 50.50,… Read More
POGOs, service providers must pay taxes: Dominguez
May 8, 2020, 7:02 pm
MANILA – Finance Secretary Carlos Dominguez III has reiterated that Philippine offshore gaming operators (POGO) and their service providers must pay their 2019 tax liabilities before they are allowed to operate. Aside from paying the POGO franchise tax, Dominguez said: “both service… Read More
SMC’s nutribuns fight hunger amid Covid-19 pandemic
May 8, 2020, 3:12 pm
MANILA – In the 1970s, it was the solution to malnutrition among young public school children. Today, as the country battles the Covid-19 global pandemic—which has put the economy and people’s lives on hold—the humble “nutribun” is back and is helping fight hunger in the poorest… Read More
BSP rate cut still needed this '20 to lift growth: economists
May 7, 2020, 10:07 pm
MANILA – Another cut in Bangko Sentral ng Pilipinas’ (BSP) key rates is expected after the contraction in domestic growth in the first quarter of 2020 but timing depends on factors like inflation and impact of coronavirus disease 2019 (Covid-19). In a reply to e-mailed questions from the… Read More
Fitch Ratings affirms PH's BBB rating, changes outlook to Stable
May 7, 2020, 9:10 pm
MANILA – Fitch Ratings on Thursday affirmed its BBB credit rating on the Philippines, but changed the rating outlook from Positive to Stable due to the negative economic impact of the coronavirus disease 2019 (Covid-19) pandemic. “The affirmation of the 'BBB' rating reflects the Philippines'… Read More
Stocks rise, peso slips on negative GDP report
May 7, 2020, 8:12 pm
MANILA – The Philippine Stock Exchange index (PSEi) ended higher Thursday but the peso weakened against the US dollar due partly to the negative print of the domestic economy’s first quarter output this year. The main equities index gained 0.25 percent, or 13.89 points, to 5,653.16… Read More
Diokno confident for A-level credit rating after pandemic
May 7, 2020, 8:06 pm
MANILA – The goal for an A-level credit rating by 2022 remains but efforts towards this need to be sidelined a bit because the primary task now is to lift the Philippine economy from the pandemic. Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno, in a briefing aired over the central… Read More
Korean Air maintains Manila route amid int’l capacity reduction
May 7, 2020, 7:22 pm
MANILA – Despite operating only 20 percent capacity in international flights for May and June, Korean Air (KE) would retain its Manila-Incheon-Manila routes, along with 30 other international routes. Kim Ah-Hyun of KE's Global Communications team told the Philippine News Agency (PNA) in an… Read More
94% of economy to open under GCQ: DTI chief
May 7, 2020, 6:48 pm
MANILA – About 94 percent of economic activities will open under a general community quarantine (GCQ), Trade Secretary Ramon Lopez said Thursday. But Lopez said companies are still encouraged to implement work-from-home arrangements even when most of the economic activities will return under… Read More
DTI seizes overpriced noodles worth P3.5M
May 7, 2020, 6:44 pm
MANILA – The Department of Trade and Industry-Consumer Protection Group (DTI-CPG) reported Thursday that it confiscated some 6,000 boxes of Lucky Me instant noodles worth PHP3.5 million, which were being sold online at a higher price. The CPG said the Fair Trade Enforcement Bureau (FTEB) headed… Read More
PH banking system resilient vs. impact of health crisis
May 7, 2020, 6:39 pm
MANILA – Reforms instituted in the past serve as buffers for the Philippine banking system vis-à-vis the impact of the global pandemic caused by the coronavirus disease 2019 (Covid-19), Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said. In a briefing aired over the central… Read More
PH economic recovery depends on Covid-19 response implementation
May 7, 2020, 6:35 pm
MANILA – The Philippine economy is expected to contract this 2020 due to the global pandemic but Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said deployment of targeted measures will define the economic recovery. In his speech during the briefing aired over BSP’s Facebook page,… Read More
Contact center industry to bounce back in H2 amid pandemic
May 7, 2020, 5:00 pm
MANILA – The Contact Center Association of the Philippines (CCAP) expects the industry to rebound in the second half of the year despite the coronavirus disease 2019 (Covid-19) pandemic, its president Jojo Uligan said in a virtual press conference Thursday. Uligan said most of the business… Read More
Urals oil price hits $24.68 per barrel
May 7, 2020, 4:41 pm
MOSCOW – The Urals oil price in Northwestern Europe reached USD24.68 a barrel (CIF Rotterdam) for the first time since mid-March, Argus agency reports. Urals oil trades with a USD0.85 per barrel premium against the Brent in Northwestern Europe for the fourth day in succession (CIF Rotterdam… Read More
Economic recovery seen in S2 after GDP shrinks 0.2% amid Covid-19
May 7, 2020, 3:44 pm
MANILA – The country’s chief economist remains optimistic about the recovery of the Philippine economy in the second half of 2020 after declining by 0.2 percent in January to March, its first contraction in two decades, mainly due to the impact of the coronavirus disease 2019 (Covid-19)… Read More
Flat to slightly negative movement seen for PH's Q1 GDP
May 6, 2020, 9:27 pm
MANILA – Economists of First Metro Investment Corporation (FMIC) and the University of Asia and the Pacific (UA&P) forecast a “flat to slightly negative” change in the Philippines’ first quarter 2020 output as a result of the global pandemic. In their joint publication called The Market… Read More
'20 deficit to be around P1-T: DOF chief
May 6, 2020, 9:22 pm
MANILA – Government expenditures for coronavirus disease 2019 (Covid-19) is expected to increase the budget deficit to around PHP1 trillion this 2020. This was disclosed by Finance Secretary Carlos Dominguez III Wednesday but assured the public that the government was in a good financial… Read More
PH trade drops in March due to Covid-19 restrictions: NEDA
May 6, 2020, 9:14 pm
MANILA – The coronavirus disease 2019 (Covid-19) pandemic around the world and the resulting restrictions in production supply chains and global trade flow led to the decline in Philippine trade in March 2020, the National Economic and Development Authority (NEDA) said. The Philippine… Read More
