Business
AboitizPower net income down in Q1 2020
April 30, 2020, 4:36 pm
MANILA – Aboitiz Power Corp. recorded lower net income in the first quarter of 2020 compared to the same period last year. In a statement Thursday, AboitizPower said its net income reached PHP2.1 billion in January to March from PHP3.6 billion recorded in the same months in 2019. The company… Read More
PH records highest-ever foreign reserves of $89B in March
April 30, 2020, 3:28 pm
MANILA – The Bangko Sentral ng Pilipinas (BSP) on Thursday reported the country’s highest foreign currency reserves amounting to USD88.995 billion as of March 2020. Data released by the central bank showed that the latest gross international reserves (GIR) figure is only preliminary, but this… Read More
PH, ADB sign $200-M loan pact for cash assistance project
April 30, 2020, 12:46 pm
MANILA – The Philippines and the Asian Development Bank (ADB) signed Tuesday an agreement for a USD200-million loan on additional financing for the government’s efforts to provide unconditional emergency cash assistance to poor and vulnerable households that have been adversely affected by the… Read More
DOF to push for CITIRA approval to stimulate economic rebound
April 29, 2020, 8:10 pm
MANILA – The Department of Finance (DOF) will further push for approval by Congress the proposed Corporate Income Tax and Incentives Reform Act (CITIRA) to drive economic bounce back initiatives. During the webinar of the Harvard Business Group PH on Wednesday, Finance Secretary Carlos… Read More
SEC OKs rules empowering minority shareholders
April 29, 2020, 8:05 pm
MANILA – The Securities and Exchange Commission (SEC) has issued the rules allowing minority shareholders of publicly listed companies to put items on the agenda whether for a regular or special meeting. The Commission en banc on April 28 approved SEC Memorandum Circular No. 14, series of 2020,… Read More
Xiaomi PH workers get P3K aid amid ECQ
April 29, 2020, 7:16 pm
MANILA – Xiaomi Philippines is providing PHP3,000 financial assistance to its employees to help them in their daily living during the enhanced community quarantine period, its country manager Mark Li said. “Following the guidelines of the enhanced community quarantine, our retail business in… Read More
Stocks, peso sustain rise
April 29, 2020, 6:51 pm
MANILA – Risk-on sentiments allowed both the local main stocks index and the peso to end Wednesday's trading up. The Philippine Stock Exchange index (PSEi) rose 1.24 percent, or 68.99 points, to 5,643.97 points. All other gauges also finished the day’s trade on a positive note, with All… Read More
Oil up as US crude stocks seen to fall short of estimate
April 29, 2020, 6:30 pm
ANKARA -- Oil prices were up on Wednesday as crude inventories in the US are expected to increase less than the market expectation last week. International benchmark Brent crude was trading at USD20.50 per barrel at 0630 GMT on Wednesday with a 0.79-percent gain after closing Tuesday at USD20.34… Read More
Moody's reduces growth forecasts for G20 economies
April 29, 2020, 6:11 pm
ANKARA – Moody's on Tuesday projected all G20 economies will contract by 4 percent in 2020 amid coronavirus, deeper than its previous forecast as restrictions create high economic cost. The global rating agency expect G20 economies to pick up recovery next year and grow 4.8 percent. The agency's… Read More
MinDA pushes for wage hike, perks for businesses
April 29, 2020, 5:29 pm
DAVAO CITY – The Mindanao Development Authority (MinDA) has recommended increasing wage rates in rural areas to levels at par with urban rates and providing incentives to companies relocating their processing facilities in the provinces.The measures would ensure the success of the "Balik… Read More
BSP's 7-day term deposit rate falls
April 29, 2020, 5:27 pm
MANILA – Rate and bid coverage ratio of the Bangko Sentral ng Pilipinas’ (BSP) seven-day term deposit facility (TDF) fell Wednesday. Data released by the central bank show the average rate of the facility slipped to 2.3133 percent from 2.4369 percent during the auction last April 22. The BSP… Read More
GSIS raises emergency loan amount to P40K
April 29, 2020, 4:58 pm
MANILA – Government workers can now avail of emergency loans from the Government Service Insurance System (GSIS) up to PHP40,000.During the #Laging Handa PH briefing aired over the state-owned television network, PTV, GSIS president Rolando Macasaet said the agency’s Board of Trustees have… Read More
Security Bank branches close on May 1
April 29, 2020, 4:53 pm
MANILA – Security Bank Corporation (Security Bank) is urging its customers to access the bank’s hotline as well as its online platforms for assistance on Friday, a holiday. “All our branches nationwide will be closed on May 1, 2020 in observance of Labor Day per Proclamation No. 845, s.… Read More
Firms may limit Covid testing to workers with symptoms, illness
April 29, 2020, 4:50 pm
MANILA – Companies may limit the coronavirus disease 2019 (Covid-19) testing to workers who are sick or having the symptoms of the disease as they resume business operations, the country’s top trade official said. Department of Trade and Industry (DTI) Secretary Ramon Lopez made the statement… Read More
PH, WB sign $100-M loan for Covid-19 emergency response project
April 29, 2020, 1:40 pm
MANILA – The Philippines has signed a USD100-million loan agreement with the World Bank that aims to strengthen the country’s capacity to prevent, detect and respond to the threat posed by the coronavirus disease 2019 (COVID-19) pandemic, and boost its national systems for public health… Read More
DTI securing P30-B lending fund from DBP, LandBank for biz
April 29, 2020, 12:48 pm
MANILA – Trade Secretary Ramon Lopez said Wednesday his department is asking the Development Bank of the Philippines (DBP) and the Land Bank of the Philippines to earmark PHP30 billion to fund a low-interest loan program for entrepreneurs.During the Laging Handa public briefing, Lopez said the… Read More
BSP waives fees to digital financial services applications
April 28, 2020, 8:38 pm
MANILA -- The Monetary Board of the Bangko Sentral ng Pilipinas (BSP) has approved the suspension of charging of filing, processing, and licensing/registration fees for applications to provide electronic payment and financial services (EPFS). This is an additional relief to BSP Supervised… Read More
BTr fully awards 2-year T-bond due to high demand, low rate
April 28, 2020, 8:28 pm
MANILA – Investors on Tuesday swamped the Bureau of the Treasury’s (BTr) auction for a Treasury bond (T-bond) with a remaining maturity of one year and nine months. The bids totaled PHP109.546 billion, more than thrice the PHP30-billion offer. The debt paper was fully awarded. The rate of… Read More
DTI-7 opens web portal for business name registration
April 28, 2020, 8:19 pm
CEBU CITY – The Department of Trade and Industry (DTI) in Central Visayas has rolled out an online portal to cater to registration of new business names. In an advisory posted on its website on Monday, the DTI-7 said persons who are registering their start-up businesses may visit the BNRS… Read More
Imported vehicle sales drop 34% in Q1 2020
April 28, 2020, 7:50 pm
MANILA – The Association of Vehicle Importers and Distributors (AVID) reported a 34-percent decline in sales for January to March this year, the group reported Tuesday. AVID said vehicle sales in the first quarter of 2020 reached 14,404 units, lower than the 21,949 units sold in the same period… Read More
