Business
Stocks recover, peso ends sideways
April 28, 2020, 6:27 pm
MANILA – The local main equities index on Tuesday recovered after a two-day slide while the peso ended the day little changed against the greenback as investors took note of various countries’ plans on how to reopen their economies. The Philippine Stock Exchange index (PSEi) rose 2.28… Read More
PH issues $2.35-B long-term global bonds at low coupon rate
April 28, 2020, 6:21 pm
MANILA – The Philippine government successfully issued USD2.35 billion worth of 10- and 25-year US dollar denominated bonds Monday, which authorities dubbed as a “big success” despite investors’ anxieties because of the coronavirus disease 2019 (Covid-19) pandemic. In a statement, the… Read More
‘Balik Probinsya' has to convince people to stay in provinces
April 28, 2020, 5:10 pm
LEGAZPI CITY – Albay 2nd district Rep. Joey Salceda on Tuesday said for the “Balik Probinsya” proposal to succeed, it needs to adopt an approach that would motivate people to stay in the provinces or move to the countryside. In an interview on Tuesday, he said these approaches would have to… Read More
SEC-Cebu warns online lenders harassing borrowers
April 28, 2020, 3:11 pm
CEBU CITY – The Securities and Exchange Commission–Cebu extension office (SEC-CEO) has warned online lending operators against harassment of borrowers in collecting debts. Lawyer Alma Marie Dalena, SEC-Cebu officer-in-charge, said her office has taken steps in protecting the public from… Read More
BAP ties up with gov’t to help businesses hit by pandemic
April 28, 2020, 1:28 pm
MANILA – The Bankers Association of the Philippines (BAP) said it is now closely working with regulators and legislators to help businesses affected by the coronavirus disease 2019 (Covid-19) pandemic. In a statement Tuesday, the group said its tie-up with authorities aims to ensure liquidity… Read More
DOF warns public vs. 'fake news' on cryptocurrency investment
April 28, 2020, 12:58 pm
MANILA – The Department of Finance (DOF) on Monday night dubbed as “fake news” and “malicious” an online article saying the government has created a platform, where citizens can invest in cryptocurrency and gain from it. “There is no such effort by the government,” the DOF said in… Read More
Fitch Ratings gives PH's US dollar bond offering 'BBB' rating
April 28, 2020, 10:55 am
MANILA – Fitch Ratings has assigned a “BBB” rating on the Philippines' latest US dollar bond offering, same as the debt rater’s rating on the country, which has a Positive outlook. The Philippines on Monday offered 10- and 25-year US dollar-denominated bonds overseas and National Treasurer… Read More
ADB OKs $200-M loan to support PH poor amid Covid-19
April 27, 2020, 9:09 pm
MANILA -- The Asian Development Bank (ADB) on Monday approved a $200-million loan to support the Philippine government’s effort to provide emergency cash subsidies to vulnerable households amid the coronavirus disease 2019 (Covid-19) pandemic. “This global pandemic, of a kind not seen in the… Read More
Ban on sin products to stay despite negative tax impact: DOF
April 27, 2020, 6:49 pm
MANILA – Finance Secretary Carlos Dominguez III is firm against lifting the ban on alcoholic and tobacco products during the enhanced community quarantine despite the drop in tax revenues from these products. “Sin taxes are imposed to discourage the consumption of products that are… Read More
Majority of PTT stations open amid ECQ
April 27, 2020, 6:46 pm
MANILA – The majority of retail outlets of oil company PTT Philippines are open amid the enhanced community quarantine due to the coronavirus disease 2019 (Covid-19) outbreak. In a statement Monday, 134 out of 174 retail stations of PTT in Luzon and Visayas have remained operational to provide… Read More
PH T-bill rates decline on strong demand
April 27, 2020, 6:40 pm
MANILA – Rates of the Philippines Treasury bills (T-bills) declined Monday as demand remained strong. Data released by the Bureau of the Treasury (BTr) after the auction showed the rate of the bellwether 91-day paper slipped to 2.617 percent from 3.113 percent during the auction last week. BTr… Read More
AboitizPower sets 2020 capex at P33-B
April 27, 2020, 6:09 pm
MANILA – Aboitiz Power Corp. has earmarked PHP33 billion for capital expenditure (capex) for 2020, as its parent company Aboitiz Equity Ventures (AEV) reduced its capital outlay for this year. During the company’s virtual annual stockholders’ meeting Monday, president and chief executive… Read More
Peso stays firm, stocks slip anew
April 27, 2020, 5:37 pm
MANILA – The Philippine peso ended stronger against the US dollar Monday but the main equities index still slipped due to risk aversion because of the coronavirus disease 2019 (Covid-19) pandemic. The local currency finished the day at 50.695 to a greenback from 50.84 close Friday last… Read More
DOF seeks to give small businesses more time to recoup losses
April 27, 2020, 2:55 pm
MANILA – The Department of Finance (DOF) has proposed to extend the net operating loss carry-over (NOLCO) for small businesses to five years, with the government absorbing as much as PHP139.6 billion in the form of foregone tax payments to help these enterprises recoup their losses resulting… Read More
Another big-time rollback on diesel, kerosene set Tuesday
April 27, 2020, 2:47 pm
MANILA – Oil companies will implement another price rollback on Tuesday, with the largest cut on prices of diesel and kerosene. In separate advisories, firms will slash diesel prices by PHP1.80 per liter, PHP2.15 per liter for kerosene, and PHP0.20 per liter for gasoline. Since the quarantine… Read More
SMC gives workers full pay; commits P11.67-B in payments to gov’t
April 26, 2020, 7:18 pm
MANILA — San Miguel Corporation (SMC) has committed to grant full-time pay to all its employees and extended workforce as the ECQ remains in effect, even as it works round the clock mobilizing resources to help address the larger societal and economic impact of the coronavirus crisis. In a news… Read More
PH won’t default on foreign debt despite pandemic
April 26, 2020, 3:09 pm
MANILA – The Philippines is not expected to fail from payment of its foreign obligations despite the possibility of a recession because of improved fundamentals. This, as economies around the world face depressed growth this year because of the economic impact of the coronavirus disease 2019… Read More
FamilyMart launches rolling stores, to offer delivery service
April 26, 2020, 12:04 pm
MANILA – Amid the coronavirus disease (Covid-19) pandemic and the subsequent quarantine policies imposed by the national government, convenience store chain FamilyMart launched two rolling stores and is also set to offer a delivery service to make its products more accessible. Bringing basic… Read More
E-trikes used by LGUs to serve front-liners: DOE
April 25, 2020, 12:48 pm
MANILA – Department of Energy (DOE) Secretary Alfonso Cusi said on Saturday electric tricycles (e-trikes) are now being utilized by local government units (LGUs) amid the against coronavirus disease 2019 (Covid-19) pandemic. During the Laging Handa public briefing, Cusi said the e-trikes… Read More
ADB OKs $1.5-B financing to support PH Covid-19 response
April 24, 2020, 8:46 pm
MANILA — The Asian Development Bank (ADB) has approved a USD1.5-billion loan to help the Philippine government fund its coronavirus disease 2019 (Covid-19) response program and strengthen the country’s health care system in its fight against the pandemic. “This assistance is our largest… Read More
