Business
Gov’t secures add’l funding for measures vs. coronavirus
March 13, 2020, 3:43 pm
MANILA – The government has now additional funds for the acquisition of test kits and implementation of measures against the coronavirus disease 2019 (Covid-19), Finance Secretary Carlos Dominguez III said. In a Viber message to journalists Friday, Dominguez said the Department of Finance (DOF)… Read More
Dominguez directs GSIS, SSS to help lift local bourse
March 13, 2020, 1:19 pm
MANILA – State-owned pension fund firms have been tasked to increase their equities holdings to help bolster the local stock market, which, on Thursday, posted a huge drop to the 5,700-level due to coronavirus disease (Covid-19) worries. “I have instructed GSIS (Government Service Insurance… Read More
San Miguel revenues hit P1.02-T in 2019
March 12, 2020, 10:20 pm
MANILA – Strong sales from its food, beverage and power businesses kept San Miguel Corporation (SMC) consolidated revenues in 2019 steady at PHP1.02 trillion at par with year-ago results. Consolidated operating income, however, ended slightly lower at PHP115.7 billion due to a challenging… Read More
BSP to use teleconferencing for Monetary Board meeting
March 12, 2020, 8:13 pm
MANILA – Technology will be used to the Bangko Sentral ng Pilipinas’ (BSP) advantage so that monetary officials would be able to continue their functions despite challenges posed by the coronavirus disease 2019 (Covid-19), Governor Benjamin Diokno said Thursday. “Moving forward, we will… Read More
Nationwide price freeze in effect amid coronavirus emergency
March 12, 2020, 8:00 pm
MANILA – The Department of Trade and Industry (DTI) on Thursday announced a nationwide price freeze on basic necessities pursuant to the Price Act or Republic Act 7581 amid the 2019 coronavirus disease (Covid-19) outbreak. Section 6 of the law states that prices of basic necessities shall… Read More
Stocks, peso stumble as Covid-19 cases rise
March 12, 2020, 7:57 pm
MANILA – Concerns over the rising number of coronavirus disease 2019 (Covid-12) cases globally spooked investors, resulting in the weakening of both the Philippines’ main equities index and the peso on Thursday. After a two-day rally, the Philippine Stock Exchange index (PSEi) reversed its… Read More
SSS ready to pay unemployment benefits of Covid-affected workers
March 12, 2020, 6:56 pm
MANILA – The Social Security System (SSS) is prepared to pay unemployment benefits to some 30,000 to 60,000 workers projected to lose their jobs as a result of the possible layoffs or closures of private companies hit by the economic fallout from the fast-spreading 2019 coronavirus disease… Read More
PH’s only face mask maker vows to raise production
March 12, 2020, 6:47 pm
MANILA – Face mask manufacturer Medtecs International Corp. has committed to further increase its production to meet surging demand brought about by the rising cases of coronavirus disease 2019 (Covid-19) in the country. “On masks, [we] renegotiated with lone manufacturer Medtecs to increase… Read More
DTI set to impose price freeze on basic necessities
March 12, 2020, 5:47 pm
SAN JOSE DE BUENAVISTA, Antique – The Department of Trade and Industry (DTI) Antique is set to implement a price freeze following the issuance of Proclamation Number 0922, declaring a State of Public Health Emergency due to the coronavirus disease 2019 (Covid-19). DTI Antique information officer… Read More
NFA assures sufficient rice stocks amid Covid-19 threat
March 12, 2020, 5:10 pm
MANILA – The National Food Authority (NFA) has sufficient rice inventory in the National Capital Region (NCR), even in case of an emergency situation or possible lockdown due to coronavirus disease 2019 (Covid-19). This was the assurance from NFA Administrator Judy Carol Dansal in view of the… Read More
DTI to crack down on profiteers, hoarders amid Covid-19
March 12, 2020, 3:25 pm
MANILA – Department of Trade and Industry (DTI) Secretary Ramon Lopez said on Thursday the government will implement stricter measures against profiteers and hoarders amid the coronavirus disease 2019 (Covid-19) outbreak. In a text message to reporters, Lopez said DTI has proposed to President… Read More
Gov't cash flow adequate despite work suspensions
March 12, 2020, 2:49 pm
MANILA – National Treasurer Rosalia de Leon on Thursday said the Bureau of the Treasury (BTr) is ready and capable of conducting remote access for critical operations even if its offices will be closed temporarily to make way for disinfection of premises amid the coronavirus disease 2019… Read More
BIR-11 projects 10% revenue drop if Covid-19 worsens
March 12, 2020, 2:12 pm
DAVAO CITY – Should the 2019 coronavirus disease (Covid-19) take a turn for the worse, Davao Region could expect a 10-percent decrease in tax collections this year.Abolhasan Balindong, assistant regional district officer of Bureau of Internal Revenue's (BIR) Regional District Office in Dava… Read More
GSIS suspends work after Senate guest tests positive for Covid-19
March 12, 2020, 12:42 pm
MANILA – The Government Service Insurance System (GSIS) suspended work at its main office in Pasay City on Thursday after the Senate, located beside its office, said one of the resource speakers in a recent hearing tested positive for the coronavirus disease (Covid-19). In an advisory, GSIS said… Read More
DOF, BSP suspend work to disinfect premises vs. Covid-19
March 12, 2020, 10:43 am
MANILA – The Department of Finance (DOF) and the Bangko Sentral ng Pilipinas (BSP) suspended work in Manila on Thursday and Friday for building disinfection after heads of both offices were exposed to a person who tested positive for the coronavirus disease (Covid-19). In a Viber message to… Read More
NEDA ICC-CABCOM approves customs modernization project
March 11, 2020, 9:15 pm
MANILA —The National Economic and Development Authority (NEDA) Board’s Investment Coordination Committee-Cabinet Committee (ICC-CabCom) has approved the Philippine Customs Modernization Project. The project approved on March 6 aims to improve the Bureau of Customs’ efficiency,… Read More
San Miguel Food nets P32-B in 2019
March 11, 2020, 9:10 pm
MANILA -- San Miguel Food and Beverage, Inc. (SMFB) has delivered consolidated revenues of PHP310.79 billion in 2019, up 9 percent over the prior year due to higher volumes and average selling prices across key products. Consolidated net income for the full-year rose 6 percent to PHP32.28 billion… Read More
Economist cites measures vs. economic impact of coronavirus
March 11, 2020, 8:37 pm
MANILA – Coordinated efforts among governments around the globe will ensure that the negative economic impact of coronavirus disease (Covid-19) will be limited. Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort told the Philippine News Agency (PNA) Wednesday that… Read More
Stocks gain, peso ends sideways amid Covid-19 threat
March 11, 2020, 8:33 pm
MANILA – Risk aversion remained in the local financial market due to the coronavirus disease 2019 (Covid-19) Wednesday, but both the Philippine Stock Exchange index (PSEi) and the peso managed to stay afloat. The local currency ended the day’s trade at 50.55 from 50.5 in the previous session.… Read More
BSP's term facility rates down anew
March 11, 2020, 8:28 pm
MANILA – All tenors of the Bangko Sentral ng Pilipinas’ (BSP) term deposit facility (TDF) registered drops Wednesday but all were oversubscribed. Data released by the central bank showed that average rate of the seven-day facility declined to 3.7557 percent from 3.7821 percent during the… Read More
