Business
Aboitiz first PH supporter of global climate change task force
February 19, 2020, 6:22 pm
MANILA -- The Aboitiz Group, through its holding company Aboitiz Equity Ventures, Inc., is the first local supporter of the International Task Force on Climate-Related Financial Disclosures (TCFD) in line with its commitment to good corporate governance and sustainability practices. “AEV, being… Read More
SEC okays San Miguel F&B flagship's bond offering
February 19, 2020, 5:56 pm
MANILA -- The Securities and Exchange Commission (SEC) on Tuesday considered favorably the public offering by San Miguel Food and Beverage, Inc. (SMFB) of fixed-rate bonds worth PHP15 billion. The food and beverage flagship of San Miguel Corporation intends to offer the fixed-rate bonds in two… Read More
Term deposit rates decline as liquidity normalizes
February 19, 2020, 4:50 pm
MANILA -- Rates of the Bangko Sentral ng Pilipinas’ (BSP) term facilities sustained its decline Wednesday but all tenors were oversubscribed. Data released by the central bank showed that average rate of the seven-day facility slipped to 3.8301 percent from 3.8943 percent during the auction last… Read More
IPOPHL welcomes new director general
February 19, 2020, 4:35 pm
MANILA -- President Rodrigo R. Duterte has appointed lawyer Rowel S. Barba as the new Director General (DG) of the Intellectual Property Office of the Philippines (IPOPHL). A well-known figure in the business and law circles, Barba took his oath at the Palace on Feb. 6, 2020. As IPOPHL DG, Barba… Read More
S&P cuts PH '20 growth outlook to 6.1% due to Covid-19
February 19, 2020, 2:36 pm
MANILA -- Supply chain issue more than tourism will affect the Philippines due to the impact of coronavirus disease 2019 (Covid-19), a report by S&P Global showed. In a report dated February 18, the debt rater reduced its 2020 growth projection for the Philippines by 0.1 percent from 6.2 percent… Read More
HSBC to cut 35K jobs over falling profits
February 19, 2020, 1:08 pm
ISTANBUL -- United Kingdom-based financial group HSBC plans to cut its staff from 235,000 to 200,000 worldwide due to profit losses related to the coronavirus outbreak and protests in Hong Kong, it announced Tuesday. HSBC's performance last year was “resilient” and it decided to revise its… Read More
Peso, stocks end sideways
February 18, 2020, 9:37 pm
MANILA -- Anxieties over the impact of the coronavirus disease 2019 (Covid-19) on the economy continue to hit the financial market, resulting in the sideways close of both the equities index and the peso Tuesday. The Philippine Stock Exchange index (PSEi) shed 0.05 percent, or 3.96 points, to… Read More
Ortigas Land eyes P16-B sales from residential tower
February 18, 2020, 9:19 pm
MANILA -- Ortigas Land expects to generate PHP16 billion in sales from its new high-end luxury residential tower in Ortigas Center amid steady demand brought about by strong economic growth. Ortigas Land president and chief executive officer Jaime Ysmael said Residences at the Galleon is the first… Read More
Apple to miss revenue target due to coronavirus
February 18, 2020, 8:43 pm
ISTANBUL -- The smart-device giant Apple announced that its revenues are expected to underperform in the first three months of 2020 due to the coronavirus outbreak in China. Following the epidemic, Apple was forced to close its plants and several stores in the virus-hit country and this situation… Read More
Dominguez hopes investor confidence remains amid ABS-CBN issue
February 18, 2020, 7:51 pm
MANILA -- Finance Secretary Carlos Dominguez III has expressed optimism that investor confidence in the Philippines would remain intact if violations cited in the quo warranto petition against ABS-CBN would be proven correct. Dominguez said the violation cited by the Office of the Solicitor… Read More
UK-Asean investment forum eyed
February 18, 2020, 7:21 pm
MANILA -- United Kingdom (UK) Prime Minister’s Trade Envoy to the Philippines Richard Graham has proposed to British Prime Minister Boris Johnson to hold an investment forum between the UK and the 10 member-states of the Association of Southeast Asian Nations (Asean). Graham told reporters here… Read More
AllHome on track with 2020 store expansion program
February 18, 2020, 6:34 pm
MANILA -- AllHome Corp., a pioneering one-stop shop home store in the Philippines, said Tuesday it was on track to hit its store expansion program as it aims to increase its selling space to more than 450,000 square meters by the end of the year. “We are set to bring AllHome to more locations in… Read More
Automakers urged to source parts locally amid slowdown in China
February 18, 2020, 5:18 pm
MANILA -- Automotive vehicle assemblers in the country may look into sourcing auto parts from local suppliers as productivity in manufacturing powerhouse China slowed down due to the virus outbreak, the country’s top trade official said. Department of Trade and Industry (DTI) Secretary Ramon… Read More
PH 10-year T-bond rate declines
February 18, 2020, 5:14 pm
MANILA -- Rate of the Philippines 10-year Treasury bond (T-bond) fell Tuesday due to strong demand for the debt paper. Average rate of the securities declined to 4.409 percent from 4.617 percent it fetched during the auction of the same tenor on November 12, 2019. Total tenders reached PHP83.589… Read More
Envoy sees strong potential for UK-PH free trade agreement
February 18, 2020, 3:10 pm
MANILA -- Visiting United Kingdom Prime Minister’s Trade Envoy to the Philippines Richard Graham sees strong potential for free trade agreement in the future between the UK and the Philippines. In a press briefing in Makati City Tuesday, Graham, who is also a British parliament member, said the… Read More
PCC hikes minimum value for mandatory merger review
February 17, 2020, 9:02 pm
MANILA -- The Philippine Competition Commission (PCC) has raised the minimum value for businesses to notify the antitrust body on their merger and acquisition (M&A) deals. The Commission decided to increase the mandatory M&A threshold to PHP6 billion from PHP5.6 billion for the Size of the Person… Read More
APEC: Virus outbreak hurts Asia Pacific economy
February 17, 2020, 8:41 pm
MANILA -- The Asia Pacific Economic Cooperation (APEC) Policy Support Unit (PSU) has released its statement on Monday regarding the coronavirus disease 2019 (Covid-19) and its impact to the region’s economy. The APEC-PSU said the current sentiments of consumers and investors amid the virus… Read More
Fitch Solutions cuts '20 global growth forecast
February 17, 2020, 7:49 pm
MANILA -- Fitch Solutions slashed its global growth forecast for this year due to the impact of the coronavirus disease 2019 (Covid-19) but retained its outlook for the Philippine economy. In a report dated February 17, the unit of Fitch Group cut to 2.6 percent its global growth forecast from 2.7… Read More
PH T-bill rates decline
February 17, 2020, 6:30 pm
MANILA -- Rates of the Philippines Treasury bills (T-bills) dropped across-the-board Monday partly on concerns on the coronavirus disease 2019 (Covid-19) and expectations for another cut in the Bangko Sentral ng Pilipinas’ (BSP) key rates. Average rate of the 91-day paper fell to 3.072 percent… Read More
ORCA opens PH first world-class, fully automated cold storage
February 17, 2020, 6:22 pm
MANILA -- ORCA Cold Chain Solutions, a pioneering company aimed at introducing technology and innovation to the supply chain management industry, recently inaugurated the Philippines’ first-ever fully automated cold storage facility in Bagumbayan, Taguig City. Cold chain is vital for food… Read More
