Business
Imported vehicle sales up 5% in October: AVID
December 6, 2019, 6:08 pm
MANILA -- The Association of Vehicle Importers and Distributors, Inc. (AVID) booked a 5-percent increase in the sales of imported vehicles in October, driven by a higher demand for light commercial vehicles and passenger cars. In a statement, AVID said it sold 7,320 units in October versus the… Read More
SM Prime gets notice to proceed for Pasay reclamation project
December 6, 2019, 6:03 pm
MANILA -- SM Prime Holdings Inc. (SM Prime), one of the largest integrated property developers in Southeast Asia, has officially received from the Pasay City the notice to proceed (NTP) for the 360-hectare reclamation project within its municipal waters. This new reclamation project in Pasay… Read More
FDA OKs redistribution of Mekeni pork-based products
December 6, 2019, 5:53 pm
MANILA -- The Food and Drug Administration (FDA) has given the go signal for Mekeni Food Corporation, one of the country’s leading food processors, to redistribute its pork-based products to the market. In a letter to Mekeni Food, FDA said that upon due evaluation, it "allows the… Read More
NEDA Board approves 1st phase of Mindanao Railway project
December 6, 2019, 4:15 pm
MANILA -- The National Economic and Development Authority (NEDA) Board on Friday confirmed the approval of the Tagum-Davao-Digos segment under the first phase of the Mindanao Railway Project. According to a press release from the Department of Transportation (DOTr), the NEDA Board’s confirmation… Read More
Peso up, PSEi down as investors remain on wait-and-see stance
December 5, 2019, 9:09 pm
MANILA -- The Philippine peso gained against the US dollar Thursday on news that trade discussions between US and China are progressing positively but this has no impact on local equities as investors remain cautious. The local currency ended the day at 50.8 from 51.02 a day ago, which BPI… Read More
November inflation 'major factor' in next week's BSP rate meet
December 5, 2019, 10:35 am
MANILA -- The rise of the November 2019 inflation rate will be among the factors that Philippine monetary officials will look into during their last policy-rate setting meet for the year on December 12. Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno, in a tweet after the release of the… Read More
7-day TDF post undersubscription Wednesday
December 5, 2019, 10:00 am
MANILA – Undersubscription was registered in the 7-day term facility of the Bangko Sentral ng Pilipinas (BSP) Wednesday while the other tenors received higher-than-offered bids. Data released by the central bank showed that the shortest tenor facility received PHP56.572 billion worth of bids,… Read More
Chinese involvement in grid operator pure business: NGCP
December 4, 2019, 11:00 pm
MANILA – It’s just about investments. This was the explanation of National Grid Corporation of the Philippines (NGCP) president and chief executive officer (CEO) Anthony Almeda regarding the involvement of Chinese investors in the country’s grid operator. Some legislators said the State… Read More
Flooding hampering transmission line restoration in Bicol
December 4, 2019, 8:22 pm
MANILA -- Flooding caused by Typhoon “Tisoy” (Kammuri) made it hard for personnel of the National Grid Corporation of the Philippines (NGCP) to immediately restore the initial 19 transmission line towers that were toppled and 12 other lines that remain de-energized. In a briefing Wednesday,… Read More
Peso, stocks slip on trade news overseas
December 4, 2019, 8:17 pm
MANILA -- Apprehensions on trade-related issues weakened both the Philippine peso, which crossed the 51-level, and the Philippine Stock Exchange index (PSEi) Wednesday. The local unit finished the day’s trade at 51.02 from 50.951 a day ago, which BPI Research attributed to news in which US… Read More
Lopez hopes for speedy passage of CITIRA bill
December 3, 2019, 9:53 pm
MANILA -- The Department of Trade and Industry (DTI) is hoping for the immediate passage of legislation lowering the corporate income tax rate and providing more incentives for companies, as stakeholders in the government sector seek a “win-win” type of support for industries. DTI Secretary… Read More
Peso recovers, stocks weaken
December 3, 2019, 7:34 pm
MANILA -- The Philippine peso recovered against the US dollar on Tuesday while the main equities gauge ended in the negative territory. The local currency finished the day’s trade on an improved level of 50.951 compared to 51.08 at the start of the week. It opened the day weaker at 51.08 from… Read More
Diokno says add’l rate cut depends on November inflation rate
December 3, 2019, 7:31 pm
MANILA -- The unexpected deceleration of domestic inflation rate to 0.8 percent last October, as well as the November 2019 inflation rate, will be the main factors for the possibility of another cut in the Bangko Sentral ng Pilipinas’ key interest rates (BSP) this month. BSP Governor Benjamin… Read More
Global trade players assured of data privacy in PH
December 3, 2019, 5:51 pm
LAPU-LAPU CITY, Cebu -- The Philippine delegates to the 52nd Asia Pacific Privacy Authorities (APPA) forum on Monday assured global trade players of data privacy in the country. Raymund Enriquez Liboro, privacy commissioner of the Philippines, said “business can be conducted here in a safe… Read More
$400-M ADB loan to boost PH youth employment
December 3, 2019, 4:14 pm
MANILA -- The Asian Development Bank (ADB) has approved a USD400-million policy-based loan to support the Philippine government’s efforts to reduce the number of out-of-school and unemployed young Filipinos, one of the factors impeding more inclusive growth in the country. The Facilitating… Read More
Cusi calls for ‘inspection’ of PH grid system
December 3, 2019, 3:45 pm
MANILA -- Energy Secretary Alfonso Cusi has stressed the need for immediate assessment of National Grid Corporation of the Philippines’ (NGCP) system, saying it is not impossible now to run it remotely from everywhere. There have been calls to check on NGCP’s system since 40 percent of the… Read More
Asakawa elected ADB President
December 2, 2019, 9:35 pm
MANILA -- Masatsugu Asakawa has been unanimously elected president of the Asian Development Bank (ADB) by its Board of Governors. Asakawa, 61, currently Special Advisor to Japan’s Prime Minister and Minister of Finance, will assume office as ADB's 10th President on 17 January 2020. He will… Read More
E-payment transaction value rise to 20% of total in '18
December 2, 2019, 9:08 pm
MANILA -- Combined efforts of both the government and the private sector to increase digital payments in the country have resulted in higher value of transactions that account for about 20 percent of the total as of 2018. In his speech during the first Digital Payments Leaders’ Summit held at… Read More
Stocks rebound, peso slips
December 2, 2019, 8:28 pm
MANILA -- Philippine equities rebounded Monday after a two-day decline, while the peso weakened against the US dollar as investors took note of another hump in the US-China trade discussions. The Philippine Stock Exchange index (PSEi) gained 1.79 percent, or 138.23 points, to 7,877.19 points,… Read More
Oil prices to go up anew on Tuesday
December 2, 2019, 7:49 pm
MANILA -- Several oil companies will increase prices of their respective fuel products effective 6 a.m. Tuesday. In advisories, Seaoil, PTT Philippines and Flying V said they will raise the price of their gasoline products by PHP0.30 per liter and diesel by PHP0.65 per liter. Seaoil and Flying V… Read More
