Business
Peso sustains rise, stocks recover
November 22, 2019, 6:45 pm
MANILA -- The Philippine peso ended the week still better than the US dollar while the Philippine Stock Exchange index (PSEi) managed to recover amid continued financial market volatility on trade concerns. The local currency ended on Friday at 50.8 from 50.865 on Thursday. “The peso… Read More
BSP sets indefinite moratorium on long-term deposit issuance
November 21, 2019, 8:43 pm
MANILA -- An indefinite moratorium on the issuance of long-term negotiable certificate of time deposits (LTNCTDs) will be in place starting Jan. 1, 2022. The LTNCTDs are bank products that have longer tenors compared to the regular time deposits. In Circular 1059 issued last November 15, Bangko… Read More
ERC eyes lower price cap at WESM
November 21, 2019, 8:33 pm
MANILA -- The Energy Regulation Commission (ERC) is looking at a lower secondary price cap (SPC) in the Wholesale Electricity Spot Market (WESM) to counter spikes in electricity prices. It recalculated the secondary price cap in the WESM at PHP4,502 per megawatt-hour (MWh) from the existing… Read More
Foreign investors push for immediate passage of CITIRA bill
November 21, 2019, 8:08 pm
MANILA -- Foreign business groups expect reduced corporate tax rates to attract more investments to the Philippines, as they support the immediate passage of legislation reducing such tax and rationalizing tax incentives. European Chamber of Commerce of the Philippines (ECCP) president, Nabil… Read More
Stocks slide anew, peso flat
November 21, 2019, 8:07 pm
MANILA -- The local bourse got a beating Thursday as investors stayed on the sidelines but the Philippine peso proved its resiliency and ended sideways against the US dollar. The Philippine Stock Exchange index (PSEi) declined by 1.002 percent, or 79.17 points, to 7,818.89 points. All Shares… Read More
Int'l firms tapped for Bulacan airport project
November 21, 2019, 3:24 pm
CITY OF MALOLOS, Bulacan -- Airport experts in the United States, France and Singapore have joined forces for the construction of the New Manila International Airport (NMIA) project in Bulakan town in the province. “SMC (San Miguel Corporation) has tapped international engineering firms to… Read More
DOTr’s disbursement up, projects threatened by budget cut
November 21, 2019, 2:33 pm
MANILA -- The Department of Transportation (DOTr) on Wednesday reported an increase in its disbursement rate in 2019, and warned that slashing its next year’s budget by PHP60 billion would put its projects in jeopardy for the next two and a half years. In a television interview over ANC, DOTr… Read More
PH shrimp industry banks on gov’t support to sustain growth
November 21, 2019, 1:00 pm
BACOLOD CITY -- Filipino shrimp producers are banking on government support to sustain the industry’s growth in recent years brought about by good domestic demand for the commodity. Industry players have gathered for the three-day 12th Philippine National Shrimp Congress at the SMX Convention… Read More
Inflation rate safe amid halt in rice importation
November 20, 2019, 7:59 pm
MANILA -- Inflation is not expected to be affected by President Rodrigo R. Duterte’s directive to stop rice importation during the harvest season. Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said the President’s directive is not expected to have any effect on the rate of price… Read More
Peso ends sideways, stocks weaken
November 20, 2019, 7:27 pm
MANILA -- The peso stayed firm against the greenback Wednesday, while the Philippine Stock Exchange index (PSEi) reversed to losses a day after recovery. The local currency finished the day at 50.87 from 50.9 finish a day ago, which a trader pointed to risk-off sentiment given trade-related… Read More
BSP targets 30% in value of e-payments by 2020
November 20, 2019, 7:24 pm
MANILA -- The Bangko Sentral ng Pilipinas (BSP) adjusted the target for electronic payments (e-payments) in the country, with value of transactions now aimed to account for 30 percent of the total by 2020 from previous goal of 20 percent, including volume of transactions. In a briefing Wednesday,… Read More
Chinese steel mill signs supply deal with Global Ferronickel
November 20, 2019, 6:58 pm
MANILA – The Baosteel Resources International Co. Ltd., a wholly owned subsidiary of China’s largest steel manufacturer, has signed an agreement with Global Ferronickel Holdings, Inc. (FNI) that will supply one million wet metric tons (WMT) of nickel ore to Baosteel. The supply will consist of… Read More
Economist notes PH's improving BOP position
November 19, 2019, 8:42 pm
MANILA -- An economist of ING Bank on Tuesday cited the improvement of the Philippines balance of payment (BOP) position so far this year, tracing this to investors’ positive sentiments. Citing data released by the Bangko Sentral ng Pilipinas, ING Bank N.V. Manila Branch senior economist… Read More
Stocks recover, peso slips on trade concerns
November 19, 2019, 8:15 pm
MANILA – The Philippine Stock Exchange index (PSEi) ended its four-day losing streak Tuesday but the peso weakened on trade concerns overseas. The main equities index gained 0.40 percent, or 31.20 points, to 7,912.14 points, which BPI Research considered a sideways move due to “lack of… Read More
More interventions for farmers affected by rice tariffication
November 19, 2019, 8:10 pm
MANILA – Department of Agriculture (DA) Secretary William Dar on Tuesday assured more interventions would be given to farmers affected by the implementation of the Rice Tariffication Law (RTL). To ensure the proper and efficient implementation of the RTL, Dar said the DA is committed to… Read More
Suspension of rice importation can push up inflation: Pernia
November 19, 2019, 7:58 pm
MANILA -- The country’s chief economist on Tuesday cautioned against the proposed suspension of rice importation by some sectors to address the issues faced by local farmers resulting from the tariffication law. “We will be back to where we were last year and the poor will suffer,”… Read More
BSP readies new reforms for 2020
November 19, 2019, 7:36 pm
MANILA -- The Bangko Sentral ng Pilipinas (BSP) is set to implement two new regulations targeted to further protect banks’ operational risks by 2020. In her speech during the Chamber of Thrift Banks (CTB) membership meeting in Makati City Tuesday, BSP Deputy Governor Chuchi Fonacier said they… Read More
Gov't, industry players join hands to solve low sugarcane yield
November 19, 2019, 6:21 pm
MANILA -- The Sugar Regulatory Administration (SRA) and stakeholders have collaborated to address low yields in sugarcane farming. Emilio Bernardino Yulo, SRA Board Planters Representative, in a chance interview over the weekend, said they are looking to map out a consolidated plan on how to… Read More
Vista Land, Mitsubishi Estate form joint venture
November 19, 2019, 5:46 pm
MANILA -- Vista Land & Lifescapes, Inc. (VLL) has teamed with Japanese real estate developer Mitsubishi Estate Co., Ltd (MEC) to develop a mixed-use, high-rise condominium along Taft Avenue, Manila. The partnership is being formed through a 60:40 joint venture company between VLL’s vertical… Read More
Group hails ERC nod on power supply agreements
November 19, 2019, 8:18 am
MANILA – An official of a consumer group welcomed the commitment of the Energy Regulatory Commission (ERC) on the immediate approval of proposed power supply agreements (PSAs) between distribution utilities and power generators to address thin supply. In a statement Monday, Laban Konsumer Inc.… Read More
