Business
Peso, stocks weaken on US recession fears
August 15, 2019, 8:26 pm
MANILA -- Fears for another recession of the US economy made investors risk-averse, resulting in the weakening of the peso and the negative close of the Philippine Stock Exchange index (PSEi) on Thursday. The local currency ended the day at 52.498 from the 52.28 close on Wednesday. In its market… Read More
UHC law to suffer if excise tax on sin products won’t be passed
August 15, 2019, 8:18 pm
MANILA -- The government will not be able to fully finance the Universal Health Care (UHC) Law if lawmakers will not approve the Department of Finance (DOF)-proposed excise tax hikes on sin products, according to a finance official. This was stressed by Finance Undersecretary Karl Kendrick Chua… Read More
8990 Holdings H1 profit up 18%
August 15, 2019, 6:16 pm
MANILA -- Mass housing developer 8990 Holdings Inc. is optimistic of exceeding its revenue target of PHP13.5 billion this year after its net income surged by 18 percent in the first half. “I think we will even surpass that based on the sales tempo, it’s really doing well,” company President… Read More
PAL, CebuPac cancel Manila-Japan flights due to typhoon 'Krosa'
August 15, 2019, 4:27 pm
MANILA -- Local carriers Philippine Airlines (PAL) and Cebu Pacific (CEB) on Thursday cancelled flights between Manila and Japan due to Severe Tropical Storm "Krosa" (international name). As of 1:30 p.m., the cancelled flights were: PR 408 Manila-Kansai, PR 438 Manila-Nagoya, PR 411/412… Read More
DOF exec hopeful of approval of hikes in sin taxes
August 15, 2019, 4:27 pm
MANILA -- A ranking Department of Finance (DOF) official is optimistic that their proposed excise tax hikes for sin products will get the approval of lawmakers. “Very optimistic, as always,” Finance Undersecretary Karl Chua told reporters Tuesday on the sidelines of House hearings on a… Read More
Pernia calls for stronger Asean cooperation in dev’t issues
August 15, 2019, 2:04 pm
MANILA -- Socioeconomic Planning Secretary Ernesto Pernia on Thursday called for stronger cooperation and collaboration among member-states of the Association of Southeast Asian Nations (Asean) in addressing economic, environmental, and social issues facing the region. “We need to move as one… Read More
Hong Kong body stops ticket sales at airport: PAL
August 14, 2019, 8:52 pm
MANILA -- The Hong Kong Airport Authority on Wednesday informed all airlines to cease ticket sales at the airport, a local carrier spokesperson said. Philippine Airlines (PAL) spokesperson Cielo Villaluna said this was due to the tightened security measures and access control being implemented… Read More
TDF rates fall across-the-board
August 14, 2019, 8:52 pm
MANILA -- The latest cut in the Bangko Sentral ng Pilipinas’ (BSP) key rates resulted in the same outcome for the term deposit facility (TDF) Wednesday. Rate of the eight-day facility, which is a day longer given the holiday on August 21, declined to 4.4389 percent from 4.5844 percent during the… Read More
DMCI Holdings profit hits P6.7B in H1
August 14, 2019, 8:44 pm
MANILA -- Diversified engineering conglomerate DMCI Holdings, Inc. reported a 22-percent decline in consolidated income for the first half of 2019 amid weak contributions of coal and power, construction, and mining businesses. Its profit reached PHP6.7 billion in January to June from PHP8.6… Read More
PSEi, peso rise on trade-related news overseas
August 14, 2019, 8:25 pm
MANILA -- Reports that US will delay slapping tariff on toys and video games, among others, from China, lifted sentiments and allowed the Philippine Stock Exchange index (PSEi) and the peso to end Wednesday higher. The local units closed the day at 52.28 from the previous day’s 52.46, which a… Read More
Regulations must promote efficiency, competitiveness: NEDA
August 14, 2019, 8:10 pm
MANILA – The National Economic and Development Authority (NEDA) has urged government agencies to ensure that policies, regulations, and other interventions promote market efficiency and do not inhibit competition and innovation. “Businesses and consumers benefit from greater efficiency and… Read More
Some banks asked for ATM fees reduction: BSP execs
August 14, 2019, 7:59 pm
MANILA -- Not all the banks that have applied for adjustments in their automated teller machine (ATM) transaction fees asked for increases, officials of the Bangko Sentral ng Pilipinas (BSP) said Wednesday. BSP Deputy Governor Chuchi Fonacier said less than 10 banks have submitted applications to… Read More
Salceda pushes fiscal, structural reforms for 'A' credit rating
August 14, 2019, 6:01 pm
LEGAZPI CITY -- Unless Congress amends the 83-year-old Public Service Act and introduce fiscal and structural reforms, it would be hard for the country to get a class “A” credit rating and be competitive in the global market, a Bicol solon said on Monday. Albay Rep. Joey Sarte Salceda, House… Read More
PAL provides replacement, retimed Manila-HK flights
August 14, 2019, 4:34 pm
MANILA -- Amid the ongoing protest actions at the Hong Kong International Airport, flag carrier Philippine Airlines (PAL) will provide replacement flights and had also retimed some flights between Manila and Hong Kong scheduled for Wednesday. Passengers of the cancelled PR 306/307 Manila-Hong… Read More
Vista Land nets P5.8-B in H1
August 14, 2019, 4:31 pm
MANILA -- Property developer Vista Land & Lifescapes, Inc. booked an 11-percent increase in net income in the first semester of 2019, mainly driven by higher earnings from its core housing business and the continued expansion in commercial assets. In a statement, Vista Land said its profit… Read More
SMC names int’l partners for P734-B airport project
August 14, 2019, 8:02 am
MANILA -- San Miguel Corporation has engaged the services of global firms Groupe ADPi, Meinhardt Group and Jacobs to design and build its PHP734-billion proposed New Manila International Airport in Bulacan (NMIA). All three companies were involved in building world-class airports, including… Read More
Global Ferronickel Holdings nets P105-M in H1
August 13, 2019, 11:00 pm
MANILA -- Global Ferronickel Holdings, Inc. (FNI) on Tuesday reported its net income reached PHP105.3 million for the first half of 2019 from a measly PHP4 million it recorded in the same period last year. Its revenue also grew by 24.1 percent year-on-year to PHP1.77 billion from PHP1.43 billion… Read More
CDO summit aims to jumpstart PH 'industrial revolution'
August 13, 2019, 10:14 pm
CAGAYAN DE ORO CITY -- This city will host the country's first-ever industrial summit that aims to gather industry leaders to "jumpstart of an industrial revolution that will set the nation forward on a global economic platform".Slated on November 25-27 this year, the summit is organized by the… Read More
GCash: More Filipinos go digital banking
August 13, 2019, 10:08 pm
MANILA -- GSave, the savings account service provider of CIMB Bank and Mynt-owned GCash, revealed a 500,000-customer growth in the Philippines in just roughly six months after their launching. In his speech at the Grand Hyatt Hotel in Manila on Tuesday, GCash President and CEO Anthony Thomas said… Read More
DA, WB discussing USD100-M aid to Mindanao
August 13, 2019, 9:22 pm
MANILA --- Agriculture Secretary William Dar on Tuesday said there is an ongoing discussion with the World Bank (WB) for some USD100 million intended for the development of agriculture in Mindanao. "We have an ongoing discussion with the World Bank for a USD100 million for Mindanao," Dar said… Read More
