Business
DOF exec highlights need for corporate income tax reform
August 13, 2019, 9:00 pm
MANILA – A ranking Department of Finance (DOF) official on Tuesday stressed the importance of reforming corporate income tax to attract investors that will further boost growth of the domestic economy. During the hearing of the Ways and Means Committee of the House of Representatives Tuesday,… Read More
Rate cut expectations push PH’s 10-year T-bond rate down
August 13, 2019, 8:56 pm
MANILA -- Rate of the Philippines’ 10-year Treasury bond (T-bond) fell by 144.8 basis points to 4.196 percent on Tuesday on expectations for more reductions in the Bangko Sentral ng Pilipinas’ (BSP) key policy rates. The tenor fetched an average rate of 5.644 percent during the auction last… Read More
Banks cannot raise ATM fees without regulatory approval: BSP
August 13, 2019, 8:54 pm
MANILA – Any increase in fees for services made through automated teller machines (ATMs) need the approval of the Bangko Sentral ng Pilipinas (BSP). This was stressed by the central bank in a statement on Tuesday following concerns it received caused by talks about the possible hike in ATM fees.… Read More
Supply shortage pulls down Manila Water profit by 18% in H1 2019
August 13, 2019, 8:48 pm
MANILA -- Manila Water Company Inc. (MWCI) on Tuesday reported that its net income declined by 18 percent in the first half of the year to PHP2.9 billion. In a statement, MWCI attributed the lower profit to the impact of the water supply shortage, which hit its Manila concession business early… Read More
PSEi, PHP weaken on risk-off sentiments
August 13, 2019, 8:43 pm
MANILA -- Both the Philippine Stock Exchange index (PSEi) and the peso took a hit Tuesday after a long weekend due to risk-off sentiments caused by trade war and geo-political issues. The main equities index shed 0.84 percent, or 65.94 points, to 7,788.45 points. BPI Research attributed the… Read More
Cebu Pacific cancels Tuesday night HK flights
August 13, 2019, 7:48 pm
MANILA -- Shortly before 6 p.m., local carrier Cebu Pacific (CEB) announced cancellation of flights to and from Hong Kong supposedly scheduled for Tuesday night. The cancellation was still due to the protest actions inside the Hong Kong International Airport, it said. The cancelled flights are 5J… Read More
PAL, Cathay resume 'some' HK-Manila flights Tuesday
August 13, 2019, 5:22 pm
MANILA -- Flag carriers Philippine Airlines (PAL) and Cathay Pacific were able to secure some flights between Hong Kong and Manila on Tuesday. Hong Kong International Airport was shut down on Monday as the anti-government protests escalated inside the gateway. PAL spokesperson Cielo Villaluna… Read More
BSP to offer P100B on Wednesday’s TDF auction
August 13, 2019, 4:27 pm
MANILA -- The Bangko Sentral ng Pilipinas (BSP) said it will offer PHP100 billion under its Term Deposit Facility (TDF) on Wednesday. In an advisory, the central bank said the eight-day facility will be offered for PHP40 billion, and the 14-day and 28-day facilities for PHP30 billion each. The… Read More
DOF exec eyes ’19 inflation to decline by as much as 1.2%
August 12, 2019, 8:12 pm
MANILA -- An official of the Department of Finance (DOF) forecast inflation to decelerate to as much as 1.2 percent this year if monthly inflation expands by 0.3 percentage points until the rest of the year. In an economic bulletin, Finance Undersecretary Gil Beltran noted that month-on-month… Read More
Duterte’s China visit to bolster drive vs. illicit cigarettes
August 12, 2019, 6:18 pm
MANILA -- The Philippine government’s drive against illicit cigarette trade is seen to get a boost from the scheduled visit of President Rodrigo R. Duterte in China later this month. Finance Secretary Carlos G. Dominguez III said a memorandum of understanding (MOU) between Philippines and… Read More
More oil firms announce price cuts
August 12, 2019, 2:46 pm
MANILA – More oil companies announced price reduction for gasoline, diesel and kerosene effective 6 a.m. on Tuesday. Petron Corporation, Flying V and Shell said price of their gasoline, diesel and kerosene will be slashed off PHP0.50 per liter, PHP1.10 per liter and PHP1.30 per liter,… Read More
DOF, DA to help farmers affected by Rice Tariffication Law
August 12, 2019, 9:46 am
MANILA -- Finance Secretary Carlos Dominguez III and Agriculture Secretary William Dar have mutually agreed over the weekend to implement the assistance program to help rice farmers adjust to low prices of palay (paddy rice) following the passage of Republic Act (RA) No. 11203 or the Rice… Read More
Oil companies announce price rollback
August 11, 2019, 4:45 pm
MANILA -- Several oil companies will cut prices of their products effective 6 a.m. on Tuesday, August 13.In their respective advisories, PTT Philippines and Petro Gazz said diesel prices will be slashed off PHP1.10 per liter and gasoline by PHP0.50 per liter.Seaoil, meanwhile, implemented a price… Read More
PH firms urged to infuse sustainability in growth strategies
August 9, 2019, 8:44 pm
MANILA -- The country’s business leaders on Friday urged companies, including the small and medium enterprises (SMEs), to infuse sustainability initiatives in their growth strategies to significantly help mitigate risks and ensure the long-term viability of their businesses. In a press briefing… Read More
Consortium to take over Clark Airport’s O&M
August 9, 2019, 7:11 pm
CLARK FREEPORT, Pampanga -- Transportation Secretary Arthur Tugade on Friday announced the takeover of the operations and maintenance (O&M) of the Clark International Airport by the consortium Luzon International Premiere Airport Development Corporation (Lipad) on August 16. Tugade made the… Read More
Cebu Pacific launches Clark-Narita, Bacolod, Iloilo flights
August 9, 2019, 6:41 pm
CLARK FREEPORT, Pampanga -- Cebu Pacific, led by its president Lance Gokongwei, launched on Friday its three newest destinations from Clark International Airport (CRK) - Bacolod, Iloilo, and Narita, Japan. In his speech during the launching event held at the Marriot Hotel here, Gokongwei said… Read More
DTI’s 'Negosyo sa Barangay' attracts 44 village entrepreneurs
August 9, 2019, 5:31 pm
CEBU CITY -- The Department of Trade and Industry (DTI) 7 (Central Visayas) reported Friday that the government’s effort to teach barrio folks in Cebu some entrepreneurial skills has borne fruit, with 44 barangay-based traders showing interest in the "Negosyo Serbisyo sa Barangay (NSB)" program.… Read More
Landbank eyes 15% annual growth for agri loans
August 9, 2019, 6:42 am
MANILA - Officials of state-owned Land Bank of the Philippines (Landbank) are targeting to grow agriculture-focused loans by 15 percent annually to help about three million farmers by the end of the Duterte administration in 2022. Landbank President and CEO Cecilia Borromeo said they target… Read More
Peso recovers, PSEi down on weaker Q2 GDP
August 8, 2019, 7:36 pm
MANILA -- The Philippine peso recovered against the US dollar Thursday but the Philippine Stock Exchange index (PSEi) weakened after a lower-than-expected growth of the domestic economy in the second quarter this year. The local currency ended the day at 52.04 to the greenback from its 52.32 close… Read More
Malaysia, BARMM keen on pursuing business partnership
August 8, 2019, 7:22 pm
COTABATO CITY – The Malaysian Chamber of Commerce and Industry (MCCI) has expressed interest in bringing in big manufacturing enterprises in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), tapping the region’s vast workforce to make processed Halal (Islamic) food and rubber… Read More
