Business
Palay, corn production may decline in Q2: PSA
July 19, 2019, 3:27 pm
MANILA -- Palay and corn production in the second quarter of the current year may decline based on standing crops, according to data released by the Philippine Statistics Authority (PSA). Palay production for April-June 2019 may decrease to 3.86 million metric tons (MT), or lower by 5.6 percent… Read More
Impact of El Niño on inflation to last until 2020: BSP
July 19, 2019, 3:26 pm
MANILA -- The current dry spell or "El Nino phenomenon" being experienced in the Philippines may be categorized as "mild" by meteorologists, but monetary officials still consider it as an upside risk to inflation, with the impact seen to last until 2020. Citing PAGASA’s main outlook based on its… Read More
7-Eleven targets to open 300 new stores in PH this year
July 18, 2019, 9:35 pm
MANILA -- The local licensee of 7-Eleven convenience stores is bullish about sustaining a double-digit growth this year as it eyes 300 new stores in the country amid robust economic growth in 2019. “For the stores, these will hit close to 3,000 by the end of the year. Right now, we are almost… Read More
No need to review rice liberalization law now: Dominguez
July 18, 2019, 9:01 pm
MANILA -- Finance Secretary Carlos Dominguez III does not see the need to review the Rice Tarrification Law yet, a mere four months after it took effect last March 5, and stressed the need to let the law “do its work”. “No.” This was his reply when asked by journalists whether he thinks… Read More
ADB cuts PH 2019 growth forecast to 6.2%
July 18, 2019, 8:40 pm
MANILA -- The Asian Development Bank (ADB) has slightly reduced its economic growth forecast for the Philippines to 6.2 percent this year but maintained at 6.4 percent its forecast for 2020, noting that the country remains among Southeast Asia’s top economies. The Asian Development Outlook… Read More
Economic managers adjust certain economic targets
July 18, 2019, 8:32 pm
MANILA -- Economic managers on Thursday announced that they had tweaked some of government's economic targets such as the inflation assumption for 2019, which was slashed to 2.7-3.5 percent from three to four percent earlier on sustained deceleration of rate of price increases. In a briefing after… Read More
Peso retakes 50-level, local stocks recover
July 18, 2019, 8:21 pm
MANILA – Lower-than-expected growth of US housing figures boosted the Philippine peso back to the 50-level on Thursday while the Philippine Stock Exchange index (PSEi) recovered after a two-day slide. The local currency ended the day at 50.97 to a greenback from 51.13 a day ago. BPI Research… Read More
Government boosts support services to farmers, fisherfolk
July 18, 2019, 8:19 pm
MANILA -- The Agriculture sector remains of crucial importance to the Philippine economy. However, limited diversification and low production output are the most important challenges which constrain agricultural transformation in the country, Department of Agriculture (DA) studies revealed. Long… Read More
PAL still mulling US route expansion
July 18, 2019, 7:58 pm
MANILA -- Flag carrier Philippine Airlines (PAL) on Thursday afternoon said it is considering the expansion of its US route, and still offers the London route. "This is is contrary to some published reports," spokesperson Cielo Villaluna said. At least two reports were published online on June 23,… Read More
Retain tax incentives, biz groups urge Congress
July 18, 2019, 7:56 pm
MANILA -- While business groups support the general economic thrust of the Duterte Administration, they are calling on legislators and other policy-makers to reconsider cutting tax incentives as this may drive investors away. In a media interview, groups representing economic zone developers and… Read More
PH bizmen see opportunities in US-China trade war
July 18, 2019, 6:32 pm
MANILA -- Now that the world's two economic giants, the United States and China, are embroiled in a bitter trade war, Southeast Asian nations should exploit every opportunity to profit from this conflict, local business leaders say. Both countries have reportedly experienced a decline in their… Read More
WMPC, Zamcelco forge new 90-day deal
July 18, 2019, 4:48 pm
MANILA – The Western Mindanao Power Corp. (WMPC) and the Zamboanga City Electric Cooperative Inc., under the management of Crown Investment Holdings Inc. (Crown Zamcelco), have reached an agreement to ensure the continuing provision of power to Zamboanga City for a period of 90 days upon the… Read More
Tax academy offers online courses for BIR, BOC employees
July 18, 2019, 3:02 pm
MANILA -- The Philippine Tax Academy (PTA) has completed the development of 14 competency-based mandatory online studies required for new hires at the Bureau of Customs (BOC) as well as refresher courses for existing BOC employees, the Department of Finance (DOF) announced in a statement on… Read More
IRR of Ease of Doing Business law signed
July 17, 2019, 8:22 pm
MANILA – The business sector and even ordinary Filipinos can finally benefit from easier and faster transactions with government with the signing on Wednesday of the implementing rules and regulations (IRR) of the ease of doing business law. “This IRR gives ARTA the teeth to ensure that… Read More
Gov’t crafting AI road map to improve PH productivity
July 17, 2019, 7:37 pm
MANILA -- The Philippine government is crafting an artificial intelligence (AI) road map to improve productivity and economic growth in the country, a Trade official bared on Wednesday. Department of Trade and Industry (DTI) Undersecretary Rafaelita Aldaba said an AI task force composed of seven… Read More
Peso closes sideways, PSEi down in midweek trading
July 17, 2019, 7:28 pm
MANILA – The Philippine peso ended sideways against the greenback on Wednesday while risk-off sentiments among investors resulted in another retreat for the main equities index. The local currency ended the day at 51.13 against the dollar after strengthening to its eight-month high of 50.9 a day… Read More
Government to set SRP on rice
July 17, 2019, 7:27 pm
MANILA -- As the farmgate price of palay continues to plummet in many parts of the country, the government is getting set to arrest this freefall by coming up with a Suggested Retail Price (SRP) on rice. Agriculture Secretary Emmanuel Piñol, in a press briefing on Wednesday, said the need for… Read More
BSP studying the production of P20 coins
July 17, 2019, 7:26 pm
MANILA – Studies are now underway for the possible production of PHP20 coins, which a ranking Bangko Sentral ng Pilipinas (BSP) official said would be a cost-effective move if such coins are properly recirculated. BSP Senior Assistant Governor Dahlia D. Luna, who is the head of the central… Read More
TDF rates rise Wednesday
July 17, 2019, 4:33 pm
MANILA – The rates of Bangko Sentral ng Pilipinas’ (BSP) term facilities rose across-the-board Wednesday but the bid coverage ratio on all tenors declined after tenders turned out to be only a tad higher than the offer. Data released by the central bank showed that average rate of the… Read More
Gov't earns P142.6-M in 21 months from Mile Long property: DOF
July 17, 2019, 1:59 pm
MANILA -- The government has so far earned more than PHP142 million from the 2.2 hectare Mile Long property in Makati City since it took over the management of this state-owned prime real estate in August 2017, the Department of Finance (DOF) disclosed in a statement on Wednesday. Gerard Chan, the… Read More
