Business
SEAOIL launches free lifetime gas supply promo
July 16, 2019, 9:29 pm
MANILA -- SEAOIL Philippines, touted as the country’s leading independent petroleum player, launched Tuesday the third year of its free lifetime gas supply promo, which company executives say is the only one of its kind in the world. “Following our success from the past two years of the… Read More
BSP posts P17.58-B income in Jan-April
July 16, 2019, 8:44 pm
MANILA -- The Bangko Sentral ng Pilipinas (BSP) posted a 0.17 percent year-on-year increase in net income in the first four months of 2019, rising to PHP17.58 billion. Central bank data show that total revenues in end-April this year reached PHP36.64 billion, higher than the PHP25.64 billion… Read More
PRRD signs Philippine Innovation Act
July 16, 2019, 8:09 pm
MANILA -- President Rodrigo Duterte has signed a law which would harness innovation efforts to help the poor and the marginalized and enable micro, small and medium enterprises (MSMEs) to be part of the domestic and global supply chain. A copy of Republic Act 11293 or the Philippine Innovation… Read More
PH 7-year T-bond rate falls
July 16, 2019, 7:47 pm
MANILA – The rate of Philippine government-issued seven-year Treasury bonds (T-bonds) fell 89.8 basis points on Tuesday prompting National Treasurer Rosalia de Leon to attribute the decline to expectations of cuts in interest rates here at home and in the US. Average rate of the debt paper fell… Read More
Peso surges to 50-level, but local shares drop
July 16, 2019, 6:58 pm
MANILA -- Anticipation of rate cuts in several countries, including the Philippines, allowed the peso to close at the 50-level to a US dollar Tuesday but the main equities index dropped a day after posting a big jump. The local currency ended its 18-month high to a greenback at 50.90 from its… Read More
DTI pushes for passage of bill institutionalizing microfinance
July 16, 2019, 5:21 pm
MANILA – The Department of Trade and Industry (DTI) is pushing for the passage of a bill institutionalizing the government’s program of providing affordable financing for micro, small and medium enterprises (MSMEs) in the 18th Congress. In a speech delivered during the National MSME Summit… Read More
Personal remittances up to $13.7-B in Jan-May
July 16, 2019, 2:21 pm
MANILA -- Personal remittances from Overseas Filipinos (OFs) rose to USD2.9 billion in May 2019, a 5.5 percent increase from USD2.7 billion in May 2018. On a cumulative basis, personal remittances for the period January-May 2019 increased by 4.1 percent to reach USD13.7 billion from last years'… Read More
NEDA panel OKs cost increases in Mindanao railway, MM bridges
July 15, 2019, 9:09 pm
MANILA – The National Economic and Development Authority Board’s Investment Coordination Committee-Cabinet Committee (ICC-CabCom) on July 10, 2019 approved changes in two ongoing projects. These include the increase in cost for the Mindanao Railway Project Phase 1-Tagum-Davao-Digos Segment… Read More
Economists eye minimal impact of slower China GDP on PH
July 15, 2019, 8:26 pm
MANILA – Some economists have discounted a negative impact on the Philippines in the near term, of the slower second quarter growth of the Chinese economy this 2019. Gross domestic product (GPD) of the world’s second largest economy posted a nearly 30-year low of 6.2 percent from 6.4 percent… Read More
BSP hikes TDF offering
July 15, 2019, 7:53 pm
MANILA – The Bangko Sentral ng Pilipinas (BSP) further increased the offering under its Term Deposit Facility (TDF) for the auction on Wednesday. Data released by the central bank Monday showed that both the seven and 14-day facilities will be offered for PHP30 billion, higher than the… Read More
Peso, PSEi up on Fed rate hike anticipations
July 15, 2019, 7:49 pm
MANILA – Both the Philippine peso and the Philippine Stock Exchange index (PSEi) ended the week’s first trading up on rate hike expectations from the Fed. The local currency appreciated and ended the day at 51.00 from 51.13 close to a greenback Friday last week. A trader attributed this to… Read More
DTI pushes proposed EO bringing down shipping costs
July 15, 2019, 7:44 pm
MANILA -- The Department of Trade and Industry (DTI) will ask President Rodrigo Duterte to issue an executive order (EO) that will significantly reduce logistics costs for local companies over the next few months. DTI Secretary Ramon Lopez said he has instructed Undersecretary Rowel Barba to… Read More
Oil prices to go up again on July 16
July 15, 2019, 5:12 pm
MANILA — Seaoil on Monday announced a hike on the prices of its oil products effective 6 a.m. on July 16, 2019. In an advisory, the oil company said price of its gasoline will go up by PHP1.05 per liter and diesel and kerosene by PHP0.70 per liter. On Sunday, Petro Gazz said price of its… Read More
CEB seeks understanding for delayed Clark-Davao flight
July 14, 2019, 5:44 pm
MANILA -- Local carrier Cebu Pacific (CEB) on Sunday afternoon sought passengers' understanding over the delay in its Clark to Davao flight. In its social media post, the carrier claimed a lightning alert was raised at the Clark International Airport from 1:58 p.m. to 3:41 p.m. During a red… Read More
PEZA pushes grant of subsidies for high-ticket industries
July 12, 2019, 9:00 pm
MANILA -- The Philippine Economic Zone Authority (PEZA) will submit to the next Congress a proposed amendment to its law, granting subsidies to high-ticket industries that will invest at least US1 billion, create over 5,000 jobs, and bring new technology, its top official said. PEZA Director… Read More
Timing is crucial for next rate cut, Diokno says
July 12, 2019, 8:34 pm
MANILA -- Philippine monetary officials have already made up their mind to further cut Bangko Sentral ng Pilipinas’ (BSP) key policy rates but BSP Governor Benjamin Diokno said they are still waiting for the right time to go ahead with it. “We already have a decision but we are just studying… Read More
Foreign buying buoys peso, but local shares sink
July 12, 2019, 8:31 pm
MANILA — Foreign buying in the local bourse allowed the Philippine peso to remain firm against the US dollar but the main equities index sunk as the week's trading came to a close. The local currency ended the day at 51.13 from 51.19 Wednesday, which, BPI Research attributed to foreign buying in… Read More
PAGCOR chief eyes P8-B revenues from POGO in 2019
July 12, 2019, 7:27 pm
MANILA — The booming offshore gaming industry in the Philippines is seen to bring in additional PHP8 billion in revenues in 2019 as the Philippine Amusement and Gaming Corporation (Pagcor) gets more familiar with the industry. In her speech during the opening ceremony of the first-ever… Read More
AirAsia PH exec notes high average on-time performance in July
July 12, 2019, 6:44 pm
MANILA — AirAsia Philippines chief executive officer Dexter Comendador on Friday told the Philippine News Agency (PNA) the airline has managed to sustain a high average on-time performance (OTP) this July. OTP is being measured by number of departures and arrivals that take place in less than 15… Read More
Chinese bizmen eye manufacturers in BARMM
July 12, 2019, 6:13 pm
MANILA -- A 10-man delegation from China arrived in Cotabato City on Friday to look for investment opportunities and also to support the development of the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM). In an interview with Philippine News Agency, head of delegation Peter Tiu Laviña… Read More
