Business
PowerChina invests $3-B in PH
June 22, 2019, 1:39 pm
BEIJING – Power Construction Corporation of China, Ltd. (PowerChina) is investing some USD3 billion or roughly PHP154 billion, China’s state-owned firm told Asia Pacific reporters here Friday. Deputy General Manager Liu Xianxing of PowerChina Asia Pacific Business Development Department said… Read More
Investors urged to explore Davao-Gensan-Bitung route
June 22, 2019, 12:13 pm
DAVAO CITY -- The chairman of the Mindanao Development Authority (MinDA) has urged participants of the Davao Investment Conference (Davao ICon) 2019 to explore the Davao-GenSan-Bitung shipping route to boost trade between Mindanao and Indonesia. This was the message of lawyer Nathaniel D.… Read More
Local markets rise on BSP decision to keep key rates
June 21, 2019, 8:27 pm
MANILA -- The Philippine peso appreciated further Friday and the Philippine Stock Exchange index (PSEi) closed stronger a day after the Bangko Sentral ng Pilipinas (BSP) decided to hold key rates steady. The local currency finished the day at 51.57 from its 51.645 close a day ago. “The Peso… Read More
Globe launches 5G wireless service
June 21, 2019, 8:17 pm
MANILA -- Globe Telecom officially launched on Thursday its fifth-generation (5G) fixed wireless broadband technology for residential subscribers. The telco’s Globe At Home Air Fiber 5G service will enable Filipinos at home to gain more connectivity amid challenges on rolling out fiber optic… Read More
Cuts in BSP policy rates still not off the table: Economists
June 21, 2019, 8:15 pm
MANILA -- Economists still expect the Monetary Board (MB) to go ahead with additional cuts in the Bangko Sentral ng Pilipinas' (BSP) key policy rates later in the year despite the decision to hold steady during its meeting on Thursday. ANZ Research, in a report, forecasts 25 basis points slash… Read More
Foreign portfolio investment transactions post net outflow in May
June 21, 2019, 5:30 pm
MANILA -- Bangko Sentral ng Pilipinas-registered foreign portfolio investment transactions for the month of May yielded net outflows of USD750 million, resulting from gross outflows of USD2 billion and gross inflows of USD1.2 billion, the BSP disclosed in a statement on Friday. It said that by… Read More
Moody's Investors Service gives PH banks 'Stable' outlook
June 21, 2019, 4:34 pm
MANILA -- Moody’s Investors Service gave the Philippine banking industry a 'Stable' outlook on the back of a resilient national economy coupled with its strong asset quality. In a report, the debt rater said the projected 6.0 percent and 6.2 percent growth of the domestic economy in 2019 and… Read More
Local retailers against lower required capital for foreign firms
June 21, 2019, 4:31 pm
MANILA -- Local retailers are against moves to reduce the minimum required investment for foreign companies seeking to locate in the country, in a bid to protect micro, small and medium enterprises from big multinationals. “Because we don’t want to hurt the micro retailers so we are against… Read More
Asean trade deal delayed by a lot of factors: Lopez
June 21, 2019, 3:26 pm
BANGKOK -- Department of Trade and Industry Secretary Ramon Lopez on Friday said the implementation of the Regional Comprehensive Economic Partnership (RCEP), considered to be the biggest trade deal between Asean countries plus six other nations, was being delayed by a lot of factors. “Not… Read More
US-China trade row affecting PH, Thai economies
June 21, 2019, 3:21 pm
BANGKOK – The economies of both the Philippines and Thailand are being dragged by the trade rift between Washington and Beijing, officials from both countries said. Philippine Trade Secretary Ramon Lopez told reporters here on Friday that the US-China trade war has an impact on the economies of… Read More
Biz sector upbeat on growth of NegOcc countryside
June 21, 2019, 12:55 pm
BACOLOD CITY -- The Metro Bacolod Chamber of Commerce and Industry (MBCCI) has expressed high hopes for further growth of the rural areas in Negros Occidental under the new provincial leadership. “We are bullish with the new set of provincial officials,” Frank Carbon, chief executive officer… Read More
Aboitiz signs deal with Frontier Tower for common cell sites
June 20, 2019, 9:08 pm
MANILA -- Aboitiz InfraCapital, the infrastructure business unit of Aboitiz Equity Ventures, Inc, has signed an agreement with Frontier Tower Associates Philippines Inc. for the building and deployment of cell towers, a move that brings closer the Department of Information and Communications… Read More
Local markets sustain upward momentum
June 20, 2019, 9:00 pm
MANILA -- The Federal Reserve’s decision to keep key policy rates steady benefited the Philippine peso Thursday and the Philippine Stock Exchange index (PSEi) ended on a positive note tracking its counterparts in the region. The local currency ended the day’s trade at 51.645 against the… Read More
Monetary Board keeps BSP's key policy rates steady
June 20, 2019, 8:53 pm
MANILA -- The policy-making Monetary Board (MB) on Thursday kept the Bangko Sentral ng Pilipinas' (BSP) key policy rates unchanged after noting that inflation outlook remains broadly balanced and domestic growth is likely to stay firm. The decision to hold steady for the moment was made after the… Read More
CDA probes Sarangani coop over investment operations
June 20, 2019, 8:19 pm
GENERAL SANTOS CITY -- The Cooperative Development Authority (CDA) is set to issue a "show cause order" against a credit cooperative based in Sarangani province over questions on its investment operations. Aminoden Elias, CDA-Soccsksargen regional director, said Thursday they are currently… Read More
Coordinating body to meet on price control
June 20, 2019, 7:26 pm
SAN JOSE DE BUENAVISTA, Antique -- Antique’s provincial price coordinating committee will meet on June 24 to decide on whether there is a need to impose price controls on basic and prime commodities following the declaration of a state of calamity in the province last June 13. Trade and industry… Read More
Innovation key to long-term growth, competitiveness: NEDA
June 20, 2019, 6:30 pm
MANILA -- Socioeconomic Planning Secretary Ernesto Pernia on Thursday said the passage of an innovation measure promoting technological advancement can boost long-term growth, as the country undertakes various initiatives towards sustainable and inclusive development. Pernia said the Philippine… Read More
SRA sees ‘slightly’ lower output this year
June 20, 2019, 5:25 pm
MANILA -- The Sugar Regulatory Administration (SRA) is anticipating slightly lower sugar production this year compared to 2018's output of 2.083 million metric tons (MT). The SRA's sugar output projection is now down to only 2.071 million MT. It initially projected that output for this year will… Read More
Osaka-bound passengers told to brace for extra security checks
June 20, 2019, 5:00 pm
MANILA -- Cebu Pacific (CEB) on Thursday afternoon advised passengers bound for Osaka to allow ample time for extra security measures implemented by Japanese authorities in line with the G20 Summit in the East Asian country from June 28 to 29. Passengers are advised to expect random screening or… Read More
DOF to work closely with new Congress to push reforms
June 20, 2019, 1:43 pm
NEW CLARK CITY -- Secretary Carlos Dominguez III has bared plans for the Department of Finance (DOF) to work more closely with members of the incoming 18th Congress in passing further reforms that would set stronger economic foundations to sustain and even boost the country’s high and inclusive… Read More
