STOCKS climbed on Tuesday, snapping a three-day losing streak, as investors remained bullish on the Philippines’ prospects, even with inflation hitting a 14-year high last month and on expectations of smaller US Federal Reserve rate hikes. The Philippine Stock Exchange index (PSEi) added 232.25 points or 3.6% to close at 6,674.38 on Tuesday, while the […]
Category: Hot News
Peso rebounds on rate hike expectations
THE PESO strengthened versus the dollar on Tuesday despite profit taking after the release of November inflation data that cemented expectations of another rate hike from the Bangko Sentral ng Pilipinas (BSP) this month. The local unit closed at P55.975 per dollar on Tuesday, gaining 4.5 centavos from its P56.02 finish on Monday, data from […]
Omicron subvariant BQ.1 cases rose to 17 — DoH
THE PHILIPPINES has detected one more infection involving the highly contagious Omicron subvariant BQ.1, bringing the total to 17, the Health department said on Tuesday. The patient came from the Western Visayas region, it said in a bulletin. The European Center for Disease Control considers BQ.1, a sublineage of Omicron BA.5, a variant of interest. […]
Rights group asks government to help families of drug war victims
THE GOVERNMENT of President Ferdinand R. Marcos, Jr. should do more to protect the families of victims of extralegal killings and prosecute officials for the wrongful deaths, according to a human rights group. In a statement sent on Monday evening, the Initiatives for Dialogue and Empowerment through Alternative Legal Services said the government should also […]
Congressman: P3-B wifi budget illegally moved to MMDA
AT LEAST P3 billion in public funds was illegally transferred to the Metro Manila Development Authority (MMDA) to finance its free wifi project without congressional consent, according to a lawmaker. MMDA later bid out a P1.1-billion project for the capital region’s fiber optic backbone development, Northern Samar Rep. Paul R. Daza told a House of […]
Opposition senator says proposed sovereign wealth fund counterproductive after others express reservations
AN OPPOSITION senator on Tuesday said the proposal to establish a sovereign wealth fund (SWF) is counterproductive, noting that it goes against the nation’s economic agenda. “An SWF is meant to come from the excess funds we just don’t have, as seen by our trillions-worth of debt. We don’t need an SWF and we clearly […]
Bill lowering senior citizenship age to 56 from 60 filed in the Senate
A SENATOR has filed a bill that will bring down the age of senior citizenship to 56 from 60, allowing earlier access to benefits, including the option to retire and claim pension. “It is only appropriate that we lower the age, so that our elderly compatriots can become senior citizens. In today’s times, especially with […]
Marcos asks businesses to invest in skills training, R&D to help boost job creation
PRESIDENT Ferdinand R. Marcos, Jr. on Tuesday asked business leaders to invest in education and skills training, and research and development (R&D) to help the government in accelerating job creation. Mr. Marcos, speaking at the Arangkada forum organized by the Joint Foreign Chambers in the Philippines, said his administration aims to boost employment in the […]
Senator seeks mandatory insurance coverage for construction workers
A SENATOR has filed a bill requiring the provision of insurance coverage to all construction workers, with adequate indemnification for any accident that causes disability or death. “I believe that providing our construction workers with insurance coverage will compel their employers to adopt better safety mechanisms that will ensure the safety and security of their […]
DICT secretary appeals for cybersecurity budget in confirmation hearing
THE COMMISSION on Appointments on Tuesday approved the nomination of Ivan John E. Uy as Department of Information and Communications Technology (DICT) secretary. During the hearing, Mr. Uy said his agenda was to enhance the country’s cybersecurity preparedness and appealed for budgetary support from Congress. “It is a very relevant issue today as we see […]
Teleperformance opens GenSan City office, Cloud Campus microsite
OUTSOURCING firm Teleperformance Philippines (TP) has launched an office in General Santos City, its 24th in the country, with a Cloud Campus microsite which supports work-from-home employees. TP, in a statement on Tuesday, said the new site will open more jobs for residents in the city and in the neighboring province of South Cotabato. “Teleperformance […]
SEC expands partnership with LANDBANK for more payment options
THE SECURITIES and Exchange Commission (SEC) has expanded its partnership with state-run Land Bank of the Philippines (LANDBANK) to provide more payment options for the transacting public. In a press release on Tuesday, the regulator said that it signed on Nov. 28 a memorandum of agreement with LANDBANK, which will allow payments for SEC-related transactions […]
DoE says working to make supply of power more reliable next year
THE Department of Energy (DoE) said it is working to reduce potential disruptions in the power supply in 2023, after a further yellow alert were declared over the power grid in the wake of more unexpected power plant shutdowns. “The yellow and red alerts right now (are) not a preview of what will happen during […]
Marcos to sign administrative order on farm-to-market roads
PRESIDENT Ferdinand R. Marcos, Jr. is set to sign a joint administrative order this month outlining a timetable for establishing a farm-to-market road (FMR) network, the Palace said in a statement on Tuesday. “The FMR order has been approved,” he was quoted as saying in the statement. “We already have a national timetable.” The order […]
Japan’s MinebeaMitsumi in P4-B Cebu expansion
JAPANESE electronics manufacturer MinebeaMitsumi, Inc. is undertaking a P4-billion expansion project in Naga City, Cebu, the Department of Trade and Industry (DTI) said. In a statement on Tuesday, the DTI said that Philippine Trade and Investment Center-Tokyo Commercial Counselor Dita Angara-Mathay reported the company’s expansion proposal. According to Ms. Angara-Mathay, the Japanese firm plans to […]
Japan’s TDK hard drive equipment project worth P2.5B approved by FIRB
THE Fiscal Incentives Review Board (FIRB) on Tuesday approved the tax incentives application of TDK Philippines Corp. for a P2.5-billion manufacturing project, the Department of Finance (DoF) said. TDK proposes to make microwave-assisted magnetic recording sliders, industrial equipment used in hard drive manufacturing. The approval of the application for fiscal incentives “is a boost to […]
LGUs apply to borrow P20.2 billion in first half
THE Bangko Sentral ng Pilipinas (BSP) said local government units (LGUs) proposed to borrow P20.2 billion in the first half, mostly for infrastructure projects. The totals were tallied from applications to the Monetary Board (MB), which must review all LGU borrowing proposals, the BSP said in a statement on Tuesday. The MB received 107 proposals […]
Health-rating labels for packaged food proposed
A LABELING law that would rate the health benefits of packaged food has been proposed as a measure in the House of Representatives. House Bill 1139, filed by Isabela Rep. Faustino A. Dy, proposes a star rating system for packaged food products as an amendment to Republic Act No. 7394 or the Consumer Act of […]
PHL signs tourism agreements with Saudi Arabia
THE PHILIPPINES signed agreements with Saudi Arabia which are expected to enhance two-way visitor traffic between the two countries, the Department of Tourism (DoT) said. In a statement on Tuesday, the DoT said Secretary Ma. Esperanza Christina G. Frasco sealed the agreements in a meeting with the Saudi Vice Minister of Tourism, Princess Haifa Al […]
IRR for creative industries law signed
THE implementing rules and regulations (IRR) of Republic Act No. 11904 or the Philippine Creative Industries Development Act (PCIDA) have been signed, the Department of Trade and Industry (DTI) said. In a statement on Tuesday, the DTI said that Trade Secretary Alfredo E. Pascual signed the IRR last month. A copy of the rules […]