Banks expect to keep lending to coal-fired power projects

Banks expect to continue lending to coal-fired power projects as the Philippines shifts to cleaner and renewable energy sources by 2040, pending developments in an Asian Development Bank (ADB) program funding the energy transition, a senior banker said. “There’s a current initiative from the (ADB) for the energy transition. That’s something that the banks haven’t […]

CoA tallies over 900,000 employers not compliant with SSS remittance rules

GOVERNMENT AUDITORS said that 926,899 employers were not compliant with the rules for remitting their employees’ premium contributions to the Social Security System (SSS), depriving the agency of funds to deliver its services. In its 2020 annual report, the Commission on Audit (CoA) found that P321.53 billion has yet to be paid by these employers […]

GOCC subsidies decline 17.5% in Oct.

GOVERNMENT corporations took in less budgetary support in October compared to a year earlier, with the biggest allocations granted to the National Irrigation Administration (NIA), the National Housing Authority (NHA), and the Philippine Fisheries Development Authority (PFDA), according to the Bureau of the Treasury (BTr). Preliminary data from the BTr indicate that subsidies to government-owned […]

Why insurers must adapt to meet the changing Philippine landscape under COVID-19

First of two parts While the coronavirus disease 2019 (COVID-19) pandemic has financially impacted some parts of business and society in the Philippines more than others, consumers were also affected on psychological, emotional and economic levels. As a result, consumer insurance behaviors and preferences are evolving. This presents insurers with a unique opportunity to adapt […]

Gatchalian seeks to institutionalize OTOP program to boost MSME growth, local economies 

A SENATOR is seeking to institutionalize a promotional program for Philippine products that are mainly developed and made by small businesses using materials from their hometown.   Senator Sherwin T. Gatchalian said Bill 2366 or the One Town, One Product (OTOP) Philippines Act will help micro, small and medium enterprises (MSMEs) recover from the impact of the coronavirus pandemic as well […]

Bulk water supply project for Marawi central area breaks ground; other major infra projects on track 

THE LOCAL Water Utilities Administration broke ground last week for the construction of a bulk water facility that will cover Marawi’s central area, the rehabilitation task force managing the war-torn city’s rehabilitation announced over the weekend.    The Task Force Bangon Marawi (TFBM) said the project will supply five million liters of potable water within the area most devastated during the five-month heavy gun battle between government forces and […]

Election spending ban poses fiscal risk

A state spending ban before the 2022 Philippine elections is expected to disrupt government infrastructure projects and delay reforms, according to an inter-agency body that sets macroeconomic goals. A new government next year could also affect development priorities, which could affect reforms in the budgeting system, the Development Budget Coordination Committee (DBCC) said in a […]

Globe empowers employees and customers to create a #GlobeOfGood this Int’l Volunteer Day

Volunteerism has been a key part of Globe’s corporate culture through its various employee engagement programs. In contributing to nation-building, the company is encouraging its employees and customers to actively support community engagement programs this International Volunteer Day (IVD). IVD, as mandated by the United Nations General Assembly, is an annual celebration marked every December […]

Election season seen as fiscal risk: DBCC

A state spending ban before the 2022 Philippine elections is expected to disrupt government infrastructure projects and delay reforms, according to an inter-agency body that sets macroeconomic goals. A new government next year could also affect development priorities, which could affect reforms in the budgeting system, the Development Budget Coordination Committee (DBCC) said in a […]

DTI bills RCEP as recovery driver in Senate testimony

THE PHILIPPINE participation in the Regional Comprehensive Economic Partnership (RCEP) trade deal will help revive the slumping economy after the pandemic, the Department of Trade and Industry said in Senate testimony. “RCEP is expected to promote economic efficiency of member states, linking their strengths in manufacturing, technology, agriculture, and natural resources, and it will reinforce […]

World Bank recommends farm consolidation to achieve scale

FARM consolidation in order to achieve efficiencies through scale is required to transform agriculture in the Philippines, where farmers tending small plots have become the norm, the World Bank said. “To succeed, efforts at clustering and consolidation need to be voluntary, built on trust and confidence, and collaborative relationships among stakeholders whether they are farmers, […]

Mango farmers seen needing tech infusion to better meet export demand

The Department of Science and Technology (DoST) said mango farmers need to upgrade their planting and cultivation know-how if they are to meet the export market’s requirements for supply and quality. At a virtual conference Thursday conducted by the DoST’s Philippine Council for Agriculture, Aquatic and Natural Resources Research and Development (PCAARRD), participants said mango […]

Palace orders dissolution of GOCC Northern Foods Corp.

Malacañang has ordered the dissolution of Northern Foods Corp. (NFC) calling it no longer cost-effective and at odds with the government’s development policy. Executive Secretary Salvador C. Medialdea, on the President’s authority, signed Memorandum Order No. 58 which would dissolve the NFC, which has incurred net losses since its founding except in 1989, 1995, and […]