By Luz Wendy T. Noble, Reporter THE Philippines will likely see a slower pace of recovery this year, as the International Monetary Fund (IMF) and a United Nations (UN) think tank trimmed their growth forecasts amid uncertainty over the vaccine rollout and continued restriction measures. The IMF cut its gross domestic product (GDP) forecast for […]
Category: Hot News
Manila falls in 2021 list of top real estate investment destinations
MANILA dropped two spots to 19th in a ranking of city investment prospects in the Asia-Pacific for 2021, a joint report from the Urban Land Institute (ULI) and PricewaterhouseCoopers (PwC) said. Read the full story.
Manila’s appeal as property investment site declines
Manila dropped two spots to 19th in a ranking of city investment prospects in the Asia Pacific for 2021, the joint report from the Urban Land Institute and PricewaterhouseCoopers showed. — PHILIPPINE STAR/MIGUEL ANTONIO N. DE GUZMAN MANILA dropped two spots to 19th in a ranking of city investment prospects in the Asia-Pacific for 2021, […]
Typhoons likely hurt farm output growth
By Revin Mikhael D. Ochave, Reporter THE agriculture sector’s growth likely slowed in the fourth quarter, after a string of strong typhoons devastated rice-producing areas. Glenn B. Gregorio, director of the Southeast Asian Regional Center for Graduate Study and Research in Agriculture (SEARCA), said the agriculture sector will post 0.58% growth in the fourth quarter, […]
BIR collected P7.2 billion from POGOs in 2020
THE Bureau of Internal Revenue (BIR) collected P7.18 billion in taxes from Philippine Offshore Gaming Operators (POGOs) last year, even as some offshore companies reportedly left due to the tighter tax rules. In a statement, BIR Commissioner Caesar R. Dulay said taxes from POGOs were 12% higher than the collection in 2019, although he did […]
ERC readies report on Visayan Electric’s alleged high power rates
By Angelica Y. Yang THE technical staff of the Energy Regulatory Commission (ERC) is set to complete by February its evaluation on whether the biggest power provider in the Visayas had charged “high electricity rates” in the area as alleged by a business group, an official of the agency said on Tuesday. Floresinda G. Baldo-Digal, […]
SM Prime sets interest rates for retail bond offering
PROPERTY developer SM Prime Holdings, Inc. has set the interest rate of its retail bonds due on 2023 at 2.4565%, while those due on 2026 at 3.8547%, it said in a regulatory filing on Tuesday. The peso-denominated 2.5-year series M and the five-year series N retail bonds will be offered to investors from Jan. 25 […]
Greenergy signs deal with tech firm ITBS for e-platforms integration
ANTONIO L. Tiu-led Greenergy Holdings, Inc. on Tuesday said it signed a memorandum of agreement with technology company ITBS (Information Technology Business Solutions Corp.) to integrate their electronic platforms. Greenergy’s payment platform ePitaka will be integrated with ITBS’ Know Your Citizen platform installed in various local government units, the listed company told the local bourse […]
Gov’t to exert more pressure on telcos — Roque
THE national government will exert more pressure on telecommunications firms to improve their services, Malacañang said on Tuesday. Presidential Spokesperson Harry L. Roque, Jr. said President Rodrigo R. Duterte had agreed with the recommendation of the Department of Information and Communications Technology (DICT) that telco companies should continue to “shape up” to improve the internet […]
Maynilad realigns 6.7-kilometers of pipes for gov’t infra projects
WEST ZONE water provider Maynilad Water Services, Inc. has completed the replacement and realignment of 6.7 kilometers of water pipelines in 2020 to assist ongoing government infrastructure projects. In a statement on Tuesday, the concessionaire said primary and secondary pipelines were reconfigured in portions of Caloocan, Quezon City, Valenzuela, Parañaque, and Las Piñas. The reconfiguration […]
Philippines bucks global decline in FDI
FOREIGN DIRECT INVESTMENTS to the Philippines likely went up in 2020, according to a report by the United Nations Conference on Trade and Development. — PHILIPPINE STAR /MICHAEL VARCAS By Jenina P. Ibañez, Reporter FOREIGN DIRECT INVESTMENTS (FDI) to the Philippines rose by almost a third in 2020, a stark contrast with the collapse in […]
PHL business optimism falls to lowest since 2016
HALF of midsized Philippine businesses have either “a slightly or very optimistic economic outlook” for the next 12 months, the P&A Grant Thornton International Business Report showed. — REUTERS ECONOMIC OPTIMISM among Philippine midsized businesses continued to fall in the second half of 2020, as the pandemic continued to weigh heavily on the economy. The […]
PHL business optimism sinks to new low in second half of 2020
ECONOMIC OPTIMISM among Philippine midsized businesses continued to fall in the second half of 2020, as the pandemic continued to weigh heavily on the economy. Read the full story.
MIAA board shuts door to Megawide’s NAIA rehabilitation proposal
By Arjay L. Balinbin, Senior Reporter THE MANILA International Airport Authority (MIAA) board has junked the appeal filed by Megawide Construction Corp. and its foreign partner GMR Infrastructure Ltd. seeking to overturn the revocation of its original proponent status (OPS) for the Ninoy Aquino International Airport (NAIA) rehabilitation. “I was not present in that meeting, […]
Gov’t hopes to achieve key development goals by 2022
THE GOVERNMENT’S goal to bring down poverty rate to 14% and lift the economy’s status to the upper-middle income group next year can still be achieved despite the impact of the pandemic, Acting Socioeconomic Planning Secretary Karl Kendrick T. Chua said. Mr. Chua, who also heads the National Economic and Development Authority (NEDA), said these […]
Cavite sees ‘infirmities’ in MacroAsia-CCCC’s Sangley submissions
Final decision this week on consortium’s bid for first phase of $10-B airport project By Arjay L. Balinbin, Senior Reporter THE Cavite government saw “infirmities” in the required documents submitted by the consortium of MacroAsia Corp. (MAC) and China Communications Construction Co. Ltd. (CCCC) for the Sangley Point International Airport project, the province’s top official […]
AC Energy to take majority stake in Solar Philippines unit
Ayala-led AC Energy Corp. is set to own the majority stake in a solar farm subsidiary of Solar Philippines Power Project Holdings, Inc. after forging a deal to acquire 99% of the unit’s primary and secondary shares for P619,000, the listed firm told the local bourse on Monday. The transaction will give AC Energy the […]
Cebu Air plans start of $250-M convertible preferred shares offering in Feb.
CEBU AIR, Inc., the listed operator of budget carrier Cebu Pacific, said on Monday it might start its $250-million convertible preferred shares stock rights offering on Feb. 26 as part of its fundraising plan. In a disclosure to the stock exchange, the airline operator said it intends to use the proceeds to strengthen its balance […]
Chelsea to hike authorized capital stock to P3.5 billion
CHELSEA LOGISTICS and Infrastructure Holdings Corp. is seeking to increase its authorized capital stock to P3.5 billion. In a disclosure to the stock exchange on Monday, the listed company said it had applied for the amendment of its articles of incorporation to hike its authorized capital stock from P2 billion to P3.5 billion. It is […]
Greenergy sets up units for infrastructure, community development
ANTONIO L. Tiu-led Greenergy Holdings, Inc. has approved the incorporation of two wholly-owned units focusing on projects and services related to infrastructure and community development, the listed firm said on Monday. In a regulatory filing, Greenergy said that its board of directors, who met over the weekend, had authorized the incorporation of wholly owned subsidiaries, […]