Category: Hot News

THE BANGKO SENTRAL ng Pilipinas (BSP) launched on Thursday an overnight reference rate that will serve as the market’s reference amid the phaseout of the London Interbank Offered Rate (LIBOR).    Now published on the BSP’s website, the overnight rate (ON) uses the secondary market rate on the 28-day BSP bill as a reference to […]

PO-LED Century Pacific Food, Inc. is allocating up to P3.5 billion for the year’s capital expenditure (capex) to expand its business segments, its top official said on Thursday. “We will be spending between P3 [billion] to P3.5 billion this year in capex because we are expanding capacity in a number of our business units,” Century […]

LOW-COST carrier AirAsia Philippines launched thrice-weekly flights to Narita, Japan through the Mactan-Cebu International Airport. “AirAsia’s mission has always been about democratizing air travel by offering bang-for-the-buck deals,” said AirAsia Philippines Communications and Public Affairs Head Steve F. Dailisan in a statement. He said the airline is giving more convenience to travelers “by opening more […]

ACEN Corp.’s board has cleared the Ayala-led energy company’s equity infusion in two international units, and the corporate guarantees to another subsidiary’s fundraising. In a stock exchange disclosure on Thursday, ACEN said its board had approved on July 5 an equity investment of about $70 million in subsidiaries ACEN International, Inc. and ACEN Renewables International […]

THE Securities and Exchange Commission (SEC) has warned the public against four more unregistered entities asking for investments from the public. In separate advisories, the commission identified the entities as Dairy Farmers of America (DFA), Reigns Profit Sharing, PNJS Profit Sharing, and Infinity Success Trading. The SEC said the DFA had been impersonating and misappropriating […]

HONG KONG-BORN American singer Coco Lee died at 48 on Wednesday following a suicide attempt that left her in a coma, Lee’s two sisters, Carol and Nancy Lee, said in a statement posted on Instagram and Facebook. Ms. Lee died in Queen Mary Hospital in Hong Kong, where she had been living. “Although, Coco sought […]

MEGAWIDE Construction Corp. expects the closing of its acquisition of property developer PH1 World Developers, Inc. before the end of this month. “Subject to the stockholders’ approval, the signing of the agreement is expected to take place on July 12 [and] subject to the fulfillment of the conditions precedent under the agreement, the closing of […]

GLOBAL commercial air travel demand reached 90% of pre-COVID levels in May 2023, according to Bain & Company’s Air Traffic Demand Forecast Model. The complete rebound is anticipated in the first half of 2024, primarily driven by the resumption of Chinese air travel. However, current recovery trends may be dampened by the evolving macroeconomic environment. […]

PHILIPPINE POWER producer First Gen Corp. said on Friday it decided to award the tender to procure a single cargo of liquefied natural gas to Shell Eastern Trading (Pte) Ltd., for delivery between Aug. 1 and Sept. 30. In a statement, First Gen, which is set to commission its floating storage and regasification unit (FSRU) in […]

By Mariedel Irish U. Catilogo, Researcher The Philippines’ unemployment rate in May eased to 4.3% as more Filipinos found employment, the Philippine Statistics Authority (PSA) said on Friday. Preliminary results from the May round of the Labor Force Survey (LFS) by the statistics agency showed a slower pace of unemployment rate compared to the previous month […]

The Philippine military on Friday reported an “alarming” increase in the number of Chinese fishing vessels in the West Philippine Sea, which it said threatens the security of the oil and gas-rich Reed Bank. From only a dozen in February, the number of Chinese fishing vessels “swarming” in Iroquois reef, just south of the Reed […]

By Bernadette Therese M. Gadon, Researcher Factory output in May grew by 8.1% compared to the previous year, thanks to lower costs and resilient domestic demand despite weaker global demand. Factory output, measured by the volume of production index (VoPI), showed faster growth in May compared to the revised 7.7% growth in April, according to the preliminary […]

Roderick Danao, Chairman and Senior Partner of Isla Lipana & Co., the Philippine member firm of the global PwC network, proudly announces the admission of four new partners—all certified public accountants (CPAs)—with effect from 1 July 2023. Danao states: “Isla Lipana & Co. begins its next 100 years with expansion on all fronts, starting with […]

PHILIPPINE SHARES declined further on Thursday as minutes of the US Federal Reserve’s June meeting supported expectations of further rate hikes this year. The Philippine Stock Exchange index (PSEi) dropped by 38.13 points or 0.58% to 6,474.26 on Thursday, while the broader all shares index declined by 13.82 points or 0.39% to 3,455.93. “The index fell […]

THE PESO continued to weaken against the dollar on Thursday as minutes of the US Federal Reserve’s June meeting affirmed views of further tightening. The local currency closed at P55.50 versus the dollar on Thursday, dropping by 11.50 centavos from Wednesday’s P55.385 finish, data from the Bankers Association of the Philippines’ website showed. The local […]

GERMAN infrastructure, renewable energy (RE), and high-tech manufacturing companies are among the potential investors that a trade delegation currently in Europe is seeking to attract to the Philippines, the Department of Trade and Industry (DTI) said. In a speech at the Philippine-German Investment Forum on July 3, Trade Secretary Alfredo E. Pascual directed his remarks […]

THE Department of Public Works and Highways (DPWH) said it expects the Asian Development Bank (ADB) to approve financing for the Bataan-Cavite Interlink Bridge (BCIB) project by November. The DPWH cited a report from Undersecretary Emil K. Sadain that an ADB fact-finding mission will appraise “overall project readiness prior to the preparation of loan agreement […]