Category: Hot News

A SENATE committee sponsored a bill seeking to establish the Maharlika Investment Fund (MIF) out for plenary discussion, touting the fund’s potential for returning the Philippines to a track of long-term high growth. “I would like to emphasize that the Maharlika Investment Fund has the potential to bring back the Philippines to its high growth […]

By Alyssa Nicole O. Tan, Reporter INCREASED unemployment and higher inflation could result if Congress resorts to legislated wage hikes, economists said. “Raising minimum wages at this time is irresponsible,” Ateneo de Manila Economics Professor Leonardo A. Lanzona told BusinessWorld in an e-mail. “While workers working permanently and regularly in corporations may benefit, the number of unemployed will increase.” “Corporations […]

THE Sugar Regulatory Administration (SRA) said on Monday that the Palace has approved the donation of sugar seized by the Bureau of Customs (BoC) to the Department of Agriculture for sale at KADIWA outlets. In a briefing, SRA Board Member and Planters’ Representative Pablo Luis S. Azcona said the Palace has issued a memorandum authorizing […]

THE PESO may strengthen further against the dollar this week as the market expects smaller rate increases from both the US Federal Reserve and the Bangko Sentral ng Pilipinas (BSP). The local currency closed at P54.71 versus the greenback on Friday, rising by 15 centavos from Thursday’s P54.86 finish, Bankers Association of the Philippines data […]

PHILIPPINE SHARES are expected to trade sideways this week as investors remain cautious due to global financial sector worries and ahead of the policy meetings of the US Federal Reserve and the Bangko Sentral ng Pilipinas (BSP). The bellwether Philippine Stock Exchange index (PSEi) went up by 64.81 points or 1.01% to end at 6,469.72 […]

The Philippine central bank said it expects a narrower balance of payments (BoP) deficit this year due to a projected decrease in the current account shortfall. The country’s BoP is likely to yield a deficit of $1.6 billion this year or equivalent to -0.4% of gross domestic product (GDP), lower than the previous projection of […]

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THE ASIA-PACIFIC banking sector, including in the Philippines, has reasonable buffers to cope with possible contagion effects from the failure of Silicon Valley Bank (SVB), S&P Global Ratings said. “Asia-Pacific banks are well-placed to absorb potential contagion effects emanating from the SVB collapse. Direct exposures are negligible, and secondary impacts are manageable,” S&P said in […]

THE BUREAU of Internal Revenue (BIR) on Thursday filed criminal complaints before the Department of Justice (DoJ) against four suspected “ghost” corporations allegedly behind the sale of fake receipts, which have cost the government around P25.5 billion in revenue losses. BIR Commissioner Romeo D. Lumagui, Jr. said the government will go after not just the […]

SENIOR CITIZENS are entitled to a 20% discount on interment services, which are covered by the funeral and burial expenses provided for under the law, the Supreme Court (SC) said. In a statement on Thursday, the High Court said it granted the government’s appeal to overturn a Cagayan de Oro trial court’s 2018 ruling that […]

THE PHILIPPINES fell 10 spots to rank 54th out of 166 countries in utilizing frontier technologies for 2022, according to the United Nations Conference on Trade and Development (UNCTAD). UNCTAD said in its Technology and Innovation Report that the Philippines’ ranking in the Frontier Technology Index was lower compared with 44th place in the previous […]

Investment & Capital Corporation of the Philippines (ICCP) was cited during the recent The Asset Triple A Country Awards for Sustainable Finance 2022 for its participation as bookrunner in the P6.4-billion initial public offering (IPO) of Citicore Energy REIT Corporation (CREIT). The offering was recognized as the Best IPO in the Philippines during the awards. […]

By Justine Irish D. Tabile, Reporter PANGILINAN-led PLDT Inc. announced on Thursday that it is fully acquiring Sky Cable Corp. for P6.75 billion in a move that will expand its coverage and services. In a disclosure to the Philippine Stock Exchange, the telco company said that its board of directors cleared the agreement it entered […]

AYALA-led ACEN Corp. through its joint-venture company, UPC Power Solutions LLC, is set to acquire the portfolio of eight operating wind projects in northern Texas, the renewable energy company said on Thursday. “We’ve long set our sights on the US as our next market following our sustained success in the Asia Pacific. We are committed […]

LISTED food service company Jollibee Foods Corp. (JFC) reported 26.4% higher attributable net income for 2022 to P7.56 billion from the previous year’s P5.98 billion after an increase in system-wide sales. In a press release, JFC Chief Executive Officer Ernesto Tanmantiong said in a press release that last year’s sales growth was driven by a […]

The Philippine central bank said it expects a narrower balance of payments (BoP) deficit this year due to a projected decrease in the current account shortfall. The country’s BoP is likely to yield a deficit of $1.6 billion this year or equivalent to -0.4% of gross domestic product (GDP), lower than the previous projection of […]

Tourism industry stakeholders on Friday expressed confidence that the Philippines would become a tourism powerhouse in Asia by 2028 through the government’s national tourism development plan (NTDP). “Traditional initiatives will no longer be the way to go, but innovative programs can attract new markets that we have never tapped before,” Loleth G. So, Hotel Sales […]

By Luisa Maria Jacinta C. Jocson, Reporter The National Government’s (NG) budget balance swung to a surplus in January as revenue growth outpaced state spending. The Philippines’ budget recorded a surplus of P45.75 billion, a turnaround from the P23.38 billion deficit a year earlier, the Bureau of the Treasury (BTr) reported on Friday. The last […]

The Philippine central bank said on Friday that the local banking system remains safe and sound, amid concerns over the potential for contagion stemming from banking turmoil affecting some overseas lenders. “We have shown our resilience through the pandemic, and we continue to be strong in the face of the ongoing turbulence in the global […]