PHILIPPINE SHARES rose on Wednesday on improved manufacturing activity last month and as strong earnings of listed companies continued to boost market sentiment. The bellwether Philippine Stock Exchange index (PSEi) rose by 52.81 points or 0.85% to end at 6,206.24 on Wednesday, while the broader all shares index went up by 19.72 points or 0.6% […]
Category: Hot News
Hotels hit 60-80% occupancy; full recovery expected in 2024
HOTEL OCCUPANCY levels are currently between 60 and 80%, and are expected to return to pre-pandemic levels starting 2024, an industry executive said. Benito C. Bengzon, Jr., Executive Director of the Philippine Hotel Owners Association, Inc. (PHOA), added that the industry had been hoping for a boost from tourists making a long weekend of the […]
Fishing industry warns gov’t not to use storm as pretext for imports
THE AQUACULTURE industry said the government should not us the recent storm as a pretext to authorize fish imports, saying that the domestic supply of fish is stable despite the damage inflicted by Tropical Storm Paeng (international name: Nalgae). Mario G. Balazon, Taal Lake Aquaculture Alliance, Inc. director, said in a statement Wednesday that the […]
Customs exceeds Oct. target
THE BUREAU of Customs (BoC) said Wednesday that it exceeded its collection target for a tenth straight month in October. In a statement, the BoC reported collections of P75.5 billion in October, exceeding its target for the month by 18.6%. Year on year, October collections were up 35%. In the 10 months to October, collections […]
Prime Infra to seek Malampaya service contract extension
PRIME INFRASTRUCTURE Capital, Inc. (Prime Infra) is seeking to extend the license for Service Contract (SC) 38 covering the Malampaya gas-to-power project, after Shell Petroleum N.V. (Shell Petroleum) announced the completion of the sale of its stake in the contract to a unit of Prime Infra. “Prime Infra is committed to invest in critical infrastructure […]
Japan to help improve Philippine mountain road safety
THE DEPARTMENT of Public Works and Highways (DPWH) said Wednesday that Japan will provide assistance in improving mountain road safety, particularly in the area of slope management. Japanese experts will also help the Philippines “enhance (its) capability to establish hazard maps for road disaster risk reduction and improve… road disaster information management,” the department said […]
Supermarkets facing higher costs even as revenues rise
SUPERMARKETS are dealing with higher operating costs as pandemic restrictions ease, with an industry official saying that the pickup in sales is sometimes not reflected in the resulting profits, especially for smaller stores. Steven T. Cua, Philippine Amalgamated Supermarkets Association, Inc., president, told BusinessWorld Live on One News channel that supermarkets are still adapting to […]
Trade deficit balloons to $29.8B in first half
The Philippines’ balance of trade deficit in the first half widened slightly more than initially reported due to higher import bill, latest data from the Philippine Statistics Authority (PSA) showed. The trade deficit stood at $29.819 billion in the first semester, slightly higher than the $29.793 billion the agency reported previously. This deficit was also […]
Business restructuring at arm’s length
“It is not the strongest or the most intelligent who will survive but those who can best manage change.” This warning by Charles Darwin sends a clear message. With the world evolving so rapidly, we have to be quick to adapt. In business, it has become a necessity for multinational enterprises (MNEs) to adjust to […]
Four Philippine regions placed under calamity state
PRESIDENT Ferdinand R. Marcos, Jr. on Wednesday placed four Philippine regions under a state of calamity after Typhoon Nalgae (Paeng) caused severe floods, killing more than a hundred people. Covered by the six-month state of calamity under Proclamation 84 are Calabarzon, Bicol, Western Visayas and the Bangsamoro Autonomous Region in Muslim Mindanao, where more than […]
Philippines scraps pre-departure virus testing for travelers
PRESIDENT Ferdinand R. Marcos, Jr. has approved a pandemic task force recommendation to ease quarantine rules for foreigners and Filipinos entering the country, as it seeks to boost tourism recovery. Fully vaccinated inbound travelers, whether Filipinos of foreigners, will no longer undergo pre-departure testing for the coronavirus, according to a government memo. Unvaccinated or partially […]
Thousands affected by MRT-3, PNR rail problem after 4-day holiday weekend
TRANSPORT officials on Wednesday said about 3,600 passengers were affected when the Metro Rail Transit Line 3 (MRT-3) temporarily suspended its operations in the morning due to a signaling problem. “When we started the operations as early as 5:00 a.m., when the train was about to reach Shaw Boulevard, it encountered a signaling problem,” MRT-3 […]
Bangsamoro public works ministry: All hands, equipment deployed in storm-hit areas
ALL available manpower and equipment have been deployed in Maguindanao and other areas in the Bangsamoro region affected by flooding and landslides since the weekend, the autonomous region’s Ministry of Public Works (MPW) said. “In times of calamities like this, MPW is doing its best to help alleviate the situation. We utilize our people and […]
House donation drive for typhoon victims collects P75M in goods, cash
A DONATION drive initiated by the House of Representatives has so far gathered P26.3 million worth of various relief goods and P49.2 million in cash, including pledges, for victims of the most recent typhoon to hit the country, the House leader said on Wednesday. “We need all the help that we can get, we already […]
Appeals court rules regional judge has authority to grant plea deal in drug case
THE COURT of Appeals (CA) has ruled in favor of a trial court judge against a petition seeking to nullify his order granting a plea bargain deal for a man convicted of illegal drug possession. In an 11-page decision on Oct. 26, the CA 14th Division said Tabaco City Regional Trial Court Branch 15 Presiding […]
Senate bill seeks online database on deaths to counter fraud
A SENATOR has filed a bill seeking to establish an online death verification system to halt the fraudulent use of a deceased individual’s identity. “On many occasions, it has been proven in the many investigations conducted by the Senate that the names of the deceased are being used in fraudulent payment claims, election fraud and […]
Solon recommends creation of food security cluster
PRESIDENT Ferdinand R. Marcos, Jr. should compose a food security cluster within his Cabinet to address hunger risks in the country, a lawmaker said on Wednesday. “There are areas with food security that are beyond the mandate of the Department of Agriculture, which President Marcos heads,” Albay Rep. Jose Maria Clemente S. Salceda said in […]
Isuzu Philippines relaunches Pagbilao dealership
ISUZUPHIL.COM ISUZU Philippines Corp. and MBT Autoworx Corp. relaunched the car dealership in Pagbilao, Quezon on Oct. 28 as part of improving service to customers. The completed first phase of renovation for the 11,000 square meter Isuzu Pagbilao features a revamped showroom and service fascia, tower signage, and sales reception area that conforms to the […]
Fighting Maroons firm up grip on No. 1 spot by routing Falcons
Games On Saturday (Smart Araneta Coliseum) 11 a.m. — UE vs UP 1 p.m. — UST vs AdU 3 p.m. — NU vs FEU 6:30 p.m. — ADMU vs DLSU REIGNING champion and breakaway leader University of the Philippines (UP) trounced Adamson, 91-70, and widened its gap from the pack in the UAAP Season 85 […]
Cautious trade seen ahead of Fed meet, inflation
PHILIPPINE STOCKS will be range-bound as trading resumes this week ahead of the release of October inflation data and the US Federal Reserve’s policy meeting. On Friday, the benchmark Philippine Stock Exchange index (PSEi) went down by 77.15 points or 1.23% to finish at 6,153.43, while the broader all shares index declined by 25.09 points […]