Suzuki PHL deploys 3 Super Carry units to Marikina City

TO HELP with the Marikina City government’s demands for mobility, Suzuki Philippines, Inc. (SPH), lent out three Super Carry units. The vehicles were turned over last Feb. 6 at the Legislative Building. The event was headed by Marikina City Councilor Loreto “Coach Elvis” Tolentino, Jr., Suzuki ANC Group General Manager Francis Tayo, and Suzuki Auto […]

SEC plans to go digital on report submissions

THE Securities and Exchange Commission (SEC) has developed an online submission tool (OST) that will allow corporations and partnerships to digitally and remotely file annual reports to limit in-person transactions amid the health crisis. The OST, which the agency is seeking the public to comment, is proposed to be used beginning this year’s filing season. […]

Shell to provide engine oils, lubes to Foton PHL

FOTON MOTOR Philippines, Inc. (FMPI) has partnered with Pilipinas Shell Petroleum Corp. (Pilipinas Shell) to maximize the utility of the former’s commercial vehicles through the use of Shell’s world-class petroleum products. The partnership, whose inking was held at the FMPI Assembly Plant in Clark, Pampanga, involves Pilipinas Shell providing FMPI with a lineup of products […]

Investors weigh Jollibee earnings, Yoshinoya deal

By Lourdes O. Pilar, Researcher INVESTORS took notice of Jollibee Food Corp.’s net profit in the final three months of 2020, but remained lukewarm on its joint venture to operate and expand the local unit of Japanese beef bowl restaurant Yoshinoya. Data from the Philippine Stock Exchange showed a total of 4.69 million Jollibee shares […]

Meralco ordered to refund nearly P14-billion to consumers

The Energy Regulatory Commission directed Manila Electric Co. (Meralco) on Friday to refund P13.89 billion in over-recoveries based on its actual weighted average tariff charges (AWAT) from July 2015 to November 2020.  This comes around two months after Meralco applied for the approval of its final refund scheme based on the calculation of its AWAT […]

BSP wants virtual asset providers to do background checks on customers

The Bangko Sentral ng Pilipinas (BSP) issued new regulations for service providers of virtual currencies and assets on Friday, instructing them to conduct background checks on customers and strengthen their financial consumer protection policies. BSP Deputy Governor Chuchi G. Fonacier laid out the guidelines for virtual asset service providers (VASP), which are entities that offer […]

SEC issues draft implementing rules for FIST law

The Securities and Exchange Commission (SEC) has drafted the implementing rules of the law that would help financial institutions dispose of their bad loans through asset management companies. The corporate regulator on Friday said it is seeking public comments on the draft implementing rules and regulations (IRR) for Republic Act No. 11523, otherwise known as […]

Philippines set to take rare, top spot for IPOs in Southeast Asia

MANILA/SINGAPORE – A clutch of Philippine firms, including newly launched real estate investment trusts (REITs), could make the country Southeast Asia’s biggest IPO market this year, driven by attractive valuations and a recovering economy. Investors and bankers say consumer retailers and REITs are lining up record fundraisings that could top $4 billion in 2021, more […]

Fewer firms applying for gov’t loan program

FEWER small businesses have been applying for the government’s P10-billion loan program amid low business confidence, the Department of Trade and Industry (DTI) said. DTI Secretary Ramon M. Lopez said small businesses fear inability to pay back loans as customer demand is still down. Loans released by the DTI’s Small Business Corp. (SB Corp.) COVID-19 […]

BCDA opens bidding for first phase of national fiber backbone

THE BASES Conversion and Development Authority (BCDA) has issued an invitation to bid for the design and construction of the first phase of the national fiber backbone. The P1.25-billion contract under the Department of Information and Communications Technology (DICT) requires works to be done in 200 calendar days, BCDA said in its invitation published on […]

Deposit insurance payouts hit P124 million in 2020

THE Philippine Deposit Insurance Corp. (PDIC) paid P124.11 million in deposit insurance last year for 7,072 accounts affected by the closure of five banks, it said in a statement on Thursday. The state deposit insurer said the value made up 76% of the estimated 9,305 total deposit accounts of the five closed banks and 69% […]

ATN Holdings suffers P2.56-M net loss

ATN Holdings, Inc. incurred a P2.56-million net loss for the third quarter of its fiscal year that ends on March 31 despite higher revenues. In a regulatory filing on Thursday, the company said its net loss for the October-to-December period is a reversal of the P3.57-million net income it had in 2019. Its revenues for […]