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 […]

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 […]

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 […]

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, […]

GDP likely contracted by 8.5% in Q4

Consumer spending likely increased in the fourth quarter, as Filipinos spent more during the holiday season. — PHILIPPINE STAR/MICHAEL VARCAS By Beatrice M. Laforga, Reporter THE Philippines’ gross domestic product (GDP) likely contracted slower in the fourth quarter due to a pickup in economic activity as lockdown restrictions were further eased and higher consumer spending […]

Q4 and full-year 2020 GDP forecast

THE Philippines’ gross domestic product (GDP) likely contracted slower in the fourth quarter due to a pickup in economic activity as lockdown restrictions were further eased and higher consumer spending during the holiday season. Read the full story.

NEDA board approves updated economic blueprint for next 2 years

The government will release the updated Philippine Development Plan on Feb. 4. — PHILIPPINE STAR/MICHAEL VARCAS THE NATIONAL Economic and Development Authority (NEDA) board, chaired by President Rodrigo R. Duterte, has approved the country’s medium-term economic development blueprint which was updated to consider the impact of the coronavirus disease 2019 (COVID-19) pandemic. “The Updated Philippine […]