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 […]
Category: Hot News
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 […]
House targets to approve emergency vaccine procurement bill by Monday
HOUSE SPEAKER Lord Allan Jay Q. Velasco said the proposed measure that will expedite the procurement of coronavirus disease 2019 (COVID-19) vaccines by local government units will be approved next week, with lawmakers rushing to pass the measure after President Rodrigo R. Duterte certified it as urgent. “With President Rodrigo Roa Duterte certifying the measure […]
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 […]
DoLE eyes additional budget for proposed wage subsidy program
THE DEPARTMENT of Labor and Employment (DoLE) said it will need over P180 billion at most to implement its proposed wage subsidy program. Labor Assistant Secretary Dominique R. Tutay said in a virtual briefing on Friday that the department has submitted its request to the Department of Budget and Management for review, noting the proposals […]
DoE issues guidelines for certification of energy efficiency professionals
THE DEPARTMENT of Energy (DoE) on Friday has listed down the guidelines for the assessment, registration and certification of energy conservation officers who cover establishments that consume more than 500,000 per kilowatt-hour (kWh) per year. These come around eight months after the department held a virtual public consultation on the draft guidelines for the certification […]
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 […]
Cases of new COVID-19 mutations unlikely to delay relaxing of quarantine rules
THE designation of the two new coronavirus mutations found in Central Visayas as a new Philippine variant “remains to be seen,” according to the top official of the Philippine Genome Center (PGC). “(We will probably) know in the next few weeks,” PGC Executive Director Cynthia P. Saloma said in a press conference on Friday. Health […]
A year after Parasite, Korean-language movie Minari is talk of Hollywood
A YEAR after South Korean satire Parasite took Hollywood by storm, another Korean-language movie, Minari, is making waves during awards season. Yet the two films could not be more different. Parasite, which made history in 2020 by becoming the first film in a foreign language to win a best picture Oscar, is a dark satire […]
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 […]
SSS subsidy bill for PWDs hurdles House panel
A COMMITTEE at the House of Representatives approved on first reading a bill granting an initial 70% subsidy on the Social Security System (SSS) contributions of self-employed persons with disabilities (PWDs). The Committee on PWDs approved House Bill 2806, which authorizes subsidies on the first three months’ SSS payments of self-employed PWDs. The Committee’s Chair, […]
ATRAM launches first SDG-based sustainability fund
LOCAL fund manager ATR Asset Management, Inc. (ATRAM) launched on Thursday a sustainability fund anchored on the 17 key United Nations Sustainable Development Goals (SDGs), a first in the country, as it focuses its investments on companies deemed sustainable. “ATRAM Philippine Sustainable Development and Growth Fund is designed to invest in companies that score high […]
Entertainment News (02/19/21)
1 of 6 HBO Documentary Film’s Allen V. Farrow Netflix Original Series Love Alarm DOTA: Dragon’s Blood Giveon Regine Velazquez’s Freedom concert rescheduled THE POSTPONED Freedom: Regine Velasquez-Alcasid Digital Concert has been rescheduled to Feb. 28 (Sunday). “Regine tested negative for COVID-19 and will soon resume preparations for the show,” a press release said. All […]
Digital transformation in PHL after a year of COVID-19
It has been a year of COVID-19. Last year there was a lot of talk about the need for Philippine companies to adapt to the new normal by pursuing digital transformation strategies and pivot their business models. Organizations implemented work-from-home, and consumers drove the rise of e-commerce and the widespread use of digital wallets. There […]
Should a boss loan money to a worker?
I’m the human resource manager of a small business established 10 years ago. We don’t have a cash advance policy for employees. It is a long established rule, in place since we started the business. Because of that strict policy, our employees have resorted to borrowing money from each other, including their immediate supervisors and […]
DBP extends P1.1-B loan to Abejo Waters
STATE-OWNED Development Bank of the Philippines (DBP) granted a P1.097-billion loan to Cebu-based firm Abejo Waters Corp. (AWC) to fund its water system projects in Cebu and Quezon provinces, the bank’s top official said. DBP President and Chief Executive Officer Emmanuel G. Herbosa said the proceeds of the loan will be used by the 22-year-old […]
