THE National Renewable Energy Board (NREB) confirmed Thursday that it recommended an increase the minimum level of electricity contracted from renewable energy (RE) developers to 2.5% from the current 1%. “Yes. NREB has made that recommendation to the DoE (Department of Energy) as part of our proposed 2021-2040 NREP (National Renewable Energy Program),” NREB Chairperson […]
Category: Hot News
MRT-7 North Ave. to Sacred Heart, Caloocan seen running by Dec.
THE Transportation department said the Metro Rail Transit Line 7 (MRT-7), which is being built by San Miguel Corp. (SMC), is expected to be ready for partial operations between North Avenue Station in Quezon City and Sacred Heart Station in Caloocan City by December. “Partial operations by Dec. 2021: North Avenue Station to Sacred Heart […]
PCC clears semiconductor firms’ merger
THE Philippine Competition Commission (PCC) has approved the merger of two US semiconductor makers after Analog Devices, Inc. (ADI) acquired Maxim Integrated Products, Inc. (Maxim). The merger will be done through Magneto Corp. (Magneto), a wholly-owned subsidiary of ADI, and Maxim. Maxim will emerge from the merger as a wholly-owned subsidiary of ADI, the PCC […]
PHL 5G speed gains vs 4G among world’s largest
THE Philippines posted the second-largest gain globally in terms of 5G download speeds relative to 4G in the fourth quarter, according to UK mobile analytics company Opensignal Ltd. “Emerging markets see some of the biggest jumps in mobile experience with 5G. In Thailand, our mobile users see 5G download speed 13.4 times faster than the […]
IP regulator calls for stronger protections to drive innovation
THE Intellectual Property Office of the Philippines (IPOPHL) said legislators preparing the Intellectual Property Code must increase protections for IP in order to provide a favorable environment for innovation, including the development of startups. In a hearing at the House of Representatives Thursday, IPOPHL Director-General Rowel S. Barba asked legislators to “create an enabling environment […]
Peso inches up on push for US stimulus, vaccination progress
THE PESO inched up against the greenback on Wednesday amid the push for the urgent passage of a stimulus package in the US and the global vaccination drive. The local unit closed at P48.019 per dollar, up slightly from its P48.053 finish on Tuesday, data from the Bankers Association of the Philippines showed. The peso […]
Stocks drop on profit taking, higher gov’t debt
THE MAIN INDEX ended in negative territory on Wednesday following news on the government’s outstanding debt and as investors booked their profits after the market’s two-day rally. The benchmark Philippine Stock Exchange index (PSEi) fell 8.42 points or 0.12% to finish at 6,859.46, while the broader all shares index dropped 0.91 points or 0.02% to […]
Checking inflation seen key as firms too weak to raise wages
THE National Economic and Development Authority (NEDA) said keeping inflation in check will be crucial for households that are still suffering from their 2020 economic setbacks, noting that many employers remain incapable of raising wages even if required to do so by the boards regulating the minimum wage. “Rising food prices need to be addressed, […]
Release rate for small business assistance loans less than 20% by end of 2020
LOANS released under the government’s assistance program for small businesses have topped P2 billion to date, or under 20% of the program’s funding. The Department of Trade and Industry’s (DTI) Small Business Corp. (SB Corp.) was allocated P10 billion for lending to micro-, small-, and medium-sized enterprises under Republic Act No. 11494, the second stimulus […]
DoE working on backup power for key vaccine sites
THE Department of Energy (DoE) said late Tuesday evening that two of its units are working on providing backup power for COVID-19 (coronavirus disease 2019) vaccine storage and administration facilities. In a statement distributed on Viber, Undersecretary and spokesman Felix B. Fuentebella said the department’s Electric Power Industry Management Bureau (EPIMB) and the Task Force […]
Magat Dam now required to provide 24-hour warning before releasing water, NIA says
THE National Irrigation Administration (NIA) said Wednesday that it revised the operating procedures for Magat Dam in Ifugao and Isabela provinces, requiring its administrators to provide 24-hour warning before releasing water as a precaution against future flooding, after large parts of the Cagayan Valley were left under water in the wake of Typhoon Ulysses (international […]
DENR signals impending ban on plastic straws, coffee stirrers
THE Department of Environment and Natural Resources (DENR) on Wednesday signaled a possible ban on plastic straws and coffee stirrers by putting them on a list of so-called non-environmentally acceptable products and packaging (NEAP) products. In a statement Wednesday, the DENR said that the National Solid Waste Management Commission (NSWMC) approved a resolution classifying the […]
PHL debt-to-GDP ratio projected at 45.6% — S&P
DEBT as a proportion of gross domestic product (GDP) is expected to hit 45.6% this year due to heavy borrowing during the pandemic, with gradual reductions expected by 2023, S&P Global Ratings said. General government debt as a proportion of GDP is expected to rise slightly from S&P’s 2020 estimate of 45.5%, S&P said in […]
TESDA promoting online farming courses to OFWs
OVERSEAS FILIPINO WORKERS (OFWs) have been declared a target market for online farming courses, the Technical Education and Skills Development Authority (TESDA) said. In a statement Wednesday, TESDA Director-General Isidro S. Lapeña said agriculture was among the TESDA offerings that had little take-up from OFWs. “There are some courses that are yet to have more […]
Tax impact of COVID-19 on nonresidents stranded in US
Undeniably, COVID-19 has taken its toll across the globe, regardless of a person’s economic standing. Governments implemented inbound and outbound travel restrictions with varying stringency to curb the spre ad of the virus. As with any other country, the US was confronted with stranded foreign nationals, whose residency status, which is generally affected by their […]
Household spending on non-essentials remains subdued in the fourth quarter of 2020
How PSEi member stocks performed — February 2, 2021
Here’s a quick glance at how PSEi stocks fared on Tuesday, February 2, 2021.
PSEi improves on bicam approval of CREATE bill
By Revin Mikhael D. Ochave, Reporter PHILIPPINE STOCKS closed higher on Tuesday as investor sentiment got a lift from the Bicameral Conference Committee’s approval of the proposed Corporate Recovery and Tax Incentives for Enterprises Act (CREATE). The bellwether Philippine Stock Exchange index (PSEi) improved by 53.12 points or 0.77% to close at 6,867.88, while the […]
Peso climbs on stock market’s rise
THE PESO appreciated against the greenback on Tuesday on risk-on sentiment amid gains in the local stock market as well as signals of likely lower borrowings in the US. The local unit closed at P48.053 per dollar yesterday, gaining 1.2 centavos from its P48.065 finish on Monday, data from the Bankers Association of the Philippines […]
House body endorses Charter ownership easing
A HOUSE of Representatives committee on Tuesday adopted a resolution allowing Congress to lift restrictive economic provisions of the 1987 Constitution, supposedly to help the Philippine economy recover amid a coronavirus pandemic. Voting 64 to three with three abstentions, the House committee on constitutional amendments agreed to insert the phrase “unless otherwise provided by law” […]