House banking committee approves bill amending FIST law 

A BILL proposing amendments to the Financial Institutions Strategic Transfer (FIST) Act of 2021 has cleared the House banking committee.    The committee approved House Bill No. 6773, an amendment to Republic Act No. 11523, also known as the FIST Act.   FIST authorizes the transfer of bad assets held by financial institutions to asset management companies, […]

Mayor Rama rejects revised property tax code

CEBU City Mayor Michael Rama has rejected the ordinance that approved the revised real property tax (RPT) rates, citing that it does not express the true values of properties and deprives the City Government of a proper source of funds. The revised RPT Code, which was approved by the Sangguniang Panlungsod on Dec. 30, 2022, […]

Seafarers’ rights bill passes House panel 

A BILL establishing the rights of seafarers and a certification system that meets international standards was approved by a House of Representatives committee on Thursday.    The still unnumbered bill, one of the House’s priority measures for 2023, institutes a magna carta for the country’s maritime workers and provides for a “system of education, training, certification, […]

PEZA sets launch target of 1-3 ecozones a year 

THE Philippine Economic Zone Authority (PEZA) said it has set an “aspirational” target of one to three new economic zone launches each year. “We actually expect to operationalize one to three new ecozones (each year). That is our aspiration,” PEZA Deputy Director General for Operations Vivian S. Santos said in an ABS-CBN News Channel television […]

Peza approves 2 projects in Cebu

THE Philippine Economic Zone Authority (Peza) Board has approved P102.227 million worth of investments for Cebu during its meeting on Jan. 26, 2023. Data obtained from Peza showed that it approved one export manufacturing enterprise and one ecozone information technology (IT) enterprise. The former will be located in the Mactan Economic Zone in Lapu-Lapu City […]

Robinsons merges supermarket, convenience store units

THE Securities and Exchange Commission has approved the merger of Robinson’s Supermarket Corp. (RSC), a wholly-owned subsidiary of Robinsons Retail Holdings Inc., with Robinsons Convenience Stores Inc. (RCSI). Under the approved terms and conditions of Articles and Plan of Merger, Robinsons Supermarket will be the surviving entity while the convenience store unit will cease to […]

Telcos seek EO for permanent expedited tower permit process

THE telecommunications industry and the Anti-Red Tape Authority (ARTA) are asking President Ferdinand R. Marcos, Jr. to issue an executive order (EO) to make permanent the expedited permit process for the construction of towers and other internet infrastructure. ARTA and the telcos, represented by the Private Sector Advisory Council (PSAC) Digital Infrastructure Sector, noted that […]

Japan’s TDK hard drive equipment project worth P2.5B approved by FIRB

THE Fiscal Incentives Review Board (FIRB) on Tuesday approved the tax incentives application of TDK Philippines Corp. for a P2.5-billion manufacturing project, the Department of Finance (DoF) said. TDK proposes to make microwave-assisted magnetic recording sliders, industrial equipment used in hard drive manufacturing. The approval of the application for fiscal incentives “is a boost to […]

Marcos to slash tariffs on EVs, parts

THE NATIONAL Economic and Development Authority (NEDA) Board, chaired by President Ferdinand R. Marcos, Jr., has approved an executive order (EO) that will slash tariffs on some electric vehicles (EVs), as well as guidelines for public-private partnership projects (PPPs) and a new P11.42-billion fisheries and coastal resiliency project. Socioeconomic Planning Secretary Arsenio M. Balisacan said […]

Foreign investments approved in 3rd quarter reached P13.05B

TOTAL foreign investments (FI) approved in the third quarter of 2022 has amounted to P13.05 billion, down by 24 percent from P16.82 billion reported in the same quarter in 2021. These investments were pledges from four Investment Promotion Agencies (IPAs), namely: Board of Investments, Clark Development Corp., Philippine Economic Zone Authority and Subic Bay Metropolitan […]

EU, Japan approve AstraZeneca’s Covid treatment

AN ANTIBODY drug for the treatment of Covid-19 has recently been approved in Europe and Japan. In a statement sent to SunStar Cebu, the European Union (EU) approved the use of AstraZeneca’s AZD7442 to treat Covid-19 infections among adolescents and adults aged 12-years-old and above and weighing at least 40 kilograms. AZD7442 is a combination […]

House body swiftly OK’s Ombudsman budget 

CONGRESSMEN on Thursday swiftly approved the Office of the Ombudsman’s P4.78-billion budget for next year.  The House of Representatives committee on appropriations approved the 1.5% increase, citing the office’s fiscal autonomy under the Constitution.  Under the budget, P3.05 billion will go to personnel services, P1.43 billion to maintenance and other operating expenses and P230 million […]

ERC clears Razon electricity seller’s rate for Iloilo City

THE Energy Regulatory Commission (ERC) has granted provisional approval to the application of More Electric and Power Corp. to adjust electricity rates in Iloilo City but at an amount lower than what the Razon-led company applied for. In an order promulgated on June 8, 2022, the regulator approved a rate of P0.4725 per kilowatt-hour (kWh), […]

Nearly 20 firms hope to get exemption from wage hike

CLOSE to 20 companies in Central Visayas have expressed their intention to be exempted from the implementation of the approved P31 per day wage increase that is set to take effect on June 14, 2022.Lawyer Evita Mendoza-Balane, acting board secretary of the Regional Tripartite Wages and Productivity Board (RTWPB) in Central Visayas, confirmed this Tuesday, […]

BPI sets P100-B bond program

BANK of the Philippine Islands (BPI) has approved a new P100-billion bond program to help diversify its funding sources and boost its sustainability drive. During a regular meeting held on May 18, BPI’s board approved the issuance of up to P100 billion in notes under its new peso-denominated bond and commercial paper program. “The objective […]

BSP-approved foreign borrowings climb 69% in Q1

THE BANGKO SENTRAL ng Pilipinas (BSP) approved $4.8 billion of external borrowings by the government in the first three months of 2022 in order to bankroll its coronavirus pandemic response and infrastructure projects.   This amount was 69% higher than the $2.84 billion approved in the same period of 2021, the BSP said in a statement […]