MAYOR Michael Rama will involve himself in the evaluation and hiring of Cebu City Government workers to make sure that no corrupt person will become part of his administration. Rama made the statement in response to issues surrounding the non-renewal of service of hundreds of contractual and job order workers whose contracts ended on Sept. […]
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PSE index surges as PHL factory activity improves
PHILIPPINE STOCKS surged on Tuesday on sustained bargain hunting and data showing manufacturing activity in the country improved last month. The benchmark Philippine Stock Exchange index (PSEi) rose by 204.57 points or 3.53% to close at 5,987.72 on Tuesday, while the broader all shares gained 96.35 points or 3.09% to end at 3,210.48. “The local […]
Cebu Pacific ramps up VisMin flight network by 35%
LOW-COST carrier Cebu Pacific strengthens its footprint in the Visayas and Mindanao as it adds more flights from its Davao and Cebu hubs effective November 2022.This totals a 35 percent increase in the airline’s non-Manila flight network.On Oct. 30 and 31, 2022 respectively, Cebu Pacific will be resuming its direct flights from Davao to Cagayan […]
PUV modernization to proceed after being left off 2023 budget
By Arjay L. Balinbin, Senior Reporter THE Transportation department said it will proceed with the public utility vehicle modernization program (PUVMP) after funding for the program was left off the department’s 2023 budget proposal. “Kung sakaling hindi mabigyan ng pondo o hindi magkaroon ng amendment upang magkaroon ng budget ang PUVMP, hindi pa rin magkakaroon […]
POGO revenue well below forecast at P4.4 billion
THE Bureau of Internal Revenue (BIR) said on Monday that taxes generated by the Philippine Offshore Gaming Operator (POGO) industry amounted to P4.4 billion in the eight months to August, up from the P3.91 billion collected over the full year in 2021 but significantly lower than the bullish pre-pandemic projections for the industry. The Department […]
Shopee faces boycott calls over brand ambassador
Sea Ltd.’s e-commerce business Shopee faced boycott calls from Philippine consumers after naming a staunch supporter of the country’s president, Ferdinand R. Marcos, Jr., as its brand ambassador. Shopee announced Thursday that Filipina actress and singer Toni Gonzaga, who hosted campaign rallies for Marcos, was its new brand ambassador. That led to calls on social […]
PHL fiscal deficit sharply narrows in August
By Diego Gabriel C. Robles The National Government’s budget deficit sharply narrowed in August, as the growth in government revenues outpaced expenditures, the Bureau of the Treasury (BTr) reported on Friday. In a statement, the BTr said the budget gap stood at P72.04 billion in August, 40.43% lower than the P120.9 billion in the same […]
Peso closes stronger as dollar demand eases
THE PESO appreciated on Thursday as demand for dollars declined due to the Bank of England’s (BoE) emergency action to launch a bond program to avoid a meltdown in the gilts market. The local unit closed at P58.97 against the greenback on Thursday, gaining one centavo from its P58.98 finish on Wednesday, Bankers Association of […]
Farm damage from typhoon estimated at P2.02 billion
AGRICULTURAL damage caused by Typhoon Karding (international name: Noru) has hit P2.02 billion, the Department of Agriculture said. The storm damaged an estimated 150,693 hectares of farmland and affected over 91,944 farmers and fisherfolk, resulting in lost production of 117,663 metric tons. Damage and losses were reported in the Cordillera Administrative Region, Ilocos, the Cagayan […]
PSEi down to near 2-year low on Wall Street fall
STOCKS closed lower on Wednesday following Wall Street’s decline and the weak peso amid fears of a potential global recession. The benchmark Philippine Stock Exchange index (PSEi) lost 140.39 points or 2.33% to close at 5,879.68 on Wednesday, while the broader all shares index dropped by 68.59 points or 2.12% to 3,165.64. This is the […]
100% WFH for the IT-BPO industry: The best is yet to come
Since the Fiscal Incentives Review Board (FIRB) issued its resolution requiring one hundred percent (100%) onsite work for the Information Technology-Business Process Outsourcing (IT-BPO) industry effective April 1, significant developments and discussions have taken place left and right. This is understandable considering the industry’s contributions to our economy — policymakers take care not to make […]
Peso closes at P58.99 on signals from US Fed
THE PESO further weakened versus the dollar on Tuesday following fears of a global recession as US Federal Reserve officials remained hawkish after delivering a large rate increase last week. The local unit closed at another record-low of P58.99 against the greenback on Tuesday, losing 49 centavos from its P58.50 finish on Friday, Bankers Association […]
Agricultural damage from Super Typhoon Karding hits P1.29B with main rice growers affected
By Luisa Maria Jacinta C. Jocson, Reporter THE RUNNING tally on agricultural damage from Super Typhoon Karding has climbed to P1.29 billion, according to the Department of Agriculture (DA), with major rice producing provinces among those affected by flooding. Damage and losses were initially reported in the regions of Cordillera, Ilocos, Cagayan Valley, Central Luzon, […]
Cerrado Gold Confirms over 250 Metres of Mineralized Strike at Gogó Da Onça Exploration Target at Its Monte Do Carmo Project, Brazil
EQS Newswire / 26/09/2022 / 09:46 EST/EDT Cerrado Gold Confirms over 250 Metres of Mineralized Strike at Gogó Da Onça Exploration Target at Its Monte Do Carmo Project, Brazil Assay results to date have defined a strike length of over 250m of shallow mineralization at Gogó da Onça (“Gogó”) Notable results include: FGO-004: 25.1m @ […]
Napocor clearance to borrow seen facilitating off-grid PPPs
THE National Power Corp. (Napocor) is authorized to debt-finance its missionary electrification program, including the cost of diesel, which has been rising due to the global fuel crisis, the Energy department said on Monday, citing a legal opinion from the Justice department. The authorization to resort to debt financing is also expected to facilitate the […]
Wholesale goods prices, NCR construction retail prices surge
THE growth in wholesale prices of general goods rose to their highest level in more than a decade in June, driven by the food index, the Philippines Statistics Authority (PSA) said. The general wholesale price index grew 9% year on year in June, against the 7.9% posted in May and the 2.2% reported a year […]
Working from home, fiscal incentives, and transferring from PEZA to the BoI
At the onset of the COVID 19-pandemic, working from home (WFH) was a temporary solution for businesses trying to survive. This setup was not widely used in the Philippines prior to the crisis, and many business entities grappled with how to continue operations with the whole world on lockdown. At the height of the lockdowns, […]
PHL tallies over 17,000 COVID cases in past week
THE PHILIPPINES posted 17,891 new coronavirus infections in the past week, with a daily average of 2,556 cases, the Department of Health (DoH) said on Monday. The daily average from Sept. 19 to 25 rose by 22% from a week earlier, it said in a bulletin. DoH said it had verified 242 deaths in the […]
Gov’t securities may fetch higher rates after policy hikes
RATES of government securities (GS) on offer this week could rise amid continued monetary policy hikes from central banks in the past week and a weakened peso. The Bureau of the Treasury (BTr) will offer P15 billion in Treasury bills (T-bills) on Monday, made up of P5 billion each in 91-, 182-, and 364-day debt […]
Betty White’s belongings being auctioned for the public to take home
One of the items up for auction this week. — JULIENSLIVE.COM OVER 1,600 belongings from the late American actress Betty White will be up for auction this week, from her old TV and Disney VHS collection to her Cadillac. Taking place both online and in-person, the auction at Julien’s Auctions in Beverly Hills from Sept. […]