CEMEX Holdings Philippines Inc. (CHP) announced Tuesday, Feb. 14, 2023, that its consolidated net sales for 2022 amounted to P20.6 billion, a decrease of two percent compared to the prior year. For the fourth quarter, net sales increased by four percent year-over-year due to higher prices. CHP’s domestic cement volume decreased year-over-year by 10 percent […]
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Remittances hit $36.14B in 2022
MONEY sent home by overseas Filipinos reached an all-time high of US$36.14 billion. This level was 3.6 percent higher than the $34.88 billion remittance flows in 2021. “The robust inward remittances reflected the increasing demand for foreign workers amid the reopening of economies,” said the Bangko Sentral ng Pilipinas. The full-year 2022 level accounted for […]
Doubleview Achieves Initial 56% Scandium Recovery in First Metallurgical Test of Hat Deposit Flotation Tailings – Potentially the First Major Source of Scandium in N. America
Vancouver, BC, Feb 7, 2023 – (ACN Newswire via SEAPRWire.com) – Doubleview Gold Corp. (TSXV: DBG) (OTCQB: DBLVF) (FSE: 1D4) (“Doubleview”) is pleased to announce that its first attempt at recovering scandium in a sequential purification process has recovered 56% (fifty six percent) of scandium in tailings from its Hat Copper, Gold, Cobalt property. Scandium […]
Developers told hike tourism investments amid rosy outlook
A PROPERTY research firm advised local developers to increase their tourism investments, particularly in key provinces in the country, following the anticipated boom in tourism this year. In 2022, the country posted 2.65 million tourists, way higher than its target of 1.7 million. Tourism revenues reached P209 billion (US$3.8 billion) in 2022, up 2,466 percent […]
Loan growth slows in December
BANK lending in December grew 13.4 percent, slightly lower than 13.9 percent the previous month, initial data of the Bangko Sentral ng Pilipinas (BSP) showed. Month on month, credit retreated by 0.04 percent. Loans to businesses expanded by 12.1 percent in December from a 12.6 percent rise in November driven largely by the credit growth […]
PH hits 7.6% growth in 2022
AMID the global headwinds, the Philippine economy grew 7.6 percent in 2022, exceeding the government’s economic team target of 6.5 percent to 7.5 percent for the year. Fourth quarter growth stood at 7.2 percent. Among the major emerging economies in the region that have released their fourth-quarter 2022 real gross domestic product growth, the Philippines […]
100% WFH setup seen to boost office demand outside Metro Manila
THE government’s provision to allow up to 100 percent work-from-home (WFH) arrangement for information technology-business process management (IT-BPM) companies is likely to stoke office demand in key provinces. About 446 IT-BPM firms initially registered with the Philippine Economic Zone Authority have applied to shift registration to the Board of Investments (BOI). These companies account for […]
Nearly a third of PH population ‘lifetime migrants’
ABOUT three in every 10 persons in the Philippines aged at least five years old are lifetime migrants, according to the Philippine Statistics Authority (PSA). That’s a whopping 29.87 million or 30.6 percent of the 97.60 million household population aged five years and over in the year 2020, the PSA said in a report released […]
Asian markets rise after Wall St losses amid recession fears
ASIAN stock markets rose Friday, Jan. 20, 2023, after Wall Street losses deepened as worries grow that the U.S. economy is headed for recession. Shanghai, Tokyo and Hong Kong advanced. Seoul declined. Oil prices gained. Traders worry the Federal Reserve and other central banks might be willing to tip Western economies into recession as they […]
PSA: Exports up 13.2%, imports down 1.9% in November
THE country’s total external trade in goods in November 2022 amounted to US$17.88 billion, up 3.6 percent in the same period of 2021, the Philippine Statistics Authority said Tuesday, Jan. 10, 2023. Of the total external trade for the month, 60.3 percent were imported goods, while the rest were exported goods. Export sales in November […]
PSE targets 14 IPOs for 2023
THE Philippine Stock Exchange (PSE) is targeting 14 initial public offerings (IPOs) for the year, expressing its optimism for the year of the Water Rabbit. The potential listing applicants include 11 companies and real estate investment trust that will list on the main board and the remaining three are firms that are expected to debut […]
Qs7: What happens after Cebu City Council’s approval of Mayor Mike Rama’s increase of real estate taxes. Business taxes spared for now but will come next. Kons Noel Wenceslao, budget and finance head, defends move anew, conceding it’s ‘unpopular but necessary.’
BEFORE the year ended on December 30, 2022, the Cebu City Sanggunian approved an increase of real estate taxes, which Mayor Michael Rama’s administration plans to fund much of its P50 billion budget for 2023. Councilor Mary Ann de los Santos had pleaded for people who own small parcels of land and are barely surviving […]
Unemployed Pinoys drop to 2.18M as employment grows to 49.7M
THE Philippines’ unemployment rate dropped to 4.2 percent or 2.18 million in November 2022, the lowest since April 2005, the government reported Friday. The rate was down from 6.5 percent in the same period in 2021. Accordingly, the employment rate increased to 95.8 percent or an additional 4.2 million employed persons. This brings the total […]
BSP: Bank lending grows 13.7% in November
OUTSTANDING loans of universal and commercial banks, net of reverse repurchase placements with the Bangko Sentral ng Pilipinas (BSP), rose 13.7 percent in November from 13.9 percent in October last year. The central bank on Wednesday disclosed that on a month-on-month, seasonally-adjusted basis, outstanding universal and commercial bank loans rose 0.3 percent. “Sustained growth in […]
Asian, PH stock markets gain ahead of Fed update
ASIAN stock markets rose Wednesday ahead of the release of minutes from a Federal Reserve meeting that investors hope might show the U.S. central bank is moderating plans for more interest rate hikes to cool inflation. Philippine shares joined the rally, as the stock exchange index rose 2.01 percent or 132.49 points to close at […]
To boost property tax collection, Cebu City hikes fair market values
THE Cebu City Council has approved the 2022 Real Property Tax (RPT) Code which increased the fair market value of properties within the taxing jurisdiction of the city. The tax increase which was first sought to support the P50 billion 2023 budget only revised the RPT and did not include any revision on business taxes […]
DTI: Business name registration reaches all-time high in 2022
THE Department of Trade and Industry (DTI) reported that a total of 932,097 business names (BNs) were registered this year, surpassing the highest record reported in 2020. “The rising number of sole proprietors registering their business names is indeed a positive sign that the Filipino entrepreneurial spirit is alive and recovering from the pandemic. We […]
‘Better years’ are coming for PH economy: Finance chief
THE worst is over, and better years are expected. This was how Finance Secretary Benjamin Diokno sees the Philippine economy moving forward as the country is about to close the year 2022. “On the economy, after a modest recovery in 2021, the Philippine GDP will likely grow much faster than the official target range of […]
All five bidders for El Nido Port project fail PPA evaluation
THE PHILIPPINE Ports Authority (PPA) said the auction for an upgrade project at the Port of El Nido, Palawan was declared a failed bid following the disqualification of all five participants. The bid was for the construction of a port operational area and the expansion of a pier. According to a Dec. 15 PPA resolution […]
Air travel approaches pre-pandemic levels
LOCAL airlines are closing 2022 on a high note and are expecting a continued increase in load factor and forward bookings. AirAsia Philippines said it recorded a load factor of 93 percent as of Dec. 19, 2022. The top-performing destinations preferred by guests for domestic travel include Zamboanga with a 98 percent load factor, Puerto […]