EconomyLoop
where regional business news becomes global to everyone

Bids in BSP’s TDF fall anew

BIDS in the Bangko Sentral ng Pilipinas’ (BSP) medium- and long-term deposit facility (TDF) fell anew on Wednesday, but the Central Bank decided to keep volumes unchanged across the board for the coming week. Latest data from the BSP showed the monet... read more

 Business Mirror20 hours ago

     
IRC-led consortium secures original proponent status on $3.7-billion Makati Subway

LISTED firm IRC Properties Inc. on Wednesday said the company and its international consortium partners were granted an original proponent status for its proposed $3.7-billion Makati intra-city rail-transport system. In a disclosure to the Philippine... read more

 Business Mirror20 hours ago
SEC approves 25-billion shelf registration of Nlex

THE Securities and Exchange Commission (SEC) has approved the P25-billion shelf registration of the fixed rate bond of Nlex Corp. The company said it would  initially launch P6 billion from the said shelf registration. The company said P4 billion of ... read more

 Business Mirror20 hours ago
NWRB slaps Pepsi Cola with P11.8-million fine for illegal deep wells

THE National Water Resources Board (NWRB), an attached agency of the Department of Environment and Natural Resources (DENR), has fined Pepsi Cola  Products Philippines Inc. (PCPPI), the maker of Pepsi Cola, P11.8 million for illegally operating six d... read more

 Business Mirror21 hours ago
Ayala Land Premier sells out 1st Davao development

AYALA Land Premier, the luxury brand of the country’s second-largest property developer, said it sold out its first development in Davao, pushing the company to launch the second tower in the next few months. The company said it generated sales of P2... read more

 Business Mirror21 hours ago
Group backs call to shut down Masinloc coal-fired power plant in Zambales

THE Pambansang Lakas ng Kilusang Mamamalakaya (Pamalakaya) on Wednesday expressed its support behind the call of fishermen in Masinloc, Zambales, to stop the operation of the 600-megawatt Masinloc Coal-Fired Power Thermal Plant (MCFTPP). The plant ha... read more

 Business Mirror21 hours ago
PAP urges government to retain gas-industry incentives

THE Petroleum Association of the Philippines (PAP) strongly urged the Duterte administration not to remove incentives for the upstream petroleum industry, especially due to the difficulty of discovering new reserves. “Considering the importance and u... read more

 Business Mirror23 hours ago
Ford Motors unit partners with start-up to develop ‘waze’ for self-driving cars

A slew of companies have sprung up to make the smarts, sensors and other integral systems for self-driving cars. Here comes one to tell these cars where to go. Start-up RideOS said on Friday that it has raised $9 million led by venture firm Sequoia C... read more

 Business MirrorYesterday
BSP likely to scale down inflation forecasts

THE Bangko Sentral ng Pilipinas (BSP) is looking to bring down its current inflation forecasts, after seeing “definite signs” of a slowdown in the rise of consumer prices in the policy horizon. “Our latest forecast for full-year 2018 average inflatio... read more

 Business MirrorYesterday
Investors waiting to exhale as BTr auction fetches P4.1 billion

The Bureau of the Treasury (BTr) partially awarded P4.120 billion in its latest Treasury bond (T-bonds) auction on Tuesday from the offer of P10 billion, with rates still leaning toward the higher end of the curve. Deputy Treasurer Erwin D. Sta. Ana ... read more

 Business MirrorYesterday
PAL begins flying A330 nonstop to New Zealand

FOUR-STAR Philippine Airlines (PAL) started utilizing its luxurious tri-class Airbus A330-343 on June 18, on its nonstop flights from Manila to Auckland, offering passengers the fastest and most comfortable flight to New Zealand. PAL Flight PR218 lef... read more

 Business MirrorYesterday
The rise of Filipino millennial entrepreneurs

Against the backdrop of various growth opportunities brought about by an improving economy and connectivity, more millennials are starting their own ventures. Magnus Grimeland, Antler founder and chief executive officer, said the current business env... read more

 Business MirrorYesterday
PPA allots P158 million to reclaim land in Palawan

CORON, Palawan—The Philippine Ports Authority (PPA) is spending P158 million to reclaim a portion of land in the port area to further expand the operations of the terminal here. Port Management Office-Coron Port Manager Elvis Medalla said the governm... read more

 Business MirrorYesterday
NGCP: Grid operations plans thwarted power-outage incidents this summer

THE National Grid Corp. of the Philippines (NGCP) said on Tuesday its grid operations and maintenance plan helped thwart power-outage incidents during summer months even when actual peak demand exceeded forecast. “Thanks to the implementation of NGCP... read more

 Business MirrorYesterday
CLI signs deal with Ascott to manage Bacolod property

CEBU Landmasters Inc. (CLI) on Tuesday said it signed an agreement with The Ascott Ltd. for the management of Citadines Bacolod, the first hotel in the city to carry an international brand. The company said its unit Capitaine Inc. and CLI Bacolod Hot... read more

 Business MirrorYesterday
DOLE investigating Pepsi, Jollibee for retrenchment of workers

THE Department of Labor and Employment (DOLE) said it is investigating beverage giant Pepsi-Cola Products Philippines for its alleged violation of labor laws after it recently retrenched about 1,000 workers. In an interview, DOLE Undersecretary Joel ... read more

 Business MirrorYesterday
Grab allots P100 million monthly to subsidize its drivers

GIVEN that its drivers are making less than what is deemed as “decent” wage, ride-hailing app Grab Philippines is set to flex its financial muscle by earmarking P100 million per month to subsidize fares and help drivers recoup losses from congestion ... read more

 Business MirrorYesterday
DOE to lure Japan investors to LNG project

PHILIPPINE energy officials will attempt to lure in more natural gas companies in Japan to invest in the country’s liquefied natural gas (LNG) hub terminal project. Department of Energy (DOE) officials, led by Secretary Alfonso G. Cusi, are in Tokyo ... read more

 Business MirrorYesterday
Traders in North Korea? Not as rare as you would think

North Korea may seem like barren ground for entrepreneurs. But hearty founders have defied a lack of technology and support to start their own ventures, even before this week’s historic summit in Singapore raised the prospect of more economic opportu... read more

 Business MirrorYesterday
Customs seizes 1,100 skimming devices

THE airport customs bureau has seized more than 1,100 skimming devices at the three Ninoy Aquino International Airport  (Naia) terminals the past several months, and sounded the alarm that more criminal syndicates may be plotting to steal money from ... read more

 Business MirrorYesterday
Celebrating father

THE celebration of Father’s Day has a more recent tradition than Mother’s Day, and in the beginning was often satirized as a “me too” celebration that was mostly fuelled by secular intentions, as indeed we see today, just as Mother’s Day has been hij... read more

 Business MirrorYesterday
BSP execs, staff give out 3,600 packs of school supplies, hygiene kits under Project Shoebox

THE Bangko Sentral ng Pilipinas (BSP) distributed more than 3,600 packs of school supplies and hygiene kits to public elementary schoolchildren as part of its “Project Shoebox.” The “shoeboxes” also contain a special token and a personal message from... read more

 Business MirrorYesterday
Cruise ship arrivals seen bringing 329,000 visitors this year

CRUISE arrivals in the Philippines have been unaffected by the six-month closure of Boracay Island, a major day-tour destination for passengers. In an interview with the BusinessMirror, Department of Tourism Spokesman and Undersecretary for Tourism D... read more

 Business MirrorYesterday
Senator, economists weigh in on weak peso

The chairman of the Senate Committee on Economic Affairs and economists who the BusinessMirror talked to sought to ease worries in some sectors as the peso breached 53 last week. On Monday Sen. Sherwin T. Gatchalian pointed out to reporters the stren... read more

 Business Mirror2 days ago
CA affirms Marina ban of Sulpicio Lines from transporting passengers

THE Court of Appeals (CA) has denied the plea of Sulpicio Lines Inc. (SLI) to reverse the ruling issued by the Maritime Industry Authority (Marina) in 2015, banning it from engaging in the transport and carriage of passengers. In a five-page resoluti... read more

 Business Mirror2 days ago
Holcim PHL launches new building solutions

HOLCIM Philippines Inc. unveiled a complete range of products and services in support of robust construction activities nationwide in line with the “Build, Build, Build” program of President Duterte. The cement firm’s ProSolutions offerings provide b... read more

 Business Mirror2 days ago
LRMC:  Phase 1 of LRT 1 Cavite Extension only 95% complete

TRAIN operator Light Rail Manila Corp. (LRMC) has yet to receive a single portion of the right-of-way (ROW) for the construction of the Cavite Extension of the Light Rail Transit (LRT) Line 1. LRMC Operations Director Rodrigo P. Bulario said in a cha... read more

 Business Mirror2 days ago
FB ties up with OWWA for digital literacy, entrepreneurial development of OFWs

FACEBOOK Philippines and the Overseas Workers Welfare Administration (OWWA) have tied up to hone the digital literacy and entrepreneurship skills of overseas Filipino workers (OFWs). “OFWs work very hard for their families and communities. We want to... read more

 Business Mirror2 days ago
Wilcon to accelerate growth to keep pace with PHL economy

WILCON Depot Inc., the company that operates big box home improvement and construction supplies, said it will accelerate its expansion by at least a year as the Philippine economy continues to expand. William Belo, the company’s chairman emeritus, sa... read more

 Business Mirror2 days ago
EWC’s LNG plant in Quezon operational by year-end

THE first unit of Energy World Corp.’s (EWC) liquefied natural gas (LNG) terminal in Pagbilao, Quezon, would be ready by the end of this year. “Hopefully, if all goes well, we should be able to complete the first 200 megawatts [MW] by end of this yea... read more

 Business Mirror2 days ago
SSI Group sees ‘buoyant sales’ with growing tourism, weaker peso

LISTED firm SSI Group Inc., a leading specialty retailer in the Philippines, sees continued strong revenues with the weaker peso and the rising number of visitor arrivals. In an interview with the BusinessMirror, SSI Group President Anthony T. Huang ... read more

 Business Mirror2 days ago
Metropac Movers pours P9.2 billion to develop Cavite property

LOGISTICS company Metropac Movers Inc. (MMI) is spending roughly P9.2 billion to develop a property in General Trias, Cavite, and expand its operations. The property, costing about P1.2 billion, consists of adjacent parcels of land with an aggregate ... read more

 Business Mirror2 days ago
Three notions why saving is not saving you at all

SAVING must be accompanied by maturity and not by instant gratitude or some kamikaze type of mental model. Anyone can always argue that they are saving, but the real question one should be asking to themselves is, am I really saving? Did your decisio... read more

 Business Mirror2 days ago
BDO, Japanese bank team up

BDO Unibank Inc. announced its partnership with a Japanese bank on Monday, which will allow BDO to win accounts of the Japanese firms wanting to set up shop in the country. The local banking giant said the agreement between BDO and Japan’s third-larg... read more

 Business Mirror2 days ago
Philippine peso needs a more hawkish Central Bank to stem losses

THE Philippine currency and bond markets will need a more hawkish tone from the Central Bank this week to stem their losing streak, as investors fret over whether policy-makers are softening their fight on inflation. The peso is at a 12-year low agai... read more

 Business Mirror2 days ago
BTr awards P8.4 billion in auction; Fed, MB meet seen behind high bids

THE Bureau of the Treasury (BTr) received mixed results in its latest Treasury bills (T-bills) auction on Monday, awarding P8.4 billion from the P15 billion on offer, seeing market rates for the government security at the higher level. The auction co... read more

 Business Mirror2 days ago
Rice output seen declining in Q2

The country’s unmilled rice output may drop by 1.8 percent to 4.07 million metric tons in the second quarter, from last year’s 4.15 MMT, according to the Philippine Statistics Authority (PSA). In its latest report, the PSA said rice production in Apr... read more

 Business Mirror3 days ago
Namfrel asks Comelec to junk deal with Smartmatic

WITH preparations for the 2019 automated midterm election already under way, a poll watchdog urged the Commission on Elections (Comelec) to junk its deal with Smartmatic International for its vote-counting machines (VCMs). The National Movement for F... read more

 Business Mirror3 days ago
Nlex sees 6% traffic growth this year

NORTH Luzon Expressway (Nlex) Corp. hopes to sustain as much as 6-percent traffic growth this year, even as travel is expected to decline due to rising fuel prices in the local market. Rodrigo E. Franco, the president of Nlex Corp., said his group ai... read more

 Business Mirror3 days ago
Ombudsman orders new suspension of 4 ERC execs

THE Office of the Ombudsman (OMB) has ordered the suspension anew of the four controversial commissioners of the Energy Regulatory Commission (ERC), this time for simple neglect of duty for tolerating Manila Electric Co.’s misuse of bill deposits by ... read more

 Business Mirror3 days ago
Hari vehicle sales dropped 26.7% in May

HYUNDAI Asia Resources Inc. (Hari) endured a 26.7- percent drop in sales in May due to tempered consumer demand for automobile brought about by the country’s rising inflation rate. The Philippine distributor of Hyundai vehicles sold 2,054 units in Ma... read more

 Business Mirror3 days ago
DICT chief sees 3rd telco player to have ‘huge advantage’ over Globe, Smart

THE future third player in the telco market will have some advantage over incumbents should it decide to do away with putting up 2G infrastructure and focus on the future 5G network. Information and Communications Technology (DICT) Acting Secretary E... read more

 Business Mirror3 days ago
PLDT eyes P200-million interconnection losses

By Lorenz S. Marasigan & Sharmaine O. Paden DIGITAL services provider PLDT Inc. stands to lose roughly P200 million in revenues due to the proposed adjustment of interconnection fees, something its chairman described as a “mild impact” of the company... read more

 Business Mirror3 days ago
Tanduay hopes to break into European market by 2021

TANDUAY Distillers Inc., the liquor firm of tycoon Lucio Tan, said it might sell its iconic rum brand in Europe in three to five years, after breaking into the United States market. Nestor Mendones, Tanduay chief finance officer, said it may sell its... read more

 Business Mirror3 days ago
Infracorp may hire different operator for Skytrain project

BUSINESSMAN Andrew Tan’s infrastructure development arm Infracorp Development Inc. may get a partner for the operation and maintenance of its Skytrain project, a 2-kilometer elevated monorail that connects Guadalupe Edsa to its property called Uptown... read more

 Business Mirror3 days ago
Senior citizens’ group seeks SSS pension loan

A SENIOR citizens’ organization has asked the Social Security System (SSS) to heed the clamor of pensioners for a pension loan designed especially for the needs of the elderly and other retirees. “We urge SSS to provide pension loans to help us in ou... read more

 Business Mirror3 days ago
DOF: Cutting VAT to 10% without lifting exemptions will torpedo fiscal position

REDUCING the value-added tax (VAT) rate from the current 12 percent without removing its list of exemptions will have a negative effect on the country’s fiscal position, the Department of Finance (DOF) said. Finance Secretary Carlos G. Dominguez III ... read more

 Business Mirror3 days ago
‘Govt plan to set SRP for agri goods a double-edged sword’

The government’s plan to set a suggested retail price (SRP) for various farm goods drew mixed reactions from consumers and vendors who regarded the proposal as a “double-edged sword.” Some consumers and vendors interviewed by the BusinessMirror threw... read more

 Business Mirror3 days ago
Kymco to develop e-scooter model specific to PHL market next year

TAIPEI, Taiwan — Kwang Yang Motor Co. Ltd. (Kymco), a vehicle manufacturer based here, plans to launch its future electric motorcycles under its Ionex line in the Philippines next year, marking its initial foray into the largely undocumented e-scoote... read more

 Business Mirror6 days ago
CPG: Revenues to hit P1 billion by 2020

DEVELOPER Century Properties Group Inc. (CPG) said it expects its revenues to hit P1 billion by 2020 or three times more than the current one when all of its buildings and commercial projects are fully leased out. The company said it had to branch ou... read more

 Business Mirror6 days ago