EconomyLoop
where regional business news becomes global to everyone

First Gen Corp. questions PNOC decision to open another round of offer submissions for Malampaya

FIRST Gen Corp. of the Lopez group said it sought clarification from the Philippine National Oil Co. (PNOC) following the state firm’s decision to hold another round of offer submissions for the sale of unused Malampaya natural gas, more known as ban... read more

 Business Mirror41 days ago

     
Cargill to launch digital platforms to help feed millers, livestock growers

CARGILL Philippines Inc. (Cargill) is set to roll out by end-2019 its digital nutrition platforms to aid feed millers and livestock raisers to improve their farm management by reducing their production costs and maximizing their output. Cargill, thro... read more

 Business Mirror41 days ago
Grab to fight LTFRB P10-million fine for ‘overcharging’

GRAB Philippines will exhaust all administrative and legal means to overturn the decision of the Land Transportation Franchising and Regulatory Board (LTFRB) to fine the company P10 million for supposedly overcharging its customers. Brian P. Cu, who ... read more

 Business Mirror41 days ago
European health-care firms eye PHL market

EUROPEAN health-care firms are highly considering investing in the Philippines to take advantage of the country’s developing health-services industry. In a news release on Wednesday, the Board of Investments (BOI) reported 50 European companies came ... read more

 Business Mirror41 days ago
Suzuki beefs up presence in Mindanao

DAVAO CITY—Suzuki Philippines is beefing up its presence in Mindanao amid a splendid reception to its line of car brands, posting higher sales than traditionally rich-market Luzon. It opened here its 71st dealership and  plans two more in the provinc... read more

 Business Mirror41 days ago
Berjaya PHL buys small stake in 7-Eleven Malaysia

BERJAYA Philippines Inc. on Wednesday said it acquired a small stake in convenience-store operator 7-Eleven Malaysia Holdings Berhad, a company listed in Bursa Malaysia Securities. In its disclosure to the Philippine Stock Exchange, the company said ... read more

 Business Mirror41 days ago
Globe unit seeks to complete 704 circuits for rural towns by September

GLOBE Telecom Inc. subsidiary Innove Communications Inc. aims to complete a number of connectivity platform projects by September, as it works closely with the Department of Information and Communications Technology (DICT). Under the deal it bagged f... read more

 Business Mirror41 days ago
Higher inflation rate surprises market

SHARE prices plunged on Wednesday, with the main index losing more than 100 points after the country’s inflation rate again went beyond consensus estimates. The benchmark Philippine Stock Exchange index (PSEi) fell 129.55 points to close at 7,752.27 ... read more

 Business Mirror41 days ago
Megaworld builds tower for JPMorgan Chase PHL

MEGAWORLD Corp., the property development arm of businessman Andrew Tan, on Tuesday said it is constructing a 25-story, build-to-suit office building for the Philippine global service center of JPMorgan Chase Bank. The building will have an estimated... read more

 Business Mirror42 days ago
Globe’s 4G mobile network soon to cover 95% of cities, towns

GLOBE Telecom Inc. is “on course” to meet its commitments to the National Telecommunications Commission (NTC) on the buildup of its 4G mobile network, which will soon cover 95 percent of the cities and municipalities in the Philippines. Joel Agustin,... read more

 Business Mirror42 days ago
PCC okays merger of AXA, XL Group, but imposes fine for late notification

THE country’s antitrust regulator has approved the merger of AXA SA and the XL Group Ltd., but has also imposed a fine on the amalgamating firms for the late filing of their notification. In a news release on Tuesday, the Philippine Competition Commi... read more

 Business Mirror42 days ago
PT&T to settle P3.8-million PSE fine, commits cooperation to resume trade

FOLLOWING its recent settlement of more than half-a-million-peso fine to the Philippine Stock Exchange (PSE), the Philippine Telegraph and Telephone Co. (PT&T) said it is willing to pay over P3 million as remaining penalties and comply with all the r... read more

 Business Mirror42 days ago
Makati R.T.C. agrees to withdraw criminal charges filed vs. Sycip son, 4 others

THE Regional Trial Court (RTC) in Makati City has granted the motion filed by the City Prosecutor’s Office seeking the withdrawal of the criminal cases filed against trader George Sycip, son of the late tycoon Washington Sycip, and four other officia... read more

 Business Mirror42 days ago
Holcim to spend P160 million for CSR programs

CEMENT manufacturer Holcim Philippines Inc. (HPI) is allotting P160 million for its corporate social responsibility (CSR) programs that will benefit close to 400,000 people by 2020. The company told the BusinessMirror that P51.2 million, or 32 percen... read more

 Business Mirror42 days ago
Diokno warns: Do not make Nayong Pilipino contract an issue, distraction

BUDGET Secretary Benjamin E. Diokno on Tuesday dismissed as a distraction the allegations made by former Chief of the Office of the Government Corporate Counsel (OGCC) Rudolf Jurado that he and Finance Secretary Carlos G. Dominguez III removed the bi... read more

 Business Mirror42 days ago
Laguna physical therapist ventures into the resto business

BEING young and single in the food industry is no problem for someone whose passion is cooking and serving great food. It does not hurt either that the parents and siblings of Jary Rie Eliseo Olivares are extremely supportive of her venturing into th... read more

 Business Mirror42 days ago
Veterans Bank embarks on digital transformation in customer service

FINANCIAL services technology solutions provider Fiserv Inc. announced on September 4 it was selected by the Philippine Veterans Bank (PVB) to help enable the bank’s digital transformation. The PVB will launch digital banking capabilities for the fir... read more

 Business Mirror42 days ago
DPWH ready for cash-based budgeting

PUBLIC Works Secretary Mark A. Villar expressed optimism on Monday his department is ready for the Malacañang-backed cash-based budgeting system for 2019 despite the challenges the new system will pose, particularly in the planning and implementation... read more

 Business Mirror42 days ago
ING Bank arranges peso green bonds

DUTCH firm ING Bank N.V. (ING Bank) has arranged the first 10-year local currency green bond issuance from Southeast Asia, denominated in Philippine peso, in line with “helping clients focused on solving today’s environmental challenges.” The landmar... read more

 Business Mirror42 days ago
ING to pay $900 million to end Dutch money laundering investigation

ING Groep NV agreed to pay €775 million ($900 million) to settle an investigation by the Dutch prosecutor into issues including money laundering and corrupt practices in one of the biggest fines ever given to the country’s banks in a criminal case. T... read more

 Business Mirror42 days ago
Customs’s August revenue surplus hits P2.326 billion

THE Bureau of Customs (BOC) has reported breaching its revenue collection target for seven consecutive months, posting a revenue surplus of P2.326 billion in August, with strong collections coming from more than a dozen ports. Based on preliminary da... read more

 Business Mirror42 days ago
With bid rates still within BTr estimates, full award of P15-billion T-bills made at auction

THE Bureau of the Treasury (BTr) has fully awarded all Treasury bills (T-bills) up for auction on Monday with a total of P15 billion, on the back of the slight uptick in bid rates settling within internal estimates of the Treasury. National Treasurer... read more

 Business Mirror43 days ago
Goodbye, scammers: SSS now offers loans to pensioners

THE Social Security System (SSS) launched its pension loan program (PLP) on Monday in response to the clamor of senior citizens to put an end to the growing incidence of pensioners falling victim to loan institutions that offer steep interest rates. ... read more

 Business Mirror43 days ago
Globe keen on tapping commercial potential of eSports, video games

WITH eSports in the Philippines expected to further grow from $354.2 million (P18.926 billion) this year, Globe Telecom Inc. is “going full throttle” to build its portfolio and harness the potential of the industry. Jake San Diego, head of Games for ... read more

 Business Mirror43 days ago
PHL, Indonesia to reestablish flights between Davao and Manado

THE Philippines and Indonesia have committed to promote the reestablishment of flights between Davao to Manado to mutually boost trade, tourism and investments between the two Asean nations. Based on the written statement, the two countries will push... read more

 Business Mirror43 days ago
SMFB follow-on offering at risk after minority holder files suit

THE current follow-on offer of San Miguel Food and Beverage Inc. (SMFB) is at risk of being delayed after a minority holder filed a suit questioning the share-swap agreement that created the country’s largest food and beverage company. In its petitio... read more

 Business Mirror43 days ago
Japan’s Mitsubishi sells ownership shares in local Ministop stores

JAPAN’S Mitsubishi Corp. has sold its stake in Robinsons Convenience Stores Inc. (RCSI), which owns the franchise of the Ministop stores in the country, giving the Gokongwei-owned firm higher ownership in the country’s second-largest convenience stor... read more

 Business Mirror43 days ago
Subic H1 investment pledges hit P2.85 billion

SUBIC BAY FREEPORT—New investment projects approved by the Subic Bay Metropolitan Authority (SBMA) in the first semester of this year reached P2.85 billion, marking a 290-percent increase over the total commitments made in the same period last year. ... read more

 Business Mirror43 days ago
Life insurance, major life changes & beneficiaries

WHILE life insurance can seem like a once in a lifetime decision, there are a number of life events that should cause you to take another look at your life-insurance policy to see if it is still right for you and your family. So what should your life... read more

 Business Mirror43 days ago
BSP honors Eastern Visayas partners in annual awards

TACLOBAN CITY—The Bangko Sentral ng Pilipinas (BSP) has recognized private firms and government agencies in Eastern Visayas for providing data needed in crafting the country’s monetary and financial policies. Monetary Board Member Juan de Zuñiga Jr.,... read more

 Business Mirror43 days ago
Rules on reporting cyber attacks, IT glitches out soon: BSP

A CIRCULAR that will require banks to report as soon as possible any cyber attack and other information technology (IT)-related incidents in their systems is expected to be released in September, a ranking Bangko Sentral ng Pilipinas (BSP) official s... read more

 Business Mirror44 days ago
‘Imposing higher taxes on tobacco may curb local production, force more importations’

IMPOSING higher excise taxes on tobacco products, as what the Duterte administration under its tax-reform packages is pushing, may discourage farmers from planting the crop and may force the country to import more, according to National Tobacco Admin... read more

 Business Mirror44 days ago
DMCI to hire 2,000 skilled workers in Q3 this year

CONSTRUCTION company DM Consunji Inc. (DMCI) is in need of around 2,000 laborers to fill up various job orders for their projects this third quarter of the year, its top recruitment officer said. “This quarter alone, we’ll be requiring 2,000 skilled ... read more

 Business Mirror44 days ago
DOF: Industrial parks developed with China to host medium, light industries

THE Department of Finance (DOF) said the industrial parks to be developed in the Philippines with the help of China will likely host medium to light industries. The partnership is seen to further expand economic relations between the two countries. F... read more

 Business Mirror44 days ago
Congress, DOE craft new law on LNG

TO entice private-sector investment, lawmakers and the Department of Energy (DOE) are working together to craft a law on liquefied natural gas (LNG) that will include, among others, an improved energy mix. “We are now in the process of working with t... read more

 Business Mirror44 days ago
Americans are grilling more steaks for Labor Day

When Americans feel like they’ve got more money, they like to treat themselves. That means there could be plenty of steaks on the grill this year for Labor Day. A buzzing economy and low unemployment in the United States is a boon for beef, typically... read more

 Business Mirror44 days ago
Panganiban thumbs down abolition of food agency

By Jasper Emmanuel Y. Arcalas & Cai U. Ordinario Contrary to the sentiment of his fellow lawmakers and economists, the chairman of the House Committee on Agriculture and Food is not keen on abolishing the National Food Authority (NFA). Rep. Jose T. P... read more

 Business Mirror44 days ago
Top creative minds converge at CREATE PHL 2018

GET ready to learn from the country’s top creative minds through a series of learning sessions on creativity, design and business during the second edition of CREATE Philippines 2018 on September 22 and 23 at the Globe Tower, Bonifacio Global City, T... read more

 Business Mirror46 days ago
Seminar on ‘Mastering the Use of Import and Export Terminologies’ slated

IF you do import and export trade transactions or planning to trade goods, it’s a must to master Incoterms (International Commercial Terms used in shipping goods on land, air and sea).  While the revised set of rules on Incoterms in all international... read more

 Business Mirror46 days ago
D.T.I.-B.O.I., Shoko Chukin Bank forge M.O.U. to promote investments

The Department of Trade and Industry (DTI), through its industry development and investments promotion arm—the Philippine Board of Investments (BOI)—signed a memorandum of understanding (MOU) with Shoko Chukin Bank Ltd. of Japan for a business cooper... read more

 Business Mirror46 days ago
PHL conducts 1st outbound biz-matching mission to Mozambique, visits S. Africa for 2nd time

THE Philippines is set to embark on its first trade mission to Mozambique on September 2 and 3 this year. It also embarked on its second trade mission to South Africa on  August 30 to  September 1. The country made its first successful trade mission ... read more

 Business Mirror46 days ago
APCC exec demands Harvard prof to apologize for vilifying coconut oil

THE executive director of the Asian and Pacific Coconut Community (APCC) is asking the Harvard professor who called coconut oil “pure poison” and “one of the worst things” humans could consume to retract her statements and publicly apologize to the 3... read more

 Business Mirror46 days ago
LandBank, Jica roll out relending facility for Mindanao farmers

The Japan International Cooperation Agency (Jica) and the Land Bank of the Philippines (LandBank) launched a P2.12-billion relending facility for farmers and small and medium enterprises in the Autonomous Region in Muslim Mindanao (ARMM) and conflict... read more

 Business Mirror47 days ago
COA flags P22.128 billion in unliquidated DA funds

The Commission on Audit (COA) called out the Department of Agriculture (DA) for “unliquidated and unsupported” fund transfers amounting to P22.128 billion as of end-2017. The funds, according to the COA’s annual audit report on the DA, were transferr... read more

 Business Mirror47 days ago
BIR files raps vs 4 alleged delinquent taxpayers

THE  Bureau of Internal Revenue (BIR) announced in a statement on Thursday that it has filed four separate criminal complaints with the Department of Justice against delinquent taxpayers for willful failure to pay taxes under the National Internal Re... read more

 Business Mirror47 days ago
Pag-IBIG members’ H1 savings rise 4% to P18.5 billion

THE Home Development Mutual Fund (Pag-IBIG Fund) has reported that its collections from member savings during the first six months of the year increased by 4 percent to reach P18.463 billion, with more members saving through its modified Pag-IBIG 2 (... read more

 Business Mirror47 days ago
DOF open to AIIB proposals for financing ‘BBB’ programs

THE Department of Finance (DOF) has welcomed a proposal by the Asian Infrastructure Investment Bank (AIIB) to explore the possibility of local currency financing and a variable spread facility in providing loans to help fund the “Build, Build, Build”... read more

 Business Mirror47 days ago
US airports opening video-game parlors for stuck travelers

As airport time killers, cocktails will never lose their most-favored status. But the race for novel concessions inside the terminal is becoming more playful, especially when it comes to mollifying less-than-happy passengers. Last month the first US ... read more

 Business Mirror47 days ago
Billions come and go as changing tastes whipsaw fashion fortunes

BERNARD Arnault and Amancio Ortega are both major shareholders of multinational fashion businesses, and the only European citizens today with more than $50 billion to their names. Their fortunes, though, are diverging amid growing demand for luxury g... read more

 Business Mirror47 days ago
IC dismisses cases filed by Prudential, Marsh Philippines vs each other

THE Insurance Commission (IC) has signed an order on Wednesday, dismissing the complaints filed by Prudential Guarantee and Assurance Inc. (PGA) and Marsh Philippines Inc. against each other based on the Joint Motion to Withdraw Complaint (JMWC) file... read more

 Business Mirror47 days ago