EconomyLoop
where regional business news becomes global to everyone

Bar private traders from importing rice–solon

A lawmaker on Thursday called on the National Food Authority Council (NFAC) to disallow private traders from importing rice and to set a ceiling on the retail price of the staple. Amid the current “artificial” supply problem, Rep. Luis Raymund F. Vil... read more

 Business Mirror5 hours ago

     
Average retail price of dressed chicken declines slightly

The average retail price of dressed chicken as of February 21 declined by 2.24 percent to P145.42 per kilogram (kg), from the previous week’s quotation of P148.75 per kg, according to the Bureau of Animal Industry (BAI). BAI Assistant Director Simeon... read more

 Business Mirror5 hours ago
P398-million DA-PRDP fund to boost Mindanao priority commodities

Davao City—The Department of Agriculture’s Philippine Rural Development Project (DA-PRDP) boosts Mindanao’s champion commodities by front-loading funds for enterprise development. PRDP’s Investment for Rural Enterprise and Agricultural Productivity (... read more

 Business Mirror6 hours ago
Soybeans could dethrone corn as US crop king after 35 years

For the first time in 35 years, soybeans are poised to steal the crown of United States crop king from corn. American farmers are set to increase their soy plantings to a record 90.69 million acres, according to the average estimate in a Bloomberg su... read more

 Business Mirror6 hours ago
LandBank net income up 4 percent in 2017

State-owned Land Bank of the Philippines (LandBank) on Thursday reported a 4-percent rise in net income in 2017, indicating continued growth prospects this year. LandBank reported net income of P14.05 billion for the year, up from P13.58 billion in 2... read more

 Business Mirror6 hours ago
Valentin Araneta, 69, passes away

Monetary Board member and former Philippine Deposit Insurance Corp. (PDIC) President Valentin Araneta passed away on Wednesday, the Bangko Sentral ng Pilipinas (BSP) confirmed. Araneta, 69, was appointed Monetary Board member in July 2014. Prior to h... read more

 Business Mirror6 hours ago
Primer Group partners with AUB for WeChat Pay

Asia United Bank (AUB), one of the fastest-growing universal banks in the country, recently added the retail and distribution Primer Group of Cos. to its roster of accredited merchants for the mobile-payment facility WeChat Pay. WeChat Pay is the mob... read more

 Business Mirror6 hours ago
BDO unit reports profits of P570 million in 2017

BDO Leasing and Finance, the listed leasing and financing subsidiary of local banking giant BDO Unibank Inc, reported steady net income for 2017 on a larger loan portfolio and fewer operating costs. The leasing and finance unit on Thursday reported i... read more

 Business Mirror6 hours ago
PLDT cited for fast reply to complaint

Clients of Philippine Long Distance Telephone Co. (PLDT) have lauded the utility firm for its fast, efficient service in rehabilitating non-working DSL connections around Makati area.One of the clients along Chino Roces St. said one of their staff on... read more

 The Daily Tribune6 hours ago
Tie-up sealed for building homes, stores in Lakeshore

Revolution Precrafted, the fastest startup to reach “unicorn” status in Southeast Asia, which constructs and supplies limited edition prefabricated livable properties worldwide, has entered into a formal agreement with Central Country Estate Inc. (CC... read more

 The Daily Tribune6 hours ago
DBM: Budget main tool to run gov’t policies

DBM Sec. Benjamin E. Diokno served as resource speaker on the topic, “Budgeting to Attain the Sustainable Development Goals”, as part of Ateneo’s alternative class program, Talakayang Alay sa Bayan (TALAB).In his speech, he explained how administrati... read more

 The Daily Tribune6 hours ago
LRMC inks P450-M train rehab deal

Rail operator Light Rail Manila Corp. (LRMC) recently signed a P450-million agreement with engineering and industrial company Voith Digital Solutions Austria GmBH and Co KG for the rehabilitation and upgrade of the generation-2 trains of Light Rail T... read more

 The Daily Tribune6 hours ago
Antitrust body eyes to relax some rules

The Philippine Competition Commission (PCC) is eyeing to ease some of its rules, more particularly about the rules on forbearance.During the Competition Forum of the European Chamber of Commerce of the Philippines and European Union-Philippines Busin... read more

 The Daily Tribune6 hours ago
Leading RP start-up taps trade icon to lead board

In its bid to be led by an industry icon and instill good corporate governance in the company, the board of directors of Acudeen Technologies, Inc., led by its founding chairman Mario Jordan “Magellan” Fetalino III, has installed former 8990 Holdings... read more

 The Daily Tribune6 hours ago
PDIC issues claims guidelines for creditors of closed banks

The Philippine Deposit Insurance Corp. (PDIC) recently issued guidelines for the creditors of closed banks on the filing of claims against the assets of a closed bank. Creditors refer to any individual or entity with a valid claim against the assets ... read more

 Business Mirror6 hours ago
Young fintech firm to support MSMEs

THE outgoing chairman of financial-technology (fintech) company Acudeen Technologies Inc. believes it can support micro, small and medium enterprises (MSMEs) under Januario Jesus Gregorio Atencio III, a former chief executive of a mass-housing compan... read more

 Business Mirror7 hours ago
Petron to put up charging hubs for electric vehicles

PETRON Corp. has informed the government of its plan to put up electric-vehicle (EV) charging stations in select retail stations, Energy Secretary Alfonso G. Cusi said. Cusi said he was informed that “Petron also” committed to put up EV charging stat... read more

 Business Mirror7 hours ago
Hyundai bucks tax fears, sees January sales up 3%

HYUNDIA Asia Resources Inc. (Hari) was able to withstand the first month of the additional taxes on automobile, as the official distributor of Hyundai vehicles in the country posted a 3-percent growth in sales in January. Hari kicked off this year wi... read more

 Business Mirror7 hours ago
Joint ventures involving Ayala Land, Markham receive regulator’s nod

THE Philippine Competition Commission (PCC) announced on Thursday that it approved two joint ventures (JV), one involving Ayala Land Inc. and Royal Asia Land Inc., and another between Markham Resources Corp. and Alternergy Mini Hydro Holdings Corp. T... read more

 Business Mirror7 hours ago
Faith, farm, sports and storm tourism, anyone?

Tourism Secretary Wanda Corazon T. Tulfo-Teo reads the future correctly that the fate of tourism anywhere lies in addressing sector-specific wants. Department of Tourism (DOT) Region 7 Director Sha Tamano cites faith, farm and sports tourism as gener... read more

 Business Mirror7 hours ago
Legislators assures tax-neutral treatment for Islamic lenders

The House of Representatives is crafting legislation authorizing the revenue agency to make adjustments ensuring zero-tax impact on financial transactions conducted by Islamic lenders and, in this manner, help boost what little Islamic banking is hap... read more

 Business MirrorYesterday
Asian shares gain on rosy Japan data, bucking Wall Street losses

TOKYO—Shares were higher in Asia on Wednesday, supported by rosy manufacturing data from Japan. The gains came despite losses on Wall Street, where a six-day winning streak was snapped by a plunge in Walmart stock and losses in other sectors. Japan’s... read more

 Business MirrorYesterday
DA to sell P38/kilo rice in Metro Manila

The Department of Agriculture (DA) will deploy mobile stores that will sell commercial rice at P38 per kilogram (kg) in Manila and Quezon City as part of government efforts to stabilize the price of the staple. “Starting Monday, two trucks of the DA ... read more

 Business MirrorYesterday
Central banks may top inflation targets

Not only will central banks meet their inflation targets, they may even exceed them. That’s the view of Neuberger Berman Group Llc.’s chief investment officer for fixed income, Brad Tank, who says rising inflation and interest rates mean the return o... read more

 Business MirrorYesterday
‘Higher disposable income does not mean more spending’

Although the recently enacted tax-reform law promises a higher take-home pay for Filipinos, there remains apprehension over the moderation in domestic consumption as prices rose higher than projected in January. In reviewing the Tax Reform for Accele... read more

 Business MirrorYesterday
Global trade to keep momentum

World trade is expected to sustain its growth momentum in first quarter of 2018 following robust expansion last year, suggests latest trade indicator.The World Trade Organization World Trade Outlook Indicator’s (WTOI) current value of 102.3 is little... read more

 The Daily TribuneYesterday
Republic Cement top taxpayer in Bulacan

Republic Cement’s plants, situated in Norzagaray, Bulacan, were lauded by the municipality government during the first State of the Municipal Address (SOMA) delivered by Norzagaray mayor Ade Cristobal. Republic Cement’s two plants, the Norzagaray pla... read more

 The Daily TribuneYesterday
Globe moves to deploy IoT services via 700 MHz band

Globe Telecom is enabling its network to support emerging Internet of Things (IoT) services, making full use of all the 700-megahertz spectrum and other existing LTE spectrum assets the company is currently assigned with. Globe is now piloting Narrow... read more

 The Daily TribuneYesterday
BSP warned vs risky funds

Experts in the finance industry have an unsolicited advice to the Bangko Sentral ng Pilipinas (BSP) regarding synthetic and risky funds led by exchange traded and collaterized debt obligations (CDOs) channelled to the country from abroad: avoid too m... read more

 The Daily TribuneYesterday
Rapid, sustained, inclusive growth RP’s goal — DBM chief

“Our vision is to have an economy that not only grows, but also distributes wealth across all sectors of society, particularly the poor and the marginalized,” said Sec. Benjamin Diokno as he presented pertinent details of the administration’s economi... read more

 The Daily TribuneYesterday
RP after stronger trade ties with US

The National Economic and Development Authority (Neda) said the government aims to implement measures to strengthen trade ties with the United States, considering upbeat trade performance in 2017.In his presentation to the US-Philippines Society Boar... read more

 The Daily TribuneYesterday
Drive to reduce RP energy dependence on coal pushed

The Climate Change Commission (CCC) along with other key government agencies formulated the final draft of national energy framework supporting the country’s plan to cut down dependence on coal.Presented on Jan. 31 during the High Level Dialogue on N... read more

 The Daily TribuneYesterday
DU30 gov’t alloting biggest fund for life-changing infra projects

The government has allocated a bigger portion of its Gross Domestic Product (GDP) for infrastructure spending, compared with the average of the past six administrations in the last 50 years.“We are pouring in 5.4 percent in comparison to just 2.6 per... read more

 The Daily TribuneYesterday
BSP willing to pay even more for term deposits

The Bangko Sentral ng Pilipinas (BSP) has indicated greater willingness to pay the banks more this week than last so long as they entrust their so-called excess liquidity at the term deposit window created for the purpose. Data show all three tenors ... read more

 Business MirrorYesterday
Ayala Land hikes ownership in Malaysian property firm

AYALA Land Inc. (ALI), the country’s second-largest property developer, further increased its stake in Malaysia’s MCT Bhd as some of the minority owners unloaded their shares through the mandatory offer launched by the Philippine company. In its disc... read more

 Business MirrorYesterday
Higher LPG sales push Pryce income up in 2017

PRYCE Corp. (PSE: PPC) said its income grew 29 percent last year on higher sales of cooking gas. The company, however, warned it may incur a slower income growth this year because of a new tax law. Pryce said on Wednesday its net income reached P1.24... read more

 Business MirrorYesterday
Association member personas

In last week’s column, I talked about the term “Ikea effect,” which I got from the seminar on association marketing and member engagement conducted by my organization, the Philippine Council of Associations and Association Executives (PCAAE) and pres... read more

 Business MirrorYesterday
We need a food revolution to change our unhealthy diets

Call me dilawan, but I still believe in celebrating the 1986 Edsa Revolution if only because it shows how Filipinos have the capacity to demand for change and oust a despotic leader. I have other reasons, too, but that is more suitable for another (a... read more

 Business MirrorYesterday
Rustan Supercenters begin building first Shopwise outlet in Batangas

RUSTAN Supercenters Inc. (RSI) officially broke ground on Tuesday for its first Shopwise outlet in Batangas as the retail chain sets its sights to expand further in Southern Luzon, particularly in the Calabarzon (Cavite, Laguna, Batangas, Rizal and Q... read more

 Business Mirror2 days ago
UAE Al Maya Group visits PHL buyers

THE Department of Trade and Industry’s Export Marketing Bureau (DTI-EMB), together with the Philippine Trade and Investment Center (PTIC) in Dubai, organized an inbound business matching mission (IBMM) with Al Maya Group at the DTI International Buil... read more

 Business Mirror2 days ago
Pinoy herbal H&B company captures Mid East market

IN November 2017  a Filipino company, C and H Cosmetics Industry, got its Municipal Permit in the United Arab Emirates (UAE) to distribute their products in the mainstream market and Filipino stores. This February, an initial order for P9 million wor... read more

 Business Mirror2 days ago
PhilFida to revive PHL cotton industry

The Philippine Fiber Development Authority (PhilFida) is targeting to plant cotton in at least 660 hectares across the country this year as part of government efforts to revitalize the local garments industry. PhilFida Executive Director Kennedy T. C... read more

 Business Mirror2 days ago
House okays bill banning conversion of irrigated lands on 3rd reading

The House of Representatives on Tuesday approved on third and final reading a measure prohibiting the conversion or causing the conversion of irrigated and irrigable lands. Voting 188-0, lawmakers approved House Bill (HB) 7115, which aims to address ... read more

 Business Mirror2 days ago
Asian shares fall after US holiday, eyes on Fed notes

TOKYO—Asian shares were mostly lower on Tuesday after a United States holiday. Investors were awaiting the release later in the day of minutes from the latest meeting of the US Federal Reserve. Japan’s benchmark Nikkei 225 lost 1.0 percent to finish ... read more

 Business Mirror2 days ago
Sun Life paid P3.6 billion claims, maturities in 2017

Sun Life of Canada (Philippines), Inc. paid out a total of P3.6 billion in claims and maturities in 2017, a strong demonstration of its commitment to fulfill its obligations to its clients. Of the amount, P1.5 billion were for death and living benefi... read more

 Business Mirror2 days ago
Funa puts more teeth on insurer regulation

The Insurance Commission (IC) has issued a circular letter redefining “unsafe” and “unsound” insurer practices and imposing penalties on these. “The broad definition under the existing law could easily be challenged if the commission would not clarif... read more

 Business Mirror2 days ago
‘Data breaches almost always self-inflicted’

The National Privacy Commission (NPC) said more than half of all data breaches in local companies result from internal issues, and called on the businesses to overhaul their internal data-management practices. At the 15th Data Protection Officers Ass... read more

 Business Mirror2 days ago
CEO ends HSBC tenure with rare profit miss on margins

Stuart Gulliver’s seven-year reign as HSBC Holdings Plc. CEO ended with a rare failure to live up to analysts’ earnings estimates as lending margins narrowed and the bank booked loan charges related to two clients. Adjusted fourth-quarter pretax prof... read more

 Business Mirror2 days ago
AXA launched shared services center in Manila

Paris-based global insurer AXA has embarked on journey that will allow the insurer to stay at the forefront of industry innovation by establishing shared service centers in Asia. AXA recently launch two shared service hubs—one in Manila, Philippines,... read more

 Business Mirror2 days ago
Uber CEO’s Asia trip underscores firm’s persistent global ambitions

UBER Technologies Inc. isn’t ready to give up the world. Dara Khosrowshahi, in his first trip to Asia since becoming chief executive officer, made it clear that the ride-hailing company isn’t about to scale back its business to just countries where i... read more

 Business Mirror2 days ago