EconomyLoop
where regional business news becomes global to everyone

‘Rice sector suffers brunt of typhoons’

Farmers and fishermen incurred losses amounting to P463.13 million as of Sunday due to Tropical Storm Henry and severe Tropical Storm Inday, with the rice sector suffering the majority of production losses, according to the Department of Agriculture ... read more

 Business Mirror11 hours ago

     
DOF probes another tax credit controversy in textile industry

FINANCE Secretary Carlos G. Dominguez III has ordered the creation of a task force that will investigate individuals involved in the alleged issuance and use of erroneous tax credit certificates (TCCs) from 2008 to 2014, which reportedly allowed hold... read more

 Business Mirror11 hours ago
GSIS net income up 69 percent to P95B in 2017

STATE pension fund Government Service Insurance System (GSIS) reported on July 20 it ended 2017 with P94.7 billion in net income, a 69-percent improvement from P56.1 billion in 2016, based on the latest audited financial statement. The growth was lar... read more

 Business Mirror11 hours ago
Govt-led firms remit a total of P31.297B

THE Department of Finance (DOF) has reported that 51 ?of 77 government-owned and -controlled corporations (GOCCs) have remitted a total of P31.297 billion to the Bureau of the Treasury (BTr) as of the second week of July this year. Based on data from... read more

 Business Mirror11 hours ago
DOE seeks public comment on developing RE zones in PHL

THE Department of Energy (DOE) is soliciting comments from industry stakeholders on a proposed policy to establish and develop competitive renewable-energy zones (CREZ) in the country. The agency has long wanted to develop a zoning program for renewa... read more

 Business Mirror11 hours ago
New policies on private infra projects expected

WITH the signing of a memorandum of agreement (MOA) between the Public-Private Partnership (PPP) Center and the Philippine Competition Commission (PCC), new policies on the facilitation of privately funded infrastructure projects may be created. Unde... read more

 Business Mirror11 hours ago
Royal Cargo opens P2-billion cold-storage facility in Bulacan

LOGISTICS solutions company Royal Cargo Inc. has opened a new P2-billion cold-storage warehouse in Bulacan as part of its expansion plan to provide efficient distribution channels in Northern Luzon. “The growing trend for food, beverage and social-en... read more

 Business Mirror11 hours ago
Cal-Comp to launch P6.77-B IPO amid market uncertainty

TAIWANESE firm Cal-Comp Technology (Philippines) Inc. said it will push through with its P6.77-billion initial public offering (IPO) despite jittery market conditions that saw the main index hitting the bear-market territory, or falling 20 percent fr... read more

 Business Mirror11 hours ago
PHL exporters embark on outbound business matching mission to New Delhi

The Department of Trade and Industry (DTI) conducted an outbound business matching mission to New Delhi, India, in July from 16 to 21, led by Assistant Director Agnes R. Legaspi of the Export Marketing Bureau and Commercial Attaché Jeremiah C. Reyes ... read more

 Business Mirror2 days ago
DOST Calabarzon holds 4-day webinar on S&T week in July

LOS BAñOS, Laguna—The Department of Science and Technology (DOST) Calabarzon Regional Office has hosted four web-based seminars or webinars as part of its opening salvo for the 2018 National Science and Technology Week (NSTW) celebration from July 17... read more

 Business Mirror2 days ago
Trade department holds presentation on PHL investment to German officials, traders

The Department of Trade and Industry (DTI), through its Philippine Trade and Investment Center in Berlin, presented to more than 100 German company representatives the Philippine investment climate and business opportunities, as well as competitive i... read more

 Business Mirror2 days ago
DTI-EMB, DAWR Australia hold seminar on food export compliance

THE Export Marketing Bureau (EMB) of the Department of Trade and Industry (DTI) recently collaborated with the Department of Agriculture and Water Resources (DAWR) Australia in conducting a seminar to educate Filipino exporters on the rudiments of ex... read more

 Business Mirror2 days ago
Government readies MSMEs for ‘4th Industrial Revolution’

CLARK FREEPORT—Programs and projects geared toward preparing small businesses for the Fourth Industrial Revolution, otherwise known as the digital economy, will now be implemented by the Department of Trade and Industry (DTI). “The Fourth Industrial ... read more

 Business Mirror2 days ago
Metrobank posts 31% income growth in Q2

METROPOLITAN Bank & Trust Company (Metrobank) posted P5.2 billion in net income for the second quarter of 2018, or a robust 31-percent growth from P3.9 billion in the same period last year. This brings net income for the first half of the year to P11... read more

 Business Mirror2 days ago
DOF seeks economists’ backing for CTRP 2

The Department of Finance (DOF) has urged economists to support the second package of the Duterte administration’s Comprehensive Tax Reform Program (CTRP), which aims to cut the corporate income-tax (CIT) rate and harmonize fiscal incentives. During ... read more

 Business Mirror3 days ago
Farmers press government to hike palay-buying price

The national government must increase the support price of the National Food Authority (NFA) for palay soon, as the prices of fuel and other inputs have gone up in the past 10 years, according to a farmers’ group. The Philippine Farmers Advisory Boar... read more

 Business Mirror3 days ago
Farm-gate price of rice up 10.61% at start of lean season–PSA report

The average farm-gate price of unmilled rice at the start of the lean season for the staple in the Philippines rose by 10.61 percent to P21.48 per kilogram, from P19.42 per kg recorded a year ago. The farm-gate price of palay as of the first week of ... read more

 Business Mirror3 days ago
As rapid urbanization drives online hiring growth in PHL, retail leads in April-May

RAPID urbanization has driven the growth of online hiring in the Philippines, according to the latest data released by Monster.com. In a statement, Abhijeet Mukherjee CEO, Monster.com-Apac and Middle East, said this has led to a 12-percent growth in ... read more

 Business Mirror3 days ago
AboitizPower installing battery energy storage to boost sale of backup power

ABOITIZ Power Corp. plans to install and commission a 48-megawatt battery energy storage to beef up its ability to sell backup power. AboitizPower Chief Operating Officer Emmanuel Rubio said preliminary work is under way. “We are doing a study on it ... read more

 Business Mirror3 days ago
NTC order to cut telcos’ interconnection fees lands PHL now with 3rd lowest rates in Asean

WITH the National Telecommunications Commission’s (NTC) order to lower the interconnection fees among telcos, the Philippines now ranks as the third nation—after five countries—in Southeast Asia with the lowest interconnection charges. Thursday saw t... read more

 Business Mirror3 days ago
Philippine Seven to continue expanding despite tepid performance of competition

CONVENIENCE-store operator Philippine Seven Corp., the local franchisee of 7-Eleven stores in the country, said it will continue to expand the number of its stores, despite the rationalization of operations of its competitors. “The focus shall be fur... read more

 Business Mirror3 days ago
Trade chief wants changes in sugar import rules

Trade Secretary Ramon M. Lopez is in favor of changing rules on importing sugar and said manufacturers should be allowed to directly buy the staple from foreign producers. In a recent speech, Lopez said sugar-based manufacturers will always be on the... read more

 Business Mirror3 days ago
TrueMoney partners with WorldRemit for international remittance

E-PAYMENT service provider and financial-technology company TrueMoney has expanded its business with an instant global money sending offering through its alliance with multinational digital money transfer firm WorldRemit. “We have been offering domes... read more

 Business Mirror3 days ago
Storytelling for associations

What comes to mind when you hear of Aesop, Mother Goose, Walt Disney and our own Lola Basyang? You guessed it right: storytelling! According to Wikipedia, “storytelling” refers to oral storytelling and to techniques used in other media to unfold or d... read more

 Business Mirror3 days ago
SSI to open first Shake Shack burger joint in PHL in 2019

RETAILER SSI Group Inc. on Wednesday said it is bringing Shake Shack burger joint to the Philippines, as the company digs deeper into the restaurant business. The company said it entered a development and license agreement with US firm Shake Shack In... read more

 Business Mirror4 days ago
Quiet trading at PSEi ends above 7,400 points

SHARE prices continued their upward trend, closing higher for the second straight day on Wednesday, with the main index closing above the 7,400-point level, its highest close in one month, despite lackluster trading. The benchmark Philippine Stock Ex... read more

 Business Mirror4 days ago
Meralco backs uniform bill format

THE Manila Electric Co. (Meralco) said on Wednesday it will support a proposed policy of the Department of Energy (DOE) to unbundle electricity charge components. This, despite existing Meralco power bills already reflecting all corresponding charges... read more

 Business Mirror4 days ago
More OFWs allocating funds for investments–BPI

Overseas Filipino workers (OFWs) are increasingly allocating their hard-earned dollars to investments, as they look for ways to fund their long-term goals, according to a local bank. Bank of the Philippine Islands (BPI) Asset Management and Trust Cor... read more

 Business Mirror5 days ago
Government to borrow P40 billion for Marawi rehabilitation

The Department of Finance (DOF) said it is targeting to raise around P40 billion through the issuance of bonds for the reconstruction and rehabilitation of war-torn Marawi City in Lanao del Sur. According to the DOF, the government is fine-tuning the... read more

 Business Mirror5 days ago
BTr rejects ‘outrageous’ bids for P15-billion debt paper

The Bureau of the Treasury (BTr) has rejected all bids in its latest Treasury bonds (T-bonds) auction as investors sought high rates for the debt paper. National Treasurer Rosalia V. de Leon told reporters on Tuesday that the auction committee reject... read more

 Business Mirror5 days ago
Professional skepticism: Varying views

“Professional skepticism is about asking ourselves ‘how do we know and how can we be so sure?’. It is about asking critical questions. Audit quality is best achieved in an environment where there is both support and challenge from other participants.... read more

 Business Mirror5 days ago
Shakey’s opens in Dubai, targets Filipino community in UAE

SHAKEY’S Pizza Asia Ventures Inc., the company that owns the American pizza restaurant brand in the Philippines and parts of the region, on Tuesday said it opened its first store in Dubai, expanding its footprint in the Middle East where it is levera... read more

 Business Mirror5 days ago
Eatigo bares $25-million TripAdvisor investment

EATIGO, the leading restaurant reservation platform in Southeast Asia, recently announced it has received new investment worth over $25 million from existing strategic investor TripAdvisor. Michael Cluzel, chief executive and cofounder of Eatigo, sai... read more

 Business Mirror5 days ago
STI income drops 10% despite rise in revenues

STI Education Systems Holdings Inc., owner of a chain of schools in the country, said its income fell 10 percent during its fiscal year ending March, despite the slight rise in revenues for the period. The company said its income dropped to P502.8 mi... read more

 Business Mirror5 days ago
Globe keen on riding digital wave as PHL plays catch-up in region

GLOBE Telecom Inc. President Ernest L. Cu has painted a rosy outlook in the Philippine digital landscape for 2018, even as the country continues to play “catch-up” with its regional peers in terms of adoption in the information and communications tec... read more

 Business Mirror5 days ago
DICT chief defends 3rd telco TOR pick anchored on committed level of service

CHOOSING the proposed terms of reference that favors the highest committed level of service (HCLoS) for the selection of the third telco player will result in the public gaining more than profiting from an auction. This was how Department of Informat... read more

 Business Mirror5 days ago
Sinalco provides Filipinos option for refreshing and excellent drinks

Filipinos are now enjoying Germany’s nonalcoholic drinks that has been refreshing the European market since early-1900s, thanks to the collaboration and common passion of Enrique Ely and his two partners, who put up Euro Interbev Corp., and become th... read more

 Business Mirror5 days ago
CFW: The ‘living water’ that cures

"Health is wealth,” so goes the adage, but wouldn’t it be better if one’s health is improved, and, at the same time, his livelihood is enhanced because of technology? This exactly was the mind-set of Dr. Retchel “Dok Go” Go, president of JohnRich Wel... read more

 Business Mirror5 days ago
BTr awards P12.1 billion in T-bills auction

THE Bureau of the Treasury (BTr) received mixed results in its latest auction for Treasury bills (T-bills) on Monday, awarding P12.1 billion from the P15 billion on offer, with the market preference still seen to lean on the shorter- end of the curve... read more

 Business Mirror6 days ago
ABS-CBN Convergence, Globe end 5 years of network sharing

MULTIMEDIA conglomerate ABS-CBN Corp. has decided not to extend its network sharing agreement with Globe Telecom Inc. after five years of operations as the business model was deemed to be financially unviable. In a statement, the Lopez-led company sa... read more

 Business Mirror6 days ago
Aboitiz subsidiary takes over  Naga power plant in Cebu

THERMA Power Visayas Inc. (TPVI), a subsidiary of Aboitiz Power Corp., has officially taken over the Naga Power Plant Complex (NPPC) in Cebu. The power facility, which was once the subject of a legal dispute, was physically turned over and accepted b... read more

 Business Mirror6 days ago
Sun Life upbeat about reaching 5-million clients by 2020, as financial-literacy drive gains

SUN Life of Canada (Philippines) Inc. (SLOCPI) said it expects its client base to grow at around 20 percent annually to meet its Rise PH goal of having 5 million clients by the year 2020, fueled by its financial-literacy programs, among others. SLOCP... read more

 Business Mirror6 days ago
C.A. upholds P.A.L. in case earlier retirement for female flight attendants

THE Court of Appeals (CA) has rejected a bid by a flight attendants’ union to scuttle a Philippine Airlines (PAL) program that requires female attendants to be retired five years earlier than males, saying the safety of passengers, which the differen... read more

 Business Mirror6 days ago
First Metro: PSEi to return to 8,000-level by year-end

DESPITE the fall in stock prices in the first half of the year, investment bank First Metro Investment Corp. believes stock prices may still return to the 8,000-point level by the end of the year, as investors take their respective positions for the ... read more

 Business Mirror6 days ago
TransUnion ties up with Collectius for credit solutions in PHL

GLOBAL information solutions provider TransUnion has tied up with Singapore-based credit collection agency Collectius to create practical payment arrangements for Filipinos to pay off their debts. The first in Asia, this collaboration involves sharin... read more

 Business Mirror6 days ago
Micro-entrepreneurs in Manila get P5,000 cash aid from Erap

MORE than 900 small-scale entrepreneurs received fresh capitalization of around P4.6 million from the Manila City Hall to bankroll their business ventures. Manila Mayor Joseph E. Estrada handed P5,000 cash aid to each of the 919 beneficiaries under t... read more

 Business Mirror7 days ago
IC issues rules implementing FOI manual

The Insurance Commission (IC) has issued new guidelines on the access of documents from entities regulated by the commission, in line with its implementation of its Freedom of Information (FOI) Manual. The guidelines, which were recently signed by In... read more

 Business Mirror7 days ago
Rice output likely rose by 1.56% in H1–PSA

The country’s unmilled rice production in the first half likely expanded by 1.56 percent to 8.703 million metric tons, from 8.569 MMT recorded a year ago, according to data from the Philippine Statistics Authority (PSA). In its latest output forecast... read more

 Business Mirror7 days ago
SRA to DA: Include sugar in SRP scheme

The Sugar Regulatory Administration (SRA) said it is mulling over a suggested retail price (SRP) for sugar to protect consumers from unscrupulous traders who have taken advantage of a shortage of the sweetener required by beverage makers. SRA Adminis... read more

 Business Mirror7 days ago
Oracle NetSuite pioneer partners in Asean merge to serve PHL, neighbors in region

INFORMATION-technolog y firm IT Group Inc. (ITG) and consultancy company PGE Solutions Pte. Ltd. (PGE) announced over the weekend the merger of their operations to cater to various verticals across Southeast Asian territories, including the Philippin... read more

 Business Mirror7 days ago