LandBank disburses P717M to PUV operators
The Land Bank of the Philippines (LandBank) announced on Wednesday that it had started releasing cash grants of P6,500 each to 110,359 public utility vehicle (PUV) operators. In a statement, the state-owned lender said the cash grants totaling P717.33 million were disbursed to jeepney and bus operators nationwide under the Cash Subsidy to PUV Operators […].....»»
Profit taking pushes PSEi out of 7,100
Local shares retreated again on Wednesday, slipping out of the 7,100 area on continued profit taking. The bellwether Philippine Stock Exchange index (PSEi) lost 1.51 percent or 107.16 points to end at 7,001.51 while the broader All Shares dipped by 1.05 percent or 44.27 points to close at 4,184.28. Philstocks Financial Inc. research associate Claire […].....»»
Economy to improve in Q4 – FMIC, UA& P
The Philippine economy is expected to perform better in the fourth quarter of 2020 after the country’s industrial production and exports showed improvements in the third, First Metro Investment Corp. (FMIC) and the University of Asia and the Pacific (UA&P) said on Wednesday. In their latest Market Call report, FMIC and UA&P said “a seemingly […].....»»
PAL prepares recovery plan, seeks protection
Philippine Airlines (PAL) announced on Wednesday that it was working on a plan to restructure its debt and rebound from the coronavirus disease 2019 (Covid-19) pandemic, which continues to expand the air carrier’s losses and to batter the industry worldwide. In a statement, the Lucio Tan-led flag carrier said its “management and stakeholders continue to […].....»»
HKTDC enhances digital experience for SMEs amid pandemic
Upgraded sourcing platform, virtual fair boost business connections The Hong Kong Trade Development Council (HKTDC) has upgraded its hktdc.com sourcing platform in the run-up to the “Autumn Sourcing Week | Online” virtual exhibition, helping small and medium-sized enterprises (SMEs) capture global business opportunities and adapt to digital sourcing models in the new normal. HKTDC Deputy […].....»»
Budget deficit widens to P61.4B in October
The government’s fiscal gap ballooned year-on-year to P61.4 billion in October amid lower revenues and expenditures during the month, according to the Bureau of the Treasury (BTr). Data from the Treasury bureau showed on Wednesday that the shortfall was bigger than the P49.3-billion deficit a year earlier, but smaller than the P138.5-billion gap in September. […].....»»
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TNT, Meralco escape foes to force deciding Game 5 in Philippine Cup semis
The TNT Tropang Giga and the Meralco Bolts beat their respective foes to keep their hopes alive in the PBA Philippine Cup semifinals on Wednesday at the Angeles University Foundation (AUF) Sports and Cultural Center in Angeles, Pampanga. Bobby Ray Parks Jr. refused to go down as he scored 12 of his 36 points in […].....»»
Soccer great Diego Maradona dies
BUENOS AIRES, Argentina: Diego Maradona, the Argentine soccer great who scored the “Hand of God” goal in 1986 and led his country to that year’s World Cup title before later struggling with cocaine use and obesity, has died. He was 60. Maradona’s spokesman, Sebastián Sanchi, said he died Wednesday of a heart attack, two weeks […].....»»
MerryMart Jan-Sep profit up 26%
Listed grocery chain operator MerryMart Consumer Corp. posted a P14.5-million net income in the first three quarters, up 26.42 percent from P11.5 million in the same period last year. In a statement on Monday, the Sialed firm also disclosed its revenues stood at P2.4 billion, a 28.35-percent improvement from the P1.9 billion figure it booked […].....»»
Vista Land net income down 39% in Jan-Sep
VILLAR-LED Vista Land and Lifescapes Inc. saw its consolidated net income slump by 39 percent to P5.5 billion in the first nine months of the year as the coronavirus disease 2019 (Covid-19) pandemic continued to affect its operations. The property developer’s consolidated revenues likewise dropped 25 percent to P25.7 billion during the period. Despite the […].....»»
Central banks of Philippines, Singapore to promote data connectivity
The Bangko Sentral ng Pilipinas (BSP) and the Monetary Authority of Singapore (MAS) has vowed to work together to promote data connectivity. In a joint statement issued on Monday, the BSP and MAS said banks and non-bank financial institutions under their jurisdiction will be allowed to transfer data, including personal information across borders by electronic […].....»»
DBM Covid-19 fund releases reaches P481 billion
State funds provided to various government agencies for their coronavirus disease 2019 (Covid-19) pandemic response programs have so far reached P481.61 billion, data from the Department of Budget and Management (DBM) showed on Monday. Of the amount released as of November 11, the bulk, or P217.41 billion, went to the Department of Social Welfare and […].....»»
DA says price freeze in agri products in place
A price freeze is in place for agricultural and fishery commodities and basic essential goods amid the series of typhoons that ravaged the country. The Department of Agriculture, in tandem with the Department of Trade and Industry (DTI), Department of Interior and Local Government (DILG) and local government units, through their respective local price coordinating […].....»»
Groups call for better disaster response
Industry groups on Monday called for efficient disaster response and preparedness following the recent typhoons that affected thousands of Filipinos. In a statement, several industry groups stressed the need for better disaster preparedness after parts of Luzon were devastated by Super Typhoon “Rolly” and Typhoon “Ulysses,” displacing many Filipinos and causing damage to infrastructure and […].....»»
Separate incentives for domestic firms backed
INDUSTRY groups on Monday backed Sen. Ralph Recto’s proposal to create a separate set of incentives for domestic and foreign enterprises in the proposed Corporate Recovery and Tax Incentives for Enterprises (Create) bill. “Of the options proposed by Senator Recto, it looks like option two is getting some traction and DoF (Department of Finance) is […].....»»
OFW remittances up in September
Money sent home by overseas Filipino workers (OFWs) in September jumped 9.1 percent to $2.888 billion versus the $2.648 billion recorded a year earlier, data from the Bangko Sentral ng Pilipinas (BSP) showed on Monday. In a statement, the central bank said personal remittances—personal transfers in cash or kind and capital transfers between households—from land-based […].....»»
Fitch: RCEP to benefit participating nations
The Philippines and 14 other countries will benefit from the Regional Comprehensive Economic Partnership (RCEP) agreement that was recently signed after eight years of negotiations, a Fitch unit said in a report. “We believe that over the long term, the positive impact of the trade pact will include increased market access and variety of goods […].....»»
Gilas counting on Paras for leadership
Gilas Pilipinas is counting on Kobe Paras to provide the leadership for the young national team in the FIBA Asia Cup Qualifiers slated on November 26 to 30 in Manama, Bahrain. Samahang Basketbol ng Pilipinas special assistant to the president Ryan Gregorio believes the 23-year-old Paras fits the role because of his age and international […].....»»