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PNOC-EC seeks to boost local oil, gas drilling 

account_balanceMetro Manila access_time4 days ago

State-run Philippine National Oil Company - Exploration Corp. (PNOC-EC), along with the Department of Energy (DOE) and the University of the Philippines (UP), will conduct an extensive study to make the country’s 16 sedimentary basins marketabl...

Photo Courtesy of PhilStar

Factory production slows 19% in June

account_balanceMetro Manila access_time4 days ago

Factory production declined a slower pace in June compared to previous month, according to the Philippine Statistics Authority (PSA). Results of the Monthly Integrated Survey of Selected Industries (MISSI) showed that the factory output or Volume of...

Pasig shuts down stalls in Mega Market

account_balancePasig access_time5 days ago

Pasig City closed some stalls in Pasig Mega Market for allegedly violating the minimum health and safety standards to contain the coronavirus disease (Covid-19). In a Facebook post, Mayor Vico Sotto reminded anew business owners and residents to con...

Business

Gov't eyes P180-billion economic stimulus 

chrome_reader_modeAugust 09, 2020 loyalty account_circleJake Cruz

The government plans to spend P140 billion for an economic stimulus plan this year, which the Department of Finance (DOF) said could be increased to P180 billion should the pending tax reform package be enacted into law. In a statement on Sunday, the DOF said the latest figure covers the funding fo...

Credit card growth decelerates during lockdown 

chrome_reader_modeAugust 08, 2020 loyalty account_circleJake Cruz

The growth of credit card receivables declined as most shops were closed and people could not travel due to the pandemic although online grocery shopping rose significantly.   During the virtual launch of the Unionbank-Lazada credit card Friday, Union Bank of the Philippines (Unionbank) senior ...

Ayala Land's profit declines 70% in first six months

chrome_reader_modeAugust 08, 2020 loyalty account_circleNoah James

Property developer Ayala Land Inc. posted a 70-percent drop in its first half net income as its business was weighed down by the COVID-19 pandemic. In a disclosure to the Philippine Stock Exchange on Friday, Ayala Land said it booked a net income of P4.5 billion, down 70 percent year-on-year a...

SB Corp. to reopen CARES loan online applications 

chrome_reader_modeAugust 08, 2020 loyalty account_circleGab dela Cruz

The Department of Trade and Industry (DTI) said Small Business Corp. will reopen its Covid-19 Assistance to Restart Enterprises (CARES) Program online Borrower Registration System (BRS) on August 17 as part of the economic relief program for micro and small enterprises affected by the COVID-19 pande...

Agriculture sector grows 1.6% in Q2 

chrome_reader_modeAugust 08, 2020 loyalty account_circleMichael Lim

Agriculture Secretary William Dar is banking on the momentum gained by the agriculture sector in the second quarter to support the Philippine economy, after plunging into a recession for the first time in three decades. For the second quarter, the agriculture sector managed to grow by 1.6 percent, ...

Peso hits three-year high of 49.04 a dollar

chrome_reader_modeAugust 08, 2020 loyalty account_circleHannah Santos

The peso closed at a new three-year high of P49.041 against the dollar on Friday. This is the strongest for the local unit in over three years since it closed at P49.95:$1 on November 11, 2016. “The peso exchange rate vs. the US dollar closed slightly stronger today... as weaker GDP (gross d...

Stock market dips after Q2 recession announcement

chrome_reader_modeAugust 08, 2020 loyalty account_circleNoah James

Stocks ended the week in the red on Friday as foreign players pulled out funds from the local market in reaction to the Philippines’ worst economic performance since 1981 and its fall into recession. The bellwether PSEi lost 56.58 points or 0.96% to 5,846.02 at the closing bell. The broader A...

Dominguez defends public spending

chrome_reader_modeAugust 08, 2020 loyalty account_circleJake Cruz

Finance Secretary Carlos Dominguez III said the government spending according to program and additional requirements are being addressed through prudent borrowings.   Dominguez replied to a question regarding President Rodrigo R. Duterte’s statement that the government is running out of f...

SMC businesses rebound after steep slump

chrome_reader_modeAugust 07, 2020 loyalty account_circleJames Lopes

San Miguel Corporation (SMC) saw its businesses rebound by the end of the second quarter of 2020 as it continues to respond nimbly to the new normal, through an agile operating model built around consumers along with the reinforcement of its culture of malasakit. With the recent reimposition o...

MSMEs seek faster loan approval

chrome_reader_modeAugust 07, 2020 loyalty account_circleGab dela Cruz

The government can help struggling micro small medium enterprises (MSMEs) that are bearing the brunt of the coronavirus disease 2019 (Covid-19) by devising ways to expedite the release of loans and other economic reliefs, according to a business leader. Marian Mahinay Comilang, the executive direct...

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