Business
Gov't eyes P180-billion economic stimulus
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
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
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
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
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
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
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
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
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
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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