Philippines slips in Doing Business rank
THE PHILIPPINES managed to improve its score in the World Bank’s annual report that tracks economies’ competitiveness in ease of doing business, but its rank slipped as reforms to streamline transactions and strengthen stakeholder rights were offset by increased layers for import inspection and higher tax registration costs.
11th Foreign Investment Negative List bares ‘modest’ gains in easing restrictions
MALACAÑANG on Wednesday finally issued the government’s closely watched list of sectors in which foreign participation is regulated, showing sectors where restrictions have eased including teaching in “higher education levels.”
Central bank sees inflation easing from October
INFLATION likely eased in October, coming from a nine-year high the preceding month, the Bangko Sentral ng Pilipinas (BSP) said on Wednesday, suggesting the possible start of a downtrend as higher oil prices were offset by lower food and electricity costs.
Economic surveillance group maintains expectation of ‘robust’ Philippine growth amid risks
PHILIPPINE economic growth prospects remain strong despite inflation challenges and external headwinds, the ASEAN+3 Macroeconomic Research Office (AMRO) said in a statement late Tuesday that showed projections were maintained from a previous report.
Transport dep’t seeks jeepney fare hike review
THE Department of Transportation (DoTr) will ask the Land Transportation Franchising and Regulatory Board (LTFRB) to review the jeepney fare hike approved two weeks ago in the face of receding world crude oil prices.
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New Customs chief sworn in, vows reforms
PRESIDENT Rodrigo R. Duterte has officially sworn into office retired Armed Forces chief Rey Leonardo “Jagger” B. Guerrero as the new head of the Bureau of Customs (BoC), replacing Isidro S. Lapeña after P11 billion worth of shabu, or methamphetamine hydrochloride, was found last August to have entered the Philippines under his watch.
Palace stands by Finance chief
MALACAÑANG on Wednesday said Secretary Carlos G. Dominguez III of the Department of Finance (DoF) “continues to enjoy the trust and confidence” of President Rodrigo R. Duterte amid calls for his resignation.
Rosita out of PAR as gov’t takes stock of damage
RESCUERS worked with bare hands and shovels to try to free 23 people trapped under earth and rubble on Wednesday, after Typhoon Rosita (international name Yutu) dumped heavy rains on the northern mountainous region, triggering floods and deadly landslides, Reuters reported.
Memorandum order out on regulation of sale of firecrackers
PRESIDENT Rodrigo R. Duterte has directed the Philippine National Police (PNP) and other concerned agencies to “strictly implement” existing laws, rules and regulations on firecrackers and pyrotechnic devices.
Duterte issues EO on coordinating antidrug campaign
PRESIDENT Rodrigo R. Duterte has signed an order institutionalizing the Philippine Anti-Illegal Drugs Strategy (PADS), which the Dangerous Drugs Board (DDB) formulated to address the drug problem in the country.
DFA: Kidnapped Filipino seafarers in Nigeria released
THE seven Filipino seafarers who were kidnapped last month in Nigeria have been released, the Department of Foreign Affairs (DFA) reported late Tuesday.
SC upholds indictment of Grace Padaca, 2 others for graft, malversation
THE SUPREME Court (SC) affirmed the indictment of former Isabela governor Grace Padaca and two others for graft and malversation of public funds.
Sister Fox to leave PH on Nov. 3
THE LEGAL counsel of Australian missionary Patricia Fox said the nun will leave the country on Nov. 3 following the Bureau of Immigration’s denial of the extension of her temporary visitor’s visa.
Palace calls reported P25 wage hike for NCR ‘unofficial’
MALACAÑANG said the reported P25 minimum wage increase for Metro Manila is not yet official and remains under review, after labor and employer representatives claimed knowledge of information contained in the National Capital Region (NCR) wage order ahead of its release.
Liquidity growth slowest in nearly three years
MONEY SUPPLY growth eased anew in September to post its slowest pace in almost three years, the central bank said, as bank lending also cooled at a time of higher interest rates.
Initial rice import shipments of 47,000 MT arriving by Dec. 1
THE 47,000 metric tons (MT) of rice awarded to bidders in the latest import auction will arrive by Dec. 1, Agriculture Secretary Emmanuel F. Piñol said.
Yields on term deposits go up
YIELDS fetched on term deposits climbed anew this week as the central bank reduced the amounts offered during Wednesday’s auction.
Robinsons Bank to raise P3.5B via LTNCDs
ROBINSONS BANK Corp. is set to raise P3.5 billion through issuance of long-term negotiable certificates of deposit (LTNCD) next year to fund the expected growth of its lending segment.
China loan for Subic-Clark rail may not be ready by Xi visit
THE Department of Transportation (DoTr) said a commercial agreement with China for the Subic-Clark Railway may not be ready for signing when Chinese President Xi Jinping visits next month.
Peso climbs to two-month high
THE PESO strengthened against the dollar to reach a two-month high as market players prepare for remittance coverage for the long weekend.
Bulacan airport must attract airlines without gov’t aid — Diokno
THE GOVERNMENT will take no action to ensure that airlines will operate out of the proposed Bulacan International Airport, signalling that the project needs to convince carriers to transfer to the new facility on its own commercial merits.
House bill filed to increase gov’t power to redistribute spectrum
A BILL amending Republic Act 7925, or the Philippine Competition Act, intended to ease entry of more telecommunication companies by increasing the government’s powers to allocate radio frequency, has been filed at the House of Representatives.
Manila rated 95th in 100-city sustainability study
MANILA ranked 95th out of 100 global cities in the 2018 Sustainable Cities Index (SCI) compiled by design and consultancy firm Arcadis, beating out only Hanoi and Kolkata among the Asian metropolises evaluated.
Converge ICT, AMA buy 3rd telco bid documents
TWO more companies have solidified their interest in participating in the government’s bid for a new major telecommunications player, the National Telecommunications Commission (NTC) said on Wednesday.
EO establishes council to oversee Mindanao barter
PRESIDENT Rodrigo R. Duterte has issued an executive order (EO) regulating the barter trade in Mindanao, in part to “strengthen trade and commerce between and among the member states of the Brunei Darussalam-Indonesia-Malaysia-Philippines-East ASEAN Growth Area (BIMP-EAGA).”
Ramos family to exit Vulcan
VULCAN Industrial & Mining Corp. said Zap Cove Development Corp. will be subscribing to around three billion shares in the company, in a potential backdoor listing move.
EDC completes tender offer
ENERGY Development Corp. (EDC) has completed its tender offer for its planned exit from the Philippine Stock Exchange (PSE).
Budget release rate hits 96% in late October
THE DEPARTMENT of Budget and Management (DBM) has released 96% of the 2018 budget to government agencies and local government units as of Oct. 25, outpacing the rate of release from the equivalent period in 2017.
Exporters on the lookout for opportunity amid US-China trade tensions
THE Philippine Exporters Confederation, Inc. (PhilExport) said its members are hoping to take advantage of opportunities arising from trade tensions between China and the US.
Shares rebound on window dressing
SHARES recovered on Wednesday due to window dressing and the return of foreign investors into the local market after two months.
Slaughter looks to get more rhythm heading into playoffs
BACK in action after being sidelined for a while because of injury, Barangay Ginebra San Miguel Kings big man Greg Slaughter looks to get more rhythm in his game as the playoffs approach and help his team in its quest to win a third straight Philippine Basketball Association Governors’ Cup title.
Johnson draws inspiration from friend Fernandes in ONE move
FORMER pound-for-pound king Demetrious “Mighty Mouse” Johnson had decided to take his talent to ONE Championship after years with the Ultimate Fighting Championship. It was a decision that he said was partly because of how well things have panned out for his friend and reigning ONE bantamweight champion Bibiano Fernandes since the latter moved to Asia’s biggest sports media property early in this decade.
NBA legend Kobe Bryant named FIBA World Cup 2019 global ambassador
THE FIBA Basketball World Cup 2019 happening in China added another face after it was revealed that National Basketball Association legend Kobe Bryant will serve as global ambassador for the awaited event.
Hello, hallyu: The meteoric rise of K-pop
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Transportify continues opening affordable provincial routes
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Another policy rate hike ‘on the table’
THE BANGKO SENTRAL ng Pilipinas (BSP) may still gun for another interest rate hike next month, a senior monetary official said even as he noted that inflation could clock in slower from here on.
Q3 GDP likely grew faster than 6% — report
ECONOMIC GROWTH likely picked up last quarter from the preceding three months’ disappointing six percent, analysts of First Metro Investment Corp. (FMIC) and the University of Asia and the Pacific (UA&P) said in their latest joint assessment, even as they still slashed their full-year 2018 projection.
Gov’t aims to complete Marawi rehabilitation in three years
THE GROUNDBREAKING ceremony for the rehabilitation of war-torn Marawi City finally pushed through on Oct. 30, with the Task Force Bangon Marawi (TFBM) head promising completion by 2021.
