Home 2019 February 8

Daily Archives: February 8, 2019 | 8:10 pm

electric meter ERC

Power rates to go up in February

THE Manila Electric Company (Meralco) on Friday announced power rates in February will rise by P0.5682 per kilowatt-hour (kWh), mainly due to higher generation charges.

Hanjin Philippines set to lay off over 3,000 workers

OLONGAPO — With over 3,000 workers set to be laid off next week, Hanjin Heavy Industries and Construction Philippines Inc. (HHIC-Phil) is facing a total shutdown due to the lack of working capital.
Congress plenary hall

Congress ratifies 2019 budget; rejects cash-based budgeting system

Congress on Friday finally ratified the proposed P3.757 trillion national budget for 2019.

Andaya says Diokno offered P40-B for lawmakers to ignore ‘insertions’

HOUSE Appropriations committee chair Rolando G. Andaya on Friday accused Budget Secretary Benjamin E. Diokno of offering money to lawmakers to keep silent about the alleged “insertions” in the P3.757 trillion national budget for 2019, which the Cabinet official denied.

Repairs on Pag-asa Island to continue — DND

THE Department of National Defense (DND) announced that the repair and improvements of facilities in the disputed Pag-asa Island, also known as Thitu, will continue and are expected to be finished within the first few months of 2019, amid reports of increased Chinese presence in the area.

MMDA rerouting traffic at NLEX to make way for Skyway construction

THE Metropolitan Manila Development Authority (MMDA) is rolling out a traffic rerouting plan for areas affected by the construction of the Skyway Stage 3...

DOTr clarifies liquid ban on MRT

THE Department of Transportation (DOTr) has clarified what items are exempt from the liquid ban it has imposed on the Metro Rail Transit-3 (MRT3), allowing some liquid products provided these have clearances from security officers and police assigned at the train stations.
Rodrigo Duterte

Duterte certifies AFP pension bill as urgent

MALACAÑANG on Friday said that President Rodrigo R. Duterte has certified as urgent the Military and Uniformed Personnel (MUP) Pension Reform Bill.

Comelec delivers election source code to BSP

THE Commission on Elections (Comelec) announced that the source code to be used in the automated elections in May was deposited in escrow at the Bangko Sentral ng Pilipinas (BSP) on Friday.

Japan Foreign Minister to visit PHL

THE Department of Foreign Affairs (DFA) on Friday announced that Japanese Foreign Minister Taro Kono will visit the Philippines from Feb. 9 to 11.

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TECHNOLOGY, innovation, and education opportunities for US-Philippines bilateral relationship

TECHNOLOGY, innovation, and education are the three main areas that the Philippines and the United States should explore as partners for positive economic development in the 21st century, according to speakers at “The Future of the US-Philippines Bilateral Relationship” forum held in Makati City on Friday.
Karlo Alexei B. Nograles

Gov’t moves to fast-track land-use conversion applications

THE GOVERNMENT is preparing to issue a memorandum circular mandating concerned agencies to fast-track the processing of land-use conversion applications, Malacañang said on Friday.

ADB raises P5.22B via peso bonds for PHL projects

THE ASIAN Development Bank (ADB) raised over P5 billion in local currency bonds offered to foreign investors, with the funds meant to support projects in the Philippines.
NFA rice

Rice stocks climb at start of 2019

THE COUNTRY’S rice stocks totalled 2.55 million metric tons (MT) as of Jan. 1, up by 11.40% from the previous year’s level of 2.29 million MT, the Philippine Statistics Authority (PSA) said on Friday.

Bloomberry to replace Petron in PSE index

THE 30-member Philippine Stock Exchange index (PSEi) will see the addition of Bloomberry Resorts Corp. starting on Feb. 18, after the bourse operator’s full-year review in 2018.

DA eyes export of coconut oil, bananas, shrimps to Russia

THE DEPARTMENT of Agriculture (DA) aims to tap the unexplored markets of Russia for possible export of coconut oil, banana and shrimps, Agriculture Secretary Emmanuel F. Piñol said on Friday.

Cemex Philippines swings to loss in 2018

CEMEX Holdings Philippines, Inc. (CHP) suffered a net loss in 2018, pulled down by the impact of the landslide in Cebu and higher foreign exchange losses.

More Manila Bay establishments cited for violations

MORE establishments near Manila Bay have been cited for violations of pollution laws, according to authorities.

ATI eyes new projects

ASIAN Terminal Inc (ATI) on Friday said it is planning to launch new projects such as off-dock container yards and empty container depots, as it seeks to expand beyond its port operations in Batangas and Manila.

BSP seen keeping rates steady

THE CENTRAL BANK has enough room to keep interest rates steady over the next few months, global banks said in separate reports, noting that attention has shifted to market liquidity now that inflation has slowed.

Peso climbs to three-week high

THE PESO strengthened to a three-week high on Friday, buoyed by cues from the central bank that inflation is on its way down and that dollar reserves have recovered.

Manulife Philippines launches real estate investment product

MANULIFE PHILIPPINES has rolled out a new investment platform which allows Filipino clients to invest in real property across Asia-Pacific, at a time when local real estate investment tools remain scarce.

PSE index slips on lack of fresh leads

THE local stock market finished the week on a negative note on the lack of new catalysts to support its upward trajectory.
BSP logo

BSP steadies rates, cuts inflation view

THE CENTRAL BANK on Thursday kept policy rates unchanged anew amid signs that inflation is on a sustained decline, with price increases sure to return to target soon.
dollars renminbi euro yen

Jan. FX reserves hit 20-month high

FOREIGN CURRENCY reserves rose further in January to a 20-month high, as the central bank saw bigger income from offshore investments and the state sold dollar bonds.
Senate of the Philippines

Congress targets 2019 budget ratification today

BOTH CHAMBERS of Congress will hold sessions today in a last-minute attempt to ratify the proposed P3.757-trillion national budget for 2019 despite lingering questions on perceived irregular fund “insertions.”
PSE BGC bell

Fed, polls, oil revive demand for Southeast Asian stocks

JAKARTA/MANILA -- Bruised by global political and economic turbulence last year, foreign investors are now returning to Southeast Asian markets, encouraged by easing trade frictions, a more benign interest rate outlook and prospects of increased infrastructure spending.

High box office stakes for Alita: Battle Angel

LOS ANGELES — Manga-inspired action epic Alita: Battle Angel begins its worldwide cinema roll out this week but with a hefty budget and years in the making, producer James Cameron and director Robert Rodriguez acknowledge the stakes are high at the box office.

Ayala-led IMI earnings increase by 34% in 2018

AYALA-LED Integrated Micro-Electronics, Inc. (IMI) reported a 34% increase in attributable profit for 2018, due to net gains from the sale of a China unit and other one-off transactions.

Smart’s very first web series is the romance Find Her

SMART Communications Inc. has finally ventured into the realm of web series as it introduces Find Her, a seven-part miniseries about the role of technology in romance, which drops its first episodes on Feb. 9 on Smart’s YouTube channel.

CCLEx concessionaire secures P19-B loan

THE private concessionaire for the Cebu-Cordova Link Expressway (CCLEx) has secured a P19-billion loan facility with six local banks, which will partially fund the construction of the bridge project in the Visayas.

Berlinale unrolls green carpet for politically charged film festival

BERLIN — A mother fleeing her violent husband, a serial killer who preys on women, and famine in 1930s Ukraine are among the weighty social and political themes explored in films showcased at this year’s Berlin Film Festival.
Professional Regulation Commission (PRC) logo

PRC signals reduced coursework requirement for professionals

THE Professional Regulation Commission (PRC) said that it may require less refresher coursework from professionals as the agency makes adjustments to implement the Continuing Professional Development (CPD) Law.

PMFTC inks leaf supply deal with Universal

UNIVERSAL Corp. on Thursday said its subsidiary is increasing sales of leaf tobaccos in the Philippines as it signed a new leaf supply agreement with Philip Morris International Management SA (PMIMSA).

Oscars to go hostless for only second time

LOS ANGELES — This year’s Oscar ceremony will go ahead without an official host for only the second time in its history, an ABC television executive said on Tuesday.
job seeker applicant

Congress ratifies bill waiving fees for first-time job-seekers

A MEASURE exempting graduates and out-of-school youth from fees charged for official documents was ratified by both chambers of Congress on Wednesday.
Kazuo Okada

Tycoon asserts ownership of firms behind Okada Manila

EMBATTLED Japanese gaming tycoon Kazuo Okada maintains that he is still the rightful owner of the companies behind Okada Manila, despite a Tokyo ruling affirming the validity of a trust agreement that led to his ouster in the companies.

Odd couple

A FARRELLY movie up for the Oscars?
Dan Ammann

GM’s incentive plan for Cruise chief points to IPO

DETROIT -- General Motors Co on Wednesday outlined an incentive plan for the head of its self-driving car unit that points the way toward a possible initial public offering for the business.

Co-working space operator to open 8 more hubs in PHL

MALAYSIA-BASED co-working space operator Common Ground is targeting to open at least 8 more hubs in the Philippines by the end of 2019.

What to see this week

6 films to see on the week of February 8 — February 14, 2019

BSP requires detailed reports on loan, deposit rates

THE CENTRAL BANK will soon require lenders to submit more detailed reports on the interest rates they impose on loans and deposits, which is seen to boost transparency and enhance the regulator’s watch on the market.

UnionBank to roll out first virtual currency ATM

UNIONBANK of the Philippines, Inc. is set to launch the first virtual currency automated teller machine (ATM) in the country, allowing customers to buy and sell digital units for cash.

CLI to boost rental property portfolio

CEBU Landmasters, Inc. (CLI) sees its leasable projects contributing to a tenth of total revenues by 2023, as gross leasable area (GLA) is expected to breach the 200,000-square meter (sq.m.) mark by then.

Your Weekend Guide (February 8, 2019)

FOR the 6th concert in its 36th concert season on Feb. 8, 8 p.m., at the Cultural Center of the Philippines’ Main Theater, the Philippine Philharmonic Orchestra (PPO), under the baton of Yoshikazu Fukumura, will perform Carl Maria von Weber’s Der Freischutz Oveture, Wolfgang Amadeus Mozart’s Symphony No. 39, K.543 in flat major, and Johannes Brahms’s Symphony No. 2, op 73 in D major. For inquiries and tickets, contact the CCP Box Office (832-3704), visit www.culturalcenter.gov.ph, or contact TicketWorld (www.ticketworld.com.ph, 891-9999).