Home 2019 March 1

Daily Archives: March 1, 2019 | 7:04 pm

Toyota-manufacturing-091017

Philippine factory business improvement weakest in six months

PHILIPPINE MANUFACTURERS in February registered their weakest improvement in operating conditions in six months after the softest rise in new orders in seven, according the latest survey compiled by IHS Markit for Nikkei, Inc.
mining

Policy uncertainty offsets mineral potential to weigh on Philippines’ attractiveness to miners

THE PHILIPPINES has continued to languish near the bottom of an annual survey of mining jurisdictions by Canada-based think-tank Fraser Institute as a negative policy environment is about to mark its seventh year, although Fitch Solutions said in a separate note that it expects an easing of industry restrictions to lead to a slight recovery of nickel — of which the country is a leading global source — starting this year.
500 peso bills

Official inflation target kept at 2-4% till 2022

STATE ECONOMIC MANAGERS are keeping their 2-4% inflation target until 2022, as the overall increase in prices of widely used goods is expected to moderate further.

Pompeo assures US support via MDT, upholds free press, flags Huawei

THE United States will support the Philippines in any armed attack against its forces in the South China Sea since the Mutual Defense Treaty (MDT) between the two countries covers the disputed waters, US Secretary of State Michael R. Pompeo said on Friday, while raising the importance of human rights as well.

Panelo defends Duterte’s doubts on Marcos ill-gotten wealth

PRESIDENTIAL Spokesperson Salvador S. Panelo on Friday said President Rodrigo R. Duterte doubted the Marcoses had ill-gotten wealth because there were no cases that convicted the late strongman Ferdinand E. Marcos, Sr.

One of four Filipinos smoke, nine of 10 want smoking in public prohibited: Pulse...

NINE out of 10 adult Filipinos agree that smoking in public places should be prohibited, an advocacy group said, citing a survey last month by Pulse Asia.

Garin, others indicted over Dengvaxia mess

THE Department of Justice (DoJ) indicted former health secretary Janette P. Loreto-Garin and 19 others for reckless imprudence resulting in homicide over eight complaints in relation to deaths allegedly linked to the Dengvaxia vaccination.

Ressa’s arraignment reset

A MANILA court deferred the arraignment for cyber-libel of online news site Rappler, Inc., its CEO Maria A. Ressa, and former researcher Reynaldo Santos, Jr. while their motion to dismiss the case is still pending.


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Court rules against Coast Guard personnel in 2013 shooting of Taiwanese fisherman

A MANILA court denied the motion for reconsideration of six Philippine Coast Guard (PCG) personnel over the October 2018 dismissal of their opposition to the prosecution’s evidence on their homicide case over the killing of a Taiwanese fisherman in 2013.
Carlos G. Dominguez III

Dominguez cites rise in spending power due to TRAIN

INCREASED profitability of premier companies in the country best illustrates the “success” of the implementation of the first tax reform package, the Department of Finance said in a statement on Friday.
Vietnam rice

Single-window program called for on rice tariffication

WITH THE implementation of the law on rice tariffication, the government must adopt a single-window program on importation, said a top official of the office of Sen. Cynthia A. Villar, principal author of the law.
Lacson

Lacson: Delay in budget transmittal hinged on congressmen’s projects

SENATOR Panfilo M. Lacson on Friday claimed that the delay in the transmittal of the P3.757 trillion national budget for 2019 to Malacañang was due to individual projects still being submitted by congressmen to the House of Representatives leadership even after Congress has ratified the measure.

MWSS orders annual audits of Manila Water, Maynilad

THE Metropolitan Waterworks and Sewerage System (MWSS), which regulates the water industry, said it will audit the financial performance of the country’s two biggest water concessionaires in June and will subsequently repeat the exercise yearly.

Phoenix Petroleum signs MoU with PNOC, CNOOC unit

PHOENIX Petroleum Philippines, Inc. has signed a memorandum of understanding (MoU) with Philippine National Oil Co. (PNOC) and China’s CNOOC Gas and Power Group Co. Ltd. (CNOOC G&P) to jointly explore opportunities in the liquefied natural gas (LNG) hub project, whose main proponent is Davao City businessman Dennis A. Uy.

MORE Power promises Iloilo businesses lower rates

MORE Power and Electric Co. (MORE Power) said it will provide lower power rates when it takes over the concession from Iloilo City from the current power distributor, Panay Electric Co. (PECO).
Philippine Competition Commission

PCC approves Aboitiz acquisition, Bonifacio East deals

THE Philippine Competition Commission (PCC) said it approved on Thursday Aboitiz Power Corp.’s acquisition of a stake in AA Thermal Inc., as well as a joint venture agreement signed with a Chinese company by the Bases Conversion Development Authority (BCDA) and the National Housing Authority (NHA).

VW distributor targets 50% sales growth in 2019

AUTOMOBILE Central Enterprises, Inc. (ACEI), the exclusive distributor of the German car brand Volkswagen, has set a target of 50% sales growth in 2019, banking on its stable of affordable models and an expected recovery in the auto industry.
Metrobank

Metrobank 2018 net profit rises 21% amid growth in loans

METROPOLITAN Bank & Trust Co. (Metrobank) said net profit rose 21% in 2018, buoyed by the healthy expansion in loans.
peso

Peso flat after strong US GDP, possible BSP intervention

THE peso was flat against the dollar on Friday following stronger-than-expected economic data in the United States, triggering speculation of central bank intervention in the market.
PSE

Portfolio adjustment in face of MSCI rebalancing weighs on Philippine shares

THE PHILIPPINE Stock Exchange index (PSEi) closed on Friday at its lowest level since nearly the start of the year as investors sold heavily amid portfolio adjustment in the face of MSCI rebalancing and after US-North Korea talks in Vietnam this week failed to yield denuclearization progress.
rice grocery

BSP sees even slower Feb. inflation

INFLATION likely eased further in February, the Bangko Sentral ng Pilipinas (BSP) said on Thursday, citing chances that the overall increase in prices of widely used goods fell below four percent as rice prices dropped.

Approved foreign investment pledges

THE GOVERNMENT approved more foreign direct investment (FDI) commitments in the country last year, fueled mostly by pledges in 2018’s last three months. Read...
dollars bank notes

Q4 boosts approved 2018 FDI pledges

THE GOVERNMENT approved more foreign direct investment (FDI) commitments in the country last year, fueled mostly by pledges in 2018’s last three months.
Gringo Honasan

Honasan may not take on DICT post

FOLLOWING his nomination by Malacañang late last year to take the reins at the Department of Information and Communications Technology (DICT), Senator Gregorio B. Honasan II seems uninterested in the post as his appointment lapsed due to his failure to submit required documents.
protest Camp Crame PNP

Rule of law in PHL one of Asia’s weakest

PHILIPPINE rule of law has remained one of the weakest in East Asia and the Pacific, according to an annual survey of more than a hundred economies that showed the country’s score steadying from last year even as it rose in rank amid a generally negative slide worldwide.

Captain Marvel stars roll out female-led action flick

LONDON — Marvel Studios brought its first female-led superhero movie to London on Wednesday, where the stars of Captain Marvel said they hoped to inspire with a different kind of action flick.

Analyzing the ills of Philippine Cinema

IN EARLY February, one of the country’s most prominent film directors — Erik Matti — bemoaned the state of Philippine cinema, saying that despite the “industry being the busiest [it has been] in the past three years” only a handful of movies have achieved box office success. He called his lengthy Facebook post on Feb. 7 a “plea for help” for the government to intervene to save the industry.

Fiennes cousins, actor and explorer, adventure on the Nile for television

LONDON — Squeezing through tiny tunnels into a mummy’s tomb is not something to rattle veteran British explorer Ranulph Fiennes.

SMIC profit jumps 13% in 2018

SM INVESTMENTS Corp. (SMIC) increased its earnings by 13% in 2018, as the company’s property, banking, and retail units continued to show steady growth.

Swamped

FIRST the title: Kangkungan — literally, swamp (or water) spinach patch. A highly nutritious green that flourishes in canals and fishponds all over the Philippines, often sautéed with fermented shrimp paste and minced garlic. What’s the significance?

Meralco in talks with ALI to put up microgrids in resort areas

MANILA ELECTRIC Co. (Meralco) is studying the viability of putting up microgrid systems in popular tourist destinations outside its franchise area and replicate the hybrid energy system it is installing on Cagbalete Island in Quezon province.

Inarritu to head Cannes Film Festival jury

PARIS — Birdman and 21 Grams director Alejandro Gonzalez Inarritu will head the jury at the 2019 Cannes Film Festival in May, becoming the first Mexican to do so, organizers said on Wednesday.
PCC logo

PCC green-lights sale of Splash to Bangalore firm

THE Philippine Competition Commission (PCC) said it has approved a Bangalore-based company’s plan to acquire Philippine personal care manufacturer Splash Corp.

Shakira to face Spanish tax fraud accusation in June

MADRID — Colombian singer Shakira has been called to appear in a Spanish court on June 12 to face accusations of failing to pay €14.5 million ($16.5 million) in tax, the court in the Catalonia region said on Tuesday.

Phoenix prepares dollar bond issue, opens 1st Autoworx shop

PHOENIX Petroleum Philippines, Inc. has tapped foreign financial institutions to arrange a series of fixed income investor meetings in Manila, Hong Kong and Singapore, possibly resulting in the issuance of dollar-denominated debt instruments.

Wages commission orders bus firms to submit fixed-pay plans

THE National Wages and Productivity Commission (NWPC) called on bus companies to submit their schemes to offer partial fixed compensation of at least minimum wage for bus drivers and conductors, in line with the revised guidelines.
PH coins new

M3, lending growth slow in Jan.

MONEY SUPPLY growth eased in January to post the slowest pace in over six years, matching a softer pickup in bank loans, the Bangko Sentral ng Pilipinas (BSP) said yesterday.

R. Kelly pleads not guilty to sexual assault

CHICAGO — Grammy-winning R&B star R. Kelly pleaded not guilty on Monday to charges that he sexually assaulted three teenage girls and a woman in alleged incidents dating back to 1998, weeks after a television documentary leveled new accusations against him.

Security Bank earnings drop on lower trading gains

SECURITY BANK Corp. logged a lower net income in 2018, dragged by a decrease in trading gains and higher provisions for income tax.
JPMorgan Chase & Co. headquarters

JPMorgan expands commercial banking staff across Europe, Asia

NEW YORK -- JPMorgan Chase & Co on Wednesday named half a dozen people to a commercial banking team in Europe and new international and Asia-Pacific regional leaders, as the U.S. bank closes in on business clients it hopes to poach from rivals abroad.

Germany’s Stada aims to bring affordable medicine to Philippines

GERMAN pharmaceutical company Stada Pharmaceuticals, Inc. officially launched in the Philippines, offering high quality generic and branded medicine.

West Java cracks down on ‘adult’ foreign pop

JAKARTA — Indonesia’s most populous province has set restrictions on when certain English-language songs can be aired on television and radio, citing concerns over “vulgar” and “negative” lyrics.

Ford’s China joint venture terminates some contracts with job agencies as sales decline

BEIJING -- Ford Motor Co’s joint venture with China Changan Automobile Group has decided not to renew its contract with some agencies supplying it with workers, as carmakers struggle to cope with slumping sales in China.

ArthaLand launches Savya Financial Center in Taguig

ARTHALAND Corp. launched on Thursday its latest green office building, the Savya Financial Center, in Taguig.

China Bank profit climbs in 2018

CHINA BANKING Corp. booked higher net income in 2018 propelled by the sustained growth of its core businesses.