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Monthly Archives: May 2019

Clark International Airport construction

Fitch affirms Philippine debt grade but slashes growth forecast further

GLOBAL DEBT WATCHER Fitch Ratings, Inc. on Thursday affirmed the Philippines’ long-term foreign-currency issuer default rating at “BBB” — still a notch above minimum investment grade — with a “stable” outlook, meaning the rating is likely to be sustained in up to two years, but further slashed its gross domestic product (GDP) projection for the country.

Philippines, Japan mull peso-yen direct trading

THE PHILIPPINES and Japan are looking at the possibility of setting up a peso-yen direct trading framework in a bid to encourage wider use of both currencies and deepen bilateral ties.

Extended foreign buying propels PSEi closer to 8,000 as May ends

LOCAL EQUITIES ended the month up for the fourth straight trading day and marked the second weekly climb, buoyed by foreign buying that pushed the main index closer to the 8,000 mark last seen on May 2.

Duterte to Japanese businessmen on war with China: ‘My marines will be wiped out’

THE Philippines will not stand a chance in a war with China, President Rodrigo R. Duterte reiterated anew, but this time before an audience of Japanese businessmen on Friday.

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Duterte slams climate change conferences

PRESIDENT Rodrigo R. Duterte, before an audience of Japanese businessmen on Friday, slammed the series of international climate-change conferences amid the continuing impact of that phenomenon.

Abu Sayyaf kill Dutch captive amid military offensive

DUTCH EWOLD Horn, a birdwatcher who was kidnapped by the Abu Sayyaf in 2012, was killed Friday morning by his captors in Patikul, Sulu, as he tried to escape amid the week-long intense offensive launched by the military against the bandit group, the Western Mindanao Command (WestMinCom) reported.

Lacson to distribute in Senate resolution supporting Sotto

A RESOLUTION will be circulated among senators to gauge support for Senate President Vicente C. Sotto III’s continuing leadership in the chamber in the 18th Congress, Senator Panfilo M. Lacson said Friday.

Comelec to review bidding procedures following Duterte’s remarks against Smartmatic

THE Commission on Elections (Comelec) will review its procedures in awarding contracts to election technology providers, following President Rodrigo R. Duterte’s remarks Thursday night against Smartmatic.

Parojinog son convicted for illegal possession of drugs

A QUEZON City court found Reynaldo E. Parojinog, Jr., the son of slain Ozamis City mayor Reynaldo O. Parojinog, Sr., guilty beyond reasonable doubt for illegal possession of drugs.

Chinese national, 16 others charged with drug trafficking

THE Philippine Drug Enforcement Agency (PDEA) filed a criminal complaint before the Department of Justice against a Chinese national and 16 others for the importation of P1.8 billion-worth of shabu discovered last March at the Manila International Container Port (MICP).
Teodoro L. Locsin, Jr.

Recalled envoys to reassume posts in Canada

THE Department of Foreign Affairs (DFA) on Friday directed recalled ambassadors and consuls to return to Canada following the shipment of the waste containers.

OCD clarifies unused funds flagged by COA

By Vann Marlo M. Villegas, Reporter THE Office of Civil Defense (OCD) said the P36.91 million funds donated to victims of the 2017 Marawi Siege...
Supreme Court (SC)

JBC to interview 24 applicants for SC associate justice

THE Judicial and Bar Council (JBC) is set to interview 24 applicants vying for the position of Supreme Court associate justice to be vacated by Justice Mariano C. Del Castillo on his retirement on July 29.
vegetable stall market

Ilocos region leads in mixed Q1 production of fruits, vegetables, root crops

PRODUCTION of major fruit crops, vegetables, and root crops recorded mixed results for the first quarter, according to data by the Philippine Statistics Authority (PSA), with the Ilocos region leading vegetable production.
rice grains farmer

Rice prices continue drop

THE average farmgate price of palay, or unmilled rice, fell 0.5% week on week during the third week of May to P18.26 per kilogram (kg), the Philippine Statistics Authority (PSA) said.
Emmanuel F. Piñol

DA: Young coconuts set for US export

THE Department of Agriculture (DA) and the Philippine Coconut Authority (PCA) are gearing up for the first shipment, set in July, of green or young coconuts to the United States.

JG Summit plans 28% capex rise focused on petrochemical, airline expansion

JG Summit Holdings, Inc. is increasing its capital expenditures (capex) this year, banking on a growing economy in expanding its petrochemical, airline, property, food and beverage and banking businesses.

Petron committee approves preferred share offer of up to P20-B

PETRON Corp. said its executive committee has approved an offer of perpetual preferred shares raising up to P20 billion, the company said Friday.

SEC approves AEV shelf registration for P30-B worth of bonds

ABOITIZ Equity Ventures, Inc. (AEV) has obtained approval from the Securities and Exchange Commission (SEC) to offer to the public P30 billion worth of fixed-rate bonds.

PNB doubles euro note program; announces P12 billion rights offer

PHILIPPINE National Bank said it doubled the size of its overall euro medium-term note (MTN) program to $2 billion, after announcing plans to tap the same facility for a further $300 million.
Asia United Bank Corp. (AUB)

AUB to add 10 new locations to branch network

ASIA UNITED Bank Corp. (AUB) plans to open 10 new branches this year in areas demonstrating “vibrant” business activity, while pursuing opportunities to apply new technology to its operations.
peso dollar

Peso firms after Fitch maintains PHL sovereign rating

THE peso strengthened slightly against the dollar on Friday, as market participants reacted to a recent decision by Fitch Ratings to maintain its credit rating for the Philippines.

Metrobank is Best Managed Bank in the Philippines

BANGKOK, THAILAND – Metropolitan Bank and Trust Co. (Metrobank) is recognized as The Best Managed Bank in the Philippines at the Asian Banker Leadership Achievement Awards 2019. These awards are widely acknowledged by the financial services industry as the highest possible accolade given to  companies and individuals within the Asia Pacific and Gulf regions.

Palace issues EO allowing PNOC unit to take on partners for service contracts

PRESIDENT Rodigo R. Duterte signed an executive order (EO) authorizing the Philippine National Oil Co.-Exploration Corp. (PNOC EC) to take in equity participants for service contracts it acquired in its own name.
electronics semiconductor

Uncertainty weighs on electronics firms’ plans

THE COUNTRY has lost a “billion dollars” worth of investments for chip plant expansion due to uncertainty from plans to change tax incentives, the Semiconductor and Electronics Industries in the Philippines Foundation, Inc. (SEIPI) said on Thursday.
consumer shopping

Per capita household spending growth slows

GROWTH of household spending slowed to 3.9% in 2018, with nine out of 17 regions posting slower growth rates and one recording a decline, according to data the Philippine Statistics Authority released on Thursday.

Charting best practices amid tech disruption

BUSINESSES must play catch-up with emerging technologies if they want to remain relevant in this era of artificial intelligence, automation and e-commerce, with top brass’ adoption of latest trends crucial to driving growth.

RLC plans township in Pampanga

ROBINSONS Land Corp. (RLC) will be developing close to 200 hectares of land in Pampanga into a mixed-use estate, as the property firm rides on the robust economic growth in the province.

PHL stock market accounts hit 1 million in 2018

THE RISE of online trading pushed the number of stock market accounts past the one-million mark in 2018, according to a report by the Philippine Stock Exchange, Inc. (PSE).

DMCI Power sales jump 20% in Q1

DMCI Power Corp. reported a 20% rise in sales in the first quarter, driven by an increase in energy demand from its three electric cooperatives in Oriental Mindoro, Palawan and Masbate.

YouTube booming in PHL

WHEN YouTube was started 14 years ago, it was originally intended to be a website where people could shoot, post, and share their videos, and while the original purpose remains, the video-sharing website has become so much more — it is now a platform on which people can build careers.

Robinsons Retail still rationalizing RSCI stores

ROBINSONS Retail Holdings, Inc. (RRHI) is looking to rationalize the store network of Rustan Supercenters, Inc. (RSCI)

Disney’s Star Wars Land is a rich nerd mall

FORGET WHAT you’ve heard about gliding into the cockpit of the Millennium Falcon or seeing Chewbacca face-to-face at Disney’s latest thematic romp. When Star Wars: Galaxy’s Edge opens at Disneyland Park in Anaheim, Calif., on May 31 and Walt Disney World outside Orlando later this year, it won’t just be a collection of attractions, entertainment, and a liquor-slinging cantina. It’s also a nerd mall.

IBPAP says revenues grow in 2018 but falls short of road map target

THE Information Technology and Business Process Association of the Philippines (IBPAP) said revenues picked up pace in 2018, but failed to reach its targets under the current industry road map.

Gender diversity in management improves firms’ performance

THE International Labor Organization (ILO) said one of its studies has found that greater gender diversity in management positions is likely to improve company performance in metrics like productivity and job retention, adding that many organizations estimate that gender diversity drove profit growth of 5-20%.

HSBC plans retail wealth headcount boost; eyes Singapore expansion

HONG KONG -- HSBC Holdings PLC plans to boost its Asia retail wealth management staff by about 300 by end of this year, with Europe’s biggest lender by assets sharpening its focus on Singapore to add to its presence in core markets of Hong Kong and China.

Stressed Game of Thrones star Kit Harington getting treatment

LOS ANGELES — Game of Thrones actor Kit Harington is undergoing treatment after the end of the HBO television series in which he starred as the heartthrob Jon Snow, his representative said on Tuesday.
MRC allied

MRC Allied puts LNG projects on hold

MRC ALLIED, Inc. on Thursday said it has placed plans for a liquefied natural gas (LNG) facility on hold, while it awaits the government’s rules governing such projects.

EastWest Bank to raise P10 billion from bonds

EAST WEST Banking Corp. (EastWest Bank) is set to offer P10 billion in peso-denominated bonds to raise fresh funds.

BoJ policy maker warns against ‘reckless’ easing

SHIZUOKA, Japan — Bank of Japan (BoJ) policy maker Makoto Sakurai on Thursday warned against “recklessly” ramping up stimulus just to prop up prices, blaming soft inflation on structural factors that were positive for the economy.

Springs eternal

MIKE DE LEON mentioned in passing that “Huk, despite the propaganda, in my opinion, remains one of the best Avellana films. Along with Pag-asa.”

Tanduay opens 1st restaurant

TANDUAY Brands International, Inc. (TBII) said it opened its first restaurant, The Kushi Bar (TKB), in Makati City.

France pledges to fight for plant where GE plans 1,044 job cuts

STRASBOURG, FRANCE/NEW YORK -- French Finance Minister Bruno Le Maire said on Tuesday he would fight to save jobs at a General Electric Co. (GE) factory in eastern France where more than 1,000 posts are threatened.

Malaysia’s Mahathir proposes common East Asia trading currency pegged to gold

KUALA LUMPUR — Malaysian Prime Minister Mahathir Mohamad on Thursday mooted the idea of a common trading currency for East Asia that would be pegged to gold, describing the existing currency trading in the region as manipulative.

What to see this week

5 films to see on the week of May 31 — June 6, 2019