Home 2019 May 3

Daily Archives: May 3, 2019 | 7:53 pm

Benjamin Diokno

Central bank sees rate cut impetus from S&P rating upgrade

THE BANGKO SENTRAL ng Pilipinas (BSP) sees room to “move faster” in easing monetary policy following the sovereign debt rating upgrade last April from S&P Global Ratings, the central bank chief said in an ABS-CBN News Channel (ANC) interview, noting that the domestic economy likely grew “slightly higher” than six percent in the first quarter of the year.

NAMFREL withdraws accreditation to assist in midterm polls

THE National Citizen’s Movement for Free Elections (NAMFREL) has withdrawn its accreditation to assist in the May 13, 2019, midterm elections.
National Grid Corporation of the Philippines (NGCP)

NGCP: Rotational brownouts in NCR, parts of Luzon possible

GRID operator National Grid Corporation of the Philippines (NGCP) warned of possible rotational brownouts in Metro Manila and other parts of Luzon on Friday, a day after the Energy department once again assured Congress that power supply is sufficient with the addition of new sources.

SC issues writ of kalikasan on West Philippine Sea

THE Supreme Court granted a petition last month by the Integrated Bar of the Philippines (IBP) and fisherfolk groups, issuing a Writ of Kalikasan for the protection and preservation of three shoals within the country’s territory in the West Philippine Sea (WPS).

SC issues writ of amparo and habeas data for NUPL

THE Supreme Court (SC) granted the petition of the National Union of Peoples’ Lawyers (NUPL), issuing a writ of amparo and habeas data for the protection of its members against “red-tagging” and alleged attacks by the government.

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Atenean tops Bar, top 10 dominated by University of San Carlos

A total of 1,800 law graduates out of the 8,155 takers passed the 2018 Bar Examinations, led by Ateneo de Manila University graduate Sean James B. Borja as topnotcher.

NBI: Arrested netizen may turn state witness in video upload case

THE National Bureau of Investigation (NBI) said the man arrested for being the owner of the website which shared the “Bikoy” videos may be considered as state witness, as the bureau verifies the identity of the uploader of the videos.

Gov’t urged to shift to PPP after credit upgrade

THE Foundation for Economic Freedom on Friday called on the government to begin shifting from Official Development Assistance (ODA) to Public-Private Partnership (PPP), following its credit rating upgrade.

PHL-France sign tourism cooperation agreement

FRANCE AND the Philippines have signed an agreement to strengthen tourism ties and increase the flow of visitors both ways.
Century properties_logo

Century Properties reports strong pre-sales for affordable housing projects

LISTED Century Properties Group Inc. said its first three affordable housing projects have generated P4.4 billion as of the end of April, accounting for nearly all of the projects’ pre-selling units.

Metro Retail Stores 2018 results dampened by fire; sees 2020 growth

METRO Retail Stores Group, Inc. (MRSGI) said it is well-positioned for growth in 2020, citing the strong economy and domestic retail demand, after a fire at a Cebu store brought down its 2018 results.

Harley-Davidson opens Davao dealership

DAVAO CITY — More Harley-Davidson motorcycles could soon be hitting Mindanao’s roads with the recent opening of a dealership here, which also offers after-sales service and original merchandise for the American motorcycle brand.

China Bank Q1 net profit rises 24% to P1.9 billion

CHINA Banking Corp. (China Bank) said earnings rose in the first quarter driven by the robust expansion of its core businesses.

PBB net profit rises 38% in first quarter

PHILIPPINE Business Bank (PBB) said net profit rose more than 38% in the first three months, following the strong performance of lending and treasury businesses.
peso dollar

Peso closes slightly higher in rangebound trading ahead of US jobs data

THE peso firmed against the dollar on Friday in quiet trading ahead of the release of US jobs data.
PSE BGC bells

Profit-taking pulls bourse back below 8,000, capping three-session rally

THE PHILIPPINE STOCK EXCHANGE index (PSEi) failed to sustain strength seen for much of Friday, as profit-taking pulled the bourse back below the 8,000 line and capped a three-session rally.

Local startup founder wins global competition for women-led ventures

When Carmina Bayombong was studying industrial engineering at the University of the Philippines, she saw dozens of fellow students struggling due to financial concerns....

Impact Hub extends application deadline for social venture accelerator program

Impact Hub Manila is looking for established startups looking to scale their businesses to join their global accelerator program for social ventures, Accelerate2030. Co-initiated by...

ASEAN manufacturing purchasing managers’ index, April (2019)

MANUFACTURERS in the Philippines marked the smallest improvement in business conditions in nine months as the second quarter began as output growth dropped to...
factory assembly line

Factory expansion slowest in 9 months

MANUFACTURERS in the Philippines marked the smallest improvement in business conditions in nine months as the second quarter began as output growth dropped to a 19-month low, according to the latest monthly survey IHS Markit conducted for Nikkei, Inc. that also showed new orders rose at the weakest rate in nine months and a “sustained fall” in orders from abroad that was “notably faster than that seen in March.”
Vietnamese factory worker

Asia manufacturing ‘bottoming out’ but economies may still need more stimulus

HONG KONG -- Factory activity recovered last month in parts of Asia but still appeared to be on shaky ground as global demand remained subdued and China’s stimulus measures were yet to show their full pulling power.
Cebu Pacific

Aviation regulator starts hearings on Cebu Pacific issues

THE CIVIL Aeronautics Board (CAB) is asking Cebu Pacific operator Cebu Air, Inc. to submit additional requirements as the regulator on Thursday conducted its first formal hearing on the carrier’s recent wave of flight cancellations.
carabao farmer

Economists expect negative to flat first-quarter agriculture performance

ECONOMISTS expect production of agriculture -- which contributes a tenth to gross domestic product (GDP) and a fourth of jobs in the country -- to have contracted or registered flattish increment at best last quarter in the face of an El Niño-induced dry spell, according to separate interviews earlier this week.

Metro Pacific core profit hits P3.7B in Q1

INFRASTRUCTURE conglomerate Metro Pacific Investments Corp. (MPIC) delivered a three percent increase in core profit during the first quarter of 2019, supported by the growth of its energy, water, and hospital businesses amid the flat performance of its toll roads unit.

Hospital operator shelves IPO plan

METRO PACIFIC Hospital Holdings, Inc. (MPHHI) has shelved its plan to debut on the stock market as management prefers to keep the business private.

AEV profit drops 27% in Q1

ABOITIZ Equity Ventures, Inc. (AEV) posted a 27% decline in first-quarter consolidated net income to P3.5 billion from P4.8 billion a year ago, due in part to non-recurring losses, the company told the stock exchange on Thursday.

Avengers: Endgame shatters PHL box-office records

THE final film of Marvel’s Avengers Infinity saga, Avengers: Endgame, shattered Philippine box- office records as it posted P937.5 million over the four days since it opened on April 24, making it the film with the biggest opening weekend of all time.

Panlilio set to return to PLDT group

PLDT, Inc. and its wireless unit Smart Communications, Inc. announced on Thursday that Alfredo S. Panlilio will be returning in July as its chief revenue officer.

K-Pop stardom lures Japanese youth to Korea despite diplomatic chill

SEOUL — Yuuka Hasumi put high school in Japan on hold and flew to South Korea in February to try her chances at becoming a K-pop star, even if that means long hours of vocal and dance training, no privacy, no boyfriend, and even no phone.

Films on the impact of technology on modern life to be screened

A COLLECTION of animated science fiction films which focus on the impact of technology on modern life and its political and ideological concerns is featured this month at the De La Salle-College of Saint Benilde (DLS-CSB) Museum of Contemporary Art and Design.

Bloomberry, ICTSI face headwinds — Razon

THE founder of Bloomberry Resorts Corp. and International Container Terminal Services, Inc. (ICTSI), the Philippines’ best-performing stocks this year, said key parts of his businesses are facing headwinds.

Netflix signs deal for Thai cave rescue miniseries

BANGKOK — Netflix, Inc. is teaming up with the company behind the hit movie Crazy Rich Asians to produce a miniseries about the perilous rescue of 12 young soccer players and their coach from a flooded cave in Thailand.

URC earnings jump 3% in 1st quarter as domestic sales recover

UNIVERSAL Robina Corp. (URC) reported a three percent increase in attributable profit in the first three months of 2019, as sales volume and average selling prices improved during the period.

LANDBANK looking to roll out agent banking in remote areas

LAND BANK of the Philippines (LANDBANK) is setting its sights on agent banking as it plans to pilot test the model in eight remote areas in the country this year.

Former teen idol Zac Efron plays serial killer Bundy in new drama

LONDON — Zac Efron, who won legions of female fans in the High School Musical films, takes on a more sinister role in crime drama Extremely Wicked, Shockingly Evil, and Vile, playing American serial killer Ted Bundy.

Maynilad boosts production at Putatan

MAYNILAD Water Services, Inc. said on Thursday that it was able to increase the production of its two Putatan water treatment facilities to 125 million liters per day (MLD) from 80 MLD, despite the continued algae proliferation in Laguna Lake.

Demand for BSP’s TDF drops ahead of review

APPETITE FOR term deposits declined at this week’s auction ahead of the meeting of the Bangko Sentral ng Pilipinas’ (BSP) policy-setting Monetary Board.

Pharmacists gearing up for enhanced role under UHC law

DAVAO CITY -- Pharmacists are preparing for an enhanced role in the health sector following the recent passage of the Universal Health Care law, of Republic Act No. 11223, which calls for the establishment of Botika Ng Barangay (BNB) outlets nationwide.

Fox renews Empire without Jussie Smollett’s character

LOS ANGELES — US television network Fox on Tuesday renewed drama series Empire for a sixth season but said there were no plans to bring back the character played by Jussie Smollett, the actor who said he was the victim of a hate crime in January.
Securities and Exchange Commission (SEC) logo

Registration for 1 person corporation starts May 6

ENTITIES with only one stockholder may start applying for company registration starting May 6, after the issuance of guidelines by the Securities and Exchange Commission (SEC).
Asia United Bank (AUB)

AUB Q1 net income jumps

ASIA UNITED Bank Corp. (AUB) saw its net profit surge in the first quarter as its core lending businesses remained robust amid competition.
King Abdullah Financial District

Saudi Arabia remains top destination for OFWs

AN ESTIMATED 2.3 million Filipinos worked abroad in the middle two quarters of 2018, with Saudi Arabia still the top destination for these workers, the Philippine Statistics Authority (PSA) said.

Drake breaks record for most Billboard Music Awards wins

DRAKE broke the record for most Billboard Music Awards (BBMA) wins, taking home 12 awards including Top Artist. This brings his total number of Billboard wins to 27.
robotics warehouse

Amazon dismisses that automation will eliminate all its warehouse jobs

BALTIMORE -- Amazon.com Inc dismissed the idea of running a fully automated warehouse in the near future, citing the superior cognitive ability of humans and limitations of current technology.
Philam Life

AIA to invest P3B in Philam Life

AIA GROUP Ltd. is investing P3 billion in its local subsidiary Philippine American Life and General Insurance Co. Inc. (Philam Life) over the next three years to boost agency distribution, officials said on Thursday.