Home 2019 May 10

Daily Archives: May 10, 2019 | 7:32 pm


Foreign direct investments climb in February

FOREIGN DIRECT investments (FDI) climbed in February on investor optimism over the country’s growth prospects and fundamentals, the Bangko Sentral ng Pilipinas (BSP) reported on Friday.

Philippines raises $842 million from euro bonds sale

MANILA — The Philippine government raised 750 million euros ($842.33 million) in eight-year euro-denominated bonds in an offering that was six times oversubscribed, a senior finance official said on Friday.

ERC prepares legal strategies after SC ruling on power supply deals

The Energy Regulatory Commission (ERC) is preparing “legal strategies” in response to the Supreme Court decision requiring all power supply agreements (PSAs) forged after June 30, 2015 to undergo a competitive selection process (CSP) to arrive at the least-cost power for consumers, its chairman said.

Duterte will not allow election cheating — Palace

MALACAÑANG warned on Friday that President Rodrigo R. Duterte will not allow any form of cheating by the election commission in the 2019 midterm elections on Monday, stressing that the Commission on Elections (Comelec) should ensure the integrity of the ballots.
Palacio del Gobernador COMELEC

Comelec assures it will be ready for the polls despite hitches

THE Commission on Elections (Comelec) said that despite some mishaps surrounding the preparations in the days before the May 13 elections, it will be able to address them on time.
Angkas logo

DoTr, Angkas to pilot test motorcycle taxis

THE Department of Transportation (DoTr) will be working with Angkas in a pilot test that will allow motorcycle taxis to temporarily operate in select areas across the country.

Albay mayor wanted for Batocabe murder surrenders to police

POLICE confirmed that Daraga, Albay Mayor Carlwyn G. Baldo, the main suspect in the killing of Ako Bicol party-list Representative Rodel M. Batocabe and his security escort, surrendered on Friday morning to the authorities.

PNP arrests 3 suspected members of Islamic State

THE Philippine National Police’s Criminal Investigation and Detection Group (CIDG) arrested three suspected members of the Islamic State (ISIS) — Daulah Islamiyah Ranao in separate operations at Parañaque City and Rizal province on Friday.

‘Bikoy’ charged for beauty pageant estafa

A CRIMINAL complaint of estafa was filed against Peter Joemel Advincula — the man who claims to be “Bikoy,” the man behind the viral “Ang Totoong Narcolist” videos — for organizing a beauty pageant and later disappearing without giving the prizes to the winners.

MinDA’s Abul Khayr Alonto, 73

DAVAO CITY — Secretary Abul Khayr D. Alonto, the first Muslim to head the Mindanao Development Authority (MinDA), died on the evening of May 9.

BSP to look at growth as it considers further rate cuts

THE COUNTRY’S economic outlook and the peso’s stability will be the key deciding factors for the Bangko Sentral ng Pilipinas (BSP) in further cutting its policy rates and reducing banks’ reserve requirement, think tank Fitch Solutions said in an analysis.

TUCP files wage petitions for three more regions

AFTER filing a petition earlier this week before the Central Visayas wage board for a P386 minimum wage increase, the Trade Union Congress of the Philippines (TUCP) has demanded more pay hikes in three different regions.
Department of Foreign Affairs (DFA)

PHL, Mexico to wrap up bilateral negotiations

THE PHILIPPINES and Mexico are set to conclude negotiations for agreements on air services, disaster risk management, and the establishment of a Joint Economic Committee (JEC), according to the Department of Foreign Affairs (DFA).

Property, telco units push Ayala Q1 profit 5% higher

EARNINGS of Ayala Corp. (AC) increased by five percent in the first quarter of 2019, driven by the strong performance of its property, banking, and telco units, complemented by gains from the merger of its education arm with the Yuchengco group.

SMC plans tender offer for Holcim PHL minority shareholders

DIVERSIFIED conglomerate San Miguel Corp. (SMC) will have to conduct a tender offer to minority shareholders of Holcim Philippines, Inc. (HPI) in relation to its $2.15-billion acquisition of the listed cement manufacturer.

Earnings of LT Group jump 22% in first 3 months

LT Group, Inc. (LTG) generated a 22% attributable profit increase in the three months ending March, following a double-digit profit growth in its banking, tobacco, liquor, and real estate businesses.

Chelsea 1st quarter income rises 21%

EARNINGS of Chelsea Logistics and Infrastructure Holdings Corp. jumped by 21% in the first three months of the year, driven by robust revenues from its logistics business.

JG Summit creates digital equity ventures unit

JG Summit Holdings, Inc. is diving further into the digital space, pouring $50 million into a unit that will invest in digital ventures and emerging technologies in Southeast Asia.

Swiss challenge for CTBEx seen before end-2019

THE Metro Pacific Tollways Corp. (MPTC) said it is expecting to conduct the Swiss challenge for the Cavite-Tagaytay-Batangas Expressway (CTBEx) project before the year ends.

Cosco Q1 profit hits P8.53B thanks to sale of Liquigaz

COSCO Capital, Inc. reported its net income attributable to equity holders of the parent company surged by 605% to P8.53 billion in the first quarter, thanks to the gain from the sale of Liquigaz Philippines Corp.
Asian Century Center

Developer CPG posts 36% higher profit in Q1

CENTURY Properties Group, Inc. (CPG) saw its earnings grow by 36% in the first quarter, on higher real estate sales and leasing revenues.

Max’s income grows by 18% in Jan-March

Max’s Group, Inc. (MGI) grew its net income by 17.6% in the first quarter of 2019, as the company benefited from its strategic shift to franchising and other cost stabilization efforts.

Philippine Seven income drops 41% in 1st quarter

THE local licensee of 7-Eleven convenience stores reported a 41% profit decline in the first quarter of the year, as it used a new accounting rule that changes the recognition of leased properties.

Peso strengthens after BSP rate cut

THE PESO strengthened against the greenback on Friday after the central bank cut policy rates amid easing inflation expectations.
Pag-IBIG Fund

Pag-IBIG Fund books higher income in Q1

THE HOME Development Mutual Fund (Pag-IBIG Fund) booked a higher net income in first quarter on improved loan demand and collections.

Shares decline further as US-China trade woes deepen

SHARES slipped on Friday as investors focused on the US’ tariff hike on $200-billion worth of Chinese goods.

E-payment solution GCash breaches 50,000 partner merchant mark

Local e-payment solution, GCash, just hit a major milestone. Product operator Mynt (Globe Fintech Innovations, Inc.) announced that the first quarter of 2019 saw...

A Mother’s Day history

On May 12, many different countries around the world, including the Philippines, will celebrate Mother’s Day, an annual occasion honoring one of the most...

Five business ideas for the stay-at-home mothers

Starting a family, especially a new one, can be a full-time job on its own. Ideally, the responsibilities of raising a child should fall...

Ideal gifts for moms

Mothers have been pouring out their time, effort, and love to their family ever since. For this, they deserve to be greatly rewarded and...

MB cuts rates, adjusts inflation forecasts

THE CENTRAL BANK’s Monetary Board (MB) on Thursday cut benchmark interest rates by 25 basis points (bps) in its third policy review for the year, hours after the Philippine Statistics Authority (PSA) reported that the economy grew at the slowest clip in four years last quarter and two days after the PSA said inflation eased to the slowest pace in 16 months in April.

Gross domestic product quarterly performance (Q1 2019)

PHILIPPINE gross domestic product (GDP) grew by 5.6% in the first quarter, its worst performance in four years, the Philippine Statistics Authority reported on Thursday.
consumer shopping

Q1 GDP growth slowest in 4 years

PHILIPPINE gross domestic product (GDP) grew by 5.6% in the first quarter, its worst performance in four years, the Philippine Statistics Authority reported on Thursday.
electricity power lines

ERC moves to ease power demand amid thin reserves

THE ENERGY REGULATORY COMMISSION (ERC) has issued a resolution that adds other circumstances that will prompt distribution utilities, including the country’s biggest -- Manila Electric Co. (Meralco), to activate their interruptible load program (ILP) and ease energy demand in the system.

Disney delays Avatar 2, sets dates for new Star Wars films

LOS ANGELES — Walt Disney Co. on Tuesday pushed back the release of James Cameron’s sequel to box-office champion Avatar by a year, to December 2021, and announced debut dates for new Star Wars films starting in December 2022.

Oil, food units drag San Miguel Q1 profit lower

EARNINGS of diversified conglomerate San Miguel Corp. (SMC) slumped by 18% in the first three months of 2019, as its fuel and food businesses were weighed down by volatile global oil prices and higher input costs.

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Google tops 15 million music subscribers as it chases after Spotify

GOOGLE’S paid music services have eclipsed 15 million subscribers, according to two people familiar with the numbers, a milestone for a company that has struggled to build subscription media businesses.

How SSI secured deal for Shake Shack franchise

SHAKE SHACK is officially opening today its first Philippine branch in the heart of Bonifacio Global City (BGC), a long way from its start as a hotdog cart in a New York City park 15 years ago.

George Clooney returns to TV with Catch 22

LOS ANGELES — Twenty years after he left medical drama ER, George Clooney returns to television this month with an adaptation of Joseph Heller’s Catch-22, a novel whose complexity the actor said made it ideal for a six-part series.

PLDT expects core income to hit P26B this year

PLDT, Inc. is optimistic it can hit the P26-billion target for telco core income in 2019, after posting a six percent growth in the first quarter.

Insufficient evidence to conclude that Prodigy frontman committed suicide

LONDON — Prodigy frontman Keith Flint died as a result of hanging and drugs that were in his system, an inquest into his death heard on Wednesday, but there was not enough evidence to determine he committed suicide.
cebu traffic

Cebu employers warn TUCP wage hike proposal is unsustainable

A VISAYAN employers’ association said a recent petition for increase in the minimum wage for Central Visayas is “not sustainable” and will hold back the region’s competitiveness.

Max’s Group builds P1-B Cavite facility

MAX’S GROUP, Inc. (MGI) is spending about P1 billion for a new manufacturing and distribution center in Cavite to support its store expansion in the following years.

KPop News (05/10/19)

KOREAN superstar Seo Kang Jun is coming over with The Last Charm: Seo Kang Jun Live in Manila! on May 25, 6 p.m., at the New Frontier Theater (formerly Kia Theatre) in Cubao, Quezon City.
public school teachers faculty

Honoraria for teachers serving as election workers will be tax-exempt — Comelec

THE COMMISSION on Elections (Comelec) said Thursday that teachers working as poll workers during the May 13 elections will be exempt from paying taxes if they qualify under a certain income category and file an affidavit attesting to their exempt status under the law.