Home 2019 May 17

Daily Archives: May 17, 2019 | 8:01 pm

Benjamin Diokno

Central bank chief signals more reserve ratio cuts

THE BANGKO SENTRAL ng Pilipinas (BSP) will consider reducing the reserve requirement ratio (RRR) for lenders further if banks don’t misbehave and speculate against the peso, Governor Benjamin E. Diokno said.

Energy department extends deadline for service contract bids

THE DEPARTMENT of Energy (DoE) has extended the deadline for interested entities to submit their bids to secure service contracts for the 14 areas in the Philippines offered by the government for oil and gas exploration.
Comelec logo

Proclamation for winning Senate bets, party-list groups possible by Sunday

BOTH the 12 leading candidates in the senatorial race and the leading party-list groups may be proclaimed by Sunday, the Commission on Elections (Comelec) said Friday.
Alejano shoots down police chief’s ‘quadruple the salaries’ promise

Human Rights Watch urges accountability on ex-PNP chief winning Senate race

ADVOCACY group Human Rights Watch (HRW) on Friday called for a winning senatorial candidate to be held accountable for his leading role in President Rodrigo R. Duterte’s drug war.

Puno accepts dismissal, maintains ‘honesty’ in FDA tenure

DISMISSED Food and Drug Administration (FDA) Director-General Nela Charade G. Puno said she accepts her dismissal by President Rodrigo R. Duterte but maintained that she is “clueless” about the allegations of corruption against her.

Healthcare funding gap must be plugged by more sin taxes — DoF

THE Department of Finance projects the Universal Healthcare (UHC) Act to have a total funding gap of P426 billion in the first four years of implementation if a fresh tax increase on tobacco and alcoholic beverages is not passed.

Iloilo’s MORE to source power supply from KEPCO’s Cebu plant

MORE Electric and Power Corp. (MORE Power) has signed an interim power supply agreement for 5 megawatts (MW) with KEPCO SPC Power Corp. (KSPC), helping ensure stable electricity in Iloilo City for the one-year term of the contract.

GMA unit signs partnership with Singapore Press Holdings/Mediacorp JV

GMA New Media, Inc. (NMI) has tied up with Singapore Media Exchange (SMX) Pte. Ltd., a joint venture firm established by two Singapore media groups, to help GMA expand its audience worldwide.
sta. Lucia

Sta. Lucia Land buys stake in Uni-Asia for over P40-M

Sta Lucia Land, Inc. (SLI) said its board has approved the purchase of LBS Properties Inc.’s stake in Uni-Asia Properties, Inc., thereby gaining access to the latter’s development projects.

BDO completes sale of 15% stake in rural bank unit ONB

BDO Unibank, Inc. said it completed the sale of a minority stake in its rural banking unit to a Singapore investment firm.
Peso Dollar

Peso closes at over seven-week low after RRR cuts

THE peso plunged further against the dollar on Friday to its seven-week low, as market participants responded to the 200-basis-point reduction in the reserve requirement ratio (RRR) for big banks.
PSE bells

PSEi caps five days of losses after BSP’s RRR cut announcement

THE PHILIPPINE STOCK EXCHANGE index (PSEi) snapped a five-day losing streak on Friday, with the financial sectoral index gaining the most a day after the Bangko Sentral ng Pilipinas (BSP) announced a 200 basis point phased cut to big banks’ 18% reserve requirements ratio (RRR).

Inspiring eco-innovation in Aurora, Quirino, and Palawan

Spearheading a movement towards environmental conservation this Earth Month, Impact Hub Manila and Forest Foundation Philippines launch a local scaling program for community-based social...

Mondelēz International delivers strong progress against its sustainability and mindful snacking goals

MANILA, Philippines. – May 17, 2019 – Mondelez Philippines today shared its 2018 Global Impact Progress Report, announcing significant progress against its 2020 Impact...

The explosive opportunity of Philippine eSports

By Bjorn Biel M. Beltran, Special Features Writer Until very recently, the idea that anyone can make a living by playing video games has been nothing...

Taking eSports to the next level

By Mark Louis F. Ferrolino, Special Features Writer The Philippine electronic sports (eSports) scene has come a long way. From a concept that was not widely...

A champion of countryside progress

The late Liberato “Levy” P. Laus was one of the few Filipino businessmen who championed countryside development. He, just like others, had his fair...

The business empire of Levy Laus

The LausGroup of Companies that the late Liberator “Levy” P. Laus founded and led until his untimely death last April 25 has come a...

An automotive powerhouse

At the core of the LausGroup of Companies owned by the late multi-awarded entrepreneur Liberato “Levy” P. Laus is the LausAutoGroup, a multi-brand automotive...
BSP logo

BSP cuts big banks’ reserve requirement

FRESH from slashing benchmark interest rates just a week ago by 25 basis points in the face of easing inflation and slowing economic growth, the Bangko Sentral ng Pilipinas (BSP) on Thursday fired off a 200-basis-point (bp) phased reduction in big banks’ reserve requirement ratio (RRR).

PHL raises $363.3M from ‘panda’ bond sale

THE PHILIPPINES raised 2.5 billion renminbi ($363.3 million) from its second sale of so-called “panda” bonds that saw strong demand from investors, the Treasury bureau and the Bank of China, sole underwriter for the exercise, announced in separate statements.

Six Philippine listed companies land on Forbes Global 2000 list

THE SAME SIX local firms made it to the latest Forbes Global 2000 list of the world’s biggest, most powerful and most valuable public companies.

Filinvest Dev’t Q1 income surges to P2.8B

EARNINGS of Filinvest Development Corp. (FDC) surged 61% in the first quarter of 2019, following the strong performance of its property, banking, and power businesses.

DMCI Q1 earnings decline 26%

DMCI Holdings, Inc. saw its attributable profit decline by a fourth in the first three months of 2019, weighed down by lower earnings from Semirara Mining and Power Corp. (SMPC).

Megawide profit plunges 50% as construction contracts fall

MEGAWIDE Construction Corp.’s net income plunged 50% in the first quarter amid a drop in construction contract revenues.

SMC acquisition of Holcim to lower cement prices — Lopez

THE Department of Trade and Industry (DTI) expects San Miguel Corp.’s (SMC)acquisition of a majority stake in Holcim Philippines, Inc. to result in lower prices of locally produced cement.

The good ol’ days

FOR MANY the 1980s were a decade when people could be themselves, from fashion to culture to music — especially the music. As singer Jett Pangan of rock band The Dawn described, the sounds of the decade had “a nice diversity” and “innocence.”

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Property developers post higher profits as rental revenues rise

PROPERTY companies reported higher profits for the first three months of 2019, driven by sustained sales of residential condominiums and higher rental income.

Work-life balance issues seen likely to trigger job searches

ONLINE JOB recruitment site Monster.com said that half of Filipino professionals cite as a reason for searching for new jobs the struggle in juggling their careers with their obligations as parents.

Remembrances of ska past

“GAME!” This was the reply of Skarlet Brown — the artist previously known as Myra David-Ruaro — when Emelee Nicart, her successor as Put3Ska band vocalist asked if she was ready for the much-awaited reunion of the Philippines’ premier ska band at the Music Museum on May 24.

Nestlé Philippines, Republic Cement to co-process post-consumer waste

NESTLÉ Philippines, Inc. and Republic Cement and Building Materials, Inc. have entered into an agreement to co-process post-consumer plastic waste in the latter’s cement kilns.

Ben&Ben releases its first album

DESPITE not having released a full-length album, Indie folk pop band Ben&Ben has taken streaming sites and the airwaves by storm with a succession of hit singles since 2017 including “Maybe the Night” and “Kathang Isip.”

Robinsons Bank to raise P10B via bonds

ROBINSONS BANK Corp. is set to raise P10 billion in peso-denominated corporate bonds to support its lending growth, eyeing to issue the first tranche within three months.

Phinma Energy hikes stake in unit ahead of AC Energy takeover

PHINMA Energy Corp. has signed on Thursday an agreement to acquire the stake of two affiliate firms in the former’s subsidiary Phinma Petroleum and Geothermal, Inc. (PPG), the listed companies told the stock exchange yesterday.

Aboitiz Construction sees new projects generating 4,000 jobs

ABOITIZ Construction, Inc. (ACI) expects to generate about 4,000 jobs this year as it pursues more big-ticket logistics and infrastructure projects.

Survivor type

YET ANOTHER Lamberto Avellana film on Mike de Leon’s Citizen Jake vimeo site, this one arguably his most famous: Anak Dalita, or Child of Sorrow (1956).

China’s wildest rates since 2014 leaving bond traders stranded

CHINA’S BOND TRADERS are throwing away the script this year as the central bank repeatedly tweaks policy to keep up with shifts in the economy.

Xurpas posts P71-M loss as mobile business slows

XURPAS, INC. trimmed its losses in the first quarter as it boosted its enterprise business and recorded lower costs and expenses during the three-month period.

DoLE offers marketing platform for informal-sector businesses

THE DEPARTMENT of Labor and Employment (DoLE) said it has developed a new marketing platform for entrepreneurs from the informal sector seeking to promote their goods.

What to see this week

6 films to see on the week of May 17 — May 23, 2019

Fed policy maker sees no strong case for hike or cut

NEW YORK — Strong US economic growth and subdued inflation mean there is no strong argument for a rate hike or cut right now, though business confidence is fragile, a Federal Reserve policy maker said on Wednesday.

Opting out: Some of China’s stressed-out ‘996’ tech tribe quit, seek more relaxed work

SHANGHAI -- For over six years Qi Yaqian was a proud member of China’s so-called 996 tech tribe, working nights and weekends at Nuomi, a group deals website.

Dennis Uy denies buying Smartmatic’s partner

THE listed companies led by Dennis A. Uy refuted reports circulating in social media that the Davao City businessman allegedly had a stake in a company with ties to Smartmatic, the group behind the electronic voting system used in the May 13 midterm elections.

Your Weekend Guide (May 17, 2019)

EMERGING bands and budding young artists gather as De La Salle-College of Saint Benilde (DLS-CSB) celebrates its 30th year with the first Benilde Music and Arts Festival: Best of Benilde @ 30 on May 18 to 24 at the College’s School of Design and Arts (SDA) Campus.

Wakatabe extols benefits of loose monetary policy

TOKYO — Bank of Japan (BoJ) Deputy Governor Masazumi Wakatabe said he saw the benefits of ultra-loose monetary policy still outweighing the costs, signalling his preference for maintaining a massive stimulus program to prop up inflation to the central bank’s target.