Home 2019 August 9

Daily Archives: August 9, 2019 | 8:21 pm

loan banking

BSP chief signals more policy tweaks ahead

Another cut in key policy rates as well as banks’ reserve requirement ratio (RRR) “can take place some time next month”, BSP Governor Benjamin E. Diokno said in an interview aired over ABS-CBN News Channel on Friday afternoon.
construction infrastructure Ormoc

Moody’s cuts Philippine growth forecast further

MOODY’s Investors Service has further reduced its projection for overall Philippine economic expansion, which disappointed at a four-year-low 5.5% last quarter and clocked in at the same pace in the first half against the government’s 6-7% target for 2019, even as it said “domestic demand” — especially government spending — should pick up this semester.

Disappointing GDP data weighs further on investors’ mood

LOCAL EQUITIES mostly headed south as the week ended, extending weakness that marked Thursday as investors further digested news of the country’s slowing economic growth.

Duterte may create STL agency under his office

PRESIDENT Rodrigo R. Duterte on Friday said he might create an agency under his office that will award small town lottery (STL) franchises to prevent corruption.
Ninoy Aquino International Airport (NAIA)

US lifts security advisory on NAIA

THE United States Homeland Security has lifted is security advisory on the Ninoy Aquino International Airport (NAIA) issued in December, it said in a statement late Thursday.

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SolGen’s role in sedition case questioned

FOUR respondents in the sedition complaint at the Justice department on Friday questioned the Solicitor General’s authority to represent the police, which initiated the case.

Duterte appoints new CIIF officials

PRESIDENT Rodrigo R. Duterte has appointed a new president and chairman for the Coconut Industry Investment Fund Oil Mills Group (CIIF OMG), the presidential palace said on Friday.

ERC to seek clarification from SC on competitive selection ruling

THE Energy Regulatory Commission (ERC) said Friday that it will seek clarification from the Supreme Court (SC) after the tribunal denied the agency’s motion for reconsideration on a ruling that invalidated a number of power supply contracts that could affect millions of electricity consumers.
National Economic and Development Authority (NEDA)

NEDA INFRACOM endorses NCR transport infrastructure plan

THE National Economic and Development Authority (NEDA) Board’s Committee on Infrastructure (INFRACOM) has endorsed for approval the second transport infrastructure road map for the capital region.

PSALM announces sale of Laoag City site, sets P70.6-M minimum bid

POWER Sector Assets and Liabilities Management Corp. (PSALM) is selling a property in Ilocos Norte where a diesel-fired power plant used to stand, as the agency continues to look for ways to monetize idle assets.

Surigao airport initial rehab seen complete by Dec.

SURIGAO Airport is scheduled to reopen for direct flights connecting to Manila by the end of the year with the expected completion of rehabilitation works on its runway.
Manila Water logo

Manila Water CEO resigns for ‘personal reasons’ after March supply crisis

MANILA Water Co., Inc. announced on Friday the resignation of Ferdinand M. dela Cruz, who cited “personal” reasons, marking the departure of the president and chief executive officer who was in office at the height of the water crisis that hit Metro Manila’s east zone concessionaire early this year.

RLC Q2 net profit rises 22% after opening four new malls

ROBINSONS Land Corp. (RLC) said net profit rose nearly 22% in the second quarter, reflecting the performance of its commercial centers business after the opening of four new shopping malls.

PSE revamps sectoral indices to admit Phinma Energy, DM Wenceslao, Sta. Lucia

THE Philippine Stock Exchange revamped its sectoral indices, admitting three new companies and removing one, while leaving the benchmark 30-member PSE index (PSEi) intact.

Phoenix Petroleum Q2 net falls 8.4% on strong growth in costs

PHOENIX Petroleum Philippines, Inc. said net profit attributable to the parent firm fell 8.4% in the second quarter to P486.24 million, according to its quarterly financial report, in part as cost and expenses as well as other charges rose during the period.
Cebu Pacific

Cebu Pacific launches Narita, Bacolod, Iloilo services out of Clark

BUDGET carrier Cebu Pacific said it launched three new routes — two domestic and one international — out of Clark International Airport Friday.

Max’s Group net profit rises 9.4% in Q2 amid improved margins

Max’s Group, Inc. (MGI) said earnings grew 9.4% in the second quarter amid stronger margins due to improved product bundle offerings and heightened productivity from efficiencies realized at its commissaries and supply chain.

Phinma Petroleum unit enters appraisal period on Palawan offshore concession

PHINMA Petroleum and Geothermal Inc. (PPG) said Friday that its unit had notified the Department of Energy (DoE) about the entry of the Service Contract (SC) 55 consortium into the appraisal period.

Shakey’s Q2 net profit rises 8% on store expansion

Shakey’s Pizza Asia Ventures, Inc. (SPAVI) said its net profit rose in the second quarter, reflecting the impact of its store network expansion.
peso dollar bills

Peso rises on BSP rate cut

THE peso strengthened on Friday, returning to its P51-a-dollar level on the back of the expected 25-basis-point policy rate cut by the central bank on Thursday despite weaker-than-expected economic growth in the second quarter.

Krungsri to buy 50% stake in Security Bank Finance

THAILAND’S Bank of Ayudhya (Krungsri) will buy a 50% stake in Security Bank Corp.’s consumer finance unit in a bid to boost its loan portfolio and expand retail offerings, the Philippine lender said in a statement on Friday.

PNB H1 profit dips on one-time gain

PHILIPPINE National Bank’s (PNB) earnings fell to P3.9 billion in the six months to June from P5.4 billion a year earlier, which included a one-time gain from the sale of foreclosed assets, the lender said in a statement on Friday.

PSBank first-half earnings rise 2.5%

PHILIPPINE Savings Bank (PSBank) posted a slightly higher net income in the first half, boosted by its consumer lending portfolio and efforts to improve operational efficiencies, the lender said in a statement to the stock exchange on Friday.

Landbank January-June earnings rise 36%

LAND BANK of the Philippines earnings rose 36% from a year earlier to P10.58 billion in the six months to June, boosted by growh in lending, the lender said in a statement on Friday.
Sun Life

Canadian stock market OKs Sun Life NCIB renewal

THE Canadian stock market has approved Sun Life Financial, Inc.’s normal course issuer bid (NCIB) to buy for cancellation as many as 15 milion of its common shares, the Toronto Stock Exchange (TSX) said in a statement on Friday.

Huaren Capital participates in the Libra node campaign list

According to Coindesk, Huaren Capital will soon join Libra, a campaign organized by crowdfunding. "I'm definitely going to take it seriously," said Jeff Wang,...

How to run a business the Alibaba way

Earlier this week on Aug 6, startup founders and enablers gathered at the QBO Innovation Hub to listen to four entrepreneurs present what they...
BSP calling card

BSP cuts key rates, inflation forecasts

THE CENTRAL BANK’s policy-setting body on Thursday cut benchmark interest rates by a quarter percentage point, as well as the inflation forecast this year and next, hours after the Philippine Statistics Authority (PSA) reported that the economy grew at the weakest pace in four years in the second quarter and two days after the PSA said that July inflation was the slowest in two-and-a-half years.

Gross domestic product quarterly performance (Q2 2019)

THE ECONOMY expanded at its slowest pace in 17 quarters in the April-June period, weighed down by reduced private investments as well as tempered household and government spending, the Philippine Statistics Authority (PSA) reported on Thursday.
construction infrastructure

Q2 GDP growth slowest in four years as delayed budget bites

THE ECONOMY expanded at its slowest pace in 17 quarters in the April-June period, weighed down by reduced private investments as well as tempered household and government spending, the Philippine Statistics Authority (PSA) reported on Thursday.

High court affirms power supply agreements need to go through competitive selection

THE SUPREME COURT (SC) affirmed its decision requiring all power supply agreements which distribution utilities submitted to the Energy Regulatory Commission (ERC) from June 30, 2015 to undergo competitive selection process (CSP).

PLDT profit increases 13% in Q2

PLDT, Inc. reported a 13% increase in earnings in the second quarter, as its consumer wireless business showed strong growth.

First Gen project declared of nat’l significance

FIRST GEN. Corp. said on Thursday that the Department of Energy (DoE) had approved its application to have the company’s liquefied natural gas (LNG) import terminal project declared as nationally significant, making it easier for the company to secure permits.

San Miguel 1st half income drops 5%

DIVERSIFIED conglomerate San Miguel Corp. (SMC) recorded a 5% profit decline for the first half of 2019, which was attributed to flat sales and the slow performance of Petron Corp.

Bloomberry earnings hit P2.5B in Q2 on higher revenues from VIPs

BLOOMBERRY Resorts Corp. grew its attributable profit by half in the second quarter, thanks to a rise in gaming revenues from the high roller segment.

GMA says complying with DoLE workplace safety investigation

GMA Network Inc. said that it has been cooperating with the Department of Labor and Employment (DoLE) regarding occupational safety and health (OSH) inspections on the TV giant’s compliance to occupational safety and health standards, after veteran actor Eddie Garcia while shooting a television show.

Why make a dark comedy about suicide

SUICIDE RATES in Japan may have fallen — CNN reported in 2018 that the total number of suicides in the country fell to 21,321 in 2017 compared to a peak of 34,427 — but rookie director Kasumi Nojiri who directed Lying to Mom (2018) doesn’t believe in these numbers, saying that the number of people who committed suicide is probably misreported by the government.

China Bank net income climbs 18% in first half

CHINA BANKING Corp. (China Bank) and its subsidiaries posted a higher net income in the first half of the year on the back of continued growth in its loans and deposits.

Wilcon Depot nets P511M in 2nd quarter

EARNINGS of Wilcon Depot, Inc. showed flat growth in the second quarter of 2019 due to the long holidays which affected the company’s number of operating days.

US labor market slowing; job openings, hiring fall

WASHINGTON -- US job openings and hiring fell in June, suggesting that demand for labor was cooling in tandem with a slowing economy, which could provide another reason for the Federal Reserve to cut interest rates again next month.

Verdict is going to Venice

THE 2019 International Venice Film Festival has chosen Raymund Ribay Gutierrez’s Verdict as an official entry, making it the only Southeast Asian film to be chosen for the Horizons (Orizzonti) section.
Land Bank of the Philippines (LANDBANK)

LANDBANK targets 15% growth in lending to farmers, lower interest rate

LAND BANK of the Philippines (LANDBANK) is planning to boost its loan portfolio to the agriculture sector to P265 billion by 2020 and P350 billion by 2022 and lower annual interest rates to 5% from the current 6%.

Medicare to cover expensive cancer cell therapies

THE US CENTERS for Medicare and Medicaid Services (CMS) on Wednesday said it has finalized a decision to cover expensive cancer cell therapies sold by Gilead Sciences Inc. and Novartis AG.

Emperador profit up 2% in 1st half

EMPERADOR, Inc. reported a net income attributable to the parent of P3.25 billion in the first half of 2019, following higher sales from its international business.

Nun other

AT ITS best Mikhail Red’s Eerie is exactly that: eerie. The son of pioneering indie filmmaker Raymond Red has I’d say inherited his father’s eye for editing, composition, and lighting, fashioning films that are (whatever else you might say about them) strikingly visual, with accompanying social commentary.