Home 2019 September 13

Daily Archives: September 13, 2019 | 7:41 pm

BSP likely to cut policy rates this month

TARLAC — The central bank will cut benchmark interest rates as early as this month, with the regulator also studying when to implement further reductions to lenders’ reserve ratios.
congress house of representatives

House approves CITIRA on final reading

THE HOUSE of Representatives on Friday approved on third and final reading the second package of the government’s tax reform program, fast-tracking the administration’s plans to lower income taxes and slash the incentives of businesses.
Bureau of Immigration (BI)

Bureau of Immigration arrests 277 Chinese fugitives accused of fraud

THE Bureau of Immigration (BI) on Friday said that it arrested 277 illegal workers, many of whom were Chinese nationals working for illegal online gaming operations.

DOJ finalizes revisions of GCTA law, wants more control over BuCor

THE Department of Justice (DoJ) on Friday said it finalized the Implementing Rules and Regulations (IRR) of the Good Conduct and Time Allowance (GCTA) law and expressed its intention to exert more control over the Bureau of Customs (BuCor).

Duterte won’t fire BuCor officials who acted in ‘good faith’

PRESIDENT Rodrigo R. Duterte said he will not fire the officials of the Bureau of Corrections (BuCor) who have acted “in good faith” in implementing the Good Conduct Time Allowance (GCTA) law.


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Defense calls for improvements in infrastructure and services in West Philippine Sea

THE Department of National Defense (DND) called for the improvement of infrastructure and basic services for military troops and civilians posted in the West Philippine Sea, specifically in the disputed Kalayaan Group of Islands.

Government center and business hub opens in Bataan

PRESIDENT Rodrigo R. Duterte on Thursday inaugurated the Bataan Government Center and Business Hub, also known as “The Bunker.”
DBP

DBP now in charge of fund disbursement and management of peace agency’s socio-economic projects

STATE-OWNED Development Bank of the Philippines (DBP) partnered with the Office of the Presidential Adviser on the Peace Process (OPAPP) in fund disbursement and management.

PHL nickel miners hopeful of better ore prices

NICKEL miners in the country may expect improved prices for ore in the near term as Indonesia sets an exporting ban for the mineral next year.

Gov’t approves additional P1B for rice farmers’ loan program

THE Agricultural Credit Policy Council (ACPC) has approved an additional P1 billion for the Survival and Recovery Assistance Program (SURE Aid), expanding its assistance to 70,000 farmers affected by the plunging price of palay, or unmilled rice.

Phoenix inks offtake deal with Hengyi

PHOENIX Petroleum Philippines, Inc. is teaming up with Singapore-based Hengyi Industries International Pte. Ltd. (HYII) for a liquefied petroleum gas (LPG) offtake venture in Brunei.

SEC greenlights Now Corp equity restructuring

NOW Corp. said it has erased its deficit of P402 million after it received approval from the Securities and Exchange Commission (SEC) to undergo equity restructuring.

Ayala to re-issue up to P15B in preferred shares

AYALA Corp. (AC) plans to re-issue up to P15 billion worth of preferred class B shares, it told the stock exchange Friday.
BSP

BSP to move currency production facility to New Clark City

TARLAC — The Bangko Sentral ng Pilipinas will be transferring its currency production facility to New Clark City (NCC) as part of efforts to boost production of notes and in line with its continuity plan for operations in case of natural disasters.
dollars

PHL balance of payments position reverts to surplus in Q2

THE country’s balance of payments (BoP) — which shows the Philippines’ economic transactions with the world for a certain time frame — reverted to a surplus in the second quarter, on the back of the narrowing of the current account deficit in the period, as well as continued net inflows in the financial account.
peso remittance

Peso inches higher on bets of US-China deal

THE PESO strengthened slightly on Friday on optimism that the US and China will have an interim trade deal by October.
PSE BGC bells

PSEi firms up on easing US-China trade tensions

LOCAL SHARES firmed up on Friday, taking cues from Wall Street which was boosted by easing trade tensions between the the United States and China.

Meralco, Hitachi unveil PH’s first grid-scale energy storage system in the distribution network

In another example of its relentless pioneering spirit, the Manila Electric Company (Meralco) introduced the Philippines’ first grid-scale distribution-connected Battery Energy Storage System (BESS),...

Revving up for a new generation in vehicle technology

It is an exciting time for the automotive industry. Great leaps in technology have allowed what was once science fiction to become reality, from...

Advancements in safe driving

In choosing a car, features that help motorists drive safely are worth considering, especially as cars continue to innovate in each of its aspects...

EO presses state offices to spend on time

MALACAÑANG has moved to ensure that government offices spend within the fiscal year what they are given under the national budget, by formally adopting the cash budgeting system (CBS) starting this year through Executive Order No. 91.

Automobile sales post seasonal dip in August

CAR SALES dropped in August for the first time in seven months, the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA) reported on Thursday, describing the reduction as seasonal.

Philippines advised to further diversify its energy sources

AUSTIN, TEXAS -- Over-reliance on one type of energy or dependence on one country as an energy source is a threat to national security, an official of the US Department of State said here, as he pointed to alternative models of resource development that the Philippines can adopt.

Filipinos dropping out of the work force could benefit the economy

LOW UNEMPLOYMENT in the Philippines may be masking the fact that more people are opting not to work -- and preferring to stay in school for longer.

SFEx expansion to be completed by Sept. 2020

NLEX Corp. is targeting to complete the P1.6-billion Subic Freeport Expressway (SFEx) capacity expansion project by September next year.

It sequel floats to $91 million

LOS ANGELES — Leave it to Pennywise to deliver a much-needed jolt to the domestic box office. Warner Bros. and New Line’s It: Chapter Two arrived with $91 million, a promising start after a lackluster summer moviegoing season.

Ayala, SMC units bag Meralco supply contracts

MANILA Electric Co. (Meralco) has awarded power supply agreements (PSA) covering 1,200 megawatts (MW) to units of San Miguel Corp. (SMC) and Ayala’s AC Energy, Inc.

Burn

THIS DOCUMENTARY consists mainly of interviews with the former Huk Supremo Luis Taruc which were conducted during the last years of his life. By then, the filmmaker Dik Trofeo had grown so close to Taruc that he called Trofeo his second son. (Taruc had only one son: Romeo, by his first wife Feliciana Bernabe. He had three wives.) Other producers have attempted to make unauthorized bio-pics of Taruc, including one with action star Senator Lito Lapid, but Trofeo’s film has Taruc’s imprimatur. “Ka Dik” and his camera crew tagged along with the peripatetic Taruc on his provincial sorties to stomp for peasant cooperatives. By then, he had ceased to be either Maoist or Marxist and was inducted by the National Historical Commission into our National Hall of Heroes.
Filinvest-Land-Incorporated-logo

Filinvest Land expands project in Pampanga

FILINVEST Land, Inc. (FLI) has broken ground for the second phase of its Hampton Orchards project in Pampanga.

Going back to Gilead

LONDON — Canadian author Margaret Atwood said a deterioration in women’s rights in some parts of the world including in the United States prompted her to write a sequel to her best-selling 1985 novel The Handmaid’s Tale.

Cebu Landmasters acquires resort in Mactan

CEBU Landmasters, Inc. (CLI) will be redeveloping the Abaca Resort Mactan in Cebu as part of efforts to expand its hospitality business.
wage protest

Review of wage-setting system on track for completion this year

THE National Wages and Productivity Commission (NWPC) said it has completed the first portion of its review of the current wage determination system and is on track to meet the end-2019 deadline.

Concert prices keep rising, fans keep paying

CONCERT ticket prices are going through the roof and not just for the super wealthy who pay thousands of dollars to see the best acts from the front row. Fans of all types are paying more to see their favorite musicians.

US carrier Delta plans to launch Manila-Seoul route

DELTA Air Lines is scheduled to launch flights linking Manila to Seoul, South Korea next year, while suspending the Manila-Narita service at the same time.
big rig truck driver gig worker

California Senate passes bill to tighten ‘gig’ worker rule

SAN FRANCISCO -- The California State Senate voted on Tuesday to pass a bill that would make it much more difficult for gig economy companies like Uber Technologies, Inc. and Lyft, Inc. to classify workers as independent contractors rather than employees.

Sing your feelings in Coke Studio Season 3

FOR ITS third year, Coca-Cola Philippines’ Coke Studio focuses on singing about this generations’ “feels” as it starts airing this Saturday on ABS-CBN,

SSS targets increased digital transactions

STATE-RUN Social Security System (SSS) is targeting a threefold increase in online transactions by next year to streamline services and save on operating expenses.

SMC to consolidate packaging business under SMYPC

SAN MIGUEL Corp. (SMC) is consolidating its packaging businesses under San Miguel Yamamura Packaging Corp. (SMYPC).

BAT plans to cut 2,300 jobs by January 2020

BRITISH American Tobacco Plc said on Thursday it would lay off 2,300 employees globally by January as the world’s second largest tobacco company by sales looks to streamline its operations.

PWD-friendly G10 launched

SAIC Maxus Automotive Co., Ltd. on Thursday launched a Persons With Disability-friendly (PWD) variant of the Maxus G10.

Victim or accomplice?

JULIE (Honor Swinton Byrne), heroine of Joanna Hogg’s latest film The Souvenir, is a fresh-faced youth whose every emotion registers as loudly as a fork dragged across rice paper; the film, on the other hand, is like obsidian glass, dark in tone and emotionally opaque — run a fingernail across its polished gleam and you leave not a mark.

Fed shuns negative rates, looks to other tools to boost economy

FEDERAL RESERVE Chairman Jerome Powell and his colleagues are loath to follow Europe and Japan into negative interest rate territory — no matter what President Donald Trump might want or how bad the US economy might get.

AirAsia PHL to mount daily Manila-Bacolod flights

AIRASIA Philippines is launching a new daily flight from Manila to Bacolod next month.

What to see this week

9 films to see on the week of September 13 — September 19, 2019

Women gained in income and jobs in 2018 — US Census

WOMEN are landing more full-time jobs, bringing in bigger paychecks and rising out of poverty, according to US Census data released on Tuesday.