Home 2019 December 13

Daily Archives: December 13, 2019 | 7:05 pm

Diokno eyes around 50bps rate cuts in 2020

THE Bangko Sentral ng Pilipinas (BSP) may consider cutting rates by about 50 basis points (bps) in 2020, according to Governor Benjamin E. Diokno.

PHL, ADB ink loan deals worth $623M

THE Philippine government, through the Department of Finance (DoF), and the Asian Development Bank (ADB) on Friday signed a total of $623 million worth of loans to finance feasibility studies for infrastructure projects, to further boost the competitive market and to provide more employment opportunities for the youth.

Local stocks get lift from trade talks

THE main index ended on a high note this week as investors turned bullish after positive developments on the Sino-US trade talks and the Philippine central bank’s decision to keep interest rates unchanged.

Villar inhibits from water concession review

JUSTICE UNDERSECRETARY Emmeline Aglipay-Villar has inhibited herself from the review of the concession agreements between the government and private firms Maynilad Water Services, Inc. and Manila Water Co., Inc.

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Palace says Duterte’s SALN available at Ombudsman’s office

PRESIDENT RODRIGO R. Duterte’s Statement of Assets, Liabilities, and Net Worth (SALN) is available to the public at the Office of the Ombudsman, Malacañang said...

Zarate files resolution to investigate SEA Games funds use

A LEGISLATOR has called for an investigation on the controversies involving the use of funds for the hosting of the 30th Southeast Asian (SEA) Games that was concluded Dec. 11.
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Burnt manufacturing plant not an ecozone firm, PEZA clarifies

THE PHILIPPINE Economic Zone Authority (PEZA) clarified on Friday that the manufacturing plant that burned down early December is not a PEZA-registered firm nor is it located within the Cavite Economic Zone (CEZ).

PAO asks Duterte to veto removal of its forensics lab budget

THE PUBLIC Attorney’s Office (PAO) has asked President Rodrigo R. Duterte to veto a provision in the 2020 budget that does not provide funding and limits other allocations from being used for its forensics laboratory.

PHL gov’t to engage UN in drug war through documentary

THE GOVERNMENT will engage the international community, particularly the United Nations (UN), on the Duterte administration’s anti-illegal drug campaign by showcasing a “balanced” documentary entitled Gramo, according to Presidential Communications Operations Office (PCOO) Secretary Jose Ruperto Martin M. Andanar.

Andanar denounces US Senate committee’s ‘impudent’ resolution

PRESIDENTIAL COMMUNICATIONS Secretary Jose Ruperto Martin M. Andanar denounced a US Senate committee resolution urging the Philippine governmentto release Sen. Leila M. de Lima...

DBCC creates sub-committee on SDGs

THE DEVELOPMENT Budget Coordination Committee (DBCC) has approved the creation of a sub-committee on Sustainable Development Goals (SDGs) which is expected to help authorities align plans and projects for these targets.
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Fitch Solutions trims 2020 PHL sugar production forecast

SUGAR PRODUCTION in the Philippines for crop year 2019/2020 is projected to reach 2.1 million tons amid higher domestic consumption and as local prices remain higher than global levels, Fitch Solutions Macro Research said in its industry trend analysis.
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PCC approves Mikuni Toyo’s acquisition of Hitachi Terminals

THE PHILIPPINE Competition Commission (PCC) has approved the full acquisition of Hitachi Terminals Mechatronics Philippines Corp. by Japanese firm Mikuni Toyo Co., Ltd. as the transaction is not seen to lessen competition in the domestic market.

Makati subway to link up with Megaworld’s Skytrain

THE proposed Makati City subway will soon be connected to the planned monorail being built from the Guadalupe Metro Rail Transit (MRT Line 3) station to Megaworld Corp.’s township in Taguig City.

ICTSI takes over container terminal in Brazil

Razon-led International Container Terminal Services, Inc. (ICTSI) has taken over the operations of a container terminal in Brazil.
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SEC approves CPG’s preferred share offering

CENTURY Properties Group, Inc. (CPG) has secured clearance from the country’s corporate regulator to issue preferred shares that could raise up to P3 billion.

Pag-IBIG launches online portal

THE Home Development Mutual Fund (Pag-IBIG Fund) on Friday launched an online portal that makes its services available to members 24/7.

PHA ends MoA with Qatar firm

PREMIERE Horizon Alliance Corp. (PHA) is backing out of its planned partnership with a Qatar-based firm for a 250 million euro (approximately P15 billion) funding facility for several projects.

BoP position reverts to surplus in Q3

THE BALANCE of payments (BoP) position of the Philippines — which shows its economic transactions with the world for a particular period — reverted to a surplus in the third quarter, on the back of increased net inflows in the financial account paired with a lower deficit in its current account.
Peso Dollar

Peso strengthens on progress in US-China talks

THE PESO appreciated further on Friday on the back of market optimism that a phase one deal with China was already approved by the United States.

Four franchising tips from Mang Inasal founder Injap Sia

Franchising goes beyond “lending” your business’ brand and operations. Mang Inasal and DoubleDragon’s Injap Sia talks about the important points of creating and running a successful franchise.

Police AKG seeks bigger force as POGO, casino-related kidnappings rise

THE PHILIPPINE National Police Anti-Kidnapping Group (PNP-AKG) is seeking to beef up their manpower to cope with the rising number of kidnappings related to the offshore gaming sector and casinos.

Nation at a Glance — (12/13/19)

News stories from across the nation. Visit www.bworldonline.com (section: The Nation) to read more national and regional news from the Philippines.

BSP stays policy as 2019 draws to a close

THE BANGKO SENTRAL ng Pilipinas (BSP) kept monetary policy settings steady, as earlier signaled, in its eighth and last policy review for the year on Thursday, citing “a benign inflation environment.”
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Electronics exporters conservative for 2020

THE ELECTRONICS INDUSTRY is keeping a modest export growth target for 2020, mirroring the 0-3% aim for 2019 in the face of a possible slowdown in demand for such products.

Water firms press for retention of current dam allocation

MANILA WATER Company, Inc. and Maynilad Water Services, Inc. called on the National Water Resources Board (NWRB) to maintain the minimum allocation to the concessionaires at 40 cubic meters per second (CMS) until the summer months to allow them to maintain their level of service to their customers.

FDCP can’t use taxes as incentives — SC

THE Supreme Court (SC) has affirmed with finality its 2015 decision to disallow the Film Development Council of the Philippines (FDCP) from collecting and giving film amusement taxes as incentives to select films.

Apple lands first Golden Globe nominations; Netflix leads field

APPLE INC.’s television news drama The Morning Show scored three Golden Globe nominations on Monday, putting the iPhone maker in the running for its first major Hollywood awards as a new player in the crowded streaming entertainment market.

ABS-CBN sues seller of pirated set-top boxes

ABS-CBN Corp. sued a US-based individual and tech company for allegedly pirating the media giant’s content and infringing on its trademark.

Bombshell leads movie contenders for Hollywood’s SAG awards

LOS ANGELES — Bombshell, a drama about sexual harassment allegations at Fox News, led the movie nominees for the Screen Actors Guild (SAG) Awards on Wednesday and will compete for the top prize of best cast.

PHL builds P300-M Dubai Expo pavilion

DUBAI — The Philippines is allocating P300 million to build a pavilion at the Dubai World Expo, which is scheduled to open in 2020.
ING Bank

ING Bank N.V.-Manila to venture into payments, lending services

ING BANK N.V.-Manila will venture into payments and lending in hopes to boost its all-digital banking print in the country.

Mexican firms focus on trade deal’s labor provisions

MEXICO CITY/WASHINGTON -- Mexican business leaders on Wednesday began poring over texts of a new stricter trade deal with the United States and Canada, looking for details of how more intrusive enforcement of labor rules in Mexico would affect their operations.

Netflix to create series on the rise of Spotify

THE STREAMING singularity has arrived, as the largest video service is making a show about the largest audio service.

Toyota Philippines president steps down

TOYOTA Motor Philippines Corp. (TMP) will have a change of leadership next year as its president Satoru Suzuki steps down by the end of December.

PhilRatings gives BPI Family Savings’ P35-billion bonds top credit rating

THE THRIFT BANKING arm of Ayala-led Bank of the Philippine Islands (BPI) has been awarded the top credit rating by a local debt watcher for its P35-billion bonds.

US chief executives back revised USMCA trade deal

WASHINGTON -- The Business Roundtable, a trade group of top US chief executives, announced Wednesday its members backed the revised US-Mexico-Canada (USMCA) trade deal after negotiators brought the hard-won agreement across the finishing line.

Ed Sheeran crowned UK’s artist of the decade after 79 weeks at No. 1

LONDON — Singer-songwriter Ed Sheeran has been named the “UK’s Official Number 1 Artist of the Decade” after a record-breaking run of hits, the Official Charts Company said on Wednesday.

Tokyo Gas plans to step up overseas expansion in renewables, LNG

TOKYO — Distributor Tokyo Gas Co. Ltd. will step up overseas expansion, boosting stakes in renewable energy, liquefied natural gas (LNG) development and infrastructure projects, to triple its overseas profit by 2030, its president said.

Shareholders lash Westpac over laundering scandal

SYDNEY — Westpac Banking Corp. on Thursday became the biggest Australian company to have shareholders vote down its executive pay for a second year, at a marathon annual meeting dominated by investor outrage over a child exploitation payments scandal.

Toyota names new North America CEO as industry faces unprecedented shift to electric vehicles

TOYOTA Motor Corp. on Wednesday said its North America chief executive, Jim Lentz, would retire on April 1, and tasked the unit’s chief operating officer, Tetsuo “Ted” Ogawa, with navigating an industry shift to electrification and automation.

Splitting image

NOAH BAUMBACH’s Marriage Story starts positively poised: Charlie (Adam Driver) and then Nicole (Scarlett Johansson) reading offscreen what they like about each other while Baumbach runs a series of images as illustrative commentary. Then the kicker — this is the start of a mediator session where the two are in the process of divorce, and Nicole refuses to read to Charles what she’s so movingly and eloquently written. The ending of the relationship, not its affirmation.

Smart leads in 4G availability: OpenSignal

A recent report by OpenSignal, a United Kingdom-based wireless coverage mapping company, showed PLDT wireless subsidiary Smart Communications, Inc. (Smart) now leads in terms of availability of its fourth-generation (4G) network in both rural and urban areas in the Philippines.

Fed keeps rates on hold, points to ‘favorable’ economic outlook

WASHINGTON — The US Federal Reserve on Wednesday held interest rates steady and signaled borrowing costs will not change anytime soon, with moderate economic growth and historically low unemployment expected to persist through the 2020 presidential election.

Facebook no longer among Glassdoor’s top 10 workplaces

FACEBOOK Inc dropped to the 23rd spot in Glassdoor’s list of “Best Places to Work” in 2020 from the seventh it secured last year, amid heightened regulatory scrutiny of the world’s largest social network.