Home 2020 February

Monthly Archives: February 2020

PSE bell

Stocks tumble 2.6% amid investor fears

THE main index fell by 2.6% on Friday to close the week in the negative territory as investors moved to keep their investments safe.

Palace extends public-smoking ban to vaping products

Malacañang has formally banned public use of electronic cigarettes and other vapor products, the Department of Health (DoH) said Friday.

One-stop registration launched for single-person corporations

THE government launched Friday its National Business One-Stop Shop (NBOSS), which offers end-to-end business registration for one-person corporations.
World Bank

World Bank urges conflict-affected countries to preserve poverty-reduction gains

THE World Bank said low and middle-income countries impacted by conflict and violence, including the Philippines, should invest in institutional reform to preserve any gains made in poverty reduction.
Asian Development Bank (ADB)

ADB sets up Clark office to support bank-funded projects in Central Luzon

THE Asian Development Bank (ADB) said it set up a satellite office in Clark to support infrastructure projects it finances in Central Luzon.

Palay farmgate prices rise in mid-Feb.

THE average farmgate price of palay, or unmilled rice, rose 0.2% week-on-week to P16.00 per kilogram in the second week of February, bringing the grain to a 18.5% price decline year-on-year, the Philippine Statistics Authority (PSA) said.
Security Bank

Security Bank net profit up 17% in 2019 as retail lending surges

SECURITY BANK Corp. said net profit rose 17% in 2019, amid wider margins and robust growth in retail lending, alongside gains in lending operations overall.

China Bank 2019 net profit up 24% at record P10.1 billion

CHINA BANKING Corp. said 2019 net profit grew 24% to record levels following what it described as “sustained, robust growth” in its core businesses.

DBP 2019 net profit rises amid strong infrastructure lending

DEVELOPMENT BANK of the Philippines (DBP) said net profit rose 5.94% to P6.06 billion in 2019 after exceeding its loan approval target, with much of its financing going to infrastructure projects.

Gov’t-issued credit guarantees P216 billion after 2019 mergers

THE national government’s total credit guarantee portfolio was P216 billion in 2019 after five agencies with guarantee functions consolidated into a single fund run by Philippine Guarantee Corp. (Philguarantee).

BSP orders Cagayan rural bank to close

THE Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP) ordered the closure of Providence Rural Bank, Inc., which is based in Cagayan Province, and directed the Philippine Deposit Insurance Corp. (PDIC) to take over the institution.
peso remittance

Peso weakens on further global spread of coronavirus

THE peso weakened against the dollar Friday, reflecting deepening fears about the global impact of the coronavirus disease (Covid-19), which is now spreading rapidly outside its country of origin, China.

February Inflation likely settled at 2.4-3.2% — BSP

INFLATION probably settled at 2.4-3.2% in February due to lower fuel, utility and food prices, according to the Philippine central bank.

SM Investments income up 20% as businesses post strong growth

SM INVESTMENTS Corp. posted a 20% rise in net income last year to P44.6 billion as its business segments performed strongly to boost revenues, the Sy-led company told the stock exchange on Friday.

Belle net income falls 9.6%

BELLE Corp. reported a 9.6% decrease in consolidated net income last year to P2.92 billion as the company recorded a double-digit fall in revenues with the impact of small-town lottery operations on its business of leasing online betting equipment.

PSALM refutes SMC claim about non-billing of nearly P24B payables

STATE-LED Power Sector Assets and Liabilities Management Corp. (PSALM) has refuted the claim of San Miguel Corp. (SMC) that it has not been billed by the agency for a subsidiary’s supposed P23.94 billion payables, saying it has proof showing receipt of demand letters.

3 Filipinos from cruise ship monitored for covid-19

THREE of the more than 400 Filipinos who came home from a coronavirus-infected cruise ship in Yokohama have been identified as persons under investigation after showing respiratory illnesses, the Department of Health (DoH) said on Friday.

Ex-Finance official acquitted of graft

THE country’s anti-graft court has acquitted a former Finance official and eight other executives of private companies of graft in connection with a P380-million tax credit certificate (TCC) scheme.

Philex bottomline slides

PHILEX Mining Corp. posted P647.79 million net loss attributable to equity holders of the parent firm in 2019, reversing the earlier year’s income of P608.46 million, the copper and gold producer’s financial report to the stock exchange shows.

Manila Water income down 16%

MANILA WATER Co., Inc. posted a 16% decrease in 2019 net income to P5.5 billion, saying its performance was dampened by the impact of a regulatory penalty, a one-time bill waiver, and higher expenses caused by the water shortage in the first half.

Former police chief Purisima cleared of corruption

THE Sandiganbayan on Friday acquitted former Philippine National Police chief Alan L.M. Purisima of perjury charges over the alleged misdeclaration in his statement of assets, liabilities and net worth.

AirAsia adds more domestic flights, removes Clark-Seoul route

ANGELES CITY, Pampanga—Philippines AirAsia, Inc. will be launching two new domestic routes this year to further boost domestic tourism amid the coronavirus outbreak that has dampened its revenues in the first two months of the year.

PAL slashes 300 jobs to stem worsening losses

FLAG CARRIER Philippine Airlines (PAL) announced on Friday that it has cut about 300 jobs as a way to recover from its 2019 losses, which worsened in the first two months of 2020 due to the coronavirus outbreak.

Senate, SC should not allow VFA termination — ex-diplomat

A FORMER Foreign Affairs secretary urged lawmakers and the Supreme Court not to allow President Rodrigo R. Duterte to end a military agreement with the US on the deployment of troops for war games.
Vicente Sotto III

Senate chief says anti-terror measure won’t lead to abuses

THE Senate on Friday ruled out police abuses after it approved on final reading a bill that seeks to boost the government’s anti-terrorism thrust.

MORE Power starts PECO assets takeover

ILOILO CITY — Razon-led MORE Electric and Power Corp. (MORE Power) started taking over the distribution assets of Panay Electric Co., Inc. (PECO) in Iloilo City Friday following a local court order granting its petition for a writ of possession.

Great deals await you at UCPB Auto Warehouse’s Valentine weekend deals

Make your heart race this Valentine’s season with exciting deals at the UCPB Auto Warehouse! Enjoy up to 10% discount on the published selling price...

PearlPay Indonesia partners with Association of Rural Banks in Central Java

This new partnership more than doubles PearlPay’s community of rural banks across Southeast Asia.

National government fiscal performance (December 2019)

INFLATION may have quickened slightly in February due to higher food prices, which was likely offset by lower utility and oil prices amid the...

Budget gap widens to record P660B

THE BUDGET DEFICIT widened to a record P660.2 billion in 2019, as the government spent nearly P500 billion, mainly for infrastructure projects and social protection programs, in December alone.

Central bank mulls more rate, RRR cuts

THE CENTRAL BANK may cut rates by more than 25 basis points (bps) this year as the government looks to boost growth amid fears of an economic fallout due to the global spread of the coronavirus disease 2019 (COVID-19), its chief said on Thursday.

Inflation impact on the poor worsens in January

INFLATION, as experienced by low-income families, picked up to its fastest pace in six months in January, the Philippine Statistics Authority (PSA) reported on Thursday.

PCC: Concerns over foreign ownership of utilities may be addressed through regulation

NATIONAL SECURITY concerns arising from the removal of foreign ownership restriction in telecommunications, transportation and other industries can be addressed through regulation, according to the Philippine Competition Commission (PCC) commissioner.

House legislators weigh next move on ABS-CBN

HOUSE SPEAKER Alan Peter S. Cayetano said he would meet with the House committee chair on legislative franchises, Rep. Franz E. Alvarez, on Monday or Tuesday to determine whether the lower chamber should have an “administrative hearing” on ABS-CBN Corp.’s franchise issue.

Media network to donate P2.6-M refund from unaired political ads

ABS-CBN Corp. will follow President Rodrigo R. Duterte’s advice to just donate the P2.6-million refund that he declined to accept to a charitable institution.

Three icons, one stage

TONIGHT and tomorrow, three icons of Philippine music — Basil Valdez, Lani Misalucha, and National Artist for Music Ryan Cayabyab — join forces in And The Story Begins.
SEC logo

SEC flags ‘Elite’ group offering allowance and insurance cover

THE Securities and Exchange Commission (SEC) has flagged another illegal investing group that is luring the public by offering weekly allowances and an insurance coverage.

Yo! DJ Hyo

IT HAS always been the dilemma of Korean pop stars: How they will transition from K-pop superstardom to a celebrity life that is less frenzied but equally glamorous?

Discovery World raises investment to expand Boracay resort business

DISCOVERY World Corp. (DWC) is expanding its resort business further with the subscription to more shares in a property owner in Boracay.

Pussycat Dolls returning to the Philippines in May

THE REUNION tour of American girl group and dance ensemble The Pussycat Dolls (PCD) will make a stop in the Philippines on May 9 at the Mall of Asia Arena, Pasay City.

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Small firms advised to tout CSR opportunities to attract workers

ONLINE JOB search website Jobstreet.com said small businesses should compete for young workers with attractive workplace cultures and a social responsibility focus.

PHirst earmarks P550M for Batangas property project

PHIRST PARK Homes, Inc. is setting aside P550 million as capital expenditure for a new project in Nasugbu, Batangas after its purchase of a 30-hectare property in the area.

POEA sets deadlines for recruiters to report capitalization

RECRUITMENT agencies catering to land-based workers have been ordered to submit their paid-in capital compliance reports by the end of April, the Philippine Overseas Employment Administration (POEA) said.

Actor Johnny Depp takes Sun to court in ‘wife beater’ libel case

LONDON — Hollywood star Johnny Depp appeared in a London court on Wednesday to hear his lawyer argue that Depp’s ex-wife had lied when she accused him of beating her in comments quoted by the tabloid newspaper the Sun.

US SC allows employees to sue Intel over retirement plan

WASHINGTON -- The US Supreme Court on Wednesday refused to back stricter deadlines for workers to sue retirement plans over alleged mismanagement, ruling Intel Corp. cannot avoid a suit accusing it of unlawfully making high-risk investments that cost retirement plan beneficiaries hundreds of millions of dollars.