Home 2020 March 6

Daily Archives: March 6, 2020 | 8:03 pm

PHL may face up to $1.9B in GDP loss — ADB

THE Philippines may lose up to $1.939 billion in gross domestic product (GDP) due to the coronavirus disease (COVID-19) outbreak, the Asian Development Bank (ADB) said on Friday.

Philippine dollar reserves inch up in February

THE COUNTRY’S dollar reserves inched up in February, driven by inflows from the government’s net foreign currency deposits and the central bank’s foreign exchange operations.

WTO suspends consideration of PHL retaliation vs Thailand

THE World Trade Organization (WTO) suspended consideration of Philippine retaliation against Thailand in a 12-year trade dispute.

DoH confirms two more COVID-19 cases in PHL

THE Department of Health (DoH) confirmed on Friday that there were two additional confirmed cases of the coronavirus disease 2019 (COVID-19) in the Philippines, bringing the total number of cases to five.

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Filipino linked to money laundering indicted in Pasay City

THE Pasay City Prosecutor is indicting a Filipino who was recently linked to the laundering of millions of pesos in foreign currency. He is being charged for not declaring the amount of money he brought into the country last September.

Sandiganbayan junks appeal vs Marcos cronies

THE anti-graft court junked the Philippine government’s appeal on the dismissal of a P267-million ill-gotten wealth case against cronies of former President Ferdinand E. Marcos and his wife Imelda R. Marcos, deeming the documentary evidence presented to be insufficient as they were not original documents.
Bureau of Internal Revenue (BIR)

BIR goes after cockfighting group for P1.30-B in unpaid taxes

THE Bureau of Internal Revenue (BIR) has temporarily halted the operations of the Manila Cockers Club, Inc. (MCCI) for not paying proper taxes. It also sealed some of MCCI’s unregistered ticket-dispensing machines on Thursday.
Duterte Cabinet

Survey says: 81% satisfied with Duterte Administration

THE majority of Filipinos — 81% — were satisfied by the performance of President Rodrigo R. Duterte’s administration, according to the latest Social Weather Stations (SWS) poll.

Power distributors ordered to refund P2.8B in excess charges

THE Energy Regulatory Commission (ERC) on Friday ordered 63 distribution utilities (DU) to refund its customers over P2.8 billion in over-recoveries charges.

Kepwealth buys condo units, parking spaces in Pasig

KEPWEALTH PROPERTY Phils., Inc. is investing P184.44 million for the acquisition of condominium units and parking spaces in a building in Pasig City.

5,000 out-of-school youth to undergo training at McDonald’s

AROUND 5,000 unemployed and out-of-school youth may soon undergo skills training at branches of McDonald’s around the country.
Carlos G. Dominguez III

NEDA ICC-CabCom approves P5.45-B Customs Modernization Project

THE NATIONAL Economic and Development Authority (NEDA) Investment Coordination Committee-Cabinet Committee (ICC-CabCom) approved on Friday the P5.45-billion Philippine Customs Modernization Project to streamline and improve Customs’ revenue-collecting capacity.
construction workers

Construction starts decline in Q4 2019

CONSTRUCTION STARTS, based on approved building permits, declined by 7.7% year on year in the fourth quarter of 2019 amid fewer residential projects during the period, data by the Philippine Statistics Authority (PSA) showed.

NPC to end validity of PICs, PIPs in August

THE NATIONAL Privacy Commission (NPC) will end the validity of current registrations to process or control personal information after it launches its automated registration system in July.

DLSU, IPOPHL team up to develop master’s degree in intellectual property

THE PHILIPPINES may soon offer its first post-graduate degree in intellectual property through a university partnership.

BPI closes bond offer

BANK OF THE Philippine Islands (BPI) on Friday closed its bond offer period, days ahead of the March 17 schedule amid strong demand, with the proceeds meant to diversify the bank’s funding sources and finance its business operations.

EastWest Bank net income up 38% in 2019

EAST WEST Banking Corp. (EastWest Bank) saw its net income climb in 2019, boosted by both consumer loans and deposits.

Peso drops vs dollar on local data

THE PESO succumbed to the dollar’s strength on Friday on data showing a higher unemployment rate and lower-than-expected inflation and the prolonged spread of the coronavirus disease 2019 (COVID-19).

Shares back in the red as PHL reports new coronavirus cases

LOCAL shares slumped back into red territory amid renewed worries as the Department of Health (DoH) on Friday reported a Filipino male with no history of travel abroad has tested positive for the coronavirus disease (COVID-19).

World no. 6 Tsitsipas in his element in Davis Cup match versus Philippines; Greeks...

STEFANOS TSITSIPAS of Greece gave Filipino fans a dazzling show of world-class tennis as he overwhelmed the Philippines’ AJ Lim, 6-2, 6-1, on Friday to give his team the opening win in their Davis Cup World Group II playoff tie at the Philippine Columbian Association’s Plaza Dilao courts in Paco, Manila.

Pag-IBIG Fund resolves all 8888 hotline calls, complaints reduced by 78%

Pag-IBIG Fund executives on Wednesday (Mar 4) announced that all concerns received through the 8888 citizen’s hotline last year have been resolved as the...
Festival colors at Aliwan Fiesta

Aliwan Fiesta canceled because of virus concerns

THIS year’s Aliwan Fiesta, which was scheduled on April 23 to 25, has been canceled because of COVID-19, Manila Broadcasting Company (MBC) said in a statement.

Ovaltine says choose health and happiness over winning

The “Bigay Na Bigay” campaign of well-loved brand Ovaltinechallenges the norm. It emboldens parents to encourage and prepare kids to be willing to take...

Globe offers free data access to DOH, PHIVOLCS, NDRRMC websites

To provide its customers with reliable updates on COVID-19 and Taal volcano status, Globe Telecom is offering free data access to websites of the...

Philippine police probe chopper crash that almost killed their chief

PHILIPPINE police formed a team that will probe the helicopter crash that almost killed their chief and injured seven other officers in San Pedro, Laguna province on Thursday.

Inflation slows down in February

THE GENERAL INCREASE in the prices of widely used goods and services eased in February due to slower price adjustments in the heavily weighted food and non-alcoholic beverages and select nonfood commodities, the Philippine Statistics Authority (PSA) reported, lending support to the possibility of the central bank to cut policy rates soon.

January finds better quality of jobs although unemployed ranks grow

LATEST official labor data showed the ranks of Filipinos wanting more work to augment income declined in January, although those that were left without jobs increased, data from the government’s statistical agency showed.

No off-cycle rate cut, says Diokno

BANGKO SENTRAL ng Pilipinas (BSP) Governor Benjamin E. Diokno said they will not go for an off-cycle rate cut following the US Federal Reserve’s surprise move to ease as part of efforts to boost the economy amid risks of a slowdown due to the coronavirus disease 2019 (COVID-19) outbreak.

House OK’s lower capital requirement for foreign retailers

A PRIORITY MEASURE that aims to further open up the retail sector to foreign companies was approved on second reading at the House of Representatives on Wednesday.

Headline inflation rates in the Philippines

THE GENERAL INCREASE in the prices of widely used goods and services eased in February due to slower price adjustments in the heavily weighted...

First Gen seeks DoE nod to build LNG import terminal

FIRST GEN Corp. said its subsidiary had applied for regulatory permit to start constructing an offshore terminal for liquefied natural gas (LNG) within its energy complex in Batangas City.

James Bond movie release pushed back amidst virus fears

LONDON -- The global release of the new James Bond film No Time to Die was postponed on Wednesday by seven months amid the coronavirus disruption that has closed movie theaters in China and caused widespread headaches for other Hollywood productions.

PLDT allots P83-B budget this year

PLDT, Inc. is allocating P83 billion for capital expenditures (capex) this year, 36.1% higher than last year’s figure, to serve better the “fast-growing” data usage of its customers, the company’s top official said on Thursday.

Massive Miami electronic-music fest up in air on virus concerns

PLANS FOR the Ultra Music Festival, one of the world’s biggest electronic-music events, were in flux Wednesday after Miami Mayor Francis Suarez met with the organizers over mounting coronavirus concerns.

ICTSI income dips 52% after one-off charges

PROFITS of International Container Terminal Services, Inc. (ICTSI) last year plunged 52% to $100.4 million, attributable to non-recurring charges recorded during the period.

Taylor Swift is best-selling global artist in 2019

LOS ANGELES -- Pop superstar Taylor Swift topped the list of the world’s best-selling music artists in 2019, thanks to the success of her album Lover, beating popular acts including Korean pop sensation BTS, recording industry group IFPI said on Monday.

D&L Industries profit down 18% to P2.6 billion as sales fall

EARNINGS of D&L Industries, Inc. (D&L) slumped 18% in 2019, dragged by lower sales due to the late passage of the national budget and the rise in inflation and interest rates.

DMCI Holdings posts 27% profit fall

CONSUNJI-LED DMCI Holdings, Inc. posted a 27% decline in consolidated net income to P10.5 billion in 2019 after its coal mining and power unit turned in lower contributions last year and a one-time goodwill impairment charge for a mine investment, it said on Thursday.

Take 2 for successful OPM concert

AFTER A successful run last year, Viva Live is bringing back Playlist: the Best of OPM on April 3 at the Smart Araneta Coliseum in Quezon City. The concert brings together “the famed soloists of the biggest bands in Philippine pop music history,” according to a press release.

Is your music making you deaf?

AT THE HEIGHT of their music careers, Mark McGrath and Huey Lewis had number one hits, top-selling albums, and jam-packed live tours across America and the world. McGrath, lead singer of alternative rock group Sugar Ray, is the voice behind popular 1990s songs “Every Morning” and “Someday,” while Lewis, who fronted the ’80s band Huey Lewis and the News, sang such pop hits as “Hip to be Square,” “Do You Believe In Love,” and “The Power of Love.”

Imported car sales fall 16% as virus, ash fall add to challenges

IMPORTED vehicle sales in January dropped 16% because of the Taal volcano ashfall and the new coronavirus (COVID-19) outbreak, the Association of Vehicle Importers and Distributors Inc. (AVID) said in a report on Thursday.

Recruitment agencies ordered to monitor health of workers in Hong Kong, Macau

THE PHILIPPINE Overseas Employment Administration (POEA) directed all recruitment agencies to monitor the health of their workers deployed to Hong Kong and Macau as those territories deal with the coronavirus outbreak from China.

DBP targets to grow loan book to P419B, assets to over P800B

DEVELOPMENT BANK of the Philippines (DBP) is looking to grow its loan portfolio to P419 billion and breach the P800-billion mark for its asset base this year as the bank aims to reach P1 trillion in assets by 2022.

NIA ties up with hydropower developers for five projects

THE National Irrigation Administration (NIA) has partnered with hydroelectric power plant developers to build five facilities, including three in Mindanao, to maximize the use of existing reservoirs.

What to see this week

A VIDEO game developer becomes the next participant in a real-life death match that streams online.