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Daily Archives: March 20, 2020 | 7:49 pm

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Hot money turns around in February despite volatility

MORE foreign capital entered than left the country in February to yield a net inflow of $40 million in February, despite the brewing volatility over the spread of the coronavirus disease (COVID-19).

Biz groups call for ‘maximum’ fiscal response vs coronavirus

MORE THAN 30 business groups urged Congress, in coordination with the Duterte administration, to approve the “maximum fiscal response” to shelter the Philippine economy from the impact of the coronavirus disease (COVID-19).
cargo crates container port

Current account deficit shrinks in 2019

THE country’s current account deficit shrank to $464 million in 2019, due to “lower trade in goods deficit combined with higher net receipts in the trade in services, and in the primary and secondary income accounts, the Bangko Sentral ng Pilipinas said on Friday.

Philippines’ 2020 growth may slow to 5%-5.5% — Diokno

PHILIPPINE central bank Governor Benjamin Diokno said the nation’s economic growth this year could slow to a range of 5% to 5.5% as the world faces the risk of a recession.

BIR extends other tax deadlines

THE BUREAU of Internal Revenue (BIR) has also extended deadlines of other tax returns for 30 days due to the Luzon-wide lockdown.

DTI says price freeze covers virtual vendors, individual sellers

THE DEPARTMENT of Trade and Industry (DTI) said virtual vendors and individual sellers are included in the 60-day price freeze imposed by the government.
Department of Budget and Management (DBM) facade

DBM extends deadline for agencies’ 2021 spending plans

THE DEPARTMENT of Budget and Management (DBM) has extended the deadline for state agencies preparing their 2021 budget plans (BP) to May 25 amid the 30-day Luzon-wide lockdown.
PEZA logo

PEZA firms can choose to shut down due to COVID-19 disruptions

THE PHILIPPINE Economic Zone Authority (PEZA) said its registered companies can choose to stop operations amid the enhanced community quarantine in Luzon.

LGUs ordered to abide by national government guidelines for COVID-19

PRESIDENT Rodrigo R. Duterte will file cases against local government officials who don’t strictly abide with the national government’s guidelines to prevent the spread of the Coronavirus Disease 2019 (COVID-19).

13 more infected with COVID-19, bringing total to 230

THE Department of Health (DoH) reported that 13 more people have tested positive for coronavirus disease 2019 (COVID-19) on Friday, bringing the total to 230.

Customs OKs 189 shipments of COVID-19 medical supplies

THE Bureau of Customs (BOC) has processed 189 shipments of medical supplies and other emergency items needed for responses against coronavirus disease 2019 (COVID-19) as of Thursday.

DoH designates PGH and Caloocan hospital as exclusively for COVID-19 patients

THE Department of Health (DoH) has ordered the designation of the University of the Philippines-Philippine General Hospital (UP-PGH) in Manila and the Jose N. Rodriguez Memorial Hospital in Caloocan as exclusive coronavirus disease 2019 (COVID-19) hospitals, following the appeal of private hospitals for a unified approach to the pandemic.


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Meat processors warn of severe meat shortage during lockdown

MEAT processors told the Department of Trade and Industry (DTI) that they were expecting a “severe” shortage of meat products by the middle of April, as their inventories of finished products and supplies of raw goods could last for just up to two weeks during the month-long enhanced community quarantine period.

Foreigners banned from entering country

THE government is temporarily banning the entry of foreigners to the country to help contain the spread of the coronavirus disease 2019 (COVID-19).
Supreme Court

All courts physically closed thanks to pandemic

ALL COURTS nationwide, from the Supreme Court down to the first level courts, will be “physically closed” to all court users starting March 23 due to the coronavirus disease 2019 (COVID-19) pandemic.

NPA give COVID-19 truce offer the cold shoulder

THE Palace on Friday slammed the exiled founder of the Communist Party of the Philippines (CPP) Jose Maria C. Sison for not reciprocating a unilateral ceasefire with the government after this was declared last Wednesday, adding that the exiled militant rebel should show “patriotism” in agreeing with this peace.

SMC defers issuance of P60-B commercial papers

SAN MIGUEL Corp. (SMC) is delaying the issuance of P60 billion worth of commercial papers, as Luzon is under enhanced community quarantine until mid-April due to the coronavirus disease (COVID-19) outbreak.

Top PHL firms to support workers during lockdown

By Denise A. Valdez, Reporter MORE listed companies are allocating emergency funds to support their workers during the month-long Luzon lockdown. Jollibee Foods Corp. (JFC), the...
SEC logo

SEC releases rules on GIS filing during lockdown

THE Securities and Exchange Commission (SEC) is allowing corporations to submit their general information sheets (GIS) via different methods while Luzon is under quarantine.

Green Cross working to restock alcohol amid hoarding

GREEN CROSS Inc. said the company is working “round the clock” to produce and distribute its alcohol and hand sanitizing products amid “heightened” demand due to the coronavirus disease (COVID-19) pandemic.
Doubledragon

US investment firm raises stake in DoubleDragon

UNITED STATES-based investment firm The Capital Group Companies, Inc. is increasing its stake in DoubleDragon Properties Corp. to 5%.

Holcim, Cemex temporarily suspend production

SOME cement manufacturers are suspending work at their facilities as coronavirus disease 2019 (COVID-19) outbreak.
Meralco-facade

Meralco suspends meter reading, bill delivery

MANILA ELECTRIC Co. (Meralco) told its electricity customers on Friday that it deferred physical meter reading and bill delivery as Luzon is currently under an enhanced community quarantine to contain the spread of COVID-19 (novel coronavirus disease 2019).
PSE BGC bells

Philippine stocks veterans see more pain after record plunge

PHILIPPINE stocks investors, crushed by the steepest plunge on record, should brace for more pain, according to the country’s seasoned market watchers.
BSP

BSP outlines additional relief measures for banks

THE CENTRAL BANK is giving additional regulatory to financial institutions, including the imposition of a higher single borrower’s limit (SBL), removing penalties for reserve deficiencies, and providing leeway for some notification requirements amid disruptions caused by the coronavirus disease 2019 (COVID-19).

Rediscount rates down following BSP cut

REDISCOUNT RATES have been lowered following the latest rate cut from the Bangko Sentral ng Pilipinas (BSP) and as part of the central bank’s additional regulatory relief for financial institutions due to disruptions caused by the coronavirus disease 2019 (COVID-19) outbreak.

Peso returns to P50:$1 level

THE PESO climbed to return to the P50-per-dollar level on Friday after the central bank cut rates as well as some profit-taking.
PSE

Stocks rise in volatile session

STOCKS climbed on Friday after the massive sell-offs in the previous day.

Stronger ties: how to nurture a multigenerational workforce

TELUS International Philippines discusses its multigenerational workforce

First Shoshin Holdings unveils plan for $5M “fintech hub”

FSHI shares plans to develop a FinTech Hub in the next twelve months which aims to create an integrated financial services space to serve as a one-stop shop where Filipinos can perform financial transactions on-the-go.

AutoDeal.com.ph recognizes top performing partners

According to the latest customer journey data from AutoDeal.com.ph, car buyers spend up to four months researching vehicles online before they purchase and on...

BSP slashes rates to counter virus

THE Bangko Sentral ng Pilipinas (BSP) fired a widely expected rate cut on Thursday to shield the economy against the impact of the coronavirus disease 2019 (COVID-19) outbreak, joining central banks around the world that have eased to help boost activity amid an expected slowdown.

PSEi hits lowest level year to date, wipes out P1.16 trillion in one day

THE Philippine Stock Exchange index (PSEi) plunged by a record 13.34% on Thursday, erasing P1.16 trillion in market value. Read the full story.

Stocks in free fall, erasing P1.16 trillion in market value

THE Philippine Stock Exchange index (PSEi) plunged by a record 13.34% on Thursday, erasing P1.16 trillion in market value.

Tax filing deadline extended to May 15

THE Bureau of Internal Revenue (BIR) extended the deadline for the filing of income tax returns (ITR) by one month to May 15, but the Finance department said this may result in an “estimated delay and shortfall in tax collections of around P145 billion.”
SEC logo

Regulator makes it easier for companies to request extension of filing deadline

THE Securities and Exchange Commission (SEC) is further easing its requirements for companies that are seeking an extension of the deadline for filing of 2019 annual reports and audited financial statements.

Toyota suspends operations

TOYOTA Motor Philippines Corp. (TMP), the largest automotive company in the country, has suspended its operations amid the Luzon-wide enhanced community quarantine.

Ayalas’ IMI on ‘partial’ shutdown

AYALA-LED Integrated Micro-Electronics, Inc. (IMI) is suspending work at some of its facilities in Luzon due to the government’s month-long lockdown to contain the spread of the new coronavirus.

BPO firms try to stay open after quarantine

BUSINESS process outsourcing (BPO) companies are racing to comply with requirements to remain operational under minimal workforce arrangements amid the enhanced community quarantine in Luzon.

DTI ensures free movement of cargo

THE Department of Trade and Industry (DTI) released its memorandum ensuring the free movement of cargo amid the enhanced community quarantine in Luzon.

Firms extend more support amid virus

MORE companies are giving back amid the Luzon-wide lockdown being implemented due to a new coronavirus disease.

AC Energy merges local and overseas entities

AYALA-LED AC Energy, Inc. is transferring its stake in renewable energy projects abroad to its Philippine-listed unit in exchange for more shares in the latter.

SBS founder, chairman Sytengco dies

NECISTO U. Sytengco, founder and chairman of chemical trading company SBS Philippines Corp., had passed away.

LT Group earnings hit post-listing record

LT GROUP, Inc. reported record earnings of P23.12 billion in 2019, the highest since its re-initial public offering seven years ago.

Alsons income up 67%

MINDANAO-BASED Alsons Consolidated Resources, Inc. saw its attributable net income jump by 57% to P148 million in 2019 after a slight growth in revenues, the Alcantara-led holding firm said on Thursday.