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Daily Archives: May 1, 2020 | 7:12 pm

Gov’t changes mind, bans church and work meetings

By Gillian M. Cortez, Reporter The government on Friday backtracked on its decision to allow religious and work-related gatherings under a relaxed lockdown in some...
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Gov’t allows POGOs to partially resume operations

The government gave the green light for Philippine offshore gaming operators (POGOs) and their service providers to resume partial operations amid the enhanced community...

Government debt rises in March

The national government's outstanding debt reached P8.177 trillion as of end-March due to higher issuances of domestic securities, the Bureau of the Treasury (BTr)...

Deadline for payment of local taxes extended

The Department of Finance (DoF) has extended the deadline for the payment of taxes, fees and charges to local government units (LGUs) as...

Companies lose P700B on lockdown

BUSINESSES have suffered about P700 billion in revenue losses so far as strict lockdown measures to contain the spread of the coronavirus disease 2019 (COVID-19) forced companies to halt operations since mid-March, the National Economic and Development Authority (NEDA) said on Thursday.

Inflation likely slowed further in April — Diokno

HEADLINE INFLATION likely eased further to settle between 1.9% and 2.7% in April, with downside risks mainly coming from plunging oil prices, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said on Thursday.

Amid volatility, PSE to implement 3-level circuit breaker system

THE Philippine Stock Exchange, Inc. (PSE) said it will begin adopting a three-level circuit breaker system that will trigger a trading halt when certain thresholds are breached, as intense market volatility continues amid the coronavirus crisis.

Dollar reserves hit record $89 billion as of March

THE country’s gross international reserves (GIR) rose to a record $88.99 billion as of end-March, providing support to the economy amid the coronavirus disease 2019 (COVID-19) crisis.

PSEi may hit 6,600 by yearend — BPI

BPI Securities Corp. is downgrading its 2020 projection for the Philippine Stock Exchange index (PSEi) to 6,600 from its initial estimate of 9,000 due to the coronavirus disease 2019 (COVID-19) pandemic.
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AEV income falls 42%

ABOITIZ Equity Ventures, Inc. (AEV) on Thursday reported that its net income plunged by nearly a half in the first quarter as the income share from its power arm declined.

7-Eleven halves store openings for 2020 as virus hits business

CONVENIENCE store company Philippine Seven Corp. is holding off its capital expenditures and reducing store openings in 2020 in response to the effects of the coronavirus disease 2019 (COVID-19) on business.
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SEC issues stricter rules for financial derivatives

THE Securities and Exchange Commission (SEC) has issued new guidelines for financial derivatives to be more specific on rules that guide investment companies and fund managers.

Pag-IBIG Fund grants grace period to nearly 4.8 million borrowers

Pag-IBIG Fund has offered a grace period of 30 days on loan payments during the enhanced community quarantine (ECQ), which was prompted by the need to contain the spread of the coronavirus disease 2019 (COVID-19).

Holcim earnings decline 29% as Luzon locks down

EARNINGS of cement manufacturer Holcim Philippines, Inc. dropped 29% in the first quarter, dragged by operational disruptions brought by lockdown measures against the coronavirus disease 2019 (COVID-19) outbreak.

Megaworld profits up 18% to nearly P18B

PROPERTY developer Megaworld Corp. (Megaworld) reported an 18% increase in its earnings last year, lifted by a double-digit growth across its core business segments.

IMI losses swell as virus disrupts business

LOSSES of Ayala-led Integrated Micro-Electronics, Inc. (IMI) ballooned to $4.62 million in the first quarter due to the global impact of the coronavirus disease 2019 (COVID-19) pandemic.

Money Heist: A show that connects to the periphery of the world

WHEN it first aired on Spanish television channel Antena 3, La Casa de Papel, also known as Money Heist, was a failure: it had falling viewership and its creator álex Pina, the cast, and the crew thought it was over, that there was no hope for the series. But then it was picked up by Netflix and suddenly it became one of the most-streamed titles on the service globally and even won an Emmy award for Best Drama series in 2018.


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SEC eases rules for company registration

The Securities and Exchange Commission (SEC) will now allow companies to register without having their articles of incorporation notarized.

Gavel&Block to hold online benefit auction

SALCEDO Auctions’ subsidiary Gavel&Block will hold an online benefit auction on its official website on May 23, 2 p.m., to support communities affected by the COVID-19 enhanced community quarantine. The fundraising auction will be for the benefit of the international hunger relief organization Rise Against Hunger (RAH) Philippines.

Robinsons Land gets top rating for P20-B bonds

ROBINSONS Land Corp. (RLC) has received the highest credit rating from a local debt watcher for its planned bond issuance of up to P20 billion.

Rising through adversity with a song

Filipina alternative R&B singer August Wahh has released a new single titled “Elated” described as a song about recovering one’s self.
Cathay Pacific

Cathay Pacific readies more passenger flights to Manila

The Hong Kong-based Cathay Pacific Group (Cathay Pacific) is planning to augment the number of its flights to Manila in June.
LinkedIn

Gen-Z cites lack of networks as career hindrance

YOUNGER workers have identified the lack of networks as the main hindrance to their careers, LinkedIn said, citing the results of a study.

Oscars to admit streamed films next year as coronavirus upends movie going

LOS ANGELES — The organizers of the Oscars said on Tuesday that films released only on streaming platforms or video on demand while movie theaters are closed due to the coronavirus pandemic would be eligible for Academy Awards next year.

Alsons’ P1-B debt papers rated above average

THE Alcantaras’ Alsons Consolidated Resources, Inc. (ACR) on Thursday said it had been given an above-average credit rating for the latest tranche of the P2.5-billion commercial papers it registered with the Securities and Exchange Commission in 2018.

New lawyers urged to harness technology to deliver better justice

THE Integrated Bar of the Philippines (IBP) said the more than 2,000 passers of the 2019 Bar examinations must harness technology to deliver better justice.

Metrobank Q1 income falls as it doubles provisions for loans

METROPOLITAN BANK & Trust Co. (Metrobank) posted a lower net income in the first three months of 2020 as it set aside bigger loan provisions to prepare for the impact of the coronavirus disease 2019 (COVID-19).

No kissing, no extras: How to make TV in the Age of the Virus

How do you film a soap opera in the age of the coronavirus, when kissing is banned, make-up is scaled back, and extras are seen as a danger to everyone’s health?

Secondment strategies to minimize layoffs due to COVID-19

We’re a small enterprise with about 200 regular workers, 90% of which have been with us since our establishment 15 years ago. Due to the pandemic, we are looking at the temporary closure of our office for about three months as we don’t have sufficient capital to pay for salaries and benefits. There are only 75 workers who can work from home. Our CEO asked all department managers to prepare for the temporary closure of our office and require employees to go on forced leave without pay. As the head of the human resource department, I believe we can still do something to help the 125 workers who will be temporarily out of work. I pity the workers who have no other means of earning a living. What will happen to them and their families during these three months? Can you please give me your advice? -- Gentle Touch.

SMDC says condo ‘safe’ after a wall collapsed

SM Development Corp. (SMDC) assured residents that its condominium in Makati City is safe for occupancy despite a collapse of a part of the building on Thursday.
Insurance Commission (IC)

Insurance sector ‘well-capitalized’ to weather risks

THE INSURANCE SECTOR can weather the impact of the coronavirus pandemic on their businesses, according to the Insurance Commission (IC), even as investments and sales face difficulties.

How PSEi member stocks performed — April 30, 2020

Here’s a quick glance at how PSEi stocks fared on Thursday, April 30, 2020.