Home 2020 May 8

Daily Archives: May 8, 2020 | 8:44 pm

Stocks down as investors fear economic impact of pandemic

WORRIES of a worsening economy left investors wary, pulling down the 30-member main stock index to close lower a day after the country saw a contraction in gross domestic product (GDP) that ended a 21-year growth streak.

ABS-CBN expects to lose up to P35 million daily when off air

ABS-CBN Corp. stands to suffer millions of pesos in foregone advertising revenues daily, impair its credit standing, and risks defaulting on debts after it was forced to stop broadcasting with the issuance of a cease-and-desist order (CDO) by the National Telecommunications Commission (NTC), the Lopez-led media network said.

Cayetano says Congress to hold hearings on ABS-CBN franchise

HOUSE SPEAKER Alan Peter S. Cayetano reiterated on Friday his assurance that the House of Representatives will do its job on the matter of the ABS-CBN Corp. broadcast franchise.
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SEC flags ‘Bayanihan’ and other unregistered schemes

THE Securities and Exchange Commission (SEC) warned the public anew of groups peddling shady investments without authorization from the government.

Marco Polo Davao closing doors by June 15

DAVAO CITY — Marco Polo Davao, one of the first international hotel brands to operate in the city, will cease operations by June 15 with severance pay already distributed to most of its employees.
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Manila Water income up 4%

EAST ZONE water concessionaire Manila Water Co. Inc. reported a 4% increase in its consolidated net income to P1.3 billion for the first quarter, despite lower contributions from its domestic subsidiaries.

PLDT studies 5G delay as pandemic disrupts supply chain

THE coronavirus pandemic is pushing PLDT Inc. to delay the launching of its fifth-generation (5G) network services, Chief Revenue Officer Alfredo S. Panlilio of the Pangilinan-led telecommunications company said.

Nickel Asia posts losses as virus hits global markets

NICKEL ASIA Corp. on Friday reported an attributable first-quarter net loss of P89 million, reversing last year’s profit of P138 million, as the pandemic hit the listed mining company’s investments.

Almost $1 billion hot money left Philippines in March

ALMOST $1 billion in foreign capital left the country in March, reflecting investor preference for safe-haven assets as a Luzon-wide lockdown meant to contain a coronavirus pandemic brought the Philippine economy to a standstill.

Nomura expects negative Philippine debt outlook as economy weakens

CREDIT rating companies may lower the Philippines’ debt rating to negative amid dimming growth prospects caused by a global coronavirus pandemic, according to Nomura Global Markets Research.

Metro Manila electricity bills to go down in May

ELECTRICITY rates in Metro Manila are likely to go down this month, with typical households getting at least a P50 cut in their bills, Manila Electric Co. (Meralco) said on Friday.

Metro Manila mayors eye lockdown extension

METRO MANILA’s 17 mayors may seek another two-week extension of a Luzon-wide lockdown until May 30 to contain a novel coronavirus pandemic, Parañaque Mayor Edwin L. Olivarez said on Friday,
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Air quality improves amid metro lockdown

AIR QUALITY in the Philippine capital, Manila and nearby cities improved substantially after the main island of Luzon was locked down beginning March 17 to contain a novel coronavirus outbreak, according to a research group.

Small business workers get subsidy

THE government has released P10.1 billion in cash grants to more than 1.2 million workers under a small business wage subsidy program, the Department of Finance (DoF) said on Friday.

Pressure mounts for businesses to resume at least digital operations

All businesses, including those classified as non-essential, should be allowed to resume operations even if only via online platforms, the former head of the Philippine Retailers Association (PRA) said.
Asian Development Bank (ADB)

Southeast Asian COVID-19 measures at $243-B

SOUTHEAST Asian countries have rolled out$242.995 billion worth of measures in response to the coronavirus disease 2019 (COVID-19) outbreak, according to the Asian Development Bank (ADB).

POGOs required to obtain tax clearances before resuming operationa

PHILIPPINE Offshore Gaming Operators (POGOs) and service providers will be required to secure tax clearances from the Bureau of Internal Revenue (BIR) and settle all liabilities before will be permitted to resume operations, The Department of Finance said.
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LGUs to take on bigger role in food security plan

THE food security framework adopted by the government will seek to expand the role of local governments in food logistics and distribution, the Department of Agriculture (DA) said.

PayMaya sees pandemic bolstering case for more digital payments

DIGITAL payments firm PayMaya Philippines, Inc. is hoping that the momentum driving cashless payments during the coronavirus pandemic will ultimatly translate to profitability.

BSP eases asset cover norms for foreign currency loans

THE central bank said the rules easing the standards for asset cover on foreign currency liabilities will allow a two-week compliance period to bring coverage back to 100%
Peso Dollar

Peso gains after progress in US-China talks

THE peso strengthened Friday after risk-on sentiment returned after positive developments on the US-China trade negotiations as well as signals from the central bank of a pause in monetary easing.

Pag-IBIG Fund: Two programs providing loan relief available to members

Top officials of Pag-IBIG Fund on Thursday (May 07) reiterated that the agency has made available two programs aimed to provide members relief on...

AMTI: The ICT company that remained steadfast amid the health crisis

The enhanced community quarantine (ECQ) implemented because of the coronavirus pandemic has put a lot of pressure on businesses nationwide. Like many other leaders...

AirBnB’s internal memo on letting go of a quarter of their workforce

For firms finding themselves at similar crossroads, it can serve as an example of how a leader that truly values their workforce navigates these difficult conversations.

The opportunity to make this digital era inclusive

Anybody can succeed given the right environment. IBM Executive Chairman Ginni Rometty and philanthropist and Black-Eyed Peas founder will.i.am discuss the opportunity of making this digital era into an inclusive one.

Fres cheers COVID frontliners on

Fres mint, the first mouth fragrance candy to “talk” through creative messages in each pack, joined soldiers, policemen and health workers at the frontlines....

Expanded testing: Cornering the coronavirus, one test at a time

By Argie C. Aguja Senior Features Writer, The Philippine STAR Priority testing for COVID-19 covers symptomatic individuals, pregnant women, the elderly, the immuno-compromised and medical workers...


Global real estate services firm Cushman & Wakefield crafted a “Safe Six” guide that real estate owners should follow in preparation for the “new...

Virus ends 21-year growth streak

THE Philippine economy unexpectedly shrank in the first quarter, as strict lockdown measures aimed at containing the coronavirus outbreak brought economic activity to a near standstill, the Philippine Statistics Authority (PSA) reported on Thursday.

Gross domestic product quarterly performance (Q1 2020)

THE Philippine economy unexpectedly shrank in the first quarter, as strict lockdown measures aimed at containing the coronavirus outbreak brought economic activity to a...

Fitch Ratings lowers Philippines’ outlook to ‘stable’

FITCH RATINGS on Thursday evening downgraded its outlook for the Philippines to “stable,” less than three months since it gave a “positive” outlook, as the economy faces a recession amid the coronavirus pandemic.

BPOs face uncertain post-pandemic future

THE business process outsourcing (BPO) industry is looking at an uncertain future where large global corporations either re-shore jobs or diversify their outsourcing destinations in response to the impact of the novel coronavirus pandemic on business.

Diokno: Current policy rate remains ‘appropriate’

THE aggressive policy easing fired off by the central bank this year will be “appropriate” as the economy faces challenges brought by the coronavirus disease 2019 (COVID-19) pandemic, according to Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno.

Oro, Plata, Mata director Peque Gallaga, 76

PEQUE Gallaga, the multi-awarded director best known for Scorpio Nights (1982) and Oro, Plata, Mata (1985), died on May 7 due to complications arising from past health conditions. He was 76. The Gallaga family announced his passing on social media. “He was a visionary director and artist; a loving husband, father, and grandfather, and a dear friend. He has brought so much joy to so many people and he will always live in our memories and in his art,” the statement read.

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Saying goodbye to Peque Gallaga

FILM director Peque Gallaga, the man behind Oro, Plata, Mata (1985), Magic Temple (1996), and Scorpio Nights (1985) among many other well-known and well-loved Filipino films, passed away at the age of 76 in a Bacolod City hospital. Upon the announcement of his death, an outpouring of tributes were posted on social media from colleagues and friends. Here are some of them.

WFH during ECQ: Salcedo Auctions’ Richie Lerma

AUCTION houses, much as art fairs and galleries, are now selling and exhibiting online, having made a total shift to digital platforms during the quarantine period.

ABS-CBN moves to block NTC order

ABS-CBN Corp. asked the Supreme Court to stop the implementation of the National Telecommunication Commission’s cease-and-desist order to halt its operations due to franchise expiration.

10 artists, 10 songs mark Upstart’s 10 years in fundraising online concert

IN line with its 10th anniversary, the theater group Upstart Productions presents Upstart 10 for 10, an online mini-concert fundraiser on May 9, 8 p.mat its Facebook page.

PLDT studies budget cut to P63B

By Arjay L. Balinbin, Reporter PLDT Inc. (PLDT) is looking at reducing its capital spending for this year by 24% to P63 billion from the...

Saith the Lord

PRECIOUS little has been written online or on print about Manuel Conde save a book by Nicanor Tiongson (which I haven’t been able to read, unfortunately, and is currently unavailable). The filmmaker is best known for his comic Juan Tamad (Lazy John) film series, and for writing, producing, directing a small scale biopic on Genghis Khan that depicted the eponymous Mongol prince (also played by Conde) as an ambitious, charmingly inventive runt — the film competed in the 1952 Venice International Film Festival, the first ever Filipino film to do so.

A British nurse is the chosen superhero in new Banksy artwork

LONDON -- A young boy chooses a nurse as the superhero he wants to play with over Batman and Spiderman in a new artwork by Banksy that encapsulates the gratitude Britons have felt toward the country’s National Health Service during the coronavirus crisis.

ICTSI net income plunges 18%

RAZON-LED International Container Terminal Services, Inc. (ICTSI) saw its net income attributable to equity holders drop by 18% to $59.6 million in the first quarter due to lower operating income, increase in concession interest, and pandemic-related expenses.

Musicals out, one-man plays in: Broadway gets creative waiting for show to go on

TELEVISION can fake it, movie audiences can wear masks, but a live theater performance like Romeo and Juliet needs real actors kissing and fighting rivals in front of real people.

Lockdown gives $3.4-billion boost to PLDT, Globe

WHILE the coronavirus grinds the $331 billion Philippine economy to almost a halt, a boom in mobile digital payments is reviving investor interest in the nation’s two telecom carriers.

A practical guide to staying hydrated during the pandemic

HIGH temperatures have been recorded across the country as the dry season continues amid COVID-19 pandemic. To keep up everyone’s health and wellness, hydration cannot be ignored.