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Daily Archives: May 15, 2020 | 9:03 pm

Remittance growth slows in February

MONEY sent home by overseas Filipino workers saw slower growth in February, as the coronavirus outbreak began to spread around the world.

DBCC slashes proposed budget for 2021, 2022

THE Development Budget Coordination Committee (DBCC) slashed the projected national budget for the next two years, as revenues are expected to take a huge hit from the coronavirus crisis.

Unemployment rate could hit double digits — NEDA

THE Philippines’ unemployment rate could hit double digits this year, as the coronavirus crisis batters the economy.

80% of SB Corp clients have problems with their loans due to COVID-19

ABOUT 80% of Small Business Corp. (SB Corp.) borrowers have said that they cannot continue their loan agreements due to the coronavirus disease 2019 (COVID-19) pandemic, SB Corp. President and Chief Executive Officer Ma. Luna E. Cacanando said.

Government to monitor lockdown transition as typhoon hits PHL

As Typhoon Ambo crosses the country, the government will closely monitor the country’s transition from a total lockdown to the new normal.

Meralco says meter readings for May bills ‘accurate’

AMID mounting concerns by customers on increased electricity bills for May, Manila Electric Co. (Meralco) said its meter readings remain accurate and transparent.

COVID-19 cases breach 12,000; death toll at 806

THE Department of Health (DoH) reported 215 more people infected with the coronavirus disease 2019 (COVID-19) on Friday, bringing the total number of cases to 12,091.

Palace asks Congress, DBM for more funds for SAP

THE Palace has asked both Congress and the Department of Budget and Management (DBM) to find an additional P51 billion that can be allocated to the social amelioration program (SAP).

Courts in GCQ areas to open on May 18 — SC

THE Supreme Court (SC) on Friday said that courts in areas under general community quarantine (GCQ) will reopen starting May 18 and will continue acting on pending cases during this period.

Gov’t agencies told to review planned procurement for this year

THE Government Procurement Policy Board (GPPB) told procuring entities (PEs) to review their planned and ongoing procurement for this year to determine which will be discontinued following the orders to tighten their belts issued by the Budget department earlier.

DA partners with more companies under e-Kadiwa program

On Friday, the Department of Agriculture (DA) signed a Memorandum of Agreement (MoA) with seven companies which will join as sellers under the e-Kadiwa ni Ani At Kita marketing program.

Warrantless arrest of teacher over tweet threatening Duterte invalid, but sedition charges recommended

THE Department of Justice (DoJ) said that the warrantless arrest of a teacher who offered a P50-million bounty for anyone who kills President Rodrigo...

Former Senator Tessie Aquino-Oreta, 75

FORMER Senator Ma. Teresa Aquino-Oreta, sister of the late senator Benigno S. Aquino, Jr., has passed away, her son, Malabon Mayor Antolin A. Oreta lll said on Friday. She was 75.
rice import NFA

NFA open to probe into smelly rice

THE NATIONAL Food Authority (NFA) said that it is open to any investigation that may be conducted after reports surfaced about the foul odors of rice stock issued to some legislators.

COVID-19 economic toll could hit $253 billion without interventions

GOVERNMENT INTERVENTIONS and policy measures by Southeast Asian countries reduced potential economic losses of the coronavirus disease 2019 (COVID-19) by as much as 34%, according to a research by the Asian Development Bank (ADB).
construction infrastructure Ormoc

Wholesale prices of construction materials in NCR ease in April

THE wholesale price growth of construction materials in Metro Manila rose in April, albeit at a slower pace, the Philippine Statistics Authority (PSA) said on Friday.

NPC releases guidelines on work-from-home operations

THE NATIONAL Privacy Commission (NPC) has released guidelines for data security for work-from-home (WFH) operations, encouraging institutions to use only authorized software and organization-issued devices.


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PHL among countries with lowest video quality

THE PHILIPPINES was among the countries with the lowest video quality experience in the past quarter even as it showed a large improvement, a global mobile analytics company said.

Face masks required as Metro Manila malls reopen today after two months

METRO MANILA malls are requiring the use of face masks as they reopen today after being shut for two months due to the strict lockdown enforced in response to the COVID-19 pandemic.

FDCP issues guidelines for film, TV production shoots

THE Film Development Council of the Philippines (FDCP) on Friday announced its guidelines for production shoots in the entertainment industry under modified enhanced community quarantine (MECQ). These will include conducting casting via video and limiting production staff.

A time to laugh: how some performers react when the pandemic hits their gigs

Let me start with a familiar story: a wrestler, two comedians, and a comic book artist all walk into a bar… except they don’t, because there’s a pandemic, and we’re all still stuck at home.

DLSU’s A Fire in the Soul cantata gets limited online showing

To mark the 70th anniversary of the declaration of St. John Baptist de La Salle as the Patron of Teachers, De La Salle University will stream A Fire in the Soul, a cantata about the De La Salle Brothers during World War II, from May 15 to 17 on its YouTube channel.

SM Prime profit slips 5% amid mall closures

SM Prime Holdings, Inc.’s profit slipped by 5% dip in the first quarter, as its shopping malls in the Philippines and China were forced to close due to the coronavirus disease 2019 (COVID-19) outbreak.

Earnings of Lucio Tan-led conglomerate surge in Q1

LT Group, Inc. reported a 41% surge in profits in the first quarter, lifted by growth in its tobacco and property segments.

ABS-CBN says shutdown to ‘significantly impact’ revenues

ABS-CBN Corp. on Friday said the shutdown of its free-to-air television and radio operations “will significantly impact” the company’s media, networks, and studio Entertainment (MNSE) operations which generate billions of pesos in annual revenues.
Asian Terminals, Inc. (ATI)

ATI’s Q1 earnings slump as container volumes fall

PORT OPERATOR Asian Terminals, Inc. (ATI) halved its profits in the first quarter as its ports saw lower container volumes amid the coronavirus disease 2019 (COVID-19) pandemic.

DMW profits fall 12% on last year’s one-time gain

EARNINGS of D.M. Wenceslao and Associates, Inc. (DMW) fell 12% year-on-year in the first quarter after the absence of last year’s one-time gain.

NLEX, ALI unit start rapid COVID-19 testing for employees

NLEX Corp. and Ayala Property Management Corp. (AMPC) have started conducting rapid testing for coronavirus disease 2019 (COVID-19) for employees as Metro Manila shifts to a modified enhanced community quarantine (MECQ) on Saturday.

SMC delivers donated testing booths, kits to LGUs

SAN MIGUEL Corporation (SMC) said it has started donating COVID-19 testing booths to the cities of Mandaluyong, Pasig, and Manila, as part of its commitment to boost the testing capacities of all Metro Manila local government units (LGUs).

Phoenix unit to start selling US-made gensets

A UNIT of Phoenix Petroleum Philippines, Inc. will start selling gas-powered generator set (genset) units, targeting companies in hospitality and manufacturing sectors.

IC outlines regulatory relief for insurers

THE Insurance Commission (IC) eased rules on insurance firms’ quarterly compliance with the minimum net worth requirement and also announced other relief measures to help companies stay afloat amid the coronavirus crisis.

Inflows boost PHL net external liability position

CONTINUED investment inflows pushed the country’s net external liability position wider in the fourth quarter of 2019, backed by optimism among foreign investors.
PESO-FINANCE-CURRENCY

Peso weakens on oil, remittances

THE PESO weakened against the greenback on Friday after the latest correction in oil prices and the slower growth in cash remittances in February.
PSE

Local shares decline on fresh US-China tensions

THE main index gave up its gains on Friday and settled at the 5,500 level, as increasing tensions between the United States and China pushed investors away from the local bourse.

Lessons from the Valley: Twitter allows work from home indefinitely

"If our employees are in a role and situation that enables them to work from home and they want to continue to do so forever, we will make that happen. If not, our offices will be their warm and welcoming selves, with some additional precautions, when we feel it’s safe to return."

Women leaders shaping AI honored by IBM

At their recent Think Digital conference, IBM unveiled its list of Women Leaders in AI, recognizing 35 exceptional female business leaders who are using artificial intelligence to drive transformation, growth, and innovation across industries.

BUSINESSWORLD INSIGHTS: Philippine stock market amid COVID-19 crisis

By Adrian Paul B. Conoza Special Features Writer, BusinessWorld At the beginning of the year, many were looking forward to a very productive stock market.The coronavirus...

The view of young professionals on the COVID-19 landscape

Sharing ways to cope and post-pandemic expectations For the millennial generation, this coronavirus pandemic would be considered the first crisis they have encountered as part...

GT Capital Holdings, Inc. to conduct virtual stockholders’ meet on June 5

The 2020 Annual Stockholders’ Meeting of GT Capital Holdings, Inc. will be conducted virtually on June 5, 2020 at 2 p.m.

Metro Manila police chief faces charges for lockdown breach

PHILIPPINE police were readying charges against Metro Manila’s police chief for violating lockdown rules when he celebrated his birthday with friends amid a lockdown meant to contain a coronavirus pandemic, the presidential palace said on Thursday.

Gov’t unveils COVID-19 recovery plan

THE economic team on Thursday revealed its proposed recovery plan to help the economy bounce back from the ongoing coronavirus crisis, which includes liquidity support for businesses through banks and a significant reduction in corporate income tax (CIT).

Incentives key to attracting investments from firms shifting work from China

THE Philippines must improve its incentives program and remove trade obstacles to remain competitive in attracting investments, as global companies begin shifting China-based operations to Southeast Asia, international business councils said.
Securities and Exchange Commission (SEC) logo

SEC extends deadline for annual, quarterly reports

THE Securities and Exchange Commission (SEC) is giving companies more time to submit their annual reports, quarterly reports and audited financial statements amid the coronavirus pandemic.

Pandemic may push 130M people to extreme poverty

THE coronavirus disease 2019 (COVID-19) pandemic is projected to remove four years of growth from the global economy -- or almost $8.5 trillion in total output -- according to a new United Nations (UN) study.

JG Summit cuts year’s budget by 30%

JG SUMMIT Holdings, Inc. is cutting its 2020 capital expenditure (capex) budget to P58 billion as its earnings plunged 71% to P1.9 billion in the first quarter.