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Daily Archives: November 13, 2020 | 11:09 pm

Stocks dip as investors deal with virus cases, typhoon damage

Local shares declined on Friday as investors worried about the economic impact of the rising COVID-19 cases and the damage brought by Typhoon Ulysses...

JG Summit ‘cautiously optimistic’ after posting P844-M profit

By Revin Mikhael D. Ochave, Reporter JG SUMMIT Holdings, Inc. returned to profitability as it posted a third-quarter net income of P844.1 million for its...

PAL losses widen as pandemic weighs down air travel

By Arjay L. Balinbin, Senior Reporter PAL Holdings, Inc., operator of flag-carrier Philippine Airlines, saw its net loss for the third quarter widen to P7.92...

Tan’s LT Group reports double-digit profit growth despite revenue slide

Lucio C. Tan's holding company LT Group, Inc. posted a 10.9% increase in third-quarter net income to P6.08 billion for its parent equity holders...


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Max’s Group incurs net loss as lockdown hits dine-in operations

Casual dining restaurant group Max’s Group, Inc. incurred losses of P377.48 million in the third quarter, a reversal of its profits a year ago,...

Fruitas cuts losses to P19M as revenues rise

FRUITAS HOLDINGS, Inc. has trimmed its losses to P19 million in the third quarter due to stronger consolidated revenues and lower operating expenses.
first Gen corp.

First Gen signs EPC contract with McDonnell Dowell’s local unit

First Gen Corp. said its subsidiary had signed the engineering, procurement and construction (EPC) contract with the local unit of an Australia-based group to...
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Megawide swings to loss as revenues fall

Megawide Construction Corp. registered a net loss of P321.16 million for the third quarter, a reversal from the attributable net profit of P63.86 million...
ALLIANCE GLOBAL Group, Inc

Alliance Global posts P2.2-B profit as lockdown measures ease

ALLIANCE GLOBAL Group, Inc. (AGI) on Friday reported an attributalbe net profit of P2.03 billion in the third quarter as the looser quarantine measures...
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Filinvest Land income dips as pandemic hits residential sales

Filinvest Land, Inc. (FLI) registered a 40% decline in attributable net income to P2.73 billion for the January-September period, as the pandemic's impact on...

Phoenix Petroleum bounces back with P296-M income

Dennis A. Uy-led Phoenix Petroleum Philippines, Inc. reported a net income of P296 million in the third quarter, reversing its P5-million second-quarter losses as...

Pilipinas Shell takes P7.5-B hit after Batangas refinery closure

Pilipinas Shell Petroleum Corp. has logged P7.5 billion in one-off charges in the third quarter, following the closure of its Tabangao, Batangas refinery in...
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Global Ferronickel income jumps 93% on higher export revenues

NICKEL-ore producer Global Ferronickel Holdings, Inc. reported a 93% increase in its net income to P1.56 billion as of September due to higher export...

Axelum posts lower profit, expects growth momentum

Axelum Resources Corp. posted a 12.3% decline in net income to P180.16 million for the third quarter despite the strong sales of its coconut...

OECD cuts Philippine growth outlook

By Beatrice M. Laforga, Reporter The Philippines is expected to experience the worst economic contraction this year among five economies of the Association of Southeast...

10-month PEZA investments fall amid pandemic

Investments in the country’s economic zones fell by more than a quarter to P72.6 billion in the 10 months through October amid a coronavirus...

Forex reserves hit all-time high at end-October

By Beatrice M. Laforga, Reporter Philippine dollar reserves rose to a fresh record of $103.814 billion at the end of October, boosted by the central...

BSP fully awards P60-billion short-term securities

The Philippine central bank fully awarded P60 billion short-term securities it offered on Friday due to strong liquidity. The Bangko Sentral ng Pilipinas (BSP) fully...

House to expedite approval of Land Use, Coco Fund, gov’t restructuring bills

The House of Representatives will focus on passing at least seven of Speaker Lord Alan Q. Velasco’s priority bills, including the Coconut Levy Fund...

Last two years of gov’t term focused on transport, water projects

The government will focus on finishing mass transport, water supply, and road projects during the last two years of the government’s term, the administration’s...

Farm damage estimate for Typhoon Ulysses upgraded to P969.8-M

AGRICULTURAL damage caused by Typhoon Ulysses (international name: Vamco) was estimated at P969.8 million o Friday, against the previous estimate of P124.3 million, according...

PNB reports Q3 profit gain after reducing provisions

The Philippine National Bank (PNB) said net income rose in the third quarter after going largely against the grain of the industry with reduced...
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Security Bank third quarter net profit falls on sharp rise in provisions

Security Bank Corp. said net profit fell sharply in the third quarter to P1.0 billion from P2.7 billion a year earlier after it raised...
PSBank

PSBank third quarter profit weighed down by surge in provisions

Philippine Savings Bank (PSBank) reported a sharp decline in net profit for the third quarter, joining an industry-wide trend of increased provisioning as the...

PayPal says preference for digital payments surged during pandemic

Digital payments firm PayPal said 93% of consumers in the Philippines indicated in a survey that they preferred digital modes of payment over cash...

Bill boosting BSP enforcement powers being prepared

A measure seeking to strengthen the central bank's oversight functions is currently being drafted, a senior legislator said Friday, following the release of an...

Peso ends stronger on vaccine development news, US inflation data

The peso closed stronger Friday on positive news regarding the development of another coronavirus vaccine, and as US inflation slowed in October. US biotechnology company...
Marikina River

Typhoon Vamco kills at least 14 in Philippines

By Charmaine A. Tadalan, Reporter and Angelica Y. Yang Typhoon Vamco killed at least 14 and hurt eight other people after submerging many parts of...

COVID-19 infections near 404,000

The Department of Health (DoH) reported 1,902 coronavirus infections on Friday, bringing the total to 404,713. The death toll rose by 31 to 7,752, while...

Senate bill seeks hazard pay for other workers

A bill that seeks to give workers in public hospitals hazard pay during the coronavirus pandemic has been filed at the Senate. Senate Bill 1908...

Gov’t suspension of VFA termination sound — lawmaker

The Philippine government’s decision to extend the suspension of a military pact with the US on the deployment of troops for war games was...

Meralco implements major relocation works for the NLEX-SLEX connector road

In support of the government’s on-going Build, Build, Build program, Meralco’s top executives, along with representatives from key stakeholders such as DPWH and NLEX...

Suntrust wins Most Innovative Residential Developer Award

Real estate developer Suntrust Properties Inc. (SPI) once again proves its steadfast commitment to its communities with another international recognition from Global Economics Award...

A grand and safe staycation awaits at Grand Hyatt Manila

Get two complimentary Rapid Antigen Tests when you book a Grand Escape at Grand Hyatt Manila. Delight in complimentary breakfast, 20% off dining, 50% off...

Cloud technology cuts order processing time from three days to one  

Native Union, a technology accessories company, cut its order processing time from three days to one by using cloud technology to accomplish important but...

Viber sees 208% growth in Community messages as brands create group chats

Companies have been creating Viber Communities to communicate with their consumers over the pandemic. The messaging platform noted a 129% increase in community views...

IMF backs lifting of bank secrecy

THE Bank Secrecy Law is constraining the Bangko Sentral ng Pilipinas’ (BSP) ability to effectively supervise the banking industry, the International Monetary Fund (IMF) said.

PHL improves global talent ranking

THE Philippines inched up one spot in an annual global ranking of countries’ ability to attract and retain a skilled workforce, but continues to lag behind other Asia-Pacific economies.

IMD world talent ranking 2020

THE Philippines inched up one spot in an annual global ranking of countries’ ability to attract and retain a skilled workforce, but continues to lag behind other Asia-Pacific economies.
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AMLA amendments need to be approved before Christmas, says official

AMENDMENTS to the Anti-Money Laundering Act (AMLA) will need to be approved by Congress before the Christmas break to give enough time for its implementation, if the Philippines wants to avoid being included in the Financial Action Task Force’s (FATF) so-called “gray list.”

AC Energy eyes Singapore firm’s P20-B investment

THE board of AC Energy Philippines, Inc. has approved the proposal of Singapore-based GIC Private Limited’s affilate Arran Investment Pte Ltd. to invest around P20 billion in the Ayala-led company for a 17.5% ownership stake, it disclosed on Thursday.

Scores of Globe, Smart in gaming experience decline — Opensignal

MOBILE GAMING experience on the networks of Globe Telecom, Inc. and Smart Communications, Inc., the wireless arm of PLDT, Inc., have both declined during the coronavirus pandemic, Opensignal said in its latest Mobile Network Experience Report.

Digital banks to boost inclusion

MORE FILIPINOS are expected to put their savings in digital-only banks that offer higher interest rates than traditional banks as the coronavirus pandemic has amplified the need for easily accessible emergency funds, ING Bank N.V. Manila said.

Ayala Corp. earnings fall 59% as pandemic hits business units

EARNINGS of Ayala Corp. plunged double digits in the third quarter as its core business units continued lagging on coronavirus pandemic-related challenges.

Premiere Horizon sells 55% ownership to fintech group

LISTED Premiere Horizon Alliance Corp. is embarking on a backdoor listing through the sale of shares to the owners of financial technology (fintech) firm Squidpay Technology, Inc.