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Tourism group to gov’t: do more to lend recovery funds

THE country’s tourism industry group said that there should be more efforts to help businesses avail of government assistance as it anticipates potential recovery only towards the end of 2021.

Strong peso ‘challenging,’ P50 level seen as ‘balanced’ — DTI

TRADE SECRETARY Ramon M. Lopez said the current strength of the peso is challenging for the export sector, and added that the currency could do with some weakening, calling P50 to the dollar a “balanced” valuation which will satisfy exporters while still enabling the surge in imports that will come with the economic recovery.

Private sector pushes for urgent passage of CREATE

More than 50 private sector groups are urging lawmakers to immediately enact a bill that would cut corporate income tax and streamline fiscal incentives. Legislators...

DTI looking to include SMEs in gov’t vaccination program

THE DEPARTMENT of Trade and Industry (DTI) is gathering information from small businesses to potentially include them in the government’s vaccination program. Trade Secretary Ramon...

MPIC gets $130M loan from Japan bank

Metro Pacific Investments Corporation (MPIC) signed a $130 million (P6.2 billion) loan from a Japanese bank to partially finance its investments this year. The company...

Megawide ready to move on from NAIA rehabilitation project

Megawide Construction Corp. is willing to move on to other projects if the Manila International Airport Authority (MIAA) board chooses not to reconsider its...

PLDT Enterprise partners with AF Payments

The enterprise business arm of PLDT Inc. has partnered with AF Payments Inc. (AFPI) to enable a modernized fare system for the transportation sector....

Coronavirus slams PHL vehicle sales in 2020

CAR SALES slumped in 2020, after a holiday demand spike failed to make up for the plunge in demand during the coronavirus-induced lockdown, data from two automotive industry groups showed.

PEZA investments drop 19% as pandemic drags on

INVESTMENTS approved by the Philippine Economic Zone Authority (PEZA) dropped by nearly a fifth in 2020 after stringent lockdown restrictions dented domestic investor confidence.

Consumer Act, CREATE named DTI priorities

THE Trade department has asked the new chairman of the House committee on trade and industry to prioritize the passage of consumer protections and pricing laws.

PHL sees no jobs boost from free trade deals

THE country’s free trade agreements (FTAs) have increased labor productivity but not jobs, a study from the Philippine Institute for Development Studies (PIDS) showed.

One-line ‘Cha-cha’ easier to pass, top Senate leader says

THE SENATE might push for a one-line amendment of the 1987 Constitution that will relax foreign ownership limits to increase its chances of being passed, its top leader said on Wednesday.

DoF supports further opening of economy

FINANCE Secretary Carlos G. Dominguez III said he is open to amending the restrictive economic provisions of the 1987 Constitution, as House lawmakers are set to begin deliberations on Charter change today (Jan. 13).

Tourism revenues plunge as foreign visitors stay away

TOURISM REVENUES last year plunged 83% to P81.4 billion after pandemic-related travel restrictions kept foreign visitors away.

Auto parts workers call for manufacturing incentives

A CAR parts labor group is urging the government to introduce new incentives for automotive companies manufacturing locally to complement import safeguards designed to protect the local industry.

BoI sees cold chain industry revenue at P20 billion by 2023

THE cold chain industry is expected to become a P20 billion industry by 2023, led by its core market of food but with new impetus provided by vaccine distribution, the Board of Investments (BoI) said.

SEIPI asks lawmakers to reconsider FIRB cap

AN ELECTRONICS exporters industry group is asking lawmakers to reconsider the potential cap on investments reviewed by investment promotions agencies (IPA).

Website claiming link to LTO blocked by ISPs

A WEBSITE that posed as associated with the Land Transportation Office (LTO) has been blocked by several internet service providers (ISP) after its owners failed to address privacy violation allegations from the National Privacy Commission (NPC).

Cirtek targets 20% increase in production of electronic parts

CIRTEK ELECTRONICS Corp. plans to increase local production by 20% as it partners with major customers to provide parts for consumer electronics and electric charger products.

Drop cha-cha, pass pending economic bills, Congress told

THE PHILIPPINE Chamber of Commerce and Industry (PCCI) on Monday urged lawmakers to prioritize the passage of pending economic bills instead of changing the 1987 Constitution.

PHL retail sales unlikely to return to pre-pandemic levels this year

RETAILERS still expect sales to remain lower than pre-pandemic levels this year, as consumers continue to stay home and scale back on their spending amid the pandemic.

Security of data touted as possible competitive edge

THE ABILITY of companies to keep data secure could emerge as a competitive advantage during the migration to online business processes, now that businesses can devote more time to privacy issues after exiting from survival mode during the early days of the lockdown, according to Singapore technology company Straits Interactive Pte. Ltd.

PHL is 4th in region for women with most leadership posts

THE PHILIPPINES ranked fourth in Southeast Asia in a study measuring the percentage of women holding leadership positions in e-commerce companies, online shopping company iPrice Group said.

DTI says safeguard duties to protect domestic jobs

TRADE Secretary Ramon M. Lopez disputed the auto industry’s claims of potential job losses caused by safeguard duties on car imports, countering that the duties are designed to protect manufacturing jobs rather than those of importers.

Quality certification ordered for two steel products

THE GOVERNMENT will require quality certifications for two more types of steel — hot-dip metallic-coated and pre-painted galvanized steel in coil and sheet form — before they are allowed for sale.

Japanese firms in PHL expect profits to improve this year

MOST Japanese companies in the Philippines expect the economy to recover from the coronavirus disease 2019 (COVID-19) pandemic this year, with 60% anticipating an improvement in operating profits. 

Job cuts seen as gov’t slaps car import duties

THE duties slapped on imported vehicles will delay the sector’s recovery and put jobs at risk, car manufacturers said, as they warned of other possible repercussions such as weakened trade relations and competitiveness.

Merger and acquisition deals hit P909 billion in 2020

THE Philippine Competition Commission (PCC) reviewed P909 billion in 26 mergers and acquisitions transactions last year, approving 20.

FDA ordered to decide on vaccines in 20 days

THE PHILIPPINES’ Food and Drug Administration (FDA) risks being penalized if it fails to decide on product registration applications for coronavirus vaccines within 20 days, according to the agency against bureaucratic red tape.

DTI slaps safeguard duty on cars

THE PHILIPPINES will slap provisional safeguard duties on imported cars, after an investigation by the Trade department showed the surge in imports has hurt the domestic auto manufacturing industry.

Gov’t transactions via PayMaya platform soar

THE value of government transactions processed by digital payment company PayMaya Philippines, Inc. has increased by around 1,200% in December compared with the level in the same month of the previous year.

Kaspersky expects more fake news as elections draw near

FILIPINOS might get bombarded with more fake information as the Philippines prepares for the national elections in 2022, global cybersecurity company Kaspersky Lab said.

Cashless payment system eyed for entire public transport sector

THE Department of Transportation (DoTr) said it will be rolling out a cashless transit card payment system this year for use in all modes of public transportation nationwide.

Cabinet committee to reject higher tariffs on MDM chicken, turkey imports

THE Cabinet-level committee on tariffs plans to oppose an increase in duties on imported chicken and turkey in mechanically deboned meat (MDM) form, Trade Secretary Ramon M. Lopez said.

DTI slashes goal as coronavirus pummels exports

THE Trade department slashed its export projection by around a fifth to $103.9 billion by 2022, taking into account the impact of the coronavirus disease 2019 (COVID-19) pandemic.

San Miguel Aerocity franchise lapses into law

SAN MIGUEL Aerocity, Inc. was granted the franchise for the P740-billion Bulacan airport after the legislation lapsed into law last month.

QBO incubator targets 150 new startups this year

STARTUP incubator QBO Innovation Hub plans to add 150 new startups into its ecosystem by the end of 2021, its operations head said.

DTI says success of pitch to investors hinges on CREATE passage

THE Trade department said the passage of a key tax reform bill, known as the Corporate Recovery and Tax Incentives for Enterprises (CREATE), forms a major part of its investment promotion message.

DTI aims for 2021 RCEP ratification

THE Trade department aims to ratify the recently signed 15-country mega-trade deal by next year.

Globe offers free data to some customers

GLOBE TELECOM, Inc. is offering 10 gigabits (Gb) of free data to selected home prepaid WiFi customers who were not able to reload their devices since the latter part of October.

Philippines poised to be 22nd biggest economy in the world by...

THE Philippines is set to become the 22nd biggest economy in the world over the next 15 years despite the disruption caused by the coronavirus pandemic, a report showed.

SMC partially opens Skyway 3 to motorists

SAN MIGUEL CORP. (SMC) announced on Monday that the Skyway Stage 3 will be partially open for motorists free of charge for a month starting on Dec. 29.

PayMaya says users reach 28 million in 2020 across platforms

DIGITAL PAYMENT company PayMaya Philippines, Inc. has reached 28 million users across its platforms this year.

Office space demand to remain subdued in 2021

GROWTH in office space demand will likely be subdued next year, led by the business process outsourcing (BPO) and e-commerce sectors, a representative from commercial real estate services company Jones Lang LaSalle (JLL) said.

Nationwide round-up (12/28/20)

THE GOVERNMENT must be prepared to offer additional social support if it decides to implement a stricter lockdown in response to the new strain of the coronavirus disease 2019 (COVID-19), a business leader said.