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Kia PHL keeps this year’s sales target at 10,000

KIA Philippines is keeping its sales target at 10,000 units for this year, amid expectations that the auto industry is poised for a recovery.

Cagayan resort taps Citicore as retail electricity supplier

CAGAYAN Holiday & Leisure Resort (CHLR) has tapped Citicore Power, Inc. (CPI) for the supply of renewable energy to its luxury resort and casino in Sta. Ana, Cagayan Province.

Fuel prices dropping by more than P2/L this week

OIL COMPANIES are set to rollback fuel prices again this week at reduction rates higher than last week. SeaOil said it will lower prices for gasoline by P2.45 per liter (/L), diesel by P2.70/L and kerosene by P2.60/L at 12:01 a.m. on Monday.

Meralco bills drop for 2nd month in June

CUSTOMERS of Manila Electric Co. (Meralco) should see lower bills for the second straight month in June, the utility announced on Thursday, citing a lower generation charge for power purchased in May.

Ayala sets modest Maxus sales target this year

THE AYALA group on Wednesday officially launched Chinese auto brand Maxus in the Philippines, with the introduction of a multi-purpose vehicle (MPV) and van.

PwC awarded valuation contract for Malaya power plant

PRICE WATERHOUSE COOPERS (PwC) Philippines has won a contract awarded by state-run Power Sector Assets and Liabilities Management Corp. (PSALM) to value the Malaya Thermal Power Plant and its underlying land.

San Miguel to push for new power projects

SAN MIGUEL Corp. (SMC) said it will continue putting up new power projects, amid the pending implementation of the competitive selection process (CSP) which favors the lowest-cost provider for consumers.

Ang expects to spend P10 billion for bus terminal

SAN MIGUEL Corp. (SMC) said it may spend around P10 billion for the construction and operation of a proposed bus and food terminal on the site of the former Pandacan oil depot.

Meralco to invest in more green energy projects

MANILA Electric Co. (Meralco) on Tuesday said it is developing 1,000 megawatts of renewable energy projects in the next five to seven years.

Ayala’s higher stake in Generika gets PCC OK

THE health care arm of Ayala Corp. (AC) said it has gained the Philippine Competition Commission’s (PCC) approval to increase its stake in the Generika group of companies.

SMC tells PSALM to ‘respect sanctity of our agreement’

SAN MIGUEL Corp. (SMC) on Tuesday said Power Sector Assets and Liabilities Management Corp. (PSALM) should respect its agreement, after the latter continued to demand the settlement of supposed unpaid debts on its Ilijan power plant even with a pending court case.

PHL, South Korea launch free trade agreement negotiations

THE Philippines and South Korea have launched negotiations for a bilateral free trade agreement (FTA), officials said.

DoE tells power distributors to speed up compliance with competitive selection...

THE Department of Energy (DoE) has urged power distribution utilities (DUs) to expedite their compliance with a recent Supreme Court (SC) decision requiring a competitive selection process (CSP) in the bidding out of power supply agreements (PSA).

Health care spending seen lagging economic growth

HEALTH CARE expenditure in the Philippines is not keeping up with economic growth, according to a consultant engaged by the European Union to monitor programs supported by the bloc.

More than P1 rollback on fuel prices this week

OIL COMPANIES Petron Corp. and PTT Philippines Corp. announced price rollbacks effective 6:00 a.m. on Tuesday at P1.70 per liter (/L) on gasoline, P1.05/L on diesel, and P1.00/liter on kerosene.

PEZA approved pledges drop in first 4 months

INVESTMENT PLEDGES approved by the Philippine Economic Zone Authority (PEZA) -- the second-biggest contributor to such commitments after the Board of Investments (BoI) -- slid nearly a quarter in the first four months of the year as uncertainty mainly from the proposed alteration of tax perks made businesses stay on the sidelines and even look elsewhere for expansion.

SMC submits unsolicited proposal for bus terminals

SAN MIGUEL Corp. (SMC) has submitted an unsolicited proposal to the Department of Transportation (DoTr) to build bus terminals, as a solution to the...

Uncertainty weighs on electronics firms’ plans

THE COUNTRY has lost a “billion dollars” worth of investments for chip plant expansion due to uncertainty from plans to change tax incentives, the Semiconductor and Electronics Industries in the Philippines Foundation, Inc. (SEIPI) said on Thursday.

IBPAP says revenues grow in 2018 but falls short of road...

THE Information Technology and Business Process Association of the Philippines (IBPAP) said revenues picked up pace in 2018, but failed to reach its targets under the current industry road map.

Pre-merger information exchange restricted

BUSINESSES moving towards merger or acquisition should not exchange confidential business information until their deal has been approved, the Philippine Competition Commission (PCC) said in an April 11 guidance posted recently on its Web site.

Incentive package being drafted for e-vehicle assembly plants

THE Department of Trade and Industry (DTI) said it is working to release within the year an incentive package that will encourage hybrid and electric car manufacturers to set up assembly plants here.

PHL improves edge, but still lags in Asia

THE PHILIPPINES has “partially recovered” in terms of global competitiveness, according to an annual report of the research group of Switzerland-based business school International Institute for Management Development (IMD) that put the country up four notches on improvements across four key factors after a nine-step fall last year.

Shops warned to translate foreign-language signs into English/Filipino

THE Department of Trade and Industry (DTI) said it has prepared a draft order that would require shops to translate foreign-language signs into Filipino or English, apparently in response to reports of restaurants catering to Chinese-only clients.

PCC green-lights Ayala’s acquisition of pharmacy

THE Philippine Competition Commission (PCC) has approved Ayala Healthcare Holdings, Inc.’s (AHHI) acquisition of a majority stake in Negros Grace Pharmacy, Inc.

Japan deals worth P300B expected during Duterte visit

PHILIPPINE and Japanese firms are set to sign over 20 business agreements at the end of the month, according to the Department of Trade and Industry (DTI), which said the deals are worth close to P300 billion ($5.74 billion) and hold the potential to create at least eighty thousand jobs.

IT-BPM sector grows, short of program

THE INFORMATION TECHNOLOGY and business process management (IT-BPM) sector, the country’s chief dollar earner aside from overseas Filipino worker remittances and also a key driver of property development, saw “signs of recovery last year” even as revenue growth fell short of target, the IT & Business Process Outsourcing Association of the Philippines (IBPAP) said in a statement last weekend.

Nestlé, Valenzuela launch plastics recovery program

NESTLÉ Philippines has teamed up with Valenzuela City government, alongside the Department of Education of Valenzuela City branch and Green Antz Builders, Inc., to introduce a citywide program to recover post-consumer waste laminates such as sachets and beverage cartons.

Grab PHL sees strong growth of food delivery service

GRAB PHILIPPINES (MyTaxi.PH, Inc.) said it has seen robust growth for its food delivery service, Grab Food, in the last six months.

Norway keen to expand trade after PHL-EFTA deal

NORWAY said Philippine exporters should to tap its market by taking advantage of the country’s trade deal with the European Free Trade Association (EFTA).

PCC reminds SMC, Holcim of notification requirement

SAN MIGUEL Corp. (SMC) has not yet notified the Philippine Competition Commission (PCC) of its $2.15-billion acquisition of Holcim Philippines Inc. (HPI), according to the anti-trust body.

Globe upgrades cell towers in Semirara island

GLOBE Telecom Inc. said it has completed upgrading cell towers with long-term evolution (LTE) technology in Semirara Island.

Imported vehicle sales rise 12% in April — AVID

THE Association of Vehicle Importers and Distributors, Inc. (AVID) posted a 12% rise in sales of imported vehicles in April, driven by demand for light commercial vehicles and passenger cars.

IFEX trade show hopes to generate $551.2M in orders

THE governent expects to sign over P10.5 billion or $551.2 million worth of export and domestic orders at the upcoming International Food Exhibition (IFEX) Philippines later this month.

DTI notes export bright spot in gifts, decor, houseware

GIFTS, décor and houseware (GDH) exports in 2018 grew 23.9% amid an overall decline across many exports, the Department of Trade and Industry (DTI) said, adding that it hopes to focus on the sector to generate more growth.

Tariff Commission sees decision on cement duties next month

THE Tariff Commission will decide next month on the need to protect domestic cement manufacturers through the imposition of an increased safeguard duty on imported cement.

PEZA chief addresses talk she is at risk of losing post...

THERE IS TALK in the foreign business community that the head of the government’s economic zone promotion agency is at risk of losing her job due to a drop in committed investments and her opposition to the Finance department’s push to remove tax incentives deemed redundant.

Cement makers call for higher safeguard duty

CEMENT manufacturers are seeking a higher safeguard duty on imports, citing “serious injury” from a surge in foreign cement available in the market.

Trade department notes investors lured from China

THE DEPARTMENT of Trade and Industry says the Philippines has been able to attract investors from China, which is in the middle of a trade war with the United States.

Trade dep’t says cement prices stable after temporary duty

THE Department of Trade and Industry said cement prices remain “stable” even after it levied a temporary safeguard duty on imported cement.

GMA unit signs partnership with Singapore Press Holdings/Mediacorp JV

GMA New Media, Inc. (NMI) has tied up with Singapore Media Exchange (SMX) Pte. Ltd., a joint venture firm established by two Singapore media groups, to help GMA expand its audience worldwide.

Sta. Lucia Land buys stake in Uni-Asia for over P40-M

Sta Lucia Land, Inc. (SLI) said its board has approved the purchase of LBS Properties Inc.’s stake in Uni-Asia Properties, Inc., thereby gaining access to the latter’s development projects.

PSEi caps five days of losses after BSP’s RRR cut announcement

THE PHILIPPINE STOCK EXCHANGE index (PSEi) snapped a five-day losing streak on Friday, with the financial sectoral index gaining the most a day after the Bangko Sentral ng Pilipinas (BSP) announced a 200 basis point phased cut to big banks’ 18% reserve requirements ratio (RRR).

SMC acquisition of Holcim to lower cement prices — Lopez

THE Department of Trade and Industry (DTI) expects San Miguel Corp.’s (SMC)acquisition of a majority stake in Holcim Philippines, Inc. to result in lower prices of locally produced cement.

New Toyota Avanza unveiled in PHL

TOYOTA Motor Philippines Corp. (TMP) has recently introduced its New Toyota Avanza, now commercially available across its 69 dealerships nationwide.

DTI sees 10 business-to-business deals signed during Japan visit

THE Department of Trade and Industry (DTI) said the country will sign at least 10 business-to-business deals during the Philippine delegation’s visit to Japan in late May accompanying President Rodrigo R. Duterte.