Converge ICT’s IPO gets regulator approval
INTERNET provider Converge ICT Solutions, Inc.’s initial public offering (IPO), which may raise up to P41.55 billion, has received the go signal from the Securities and Exchange Commission. (SEC).
S&P sees PHL economy performing worst in SE Asia
S&P GLOBAL RATINGS expects the Philippine economy to shrink by 9.5% this year — the worst in Southeast Asia, due to the “stubbornly high” coronavirus disease 2019 (COVID-19) infections and low fiscal support.
Consumer confidence plummets to record low
CONFIDENCE among Filipino consumers fell to a record low in the third quarter, while businesses were at their most pessimistic in over 11 years, as the pandemic took its toll on the economy, the latest surveys by the Bangko Sentral ng Pilipinas (BSP) showed.
Yuan decouples from Asian peers as two-speed recovery takes hold
COUNTING on China as an anchor of strength has been a good tactic for traders of Asia’s emerging currencies. That link is losing traction as recovery paths from the coronavirus pandemic diverge.
Budget deficit swells to P40B in Aug.
THE National Government’s budget deficit ballooned by 1,510% to P40 billion in August from a mere P2.5-billion shortfall a year ago, as revenues remained weak amid the economic slowdown, the Bureau of the Treasury (BTr) said.
PSE eyes changes to listing rules
THE Philippine Stock Exchange, Inc. (PSE) is proposing to require companies that will list shares on its main board to have a minimum P75-million three-year cumulative net income, replacing the minimum capitalization requirement.
Exiting POGOs to face BIR audit — Dominguez
THE Bureau of Internal Revenue (BIR) will still conduct an audit of Philippine Offshore Gaming Operators (POGOs) that are leaving the country to check their tax compliance and collect any back taxes, Finance Secretary Carlos G. Dominguez III said.
DoF cool to extending estate tax amnesty
THE Finance department wants to first see the results of the ongoing estate tax amnesty, which will end on May 31 next year, before Congress passes a measure extending it by another two years.
SEC orders financing firms to extend debt relief to clients
FINANCING COMPANIES, lending companies and microfinance nongovernment organizations (NGOs) are required to implement a one-time, 60-day grace period for all loans due within the year.
DBCC flags banks’ concentration risk
THE Development Budget Coordination Committee (DBCC) said there is a need to monitor concentration risks arising from banks’ investments in government securities as well as recent efforts to boost domestic liquidity amid the pandemic.
BoC finds some undervalued rice shipments
SEVERAL TRADERS have undervalued rice shipments with provisional goods declaration, resulting in P1.4 billion in lost revenues, the Bureau of Customs (BoC) said.
Jewels keep their luster amid coronavirus pandemic
BOREALIS CRYSTALS continues to make money from jewelry sales amid a coronavirus pandemic, though it had been difficult to sustain operations due to supply and manpower constraints during the lockdown.