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Investors troop to year’s first RTB issue; P134 billion awarded

THE Bureau of the Treasury (BTr) has awarded an initial P134 billion worth of three-year retail treasury bonds (RTBs), which is almost five times oversubscribed from the P30-billion offering. The coupon rate for the IOU—the 23rd tranche of RTBs offered by the government and the first for 2020—was set at 4.375 percent, with tenders amounting to P149.827 billion. For minimum ... Read More »

ADB raises $4.25 billion from US dollar bond market to boost OCR for 2020

The Asian Development Bank (ADB) raised a total of $4.25 billion from the US dollar bond market on Wednesday. The Manila-based multilateral development bank returned to the capital markets with a $2.25 billion worth three-year bond issuance and a $2 billion worth 10-year bond issuance. The amount raised is part of ADB’s efforts to raise $25 billion from the capital ... Read More »

Govt, oil firms cite progress vs fuel smuggling

GOVERNMENT and oil companies have cited progress in curbing smuggling through a fuel marking program as the Department of Finance (DOF) said it has, to date, marked more than a billion liters of fuel. Finance Secretary Carlos G. Dominguez III told reporters last Friday the government has placed special markers in about 1.1 billion liters of fuel. Dominguez added they ... Read More »

Huawei to shake up executive ranks in 2020 as Trump curbs bite deeper

Huawei Technologies Co. will overhaul its executive ranks next year after revenue growth slowed further in the latter half of 2019, when US sanctions spooked more customers and suppliers around the globe. China’s biggest technology company recorded an 18-percent rise in sales to 850 billion yuan ($120 billion) this year, down from about 23 percent in the first half and ... Read More »

A major shipping change is coming, and so are higher fuel prices

A DEFINING moment in the history of the oil-refining and shipping industries is at hand. In fewer than two weeks, thousands of ships the world over will be forced to use fuel containing less sulfur in order to comply with global rules set out by the International Maritime Organization (IMO). Those who don’t could face penalties and even imprisonment. Ports ... Read More »

Third quarter revenue growth of Industries slows to 7.6 percent, says data agency

While economic growth picked up in the third quarter of 2019, the increase in revenues of major industries slowed to 7.6 percent during the period, the Philippine Statistics Authority (PSA) reported Thursday. In its report, the PSA said gross revenue growth of industries from July to September was below the 9.7-percent growth posted in 2018 for the same period. On ... Read More »

DTI sees 2% to 4% rise in exports in 2019

The Department of Trade and Industry (DTI) expects exports of goods and services to increase by 2 percent to 4 percent up to about $99 billion this year, with services leading the growth. “I think it’s now between zero to 1 [percent growth]; the way it appears, this is for goods only. Because services will still show about single-digit growth,” ... Read More »

NAIA Customs confiscates guns, ammo in Pasay warehouse

MANILA, Philippines: The Bureau of Customs in the Ninoy Aquino International Airport confiscated a cache of firearms which were abandoned in a DHL warehouse in Pasay City. BOC’s NAIA District Office said the following were unattended when seized in 3 different operations: 35 pieces of rifle parts, 1 Glock pistol, 4 units of Glock magazines, 92 pieces live ammunition and ... Read More »

Someone from the Philippines could win a $208 million jackpot this week!

The American Mega Millions lottery offers the biggest jackpot prize in the world: $208 million USD. That huge amount, which is up for grabs in Friday night’s draw, has captured the attention of lottery fans all over the world and amazingly, the winner of this enormous prize could be someone from the Philippines. You may remember that Mega Millions awarded ... Read More »

Lopez Holdings income up 54%

Lopez Holdings reported a 54-percent growth in net income in the first nine months to P6.1 billion, as revenue went up 9 percent to P99.8 billion. It owns about 51 percent of First Philippine Holdings, a listed power and property company, and a 56-percent economic interest in ABS-CBN Corp. The company gained as First Philippine Holdings and ABS-CBN recorded strong ... Read More »

Gov’t on alert on rice smuggling, hoarding

With rice imports surging, the government is shoring up tariff collections while also looking into possible hoarding and smuggling amid falling retail prices, according to the head of the Duterte administration’s economic team. In a speech at the 14th World Rice Conference on Wednesday, Finance Secretary Carlos Dominguez III said revenues from import tariffs slapped on rice already amounted to ... Read More »

Philippines’ Cebu Air signs deal for US$4.8b Airbus aircraft

Philippines’ Cebu Air Inc has finalised the purchase of 16 long-range Airbus A330 neo jets worth US$4.8 billion at list prices, the airline said on Monday. The budget carrier, which operates 74 aircraft, mostly Airbus A320s, under the brand Cebu Pacific, is turning to larger and fuel-efficient jets for expansion, despite limited slots at the main gateway in the Philippine ... Read More »

Senate OK’s proposed P4.1-trillion 2020 national budget on time

THE SENATE approved on second as well as third and final reading its version of the P4.1-trillion national budget for 2020, putting the spending on track to year-end enactment. With 22 affirmative votes and no negative vote, the chamber approved Committee Report No. 18, which has differences with House Bill No. 4228, or the “General Appropriations Act for Fiscal Year ... Read More »

Manila grants tax perks to lure businesses back to Philippine capital

The Philippine capital is granting tax perks as it seeks to restore the historic city to its glory, Mayor Francisco Domagoso said in his speech before businessmen. Companies that build along Escolta Street in the country’s old business district will be exempted from business and real property taxes for 15 years, Domagoso said in a speech at the Management Association ... Read More »

2019 budget delay felt until August, says DBM

The impact of delayed budget approval on public infrastructure spending spilled over to August, with fund releases falling into lower levels, according to data from the Department of Budget and Management (DBM). In August, the government spent P59.3 billion on infrastructure and other capital outlay, down 13.2 percent from P68.4 billion in the same period in 2018. Spending on infrastructure ... Read More »

Asian shares mixed on caution over China-US trade deal

Asian shares were mixed Thursday after officials signaled work remains to be done on an agreement for a truce in the tariff war between the U.S. and China. Hong Kong led regional gains after its chief executive, Carrie Lam, announced help for the property sector. The semi-autonomous city’s economy has been languishing amid months of increasingly violent political protests that ... Read More »

Philippines’ chicken imports seen surging 27% on ASF fears

MANILA, Philippines — Although African swine fever (ASF) is harmless to humans, the world’s pork consumption is expected to drop sharply amid fears of the viral infection that has recently been detected in more than 21 countries, including the Philippines. In pork’s stead, the US Department of Agriculture estimated in its biannual global livestock and poultry report that Filipino consumption ... Read More »

Philippines, Russia ink 10 business agreements

MANILA – Representatives of President Rodrigo Duterte’s delegation to Moscow signed business agreements with their Russian counterparts on Friday. Trade Secretary Mon Lopez said the signings were “the beginning of strengthening ties with Russian investors and market.” Below are the signed agreements: 1. Memorandum of Understanding Cooperation on information exchange and collaboration on business development aimed at the promotion of ... Read More »

LandBank reaches out to top abaca producers

The Land Bank of the Philippines held the third leg of its Financial Inclusion (FI) Forum in Libacao, Aklan, on September 21, 2019, and recognized the first loan availers of the municipality. Libacao was the first site in the province where the financial literacy forum was held, gathering around 700 participants, composed mostly of farmers. Libacao is known as one ... Read More »

P27.55-billion investments promised for Puerto Princesa

VARIOUS local and foreign companies pledged on Wednesday a total of P27.55 billion worth of investments in the City of Puerto Princesa on the back of its economic growth potential and conducive business environment. These committed projects, either for immediate expansion or three- to five-year initiatives, are mostly related to tourism, food, agriculture, fishery, education and business-process outsourcing industries. Mayor ... Read More »