PSE P3.16-B stock offer gets SEC’s nod

MANILA — The Securities and Exchange Commission (SEC) has approved a plan by the Philippine Stock Exchange Inc. (PSE) to raise PHP3.16 billion through a stock rights offering. The corporate regulator allowed the PSE to issue 11.5 million shares for PHP275 apiece to fund its acquisition of the Philippine Dealing System Holdings Corp. (PDSHC), finance … Read More

Car sales up 18% in 2017 to over 425K units

MANILA — Sales of automotive vehicle manufacturers in the country rose to 425,673 units in 2017, up  18.4 percent from 359,572 units in 2016, joint report of Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) showed Wednesday. Commercial vehicle buoyed the industry sales last year as it rose 26.4 … Read More

Coal tax might burden consumers: NEA chief

MANILA — National Electrification Administration (NEA) chief Edgardo Masongsong is concerned that while the proposal to impose a higher excise tax on coal would promote the development of renewable energy (RE) sources, this might become an additional burden for consumers. “I believe this will discourage investors from putting up generation facilities that are not friendly to … Read More

PH seen to remain fastest-growing economy in ASEAN-5

MANILA — The Philippines is expected to remain the fastest growing economy in the Association of Southeast Asian Nations-5 (ASEAN) this year through 2022, supported by the government’s infrastructure push and robust domestic private spending. The Organization for Economic Cooperation and Development ‘s (OECD) Economic Outlook report for Southeast Asia, China and India projected the Philippine gross … Read More

Trump nominates Jerome Powell as Federal Reserve chief

WASHINGTON — President Donald Trump has tapped Jerome “Jay” Powell to lead the US central bank, bypassing Janet Yellen for a second term despite praising her excellent management of the world’s largest economy over the past four years. If confirmed, Powell will succeed Yellen, the first woman to oversee monetary policy, in February, when her four-year … Read More

Jollibee closes hotpot business in China

MANILA — Homegrown fast-food giant Jollibee Foods Corp. (JFC) has discontinued operations of its 12 Hotpot brand in China to focus efforts on larger businesses. JFC told the local bourse its 48-percent owned subsidiary, 12 Hotpot Food and Beverage Management Co. Ltd. (Operating Company), would be dissolved and liquidated after it stopped operations effective Tuesday. The … Read More

Basic Energy to invest in RE projects abroad

MANILA — Publicly-listed holding firm Basic Energy Corp. (BEC) is investing in four renewable energy projects in Japan, Myanmar and Thailand as part of its overseas expansion. “The investments are seen to provide Basic Energy with revenue streams off projects with fast turnaround times,” it told the local bourse. BEC’s Board approved the 10-percent equity … Read More

More Chinese investors keen on PH

MANILA — More Chinese companies are keen on investing in the Philippines, encouraged by its robust economic growth and huge market. “We received a lot of (business) delegations that are inquiring about all (sectors) especially in the tourism, infrastructure, chemicals, fruits and so many,” bared Angel Ngu, honorary president of the Federation of Filipino Chinese … Read More

US sees bright economic prospects for ASEAN

MANILA — The United States expects bright economic prospects for Association of Southeast Asian Nations (ASEAN) regional bloc, with the youth contributing to the achievement of opportunities. Ambassador Daniel Shields, Charge d’Affaires of US Mission to ASEAN, said the regional bloc was “critically important” for the US, noting that US investments in ASEAN over the … Read More