Local markets end trading week lower

MANILA — The local stock barometer declined anew on Friday as investors rebalanced holdings and stocks, while the peso continued retreating against the greenback. The benchmark Philippine Stock Exchange index (PSEi) slipped by 1.03 percent to 7,908.89 points from Thursday’s 7,991.25 points close, wiping gains from previous session. “A large part of the moves happened … Read More

PCC imposes P6.5-M fine on Grab for submitting wrong data

MANILA — The Philippine Competition Commission (PCC) slapped a PHP6.5-million fine on ridesharing firm Grab Philippines after it violated its voluntary commitments following the approval of its acquisition of Uber last year. “The Commission imposed a fine of PHP 6.5 million on Grab Philippines for submitting deficient, inconsistent, and incorrect data for the monitoring of … Read More

AirAsia exec sees bright 2019 for aviation industry

MANILA — AirAsia Philippines chief executive officer Dexter Comendador sees a bright future ahead for the Philippine aviation industry this year. In an exclusive interview with the Philippine News Agency (PNA), Comendador said government agencies are collaborating to help the industry grow and improve, with tourism and infrastructure projects either ongoing or in the pipeline. “This … Read More

Added duties on cement imports bad for gov’t infra projects

MANILA — Cement importers and contractors cautioned that the imposition of safeguard duties on imported cement may delay the administration’s Build, Build, Build program, as another trade barrier can only serve to exacerbate effects of the current cement shortage. On Wednesday, Philippine Constructors Association (PCA) Board Director Ferdinand Co said that imposing safeguard duties on imported … Read More

Construction projects increase 17% in Q3

MANILA — Approved construction projects from July to September this year increased by 16.7 percent, the Philippine Statistics Authority (PSA) reported Wednesday. Approved building permits rose to 42,111 in the third quarter this year from 36,076 in the same period last year. Construction value in Q3 2018 jumped by 45 percent to PHP104.8 billion from PHP72.1 … Read More