Meralco power rates to drop this month
BusinessWorld - 2018-05-08
Electricity rates in May will decrease to P0.5436 per kilowatt-hour (kWh) for a typical household largely because of a drop in the generation charge during the month, distribution utility Manila Electric Co. (Meralco) said on Tuesday. The adjustment brings ...

Petron books record first-quarter profit
BusinessWorld - 2018-05-08
Petron Corp. President and CEO Ramon S. Ang -- BW FILE PHOTO Petron Corp. posted a consolidated net income of P5.8 billion in the first quarter, higher by 4% compared with the level a year ago and the highest quarterly income in its history, the company ...

Tax advantaged investments | The Freeman
philstar.com - 2018-05-08
In the Philippines, we have multiple options: Pag-IBIG HDMF (Home Development Mutual Fund) - a Philippine government-owned and controlled corporation offers a fund called MP2. A voluntary high yield savings account with tax-free dividend yields (5-7 ...

Bloomberry reports 73% profit surge in first quarter
BusinessWorld - 2018-05-08
Bloomberry Resorts Corp reported a 73% increase in attributable profit for the first three months of 2018, boosted by record volumes in both mass gaming and VIP gaming segments. The owner and operator of Solaire Resorts and Casino in Manila and Jeju Sun ...

Roll out of crucial energy projects to move faster now - Cusi
Philippine Information Agency - 2018-05-08
"With the IRR in place, the stakeholders can now expect the prompt delivery of basic energy services to our people with the realization of vital energy infrastructures, while providing additional economic investments for us to truly compete globally ...

Fuel prices rolled back
philstar.com - 2018-05-07
Eastern Petroleum, Flying V, Petron Corp., Pilipinas Shell Petroleum Corp., Phoenix Petroleum Philippines Inc. and PTT Philippines Corp. will implement their respective price adjustments starting at 6 a.m. In an advisory, Seaoil Philippines Inc. said they ...

Stock market drops, ignores Asia
Manila Standard Today - 2018-05-07
dropped 1.2 percent to P905, while Security Bank Corp., the sixth-largest lender in terms of assets, declined 2.7 percent to P199.80. Semirara Mining and Power Corp., the biggest coal miner, tumbled 5.2 percent to P27.65, while LT Group Inc. of tobacco and ...

Del Monte raises public offering size
Manila Standard Today - 2018-05-07
Del Monte Philippines Inc., the Philippine unit of Del Monte Pacific Ltd., increased the size of its planned initial public offering to 587.437 million secondary shares for a maximum of P29.88 each from the initial 559.464 million shares. DMPI, according ...

Remote monitoring in Manila foils bank robbery in Tuguegarao
newsbytes.ph - 2018-05-07
TUGUEGARAO CITY - An active alarm system being maintained remotely in Manila has foiled a robbery attempt on East West Bank located at College Avenue in Centro ... the central monitoring security center in Metro Manila informing that the alarm in its ...

Philippines' PLDT trims stake in German tech investor
Nikkei Asian Review - 2018-05-07
MANILA -- Leading Philippine telecom PLDT unloaded two-thirds of its stake in German e-commerce group Rocket Internet, the company said Monday, as it looks to bankroll record capital spending. Indirect subsidiary PLDT Online Investments sold 6.8 million ...

Summer soirée
philstar.com - 2018-05-07
Moët Hennessy Philippines hosted a summer soirée at the Garden ... and the latest addition to the growing hotel portfolio of listed real estate firm DoubleDragon Properties Corp. What sets Hotel 101-Fort apart from the rest is that all the units in ...

Invest in infrastucture, DOF chief urges insurers
philstar.com - 2018-05-07
You know, the contracting companies like DMCI, EEI, they also need bonds. So in fact, the market is bigger now because we are implementing (projects) faster," Dominguez said. Insurance firms, including Philippine American Life and General Insurance Co ...

Economic growth picks up in Q1 -- poll
BusinessWorld - 2018-05-07
Asuncion, chief economist at Union Bank of the Philippines (UnionBank). He estimated 6.9% economic growth for the quarter. "On the supply side, services and industry are expected to contribute to growth with agriculture also pitching in," he said.

Pryce Corp. made P340.3M in first-quarter net income
BusinessMirror - 2018-05-07
PRYCE Corp. posted P340.3 million in net income at end-March this year, up 12.8 percent from P301.7 million in the same period last year. Revenues grew by a modest 6.3 percent to P2.35 billion in the first quarter, from P2.21 billion a year ago. Sales ...

SM Prime nets P7.6B as mall expansion pays off
BusinessWorld - 2018-05-07
SM Prime Holdings, Inc. (SM Prime) said in a statement on Monday that its net income stood at P7.6 billion for the first three months of the year, higher than the P6.6 billion it reported in the same period a year ago. Consolidated revenues accelerated by ...

DoubleDragon opens flagship project in Pasay
BusinessWorld - 2018-05-07
DOUBLEDRAGON Properties Corp. officially opened on Monday its flagship office and retail project, which has been seeing strong demand from Philippine Offshore Gaming ... in Pasay City yesterday. Real estate consultants have been reporting higher demand ...

Globe open to cell tower partnership with PLDT
BusinessWorld - 2018-05-07
GLOBE TELECOM, Inc. is open to a tie-up with rival PLDT Inc. to create a company specializing in cellular tower construction, one of the businesses that has been proposed for the telecom industry "third player." Globe President and CEO Ernest L.

Semirara Mining top exec sees 20% drop in power output in January-March 2018
BusinessMirror - 2018-05-07
SLPGC power plants have machinery breakdown and business interruption insurance cover. The company is now closely working and coordinating with reinsurers and their technical consultants to reinstate the unit back to full operation. Consunji is hopeful the ...

BPI net income flat in Q1
BusinessWorld - 2018-05-07
Meanwhile, total loans stood at P1.21 trillion, 17.2% higher than the P1.03 trillion logged in the first quarter of 2017, driven by corporate loans. Interest income from loans grew 18.4% year-on-year on the back of an improvement in yields. Total deposits ...

Widus sees $1-billion expansion in Clark
BusinessWorld - 2018-05-07
Filinvest Development, Corp. (FDC). FLI, together with FDC, also has a lease agreement with CDC to develop, manage and operate the 200-hectare Clark Mimosa estate for 50 years. So far, the golf course in the estate has been renovated while the 3.6-hectare ...

Mangoes, eagles and malls
BusinessMirror - 2018-05-07
After all, a mall is a mall is a mall. However, malls, like eagles, are not all the same. In practice, US malls consisted of a big, well-known anchor department store surrounded by a large number and variety of specialty shops, movie theaters, and a food ...

The online school of millennials
Mint - 2018-05-07
Online platforms are the most accessible for this purpose," says Raghav Gupta, director for the India and Asia-Pacific region, Coursera. Other than providing high-quality content in high-demand fields, online courses are affordable and flexible ...

Greenpeace calls out the true cost of coal at coal industry event in Bali, Indonesia
Greenpeace International - 2018-05-07
If planned coal projects go ahead that figure could rise to 70,000 from illnesses such as lung cancer, strokes and respiratory disease, according to research from Harvard University and ... in Celukan Bawang on the northern coast are opposing the ...

PLDT unit seals partial sale of Rocket Internet stake
Rappler - 2018-05-07
MANILA, Philippines - A unit of PLDT Incorporated sold bulk of its shares in Rocket Internet SE, a German investor in technology start-ups, for a total of about EUR163.2 million (P10.10 billion), with the proceeds going toward its historic high capital ...

PCC approves merger of Dennis Uy's Udenna with 2GO shareholder
Rappler - 2018-05-07
Section 17 of the PCA states that parties who fail to notify the PCC of a transaction that meets the threshold would face "a fine ranging from 1% to 5% of the transaction value" and their business deal would be "voided." (READ: How the Sy family and Dennis ...

BPI posts flat net income of P6.25 billion in Q1 2018
Rappler - 2018-05-07
MANILA, Philippines - The Bank of the Philippine Islands (BPI) saw a flat net income of P6.25 billion during the 1st 3 months of 2018, due to lower non-interest income as well as higher costs and expenses. BPI, the Philippines' 3rd largest bank in terms ...

DoubleDragon unveils first phase of DD Meridian Park
BusinessWorld - 2018-05-07
Sonny Dominguez at the inauguration of DD Meridian Park in Pasay City on May 7, 2018. -- Photo: Arra B. Francia via Twitter DoubleDragon Properties Corp. unveiled on Monday, May 7, its flagship office and retail project in Metro Manila with majority of ...

Holcim profit drops in first quarter
BusinessWorld - 2018-05-07
Holcim Philippines, Inc. reported a 26.5% drop in its attributable profit for the first three months of 2018, although noting that sales volumes have started to recover alongside the pick up in demand. -- Arra B. Francia

Globe Telecom open to partnering with PLDT for cell tower firm
Rappler - 2018-05-07
Globe expects to allot $850 million to $900 million every year until 2020 as capital spending budget, in a bid to continuously upgrade its network for the fast-growing data business. The Ayala-led listed telecommunications company saw its net income surge ...

Philippines stocks lower at close of trade; PSEi Composite down 0.17%
Investing.com - 2018-05-07
Shares in Semirara Mining Corp (PS:SCC) fell to 52-week lows; down 5.15% or 1.50 to 27.65. Shares in DMCI Holdings Inc (PS:DMC) fell to 3-years lows; falling 4.63% or 0.500 to 10.300. Gold Futures for June delivery was down 0.13% or 1.70 to $1313.00 a troy ...

SMPC sees lower energy generation in first quarter
BusinessWorld - 2018-05-07
Semirara Mining and Power Corp. (SMPC) expects its first-quarter energy generation to be lower by at least 20% because of the series of power plant closures during the period, company officials said. "This year we are down on a year-on-year basis ...

Strong LPG sales boost Pryce Corp profit in first quarter
BusinessWorld - 2018-05-07
Pryce Corp. posted a 12.8% increase in first-quarter net income to P340.3 million as volume of sales of liquefied petroleum gas (LPG) grew at around the same level during the period, the company told the stock exchange on Monday, May 7. Consolidated ...

Amid euphoria of PSL title conquest, Petron seeks long reign
philstar.com - 2018-05-07
MANILA, Philippines - The ecstasy of winning has yet to completely sink in to Petron a day after conquering the Chooks to Go-Philippine Superliga (PSL) Grand Prix title. Petron coach Shaq Delos Santos remains grateful for the milestone, saying that they ...

Gary Valenciano: Take care of your health
philstar.com - 2018-05-07
MANILA, Philippines -- For 35 years, Gary Valenciano has been a source of inspiration to millions of fans all over the world. His battle against Type 1 Diabetes is universally considered as a miracle. Prior to having an open-heart surgery recently, he was ...

PLDT completes partial sale of Rocket Internet shares
BusinessWorld - 2018-05-07
PLDT Inc said it has completed its partial sale of its Rocket Internet SE shares. PLDT said in a statement that Rocket Internet AG has accepted 6.8 million Rocket shares tendered by PLDT subsidiary PLDT Online Investments Pte. Ltd. at EUR24 per share for a ...

BPI profit flat in first quarter
BusinessWorld - 2018-05-07
Bank of the Philippine Islands (BPI) posted flat income in the first quarter despite logging revenue growth. In a disclosure Monday, May 7, BPI said it booked P6.25-billion net income in the January to March period, flat from the profit it recorded in the ...

Rappler hits BIR for 'selective justice' in tax evasion case
Rappler - 2018-05-07
MANILA, Philippines - Rappler Holdings Corporation (RHC) and Rappler CEO Maria Ressa accused the Bureau of Internal Revenue (BIR) of "selective justice" in the P133-million ($2.57-million) tax evasion complaint it filed against the social news network.

ENERGY DEVELOPMENT CORPORATION
Economic Times - 2018-05-07
With hirers looking for lies and past fraud, investigators are also checking if the facts presented by a candidate were embellished or misrepresented. Senior level hiring demand is decreasing as people management roles are diminishing and mid-level ...

EXPORT AND INDUSTRY BANK
Economic Times - 2018-05-07
Sewing expects to complete an initial review of Deutsche's investment bank within weeks, according to a person with knowledge of the matter, but any overhaul he launches is likely to take much longer. Debroy also noted that ideally the central bank should ...

Filinvest eyes foreign partners for $200-m Clark casino
Manila Standard Today - 2018-05-06
Filinvest Mimosa + Leisure City is a joint development of FDC and real estate arm Filinvest Land Inc. FLI recently completed and fully leased out the first office building in the area. It will commence the construction of a retail strip and the first ...

Shares to decline amid weak investor sentiment
BusinessWorld - 2018-05-06
This includes PLDT, Inc., Globe Telecom, Inc., Energy Development Corp., First Gen Corp., Petron Corp., Manila Water Co., Inc., Ayala Land, Inc., Robinsons Land Corp., Ayala Corp., San Miguel Corp., and San Miguel Food and Beverage, Inc. With this ...

Doing business easier
BusinessMirror - 2018-05-06
For Quezon City, a Reform Task Team was created composed of the Bureau of Internal Revenue (Client Support Service), Home Development Mutual Fund (Pag-IBIG Fund-Fund Management Group), Local ... Department), and Social Security System (NCR Operations ...

Blaze Spikers dominate
BusinessMirror - 2018-05-06
In Photo: The Petron Blaze Spikers, thanks to their imports who waxed hot in Game Three, finally snap three years of frustration. IMPORTS Lindsay Stalzer and Katherine Bell delivered high-octane performances when it mattered most as Petron accomplished its ...

Crossing the red line
thestandard.com.ph - 2018-05-06
The Philippine government, in its usual business-as-usual response, said it would file a diplomatic protest with the Chinese Embassy in Manila but will "trust its friendship with China to smooth things out." This latest Chinese provocation was flagged ...

PBA, San Miguel Corp, MVP Group combine for P46M donation to POC
Rappler - 2018-05-06
MANILA, Philippines - The PBA, San Miguel Corporation (SMC) and the Manny V. Pangilinan Sports Foundation (MVPSF) extended their support to the Philippine Olympic Committee (POC) by donating a total of P46 million. All of the 12 PBA teams donated P500 ...

Meralco seeking ERC okay for P21.46-B capex in 2019
BusinessMirror - 2018-05-06
THE Manila Electric Co. (Meralco) is seeking regulatory approval for its 2019 capital expenditures (capex) in the amount of P21.46 billion. In its eight-page application filed before the Energy Regulatory Commission (ERC), the utility firm proposed a capex ...

FDC allots P45B in capex this year, mostly for property development
BusinessMirror - 2018-05-06
GOTIANUN-LED Filinvest Development Corp. (FDC) said it is allocating P45 billion in capital expenditures (capex) this year, mostly to its property-development activities after bagging a casino project in Clarkfield in Pampanga. The capex is 12 percent ...

Vietnamese partner asking $50M more from MPTC
BusinessMirror - 2018-05-06
HO CHI MINH, Vietnam--Ho Chi Minh City Infrastructure Investment Jsc (CII) is asking Metro Pacific Investments Corp. for an additional $50 million in investments to finance two road projects here. Nguyen Van Binh, an investment manager at CII, said his ...

Central bank likely to hike key rates
BusinessWorld - 2018-05-06
A succeeding RRR cut will likely be introduced later this year as inflation starts to decelerate, said Security Bank Corp. economist Angelo B. Taningco. Traders have said market players are already pricing in a rate hike from the BSP this week, which has ...

Yields end flat ahead of inflation data
BusinessWorld - 2018-05-06
Dulay, head of Institutional Sales at Security Bank Corp. said on Friday. "Market remained defensive ahead of the inflation data and stayed defensive after the 4.5% print, which was within market expectations," she added. "The market remained quiet ...