Business
House to look into ‘yawning gap’ in commodity prices
Upon the resumption of session on Monday, Speaker Ferdinand Martin G. Romualdez announced plans to lead an investigation into the “growing disparity” between farmgate and retail prices of essential commodities.
‘CA decision hinders fight against malnutrition’
The decision of the Court of Appeals (CA) to halt the commercial release of genetically modified (GM) crops could adversely affect the country’s efforts to fight malnutrition, according to a member of the Monetary Board (MB).
Output of new RE projects to hit nearly 1.6GW–ACEN
ACEN Corp. is expecting 1.6 gigawatts (GW), or 1,600 megawatts (MW), of new renewable energy (RE) projects to deliver close to fullyear output this year.
SMIC hikes capex budget to support expansion in 2024
SM Investments Corp. (SMIC), the holding firm of the Sy family, said it is setting aside as much as P120 billion for its capital expenditures (capex) this year, 50 percent higher than the previous year’s P80 billion.
Air-cons, refs lift CIC income in Q1
Concepcion Industrial Corp. (CIC), a manufacturer of air-conditioners and refrigerators, said it recorded an income of P185.7 million in the first quarter, almost double from the previous year’s P93.22 million on higher sales volume.
SMHCC makes its bid for the serviced apartments market
SM Hotels and Conventions Corp. (SMHCC) is keen on expanding its partnership with the Hong Kong-based Lanson Place Hospitality Management Ltd. (LPHML), if the Sy-led company fully embraces the extended-stay, serviced-apartment market, a growing segment of business travel.
Asialink to grow client base after fresh capital
NON-bank financing company Asialink Finance Corp. is keen on doubling its client base composed of small-scale and medium-sized enterprises (SMEs).
Agencies’ cash utilization rate hits 99% in Q1–DBM
THE cash allocation utilization rate of various government agencies reached 99 percent from January to March, according to the Department of Budget and Management (DBM).
Fintech secures ₱2.75 billion loan capital from Maya Bank
TALA Financing Philippines Inc., a financial technology (fintech) firm that extends loans to the public, has secured a partnership with Maya Bank Inc.
Japan’s Taisei invests in Rizal Green Energy
Taisei Corp. of Japan is acquiring a 25-percent stake in Rizal Green Energy Corp. (RGEC), a subsidiary of Yuchengco-led PetroGreen Energy Corp. (PGEC).
PXP Energy trims losses in Q1
Manuel Pangilinan-led PXP Energy Corp. narrowed its net loss to P2.6 million in the first quarter due to higher volume of crude oil sold from its operations in the Galoc oil field.
Jollibee, DENR team up for mangrove reforestation
Fastfood chain Jollibee is collaborating with the Department of Environment and Natural Resources (DENR) for the restoration of previously damaged mangrove areas and in pushing for sustainability in communities where it is located.
DA issues rules for importing fish for wet markets in Q4
The Department of Agriculture (DA) released guidelines for the importation of small pelagic fish, including roundscad and mackerel, for wet markets in October to December.
China’s distressed pig farmers eye turnaround as herd shrinks
Chinese farmers are keeping the fewest pigs for breeding since 2020, offering hopes that the industry is on the cusp of sustained profitability after years of losses.
Block finishes development of Bitcoin mining chip
DIGITAL payments company Block Inc., formerly known as Square, has finished the development of its Bitcoin mining chip as Chief Executive Jack Dorsey continues to advocate for a more accessible and decentralized system—an effort he’s championed since 2021.
PDIC to sell properties via e-bidding in May
THE Philippine Deposit Insurance Corp. (PDIC) announced it is set to sell through electronic public bidding a total of 101 real properties on its e-bidding portal starting at 9:00 a.m. on May 22 until 9:00 a.m. on May 23, 2024.
Hong Kong crypto ETF launches will test ambition to be digital-asset center
HONG Kong is set to follow in the footsteps of the US by listing a batch of cryptocurrency exchange-traded funds, providing a window on whether the city is making progress on fashioning a hub for digital assets.
Stock market today (April 24, 2024): Wall Street rallies again to erase more of April’s losses
NEW YORK — U.S. stocks rallied for a second straight day Tuesday to blunt the blow of what’s been a rough April.
SM Prime postpones launch of REIT
Shopping mall operator SM Prime Holdings Inc. said it has decided to put on hold its real estate investment trust (REIT) offer, from which it intends to raise some $1 billion, due to market volatility.
LRC files petition against OceanaGold FTAA
Nonprofit organization Legal Rights and Natural Resources Center (LRC) filed a petition for certiorari seeking the reversal of the Financial or Technical Assistance Agreement (FTAA) issued to OceanaGold Philippines Inc. (OGPI).
Firms told to help ease tight power supply by joining ILP
The Manila Electric Co. (Meralco) and the Department of Energy (DOE) are urging more companies to sign up for the Interruptible Load Program (ILP) to help ensure power supply sufficiency throughout the dry season.
Globe blacklists more SIM cards in January-March—exec
Globe Telecom Inc. said on Tuesday it has intensified its efforts in combating cyber threats by blocking and deactivating more SIM cards engaged in malicious activities.
SEC to Google, Apple: Remove Binance app
The Securities and Exchange Commission (SEC) on Tuesday said it is working with Google and Apple for the removal of applications operated by cryptocurrency giant Binance in app marketplaces accessible in the Philippines.
Group: $700M+ invested in digital banking sector
Local digital banks received $700 million worth of investments from investors as the financial institutions continued to grow the number of their depositors, according to the Digital Bank Association of the Philippines (DiBA PH).
Fixers still rankle BIR as chief warns public
SEVENTEEN years after the Anti-Fixer Law was enacted in 2007 and ahead of the several tax deadlines this April, the Bureau of Internal Revenue’s (BIR) top official reminded the taxpaying public to refrain from transacting with “fixers.”
Bond sales tepid as investors spooked by geopolitical risks
THE national government made a partial award of the reissued 20-year Treasury bonds (T-bonds) on Tuesday’s auction, raising only P16.633 billion due to high investors’ asking yields.