Philippines Business News

UK GDP growth slows in Q2, but June rebound offers brighter signal

Japanese govt supportive of earlier BOJ rate hike- Bloomberg

P860B eyed from VAT, sales tax in ’27

THE NATIONAL GOVERNMENT (NG) expects value-added tax (VAT) and related sales tax collections to rise by 12.8% in 2027, outpacing overall tax revenue growth despite the current weakness in household consumption.

Philippines may face below-target growth for longer without reforms

THE PHILIPPINES could remain below its growth potential for longer even with the government’s catch-up measures if it does not address the structural issues that are eroding its economic foundation, GlobalSource Partners said.

IBPAP counting on global capability centers to bolster Philippines’ position as IT-BPM hub

THE IT and Business Process Association of the Philippines (IBPAP) is banking on global capability centers (GCCs) to defend the country’s market share in the global information technology-business process management (IT-BPM) sector and drive growth in higher-value services.

NCR construction prices jump to nearly 3-year high in July

WHOLESALE PRICES of construction materials in Metro Manila rose to a nearly three-year high in July as costs of concrete products surged, the Philippine Statistics Authority (PSA) said on Wednesday.

CAB cuts airline fuel surcharge to Level 12 for Aug. 16-31

THE Civil Aeronautics Board (CAB) has lowered the passenger fuel surcharge to Level 12 for Aug. 16-31 from Level 13 in the first half of the month. In an advisory on Wednesday, the CAB said airlines may collect fuel surcharges ranging from P389 to P1,137 for domestic flights under Level 12. For international flights originating […]

SMIC first-half profit rises 8%; mining exit by 2027 targeted

SM INVESTMENTS Corp. (SMIC) reported an 8% increase in consolidated net income to P45.9 billion for the first half from P42.6 billion a year earlier, as its banking, property, retail, and portfolio investments supported earnings growth, while the conglomerate also targets a complete exit from mining by 2027. Consolidated revenue rose 6% to P339.2 billion […]

JG 1st half profit falls 29% as fuel, FX pressures hit airline

JG SUMMIT Holdings, Inc.’s attributable net income fell 29% to P10.7 billion in the first half of 2026, as elevated fuel prices and foreign exchange (FX) volatility weighed on its airline business. The listed conglomerate said in a statement on Wednesday that net income from continuing operations declined 47% to P11.4 billion after it booked […]

Megaworld Q2 profit edges up to P5.65B

MEGAWORLD Corp.’s attributable net income was little changed in the second quarter (Q2), edging up 0.9% to P5.65 billion from P5.60 billion a year earlier, as higher rental and hotel revenues were partly offset by increased operating expenses and interest and other charges. Rental income rose to P5.72 billion from P5.39 billion, while hotel operations […]

First Gen Q2 income rises 7.5% to P4.79 billion

LOPEZ-LED First Gen Corp. saw its attributable net income rise 7.5% to P4.79 billion in the second quarter (Q2) from P4.45 billion a year earlier, as earnings from continuing operations strengthened alongside sharply higher revenue. Revenue for the three months ended June rose 112.8% to P25.81 billion from P12.13 billion, the company said in its […]

Cebu Landmasters lines up P25-billion launches as sell-through hits 95%

CEBU Landmasters, Inc. (CLI) is preparing to launch more than 11 projects worth an estimated P25 billion in the second half, as the property developer replenishes residential inventory after its existing portfolio reached a 95% sell-through rate. The planned launches will comprise more than 5,600 units across Cebu, Mactan, Ormoc, Butuan, Davao, and Panglao, the […]

Apex Mining 2nd quarter profit jumps 49.7% as metal prices offset lower volumes

APEX MINING Co., Inc.’s attributable net income jumped 49.7% to P2.57 billion in the second quarter (Q2) from P1.71 billion a year earlier, as higher gold and silver prices and a favorable foreign exchange effect more than offset lower sales volumes. Gross revenue for the April-to-June period rose 30.3% to P6.52 billion from P5 billion […]

ABS-CBN to raise P6 billion in new equity

ABS-CBN CORP. plans to raise P6 billion in new equity through subscriptions from three Lopez family investment companies, I&C Holdings Corp., and Lopez, Inc. Crème Investment Corp., Mantes Corp., and Presta Holdings Co., Inc., representing three branches of the Lopez family, have committed to subscribe to a combined P2.2 billion worth of ABS-CBN shares using […]

ACEN completes NorthWind wind farm refurbishment

RENEWABLE energy producer ACEN Corp. said it has completed a maintenance and refurbishment program for its 52-megawatt (MW) NorthWind wind farm in Ilocos Norte, extending the facility’s operating life by up to 10 years. In a statement on Wednesday, the company said the two-phase program covered all 20 wind turbines at NorthWind, which has been […]

Vivant Q2 profit drops 27.4% as costs, finance charges rise

CEBU-BASED Vivant Corp. reported a 27.4% decline in attributable net income to P490.09 million in the second quarter, as higher operating costs and finance charges weighed on earnings. In its financial report released on Wednesday, the company reported second-quarter revenue from electricity sales of P2.23 billion, compared with P4.34 billion a year earlier. Power generation […]

TDF yields extend climb on BSP tightening view

YIELDS on the Bangko Sentral ng Pilipinas’ (BSP) term deposits climbed for an eighth straight week on weak demand and as the market sees benchmark rates staying higher for longer despite slowing growth as inflation remains elevated. Tenders for the central bank’s term deposit facility (TDF) amounted to P118.998 billion on Wednesday, below the P130-billion […]

Through the fire and over a grill

SPANISH CHEF Luis Martinez is coming in hot. While his first restaurant under the Nikkei Group, Terraza Martinez, was on the Michelin Selected list last year, two more under his helm have created buzz, both also sporting his name: Sala Martinez and La Taperia Martinez. His name makes an appearance on yet another venture, Brasa […]

SSS looks to keep income above P100B to ensure sustainability

THE SOCIAL Security System (SSS) is aiming to keep its net income above P100 billion to keep its fund life sustainable while also boosting member benefits. “I think P100 billion should be the level of income of the pension fund today because if the income increases, we have more opportunities to increase benefits. So, I […]

Pru Life UK launches insurance product with cancer coverage

PRU LIFE Insurance Corp. of UK (Pru Life UK) has launched a life insurance policy with cancer protection that also has a no-claim reward feature. The life insurer on Wednesday launched PRUCare Cancer Protect, a 10-year renewable term plan that features full coverage for late-stage cancer, 50% for early-stage cancer, and an extra 20% benefit […]

Peso rebounds vs dollar on expectations of soft US consumer inflation

THE PESO recovered against the dollar on Wednesday on expectations of softer US consumer inflation data that could further temper bets of a US Federal Reserve hike next month. The currency strengthened by eight centavos to close at P61.18 versus the greenback from its P61.26 finish on Tuesday, based on data from the Bankers Association […]

HSBC hikes firms’ InstaPay transfer cap to P500,000

HSBC PHILIPPINES is now offering InstaPay for Business, allowing firms to transfer up to P500,000 per transaction to its clients and other businesses in real time. This raises the bank’s InstaPay transfer limit from the previous P50,000 for business-to-consumer (B2C) and business-to-business (B2B) transactions. HSBC is the sixth financial institution to offer InstaPay for Business, […]

ACEN extends additional P1 billion financing to Quezon North Wind

ACEN Corp. of the Zobel family has added up to P1 billion in financing for its subsidiary developing the massive Quezon North Wind Power Project.

Ayala’s retail drive shifts to higher gear

Conglomerate Ayala Corp.’s retail drive shifts to a higher gear with the establishment of a dedicated platform that will introduce and grow leading international consumer brands in the Philippines through long-term strategic partnerships.