Philippines Business News
Local business and financial news scraped every 4 hours from BusinessWorld, PhilStar, Manila Times, Rappler, and more.
1860 articles from BusinessWorld
Semirara Q2 income climbs 17% as power offsets weaker coal
CONSUNJI-LED Semirara Mining and Power Corp. (SMPC) reported a 17% increase in second-quarter (Q2) net income to P4.8 billion, as stronger earnings from its power business offset weaker contributions from coal operations. Revenue rose 25% to P18.60 billion from P14.82 billion a year earlier, driven by higher coal and electricity selling prices, as well as […]
Read more →Developers sell noncore assets as property slowdown seen lasting up to 3 years
PROPERTY DEVELOPERS are selling noncore assets and cutting debt as they brace for a market slowdown that could last another two to three years, consultancy firm PRIME Philippines said. Developers have shifted their priorities this year toward preserving liquidity and strengthening balance sheets as rising construction costs and growing environmental risks weigh on investment decisions, […]
Read more →Meralco moves to upgrade metering system to reduce system losses
MANILA Electric Co. (Meralco) is upgrading its older metering system as part of efforts to reduce system losses and improve monitoring of electricity delivered across its distribution network. In a statement on Wednesday, the power distributor said it continues to roll out its Elevated Metering Transformation (EMX) system, an upgraded version of its earlier Elevated […]
Read more →SMFB first-half earnings climb 4% to P22.1B on food sales
SAN MIGUEL Food and Beverage, Inc. (SMFB) posted a 4% increase in first-half net income to P22.1 billion, supported by stronger food sales despite weaker consumer demand and softer beer revenues. Revenue rose 2% to P205.3 billion for the six months ended June, while operating income increased 4% to P28.8 billion, the listed food and […]
Read more →D&L first-half profit up 8% on specialty products
D&L INDUSTRIES, INC. posted an 8% increase in first-half net income to P1.5 billion, supported by improving margins in its high-margin specialty products and a recovery in its food ingredients business despite persistent macroeconomic headwinds.
Read more →TDF yield goes up on rate hike bets as inflation stays elevated
THE BANGKO SENTRAL ng Pilipinas’ (BSP) term deposits fetched a higher yield on Wednesday on weaker demand and as investors expect further monetary policy tightening amid still elevated July inflation. Bids for the BSP’s term deposit facility (TDF) stood at P129.622 billion, well below the P150 billion in seven-day papers auctioned off. This was also […]
Read more →SSS raises Century Properties stake to nearly 10%
CENTURY PROPERTIES Group Inc. (CPG) said the Social Security System (SSS) increased its stake in the listed property developer to about 9.9% from 6.4% after acquiring 406.47 million additional common shares through a block sale. In a regulatory filing on Wednesday, CPG said the SSS acquired the shares from the company’s majority shareholder at P0.665 […]
Read more →Culion: An opportune testbed
“Buti naman naisip nyong bumisita dito (It’s good that you thought of visiting here).” Our guide uttered that remark in the middle of a tour of Culion Island’s main tourism area, lamenting that the sleepy island still rarely sees outsiders. The site of the world’s biggest leper colony in the 20th century where research yielded […]
Read more →PDIC pushes legislative agenda to boost protection, financial stability
THE PHILIPPINE DEPOSIT Insurance Corp. (PDIC) is pushing for legislative changes to improve its ability to protect consumers and ensure the stability of the financial system. The state deposit insurer is proposing to include nonbank financial institutions (NBFI) and cooperatives in its coverage to increase consumer protection, PDIC President and Chief Executive Officer Roberto B. […]
Read more →TMP sees auto market recovery despite global headwinds
TOYOTA Motor Philippines Corp. (TMP) said it expects market conditions to improve despite volatile oil prices and supply chain pressures, positioning the country’s largest automaker to rebuild sales momentum and increase vehicle supply. “While oil prices and supply chain pressures remain volatile, we are seeing encouraging signs of market recovery, and we are steadily rebuilding […]
Read more →Asia-Pacific consumers lead in digital use, cybercrime awareness
ASIA-PACIFIC (APAC) consumers lead their global counterparts in terms of both the use of digital platforms and awareness of cybercrimes, global cybersecurity and digital privacy company Kaspersky said. A B2C Pulse Survey conducted by Kaspersky Market Intelligence showed that consumers in the region outpace their global peers in terms of online shopping (80% versus 71%), […]
Read more →Spices: still hot
ON THE last day of July, Spices, the Southeast-South Asian restaurant of the Peninsula Manila, proved to us why it’s still a force to be reckoned with in the city (despite having been open since the mid-1980s). Spices held a dinner on July 31 to show off new additions to their Indian menu, with dishes […]
Read more →Peso surges as Iran deal hopes hit dollar
THE PESO ended sharply stronger against the dollar on Wednesday amid news of progress in the latest round of peace talks between the United States and Iran. The currency jumped by 41.4 centavos to close at P60.751 versus the greenback from its P61.165 finish on Tuesday, data from the Bankers Association of the Philippines’ website […]
Read more →Caring for the aged
I am not yet a senior, but I am getting there. Frankly, I am looking forward to becoming one in the Philippines. The list of privileges is encouraging, and from where I sit, we appear more generous than many other countries in terms of retail perks for those 60 and above. A Filipino who turns […]
Read more →PlayTime, Summit Media form venture to develop publishing technology
PLAYTIME Entertainment and Summit Media have formed a joint venture to develop technology platforms for media companies as publishers seek new tools to improve digital products, audience analytics, and content monetization. The venture, PT Summit, is 60%-owned by PlayTime Entertainment and 40%-owned by Summit Media. It aims to build technology for media and content creators […]
Read more →Hot money inflows hit $170M in June
NET FOREIGN portfolio investment inflows into the Philippines extended to a second straight month in June as investor activity improved despite lingering financial market volatility, according to Bangko Sentral ng Pilipinas (BSP) data.
Read more →BofA sees BSP ending its tightening cycle in August
THE BANGKO SENTRAL ng Pilipinas (BSP) will likely end its tightening cycle after delivering a third straight rate hike later this month, the Bank of America (BofA) Global Research said. In a report on Tuesday, BofA economists said the BSP may raise its policy rate by 25 basis points (bps) at its Aug. 27 meeting […]
Read more →Philippine exports seen resilient despite 12.5% US tariff
THE PHILIPPINES’ merchandise exports are expected to weather the United States’ 12.5% tariff as exemptions for key products, particularly electronics and agricultural goods, help cushion the impact, analysts said.
Read more →World Bank says Philippines needs to widen tax base
THE PHILIPPINE government can generate more tax revenues by broadening its tax base, the World Bank said, as the government pushes to expand excise tax coverage. “What you’d want to see is government reform to broaden the tax base. And we are seeing that in some of the proposals being discussed to broaden excise (taxes), […]
Read more →Maynilad Q2 profit rises 17% on lower financing costs, taxes
WEST ZONE concessionaire Maynilad Water Services, Inc. posted a 17.4% increase in second-quarter net income to P4.52 billion, aided by lower interest expenses and taxes.
Read more →DigiPlus Q2 profit more than doubles, eyes New Zealand gaming license
DigiPlus Interactive Corp. more than doubled its second-quarter (Q2) net income to P6.98 billion after booking fair value gains from its investment in International Entertainment Corp. (IEC) convertible notes. Separately, DigiPlus’ board approved the filing of an expression of interest to apply for a gaming license in New Zealand and the appointment of signatories for […]
Read more →Petron first-half profit falls 27% as Middle East conflict squeezes margins
PETRON CORP. posted a 27% decline in first-half net income to P3.8 billion as higher crude oil prices driven by the conflict in the Middle East raised production and import costs, squeezing margins despite a sharp increase in revenues. In a statement on Tuesday, the oil refiner and fuel retailer said revenues rose 57% to […]
Read more →Exploring one’s potential
THE FIRST solo exhibit of self-taught artist Spencer Ozo was in the halls of Conrad Manila where he works as front office manager — an opportunity for him to showcase the painting skills he had been secretly nurturing in his free time. Four years have passed since that first exhibit, and he has more to show now.
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