Business and Economy

Aboitiz Equity sets 2018 capex at P50-B

MANILA— Conglomerate Aboitiz Equity Ventures Inc. (AEV) will spend up to P50 billion next year, same level as this year, as it eyes growth in power and infrastructure. AEV Senior Vice President and Chief Financial Officer Manuel Lozano told reporters this week that its subsidiary, Aboitiz Power Corp., will be completing several power projects next year, …

Udenna to build P302-B central business district in Clark

MANILA — Udenna Corporation, the holding company of businessman Dennis Uy, will invest USD6 billion (roughly PHP302.6 billion) in the next 10 years to develop a 179.5-hectare property within the Clark Freeport Zone into a new central business district. Wilfredo Placino, Udenna Corp. director for special projects l, said the “Clark Global City” development will …

For GOP, tax bill’s most visible win may be averting failure

WASHINGTON — Despite the sheer size and society-spanning impact of the $1.5 trillion tax overhaul, the quickest and most potent political victory that Republicans would savour by pushing the bill through Congress next week may be what it averts: another big GOP legislative crash in the age of Trump. Even if Republicans are correct that …

BSP revises down PH balance of payment for 2017

MANILA— The Bangko Sentral ng Pilipinas’ (BSP) policy-making Monetary Board (MB) has revised down the expected deficit in the country’s balance of payment (BOP) position for 2017 to USD1.4 billion from USD500 million last June. In a briefing, BSP Deputy Governor Diwa Guinigundo said higher importation by the Philippines was the main factor for the revision …

ANZ sees hike in BSP rates in Q1 ‘18

MANILA— ANZ Research projects a hike in the Bangko Sentral ng Pilipinas’ (BSP) key rates starting the first quarter of next year on expected uptick in prices of some commodities as a result of the proposed tax reform program. In a report, the Australia-headquartered financial firm considers the proposed hikes of excise taxes on some commodities …

Cemex unit gets DENR nod

MANILA— A subsidiary of listed cement manufacturer Cemex Holdings Philippines Inc. (CHP) has gotten the green light from the Department of Environment and Natural Resources (DENR) for the proposed expansion of its production line in Antipolo City, Rizal. CHP told the local bourse that it has been granted an environmental compliance certificate (ECC) by the DENR, …

Martial law extension won’t affect PH economy: NEDA

MANILA — The National Economic and Development Authority (NEDA) is optimistic that the one-year extension of martial law in Mindanao will not adversely affect the economy. “If we go by the experience in Marawi, it’s going to be neutral at worst. It could boost investor confidence if it’s done (similar to) what happened in Marawi,” NEDA Director-General …

6 projects up for NEDA board approval next year

MANILA — The National Economic and Development Authority (NEDA) board is set to deliberate on six infrastructure projects, including the PHP37.6 billion worth of new projects for approval next year. “NEDA approved 20 projects this year and we expect to have six more. The six projects we are trying to secure NEDA board (approval) through ad …

ZALORA, Ayala Group announce enhanced tie-up

MANILA — Officials of online fashion shopping site ZALORA and Ayala Group are banking on Filipinos strong presence on various online sites to boost their business by providing seamless shopping experience. In a briefing Thursday, ZALORA Group CEO Parker Gundersen said their tie-up with Ayala Group is aimed at giving customers a fulfilling shopping experience …

BSP keeps rates steady

MANILA — The Bangko Sentral ng Pilipinas’ (BSP) policy-making Monetary Board (MB) on Thursday maintained anew the central bank’s key rates after noting that inflation environment remains broadly unchanged. The rate of the reverse repurchase (RRP) facility is still at 3 percent, the repurchase (RP) rate is at 3.5 percent, and special deposit account (SDA) …

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