Business and Economy

The Cheesecake Factory will open Nov. 21 in Toronto’s Yorkdale mall

TORONTO — Cheesecake lovers near Toronto should save their appetites for November 21 when The Cheesecake Factory will open the doors at its first Canadian location. The U.S. chain, which serves dozens of different kinds of cheesecake, announced earlier this year that it would bring its restaurant to Toronto’s Yorkdale Shopping Centre this fall. Its …

PH posts USD24-M BOP surplus in Sept. ’17

MANILA – – The Philippines balance of payment (BOP) position reversed to a surplus in September 2017 after staying in deficit since last May. Data released by the Bangko Sentral ng Pilipinas (BSP) Thursday night showed a USD24 million BOP surplus in the ninth month this year, an improvement from month-ago’s USD7 million deficit but …

Peso falls to 11-yr low vs. USD; PSEi bounces back

MANILA – – The peso fell to its 11-year low against the US dollar on Thursday while the Philippine Stock Exchange index (PSEi) bounced back after ending its three-day rally to a record-high a day ago. The local currency shed 12 centaovs and finished the day at 51.53 from 51.405 in the previous session. It …

No port congestion in Manila during Christmas season

MANILA — The Philippine Ports Authority (PPA) on Thursday assured that there will be no port congestion in Manila during the holiday season. PPA General Manager Jay Daniel Santiago said port utilization in Manila remains healthy at the start of the fourth quarter of this year providing enough space for the delivery of cargoes intended for …

DTI provides P943-M livelihood assistance for Marawi

MANILA — The Department of Trade and Industry (DTI) has provided some PHP942.5 million worth of livelihood assistance for internally displaced persons (IDPs) in Marawi City. DTI Secretary Ramon Lopez told reporters on the sidelines of the 43rd Philippine Business Conference and Expo Thursday said amount had benefitted some 17,650 IDPs. Lopez said about PHP151.5 …

Money transfer providers cite tie-up success

MANILA — Money transfer leaders Western Union, LBC and Pera Hub are hopeful about the continued strength of their tie-up after noting that their performance in the first month “surpassed their expectations”. LBC president and COO, Mike Camahort, in a briefing Thursday said the volume of remittances in the first month’s operation was “very promising” …

Malunggay powder producer gets BOI nod

MANILA — The Board of Investments (BOI) has registered the PHP36.4-million project of Mauswag Agribusiness, Inc. to produce Moringa oleifera or malunggay powder as producer of non-traditional export products under the Investment Priorities Plan (IPP). In a statement Wednesday, BOI said Pili, Camarines Sur-based Mauswag Agribusiness had integrated facility which involved planting of malunggay trees …

TDF auction posts mix results

MANILA — The bid coverage ratio of the Bangko Sentral ng Pilipinas’ (BSP) Term Deposit Facility (TDF) moved toward separate directions Wednesday after the undersubscription in the 28-day facility. Data released by the central bank showed that the bid coverage ratio of the seven-day facility rose to 1.0973 from 1.6019 during the auction last week. …

T-bond rate down Wednesday

MANILA — Rate of the Philippines’ seven-year Treasury bond (T-bond) fell to 4.39 percent Wednesday on higher demand for the debt paper. Its rate during the auction last Aug. 8 was 4.510 percent while secondary market rate for the same tenor Wednesday morning stood at 4.6157 percent. The Bureau of the Treasury (BTr) offered the …

Diokno assures budget for Marawi rehab

MANILA — Budget and Management Secretary Benjamin Diokno on Wednesday assured Marawi City residents that the government has the funds for the area’s rehabilitation. In a briefing, the budget chief said authorities had yet to determine the actual rehabilitation cost but said the DBM had an available PHP5 billion from the national risk reduction fund …