Business and Economy

BIR has key role in PHL economic ‘breakout’—Dominguez

MANILA (PNA) — Finance Secretary Carlos Dominguez III has cited the central role that the Bureau of Internal Revenue (BIR) will play in realizing the Philippines “economic breakout” as he underscored the importance of both tax administration and policy reforms in ensuring a steady revenue stream for the Duterte administration’s ambitious program to modernize the …

PAL warns public against fake ad

MANILA—Flag carrier Philippine Airlines (PAL) on Monday warned the public against a fake advertisement circulating online. The fake advertisment has been circulating on Facebook recently, saying that PAL will give away free tickets in line with its anniversary. “Get 2 of 268 FREE Philippines Airline Tickets on their 28th Anniversary!” the advertisement read when the …

Toronto stock index makes small gain, led by bank and industrial sectors

TORONTO — Canada’s main stock index barely advanced Monday amid a quiet trading session while U.S. markets took the day off for Memorial Day. In Toronto, the S&P/TSX composite index inched up 4.98 points to 15,421.91 as bank and industrial stocks made gains. Craig Fehr, a Canadian markets strategist at Edward Jones in St. Louis, …

Trans Mountain IPO to proceed despite B.C. Green NDP deal, Kinder Morgan says

CALGARY — Kinder Morgan says it expects to proceed Tuesday with its initial public offering for the Trans Mountain expansion, just as the anti-pipeline Greens and NDP in B.C. announced they have come to an agreement that could cast the project’s future into doubt. Dave Conover, a spokesman for the Houston-based energy company, said in …

PHL national gov’t liabilities up 8.3% year-on-year in April ’17

MANILA—Higher domestic borrowing resulted to the 8.3 percent rise of Philippine national government’s outstanding debt in April 2017 to PHP6.37 trillion. Data released by the Bureau of the Treasury (BTr) Monday showed that the latest level of the national government liabilities is mainly accounted for by domestic debt, which amounted to PHP4.16 trillion, up 10.4 …

Canadian stock market closed up Friday

TORONTO—Canada’s main stock index edged up Friday due to small gains for some big banks and a boost for gold miners. The Toronto Stock Exchange’s S&P/TSX composite index GSPTSE ended up 6.20 points, or 0.04 percent, at 15,416.93. It lost 0.3 percent in a holiday-shortened week. Decliners slightly outnumbered advancers, with overall trade volume at …

Solid fundamentals buoyed Philippine economy despite Martial Law in Mindanao

MANILA—The economy has ample buffers to withstand adverse effects of the current unrest in Mindanao as traders favored the Philippines, the Department of Finance (DOF) said on Friday. Finance Secretary Carlos Dominguez III said that the country’s solid macroeconomic fundamentals buoyed the local bourse and the peso despite President Duterte’s declaration of Martial Law in …

Bankers group assures continued services in Mindanao amid martial law

MANILA—The Bankers Association of the Philippines (BAP) on Friday allayed fears on possible banking services disruption in Mindanao following the declaration of martial law on Tuesday. “BAP member banks with branches in the region shall continue with normal banking operations,” the group said in a statement. “We are committed to bring regular banking services even …

PHL gov’t posts PHP52.8B budget surplus in April ’17

MANILA—State revenue collection in April 2017 rose four percent year-on-year, partly due to the deadline of filing of income tax returns, enabling the government to post a PHP52.8 billion budget surplus. Data released by the Bureau of the Treasury (BTr) Friday showed that the budget surplus in the fourth month this year is, however, 4.4 …

Trade chief presents ‘Dutertenomics’ to Russian businessmen

MOSCOW—Department of Trade and Industry (DTI) Secretary Ramon Lopez has presented to Russian businessmen the ‘Dutertenomics’ and business opportunities in the Philippines in a two-day business fora here. Lopez brought the ‘Dutertenomics’ — the Duterte administration’s socioeconomic agenda that aims to ease doing business in the country to attract more investments and create quality jobs …

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