Business and Economy

BSP confident of manageable inflation in PHL

MANILA — The big drop in the country’s rate of price increases in November 2014 made Philippine monetary officials confident of manageable domestic inflation environment. This after inflation rate last November declined to 3.7 percent from month-ago’s 4.3 percent, bringing the average for the 11-month period to 3.3 percent. “This makes us poised to meet …

Railway linking landlocked Central Asia to Persian Gulf officially inaugurated

AK-YAYLA, Turkmenistan—A railway linking landlocked Central Asia with the Persian Gulf was officially inaugurated Wednesday in a ceremony at a remote train station on the border of Iran and Turkmenistan. The presidents of Iran, Kazakhstan and Turkmenistan attended the official opening of the line in the Turkmen frontier village of Ak-Yayla. Children handed white gloves …

Davao seen as good market for shoes and bags

DAVAO CITY — One of the giant retail stores in the country made the first provincial launch of its latest product lines of shoes and bags in the prime city of Mindanao. Assistant vice president for marketing of SM for Shoes and Bags of SM Store, Rina L. Bunghanoy, said it was their first outside …

Profit taking pulls down PHL stocks

MANILA — The local stock market closed lower on Thursday, snapping a three-day rally, as investors locked in profits ahead of the strong typhoon expected to affect the Philippines during the weekend. The barometer Philippine Stock Exchange index (PSEi) declined 60.90 points to 7,299.85 from previous day’s 7,360.75 close. ”The approaching typhoon reignites concerns of …

ERC awards provisional authority for Trans-Asia’s San Lorenzo Project grid connection

MANILA — The Energy Regulatory Commission (ERC) has awarded a provisional authority for Trans-Asia Renewable Energy Corporation’s (TAREC) 54-megawatt (MW) San Lorenzo Wind Farm Project to connect it to the Luzon grid, through the National Grid Corporation of the Philippines (NGCP). “A provisional authority to develop and own or operate the proposed dedicated point-to-point interconnection …

DOT to announce Tourism Star PHL Awards winners on Dec. 18

MANILA — The search for the frontliners, managers, individuals and local chief executives who have made a huge impact to the tourism industry over the past three years has come to an end. According to the Department of Tourism (DOT), the winners in the first-ever Tourism Star Philippines Awards, a competition that celebrates the excellence …

Senate asks House to junk Php 53.9-B funds for MRT-3 buyout plan

MANILA — The chairman of the Senate Committee on Finance on Thursday asked the House of Representatives to junk the Php 53.9-billion Metro Rail Transit 3 buyout plan in its proposed version of the 2015 national budget. During the bicameral conference committee on the proposed national budget, Sen. Francis Escudero said that MRT 3 buyout …

PHL GDP growth at above 6% until 2016 — ICAEW report

MANILA — The Philippine economy will remain as the fastest growing economy in Southeast Asia until 2016, the Institute of Chartered Accountants in England and Wales’ (ICAEW) fourth quarter 2014 Economic Insight showed. The latest ICAEW’s report has compared six largest economies in ASEAN including Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam. Centre for …

Phl expected to be ‘fast growing Southeast Asian economy in 2015’

MANILA – The Philippines will be Southeast Asia’s fastest growing economy next year, according to the Institute of Chartered Accountants in England and Wales. The group also noted that the Philippines will regain its number one spot in the region by growing over 6.4 percent in 2015. The said growth will be attributed to the …

PHLs needs to utilize ASEAN integration opportunities for BPO sector — DOST-ICTO

MANILA – The Philippines needs to utilize the ASEAN integration opportunities with support of the Information Technology-Business Process Management (IT-BPM) sector, according to Department of Science and Technology – Information and Communications Technology Office (DOST-ICTO) Deputy Executive Director Monchito Ibrahim. ”We also need to focus on ASEAN market, it’s huge. If we’re able to penetrate …