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WB urges PH to foster more inclusive growth

MANILA — The Philippines needs to undertake measures, including stepping up efforts to create more jobs and livelihood, in a bid to promote inclusive growth and poverty reduction, a World Bank (WB) official said on Tuesday. Mara K. Warwick, the WB Country Director for Brunei, Malaysia, the Philippines and Thailand, noted that while the percentage of …

Improved infra, eased regulations to boost trade, investments in ASEAN

MANILA — Member countries of Association of Southeast Asian Nations (ASEAN) need to improve physical infrastructures and streamline regulatory processes in an effort to facilitate trade and investments in the region, according to a report from state think tank Philippine Institute for Development Studies (PIDS). In a report titled “ASEAN connectivity: The hows and whys,” PIDS …

Phoenix eyes 60 more stations

MANILA— Phoenix Petroleum Philippines Inc. foresees a rosy prospect for this year as it targets to put up 50 to 60 more gasoline stations throughout the country within the year, adding to its 530 stations. “(These are) all over the country, but of course we look for strategic locations which will generate the best returns so …

Jollibee hikes stake in Smashburger to 85% in USD100-M deal

MANILA— Homegrown fast food giant Jollibee Foods Corp. (JFC) on Tuesday announced a deal to pay USD100 million to acquire an additional 45-percent stake in  American burger chain. In a disclosure to the Philippine Stock Exchange (PSE), JFC said through its wholly-owned subsidiary, Bee Good! Inc. (BGI), the company will purchase from Smashburger Master LLC (Master) …

Jollibee nets P7.1-B in 2017

MANILA— Homegrown fast-food giant Jollibee Foods Corp. (JFC) posted a 15-percent increase in profit in 2017 to PHP7.1 billion after opening its highest number of new stores. JFC’s net income attributable to equity holders of its parent firm reached PHP6.2 billion in 2016. For the October-to-December quarter alone, its attributable net profit rose by 11.7 percent …

Del Monte PH readies IPO

MANILA— Food and beverage conglomerate Del Monte Pacific Limited (DMPL) aims to list its wholly-owned Philippine subsidiary, Del Monte Philippines Inc. (DMPI), on the Philippine Stock Exchange (PSE) mainly for debt repayment and general corporate purposes. DMPL disclosed to the PSE that its subsidiary has filed application documents for a proposed initial public offering (IPO) of …

January inflation hits 4% due to 2017 typhoons; TRAIN effect minimal

MANILA— The country’s inflation rate accelerated to 4 percent in January 2018 from 3.3 percent the previous month, on the back of higher food and non-food prices as spill-over effects of successive typhoons in 2017, state economists reported on Tuesday. The Philippine Statistics Authority (PSA), an attached agency of the National Economic and Development Authority (NEDA), …

Fisheries output down 1.04% in 2017

MANILA— Total fisheries production went down by 1.04 percent in 2017 compared to the previous year’s level, the Philippine Statistics Authority (PSA) reported. PSA noted output reductions in commercial by 6.89 percent and municipal fisheries by 1.05 percent; while aquaculture performed better by 1.68 percent. The volume of output of commercial fisheries, which comprised 21.97 …

Philab invests P500-M in collaboration deal with global genomics firm

MANILA— Philab Holdings Corp., a listed healthcare holding company backing genomics in the country, is investing PHP500 million (USD 10 million) in a deal with United States-based Veritas Genetics to expand its operations worldwide starting from the Asia-Pacific region. Philab chairman and chief executive officer Hector Thomas Navasero told reporters the initial investment would develop a …

PH biggest ‘greenergized’ hotel to rise in Boracay

MANILA — A joint venture between DoubleDragon Properties Corp. and Newcoast South Beach Inc. has launched its 1,001-room hotel project in Boracay island, which is expected to become the biggest hotel in the Philippines in terms of room count. DoubleDragon told the local bourse the Hotel 101 Resort-Boracay would sit on a two-hectare property inside …