Business

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Bangko Sentral ng Pilipinas

PearlPay signed a pilot program agreement with BHF Rural Bank, Inc. (BHF). The BHF bank is based in Dagupan City and operating seven branches. The fintech startup and mobile wallet enabler aims begin the pilot test program for a new generation of cloud-based financial services set to be launched in the Philippines targeting rural banking sector. Said agreement signals the first time a Philippine rural bank will utilize cloud-based technologies

mobile growth

PLDT, Inc.’s mobile business hailed a record 18 percent service revenue growth to P16.9 billion in the first quarter of 2019 this in part of riding on the rising trend of customers for online video and mobile games. An upsurge in revenue was due to a robust increase in data and broadband demand which accounted for 65% of the total. PLDT’s wireless varieties also added 3.4 million customers in the

Bangko Sentral ng Pilipinas

The country’s central bank stated on Thursday they have moved to issue further liquidity into the Philippine financial system amid an environment of declining inflation and lower economic growth in the first quarter of 2019. Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno stated to the press that the amount of cash banks is required to immobilize in their vaults will be reduced by 200 basis points in three stages

corporation company

Driven by the strong performance of its residential, leasing, and hotel businesses, Megaworld Corp. cultivated its attributable profit by 16% in the first quarter of 2019. The property arm of tycoon Andrew L. Tan in a statement issued Wednesday, cited net income attributable to the parent rose to P3.8 billion, versus P3.3 billion in the same period last year. Consolidated revenues were also up 15% to P14.9 billion. Of this,

rice

The National Food Authority (NFA) perceived a boost in inventory that the largely rice stocks in the country increased by 20.5% to 2.63 million metric tons (MMT) as of April 1 from a year ago, as the Philippine Statistics Authority (PSA) said. The latest inventory is also 18.4% higher month-on-month. High quantity of rice is estimated to be sufficient for around 82 days. Notwithstanding the 14.4% year-on-year drop in household

gasoline

Slashing the prices of gasoline and kerosene down by P1.25 and 30 centavos per liter, additional oil companies amended their pump prices on Monday. Flying V, Petron and PTT Philippines stated they would implement the price cut at 6 a.m. on May 14. Petro Gazz and Pilipinas Shell added they would also adjust pump price today. Phoenix Petroleum was earliest to alter its pump prices on Saturday, lowering the cost

economy

Malacañang uttered confidence the Philippine economy will still reach the government target of 6 to 7 percent growth by the end of 2019 as seen that the budget impasse has been resolved. Philippine economy cultivated at its slowest pace in 4 years, missing forecasts, pulled by a delay in the enactment of the P3.7-trillion national budget, officials stated Thursday. Salvador Panelo stated President Rodrigo Duterte and the other members of

airport

Manila International Airport Authority (MIAA) general manager Ed Monreal has ordered MIAA police authorities to ban the entire fleet of Davis Taxi at all Ninoy Aquino International Airport (NAIA) terminals. This comes after one of the fleet’s drivers went viral online for charging a pair of Austrian vloggers extra for pieces of luggage the two had with them. As frequent Philippine visitors, the vloggers knew this was unusual and refused

Carlos Dominguez

A head of President Rodrigo Duterte’s economic team said Wednesday that the S&P Global’s upgrade of the Philippines’ credit rating is a “green light” for more investments in the country. Finance Secretary Carlos Dominguez stated that the upgrade to one notch below the minimum “A” rating will allow the government and Filipino companies to borrow at lower interest. Adding it was a “definitive win” for the government, “The upgrade is

building

The Ayala conglomerate plans to is invest of about P2 billion in building what is advertised to be the country’s first wide-ranging cancer specialty hospital intended to provide high-quality cancer treatment at affordable prices. A 100-bed cancer hospital will be a specific center, equipped with diagnostic equipment, chemotherapy facilities, linear accelerators for advanced radiation therapy, and operating rooms for the specialist surgeons. Apart from offering a comprehensive range of services,