Business

solar power

Consumers ‘ energy bills could fall by the fourth quarter under a fresh law that would save them the burden of paying off National Power Corp’s debts of P450 billion, a lawmaker who pushed for the measure said Friday. Consumers paid a part of the debt each month before the “Murang Kuryente Act,” listed in their bills as “universal charge. “Once the universal charge is withdrawn, a family consuming 200

airport

San Miguel Corp said Tuesday, for its suggested New Manila International Airport in Bulacan, it tapped the designers and builders of Changi from Singapore and Charles de Gaulle from France. San Miguel said it involved Groupe ADPi, Meinhardt Group and Jacobs for the P734-billion project, which lately hurdled a “Swiss challenge” for unsolicited proposals owing to a absence of rival offers. The design envisages a “future-ready airport focusing on overall

bank

Security Bank said Ayudhya Bank of Thailand will purchase half of its consumer finance division on Friday, forming a strategic alliance to expand its credit portfolio and product suite. The Security Bank and the Thai lender, widely known as Krungsri, both have the common shareholder of Japan’s MUFG Bank. Bank of Ayudhya will take a 50% interest in SB Finance Co, said a declaration from the Filipino bank. Last July

rise

The economy rose at a slower rate of 5.5 percent in the second quarter, still below the 6 percent rate reported by the Philippine Statistics Authority (PSA) on Thursday. Growth in gross national product (GDP) during the April to June period was also slower than 6.2 percent published a year ago as government underspending persisted during the first half. To recall, GDP development in the first quarter dropped to a

agri

In the second quarter of the year, the Philippine agriculture sector declined, driven by a decrease in crop manufacturing. Data published on Wednesday by the Philippine Statistics Authority (PSA) showed agricultural production declined by 1.27 percent in April to June. The industry grew by 0.12 percent in the first quarter of 2019, and by 1.08 percent in the second quarter of 2018. In terms of manufacturing value, the industry also

currency

BEIJING–China’s yuan dropped below Monday’s politically delicate point of seven to the U.S. dollar, potentially adding to Washington’s trade tension. On Monday, August 5, 2019, China’s yuan dropped below the politically delicate point of seven to the US dollar, potentially adding to Washington’s trade tension. The currency in early trading after the U.S. declined to 7,0177. President Donald Trump’s last week threat of higher tariffs on extra Chinese imports in

univarsal

Universal Robina Corp. (URC) increased its net profit for the first semester by 9 percent year-on-year to P5.4 billion, driven by the ongoing regeneration of the national coffee company after a three-year decline.   URC published net revenues of P67 billion, a 4 percent rise compared to last year’s same period, fueled by powerful development in the Philippine consumer food company.   Consumer, industrial and global divisions enhanced margins. Operating

peso money

In the near term, the peso is likely to stabilize at the P52 per dollar point, with slight weakness as the heightened trade tensions between the US and China supported the dollar against emerging market currencies, an analyst said Friday. The peso launched on Thursday from P51.20 to the dollar at P51.32. US President Donald Trump’s threat to increase tariffs on more Chinese organizations is “obviously positive for the dollar”

ratio

Bank of the Philippine Islands (BPI) recorded net income of P13.74 billion in the first six months of 2019, up 24.6 percent from P11.03 billion a year ago on the back of powerful development in its interest and non-interest business. In a report submitted by BPI assistant corporate secretary Josenia Jessica Nemeno to the Philippine Stock Exchange, the Ayala-led lender said its total revenue for the January to June period

More tax reforms 'possible' this year, analyst says

The remaining tranches of the tax reform program of President Rodrigo Duterte are likely to be approved this year as they are less “complex” than the first package. The acceleration and integration tax reform or TRAIN, which reduced private revenue tax rates and increased responsibilities on vehicles, fuel and sugar-sweetened beverages, was introduced in 2018. The second tranche, which seeks to reduce corporate income taxes and rationalize incentives, is still