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Daily Archives: June 11, 2017

Congress, BSP to probe BPI on 2-day tech glitch

The headquarters of the Bank of the Philippine Islands (BPI) in Makati City. (Photo: Alvin I. Dacanay)

By Riza Lozada  A computer glitch that lasted for two days had resulted in huge problems for the Ayala Group’s banking arm, Bank of the Philippine Islands (BPI), including a possible congressional probe. 

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A third of P3.77-T budget for 2018 alloted to infra

Sec. Benjamin Diokno

By Luis Leoncio  Economic managers bared over the weekend a P3.767-trillion budget for next year, which is equivalent to 21.6 percent of the country’s gross domestic product (GDP) and represents a 12.4-percent increase from the P3.350-trillion allocation this year. 

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No pause in EU financial help as new aid deal eyed

EU Ambassador Franz Jessen.

Despite President Duterte’s decision to reject European Union (EU) grants and aid with conditions involving governance, the EU continues to offer financial assistance to the country. 

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Asian, European sales fuel robust growth in exports receipts, government data shows

Socioeconomic Planning Secretary and concurrent National Economic and Development Authority Director-General Ernesto
M.Pernia in a photo taken after his appointment to the Neda. He and the other economic managers of the administration,
and Vice President Leni Robredo, are opposed to the proposed two-year land conversion ban and a plan to raise the minimum
wage by P125 a day across the board. They believe the former would have adverse effects on the economy, including
the agriculture sector, while the latter would impact adversely on economic growth, employment and inflation.

Merchandise export receipts in April increased 12.1 percent year on year to $4.8 billion from $4.28 billion, data from the Philippine Statistics Authority (PSA) showed. 

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Reorient development indicators—FDC


Budget watchdog Freedom from Debt Coalition (FDC) said President Duterte and his economic managers are resorting to the previous administrations’ economic growth mantra of using “capacity to pay” as a measure of debt sustainability and economic soundness. 

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Investment pledges up 25% to P174.5B—BOI


The value of registered investments for the first five months of the year grew 25 percent compared with the same period in 2016, or from P137.3 billion to P174.5 billion, Trade Secretary and Board of Investments (BOI) Chairman Ramon Lopez said.

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China, Philippines mark 42 years of diplomatic relations

President Duterte and Chinese President Xi Jinping greet well-wishers prior to their bilateral meetings at the Great Hall of the People in Beijing on October 20, 2016.

China and the Philippines celebrated its 42nd year of diplomatic ties last June 9 which showed the close neighbors, separated only by a strip of water and sharing both blood and cultural connections, have strong bonds despite some irritants. 

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Switzerland prods Philippines to ratify Euro trade pact

Swiss Ambassador Andrea Reichlin (seated, middle) asked the Philippine-Swiss Business Council of the Philippine Chamber of Commerce and Industry to help facilitate ratification. Seated (from left) are PCCI Chairman and Ambassador Benedicto V. Yujuico, Reichlin, and Trade Undersecretary Nora K. Terrado. Standing (from left) are Melanie Zoref of the Swiss embassy, council board members Luis Mendez (chairman) and Annie Mascenon (vice chairman), and Benjamin Los Baños.

Switzerland has urged the Philippines to ratify the free trade agreement (FTA) with European Free Trade Association (Efta) to make the deal enforceable. 

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Group marks friendship day with gift giving drive

Members of the Filipino-Chinese community in Baguio, together with city officials, release a dove and balloons as they celebrate the 16th Philippine-China Friendship Day at the Botanical Garden. The event was highlighted by gift-sharing. PNA

The Filipino-Chinese community in Baguio City celebrated the friendship day of both nations last June 9 with a gift-giving activity and the donation of the development at the Fil-Chi Friendship Park of the Botanical Garden. 

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Listed firms hike profit as online trade grows

The Philippine Stock Exchange in Makati City. (TMM file photo)

By Riza Lozada Listed companies had a combined net income of P683 billion in 2016, higher by 17.8 percent from P580.15 billion in 2015 as a result of improved business operations and lower costs, Philippine Stock Exchange (PSE) data showed. 

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