Business

The Social Security System (SSS) plans to lower interest rates on its salary and calamity loan programs while expanding self-employed coverage for over 157,000 pensioners nationwide. In a recent advisory, SSS announced that these changes, along with other program enhancements, are expected to be implemented within the year. SSS President and CEO Robert Joseph De Claro stated that the agency …

Industry associations and foreign chambers have lauded the passage of Senate Bill 2699, or the Konektadong Pinoy Act, calling it a major step in advancing the country’s broadband infrastructure. Led by FinTech Alliance PH, alongside Better Internet PH and over 10 other organizations, business groups welcomed the measure as a game-changer that will enhance digital access while attracting greater private …

The Board of Investments (BOI) has endorsed the expedited processing of permits and licenses for two solar power projects by Upgrade Energy Philippines, Inc. (UGEP), facilitating smoother coordination with national and local government agencies. BOI granted Green Lane Certificates of Endorsement to UGEP’s PHP2.11-billion Cabangan Solar Project in Zambales and the P1.51-billion Pontevedra Solar Power Project in Capiz. These projects …

Aramco, one of the world’s largest integrated energy and chemicals companies, is making a return to the Philippine market with a 25 percent stake acquisition in Unioil Petroleum Philippines, Inc.  The agreement for the strategic partnership was formalized on Wednesday, with Aramco Asia Singapore Managing Director Fai Aldossary and Unioil CEO Janice Co Roxas-Chua leading the signing. The transaction remains …

Revenue collections from the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC) saw an increase in January 2025, according to the Department of Finance (DOF). In a statement, the DOF reported that BIR collections reached PHP350.6 billion, marking a 13.7 percent increase compared to the same period last year. Meanwhile, the BOC collected P79.3 billion, reflecting an …

The Bangko Sentral ng Pilipinas (BSP) announced a further reduction in banks’ reserve requirement ratios (RRR) to enhance financial intermediation and liquidity in the banking system. Under the new policy, the RRR for universal and commercial banks, as well as non-bank financial institutions with quasi-banking functions (NBQBs), will be cut by 200 basis points to five percent. For digital banks, …

The Bangko Sentral ng Pilipinas (BSP) has established the Financial Cyber Resilience Governance Council (FCRGC) to enhance collaboration and strengthen cybersecurity across the financial sector. Launched at the BSP headquarters in Manila on February 11, the Council aims to fortify the country’s financial system by promoting robust cybersecurity governance, risk management, and cooperation among key industry stakeholders. “This Council represents …

BDO Unibank, Inc. and VISA launched the BDO Visa Signature in the Philippines through an exclusive cocktail event held at Grand Hyatt Manila. Guests were delighted with the new Travel Rebate Credit Card that boasts of 3% travel rebate on overseas and airline spends, and 0.3% on everything else, up to P2,500 rebate per month. Exploring the world without worry …

The Bangko Sentral ng Pilipinas (BSP) reminds all banks to accept unfit or mutilated Philippine banknotes and coins from the public. Unfit currency should be exchanged—free of charge—for fit or clean banknotes and coins. Under BSP Circular No. 829, series of 2014, and the Manual of Regulations for Banks (MORB), banks are required to facilitate the processing and submission of …

Basra Gateway Container Terminal (BGT), International Container Terminal Services, Inc.’s (ICTSI) operation at the Port of Umm Qasr, Iraq, has commissioned a new Konecranes Gottwald ESP.8 mobile harbor crane. With a 125-ton lifting capacity and a 54-meter boom, the crane can serve vessels up to post-Panamax class, further strengthening BGT’s operational capability. This latest acquisition is part of BGT’s continuing …