Business

By DIEGO C. CAGAHASTIAN Government law enforcers raided the Philippine Sanjia Steel Corp. and closed the company’s 22.7-hectare steel manufacturing facility inside the PHIVIDEC Industrial Estate in Tagoloan, Misamis Oriental. The May 15 raid was led by Executive Director Undersecretary Benjamin Acorda Jr. of the Presidential Anti-Organized Crime Commission (PAOCC), the National Bureau of Investigation (NBI) and the Armed Forces …

The Bangko Sentral ng Pilipinas is urging businesses to actively promote the Personal Equity and Retirement Account (PERA) program, highlighting its tax incentives and long-term benefits for both employers and workers. BSP Deputy Governor Lyn Javier said in a statement that encouraging PERA participation can help employees build stronger retirement savings while also improving workplace retention and satisfaction. “By promoting …

The Land Bank of the Philippines has reduced its InstaPay transfer fee for person-to-person transactions from ₱15 to ₱8, in a move aimed at making digital financial services more affordable and widely accessible. The new rate took effect on May 21 and applies to transfers made through the Landbank Mobile Banking App and iAccess platform. To further ease costs for …

The Philippine Deposit Insurance Corporation (PDIC) will dispose of 44 real properties across Visayas and Mindanao through an electronic public bidding (e-bidding) scheduled next month, as part of its continuing effort to liquidate assets of closed banks. In a statement last week, PDIC said bid submissions will be accepted from 9 a.m. on June 17 until 1 p.m. on June …

The Metropolitan Bank & Trust Company is boosting returns for savers by increasing the interest rate of its Online Time Deposit (OTD) to as high as 5% per annum, as more Filipinos seek safer and more structured ways to grow their money amid rising living costs. The bank said the higher rate is intended to encourage disciplined saving and help …

East West Banking Corporation has gathered its Priority clients for an exclusive market briefing titled “Partnership Perspectives: Guiding You Through Today’s Markets,” aimed at providing timely investment insights amid global economic uncertainty. The session featured an outlook from Chief Investment Adviser Bede Gomez, who discussed major global risks such as geopolitical tensions, oil price fluctuations, and persistent inflation pressures that …

By DIEGO C. CAGAHASTIAN The local semiconductor industry stands to realize unprecedented growth when plans for the Luzon Economic Corridor under the Pax Silica initiative of the United States materializes, although many sectors have expressed concern if these developments will indeed result in blessings for Filipinos. The Marcos administration has reserved 1,619 hectares of land in Tarlac for the establishment …

The Asian Development Bank (ADB) has been actively helping the Philippines, its small businessmen and entrepreneurs, along with ordinary Filipinos, in these times of great hardship and economic challenges. In a meeting between ADB President Masato Kanda and President Ferdinand Marcos, Jr. at the Malacañan Palace,  the multilateral lender vowed it is ready to provide more funding as the country …

The Department of Energy (DOE)  said on Friday that several new power facilities have been completed and may help augment the 2,4000 megawatts that the grid lost after two major transmission lines tripped this week. These new energy facilities, which can generate up to 1,400 megawatts, are being prepared to be connected to the country’s power grid, DOE Undersecretary Mario …

SM Supermalls and the People Management Association of the Philippines (PMAP) formally strengthened their commitment to empowering Filipino job seekers through the signing of a Memorandum of Understanding (MOU) held at the SM Supermalls Headquarters in Pasay City. This partnership reflects SM’s steadfast support for PMAP’s HumanITy mission—a vision that emphasizes a human-led, digitally enabled, and future-ready Philippines. Building on …