Business

The comprehensive tax reform program (CTRP) bill now pending in Congress is the “key link” to the “grand effort” to break out from the cycle of low growth and deliver a dynamic and truly inclusive economy to Filipinos, Finance Secretary Carlos Dominguez said. 

State pension fund Social Security System (SSS) said loan penalty condonation ends on April 27. 

By Riza Lozada  The Ayala group’s banking unit Bank of the Philippine Islands (BPI) posted a 25.6 percent net income growth in the first quarter to P6.25 billion. 

By Riza Lozada  Total deposits in the Philippine banking system grew by 14 percent to P10.5 trillion as of December 31, 2016 from P9.2 trillion the previous year, data from state-owned Philippine Deposit Insurance Corp. (PDIC) showed.

By Riza Lozada  Construction materials retailer Wilcon Depot Inc., which had its initial public offer (IPO) last Friday, aims to boost sales by as much as 20 percent starting next year with an aggressive store expansion program to be funded by the P7-billion proceeds from the float, which was the largest all-domestic offering in the capital market. 

Listed restaurant chained Shakey’s Pizza Asia Ventures Inc. (PIZZA) posted a net income of P760 million for last year buoyed by stronger sales, an expanded store network, and improved profitability. 

Top food canner Century Pacific Food Inc. (CNPF) reported a full-year consolidated net income of P2.66 billion in 2016, which was a 37 percent increase from a year ago on the back of continued revenue growth and the consolidation of its recently acquired coconut subsidiary. 

Local steel maker SteelAsia and its chief executive officer Benjamin Yao have been named finalists in the two top categories of the prestigious Platts Global Metals Awards. 

Senate President Aquilino “Koko” Pimentel III filed a counterpart measure to the Duterte administration’s pending tax reform bill in the House of Representatives as he underscored the importance of implementing tax policy and administration reforms meant to raise sufficient revenues for the government’s unprecedented public investment program, while at the same time plugging value added tax (VAT) leakages he estimated …

By Riza Lozada  State pension fund Government Service Insurance System (GSIS) has a new chairman in Dr. Francisco Duque III, former chairman of the Civil Service Commission (CSC). His term started after ceremonies held at the GSIS Head Office in Pasay City.