Business

Major communications firm Globe Telecom (Globe) has stressed the need for the added bandwidth it acquired through a recent lucrative deal to improve Internet service in the country.

By Riza Lozada The Asian Development Bank (ADB) said it is revising its lending procedures after an update on its anticorruption policy to address tax secrecy, tax evasion, and aggressive forms of tax planning, collectively referred to as “tax integrity issues,” in the wake of recent global developments.

United States monetary officials’ concerns on the impact of global economic developments on the US economy and the Federal Reserve (Fed) rates is seen positive for capital flows to emerging economies like the Philippines.

Foreign portfolio investments, otherwise known as “hot money,” due to its transient nature, posted a net inflow of $344.23 million as of June 26, Bangko Sentral ng Pilipinas (BSP) data showed. 

Share prices rallied above the 7,800-mark amid raised optimism in the business sector after the oath taking of President Rodrigo Duterte and prospects that the United States (US) interest rate hike will be deferred until next year.

Gokongwei group flagship JG Summit Holdings Inc. (JGSHI) has agreed to purchase 577.2 million shares of Global Business Power Corp. (GBPC) consisting of 423.3 million shares from GT Capital Holdings Inc. and 154 million shares from Manila Electric Co. generation unit PowerGen Corp to expand its exposure in the energy business.

President Duterte’s pro-reform administration will likely to attract foreign direct investment (FDI) inflows, US-based think-tank IHS Global Insight said. 

The Caltex brand of US oil giant Chevron has reformulated its signature additive package with the addition of a new Clean & Glide technology. 

A self-contained classroom, aptly named EGG, will be sent to remote areas through a partnership between the Department of Education (DepEd) and Microsoft Philippines.

By Riza Lozada Growth in local trade resulted in foreign- currency (forex) borrowings among local banks to grow 11.4 percent in the first quarter, the Bangko Sentral ng Pilipinas (BSP) reported over the weekend.