Business

Vienna—The price of crude remains too low for most Organization of the Petroleum Exporting Countries (Opec) member-nations. But with the 12-nation cartel’s control of supply and demand slipping, its oil ministers may have little choice this week but to sit back and do nothing.

By Riza Lozada The International Monetary Fund (IMF) raised the need for the government to increase the fuel tax to recoup lost revenues as a result of the dwindling prices of oil products. Chikahisa Sumi, the head of the IMF mission that recently visited the country, said the increase in fuel excise taxes becomes more urgent if a tax package …

By Riza Lozada State scientists fear that 31,000 people would perish and structural losses could reach P2.3 trillion in the event a 7.2-magnitude earthquake hits Metro Manila, the Philippine Institute of Volcanology and Seismology (Phivolcs) said, based on simulations it made.

By Jerry Maglunog Pawnshops are vital businesses. They help people who run out of cash to get instant money for a modest interest of 3 percent to 4 percent a month. In the Philippines, there are several big-name pawnshops that have become part of people’s lives, especially those who need instant cash.

Ayala Land Inc. (ALI) and the Pison family of Iloilo province have partnered in the development of Atria Park District.

By Riza Lozada SM Foundation Inc. (SMFI) will sponsor 275 students from public schools nationwide  under its college scholarship program for this year.

Chevron Philippines Inc. (Chevron) will help 33 public schools in Metro Manila upgrade their science and technology (S&T) capabilities through a donation of P150,000 for each school through the Caltex Fuel Your School (FYS) program.

Ayala-led Globe Telecom has been cited in American online news site Huffington Post as a Philippine mobile brand that has helped position the country as the “Digital Lifestyle Capital of the World.”

By Jerry Maglunog When the Bangko Sentral ng Pilipinas (BSP) raised the minimum paid-up capital for rural banks (RB), it sent an underlying message for small struggling banks to merge for survival. Under the new memorandum, anyone who wants to put up an RB needs at least P10 million, if it is located in a fifth-class municipality.

More Americans bought new homes in April—evidence that the stronger job market is powering the housing sector. The United States Commerce Department said last Tuesday new-home sales climbed 6.8 percent last month to a seasonally adjusted annual rate of 517,000. Sales recovered from a 10 percent dip in March to an annual pace of 484,000.