Business

By Riza Lozada The Joint Foreign Chambers of the Philippines (JFC) lauded the ramping up of public spending by nearly double mainly on infrastructure in the proposed budget for next year. The budget proposal or the National Expenditure Program (NEP) proposed a five percent share of infrastructure spending in the Gross Domestic Product (GDP), which was JFC’s recommendation since 2010 when President Aquino started his term and when spending for infrastructure in …

By Jerry Maglunog As the number of rural banks (RBs) continues to fall, rural bankers said the latest action of the Bangko Sentral ng Pilipinas (BSP) to create the consolidation program for rural banks (CPRB) is very timely.

Lahaina, Hawaii— Trade ministers from a dozen Pacific Rim nations failed to reach a deal on a new trade agreement that would cover nearly 40 percent of the global economy, United States Trade Representative Michael Froman said.

New York—As drivers, shippers and airlines continue to enjoy lower fuel prices, the oil industry is responding to much lower profits with sharp cuts in spending and employment that are hurting economic growth.

Property developer Megaworld Corp. is spending P20 billion to complete 12 new office buildings in Fort Bonifacio within three years that will more than double its office space inventory in the area and create over 100,000 jobs.

AC Energy Holdings Inc. (ACE) is optimistic of meeting its 1,000-megawatt (MW) target capacity by 2016, President and Chief Executive Officer (CEO) John Francia said.

The Manila Electric Co. (Meralco) expects a 3- to 4-percent hike in its energy sales for the first half of this year.

After the complete buyout by Banco de Oro Unibank (BDO) of one of the country’s biggest rural banks (RBs), One Network Bank (ONB), the stage is set for the country’s biggest banks to enter micro, small and medium enterprises (MSMEs). 

Washington—Americans bought homes in June at the fastest rate in over eight years, pushing prices to record highs as buyer demand has eclipsed the availability of houses on the market. 

Athens, Greece—Greece’s radical left-led government emerged bloodied but alive last Thursday from a key vote in parliament, which overwhelmingly approved new creditor-demanded reforms, despite a revolt among hardliners in the main coalition partner.