State-owned Land Bank of the Philippines (LandBank) has partnered with global payments firm Visa to launch a Government Purchase Card (GPC), a digital payment solution designed to modernize government procurement by replacing cash advances and paper-based reimbursement processes. The new payment system functions like a credit card, allowing government agencies to make authorized purchases and settle the total amount during …
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By Romeo Sualibios Thousands of motorists must brace for a massive, potentially double-digit fuel price hike this week as global energy markets react to escalating geopolitical tensions. Based on the first three days of trading last week under the Mean of Platts Singapore (MOPS)—the regional pricing benchmark for imported petroleum products—local pump prices are projected to experience a major upward …
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President Ferdinand Marcos Jr. invited global business leaders to invest in the Philippines last week, citing sweeping economic reforms, major infrastructure projects and a business-friendly environment that continue to strengthen the country’s resilience amid global uncertainties. Speaking at a business roundtable co-hosted by the Milken Institute and the Philippine Embassy in Singapore, Marcos said the Philippines remains one of Southeast …
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International Container Terminal Services Inc. (ICTSI) surpassed another milestone after its market capitalization climbed to ₱2.02 trillion last week. The company’s share price closed at a record ₱999, reflecting sustained investor confidence in the port operator. In a statement, the Philippine Stock Exchange (PSE) said ICTSI’s market capitalization had already reached ₱2.01 trillion on Tuesday. The latest milestone comes less …
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The Philippine stock market and the peso gained ground on Thursday after weaker-than-expected US producer inflation eased concerns over another interest rate hike by the US Federal Reserve later this month. The US Producer Price Index (PPI) fell by 0.3 percent in June, bringing the annual rate to 5.5 percent from 6.5 percent in May. The slowdown fueled expectations that …
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State-run National Transmission Corp. (TransCo) and the Independent Electricity Market Operator of the Philippines, Inc. (IEMOP) have signed a memorandum of agreement (MOA) establishing a comprehensive operational framework for the implementation of renewable energy support funds and the management of Wholesale Electricity Spot Market (WESM) proceeds. The agreement was signed last week by TransCo President and Chief Executive Officer Joseph …
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The Department of Agriculture (DA) has lifted the temporary ban on the importation of livestock, meat and animal by-products from Hungary after the European country was declared free from foot-and-mouth disease (FMD). The move follows the declaration by the World Organisation for Animal Health (WOAH) that Hungary is now free of FMD. The DA formalized the decision through Department Circular …
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President Ferdinand Marcos Jr. inaugurated last week the first phase of the MTerra Solar Project in Nueva Ecija, marking a major milestone in the country’s transition to renewable energy. The facility is expected to begin supplying electricity to the Luzon grid by September. Dubbed as the world’s largest integrated solar and battery storage facility, the 3,500-hectare project spans the municipalities …
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Luzon International Premiere Airport Development (LIPAD) Corp. has unveiled the Clark AeroDistrict, the country’s first world-class airport city aimed at transforming Clark into a major aviation, logistics and business hub in Central Luzon. The project is backed by a consortium composed of Changi Airports International, JG Summit Holdings, Filinvest Development Corp. and Philippine Airport Ground Support Solutions. It marks LIPAD’s …
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The Energy Regulatory Commission (ERC) has exempted qualified Energy Storage System (ESS) facilities from paying Power Delivery Service (PDS) charges during declared national energy emergencies. The move aims to encourage greater use of energy storage to help stabilize the country’s power supply. In a statement released last week, the ERC said it issued a resolution covering electricity drawn by qualified …
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