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Foreign trade groups in the Philippines, noting that technology has become a major source of economic output in the country, has strongly urged the House of Representatives to pass a bill creating a Department of Information and Communications Technology (DICT) before the end of the current session of Congress. 

For the eighth consecutive year, property, retail and banking tycoon Henry Sy, whose conglomerate owns the chain of SM Supermalls in the Philippines and China, has remained the country’s richest, with his net worth up $1.7 billion from last year to $14.4 billion. 

By Luis Leoncio  Among the monumental missed opportunities of the Aquino administration was the proposed Freedom of Information (FOI) Act that, according to an influential business group, would have elevated transparency in the government to an irreversible level and, thus, drew in bigger investments to the country. 

By Riza Lozada  Aside from the automatically appropriated Internal Revenue Allotments (IRA), a total of P28 billion in lump sums, or what used to be commonly referred to as the pork barrel fund, is set to be released to local government units (LGUs), just nine months before next year’s elections. 

By Jerry Maglunog  Rural banks (RBs) are ramping up their services amid competition from a state-owned universal bank that has penetrated the micro loan market targeting public-school teachers. 

By Luis Leoncio Local business groups gave mixed views on the effects of the Chinese government’s move to devalue the yuan to counter its slowing economy. 

By Luis Leoncio  The glowing claims of President Aquino on the economy, notwithstanding, the Philippines remains the poorest among the original five members of the Association of Southeast Asian Nations (Asean 5), former Budget Secretary Benjamin Diokno said. 

The integrity of the Makati Business Club’s (MBC) Executive Outlook Survey is being questioned by the camp of Vice President Jejomar Binay, which said the 67 wealthy members of the MBC “cannot represent” the sentiment of all Filipinos nationwide. 

By Riza Lozada  While some P400 billion in potential pork-barrel funds were found embedded in the 2015 budget, according to studies conducted by former Sen. Panfilo “Ping” Lacson, the 2016 budget has as much as P500 billion in lump sums, former National Treasurer Leonor Briones told The Market Monitor. 

By Luis Leoncio GMA Network Inc. President and CEO Felipe Gozon sought a truce in the raging word war with San Miguel Corp. (SMC) CEO Ramon Ang through a “reasonable settlement,” which Gozon said he will be willing to consider.