August 9, 2022
Q2 growth slows amid rising inflation
A VENDOR sells eggs in Marikina public market, May 30. — PHILIPPINE STAR/ WALTER BOLLOZOS By Diego Gabriel C. Robles THE Philippine economy expanded by 7.4% in the second quarter — slower than expected — as rising inflation weighed on consumer spending. Preliminary data released by the Philippine Statistics Authority (PSA) showed second-quarter gross domestic […]
August 9, 2022
June trade gap widens to record $5.8 billion
COURTESY OF ICTSI By Abigail Marie P. Yraola, Researcher THE Philippines’ merchandise trade deficit hit another record in June as imports continued to outpace exports despite a year-on-year slowdown. Imports grew by 26% annually to $12.487 billion in June, according to preliminary data from the Philippine Statistics Authority (PSA). This was slower than the revised […]
August 9, 2022
PHL debt now at 62.1% of GDP
REUTERS THE National Government’s (NG) outstanding debt as a share of the gross domestic product (GDP) eased to 62.1% at the end of June. Data from the Bureau of the Treasury showed the latest quarterly debt-to-GDP ratio was lower than 63.5% as of end-March. The debt level in GDP terms was 1.4 percentage points lower […]
August 9, 2022
Banks’ NPL ratio falls to 21-month low in June
By Keisha B. Ta-asan SOURED LOANS held by Philippine banks fell for a fourth straight month in June, bringing the nonperforming loan (NPL) ratio to its lowest in 21 months as economic activity continues to pick up. However, economists said the decline in bad loans might slow in the coming months amid the central bank’s […]
August 9, 2022
Globe wants DITO to pay P622M for deal ‘violation’
By Arjay L. Balinbin, Senior Reporter GLOBE Telecom, Inc. on Tuesday said it recently requested the National Telecommunications Commission (NTC) to compel DITO Telecommunity Corp. to pay a P622-million fine for allegedly violating their interconnection agreement. “The penalties were brought about by fraudulent calls placed through DITO’s network to Globe, bypassing proper voice traffic channels,” […]
August 9, 2022
DMCI Holdings’ profit up 73% on energy, real estate growth
DMCI Holdings, Inc. reported on Tuesday that its second-quarter consolidated net income went up by 73% to P9.03 billion from P5.23 billion, driven by growth in its energy and real estate businesses. Without one-off items, core net income rose by 113% to P8.99 billion from P4.23 billion, it said in a disclosure to the stock […]
August 9, 2022
Megaworld earnings rise 6.5% to P2.8B
MEGAWORLD Corp. recorded a 6.5% increase in its attributable net income to P2.82 billion for the second quarter from the P2.65 billion recorded a year ago after booking double-digit growth in its core businesses. “For the first time since the pandemic, we have achieved double-digit growth across all business segments. This is a clear indication […]
August 9, 2022
ACEN income surges 25% as new plants deliver
ACEN Corp. reported a consolidated net income of P1.78 billion in the second quarter, 25.4% higher than the P1.42 billion earned in the same period last year, boosted by fresh contributions of new Philippine and international power plants and strong wholesale electricity prices during the quarter. “We’re delighted to see the strong rebound in the […]
August 9, 2022
NHCP launches project to mark 125th anniversary of Philippine independence
THE NATIONAL Historical Commission of the Philippines (NHCP) launched a multi-year project to mark the 125th anniversary of Philippine Independence and Nationhood at Fort San Pedro, Cebu City on Aug. 3, with the unveiling of the commemoration’s official logo. The ceremony was also streamed on the NHCP’s Facebook page. Fort San Pedro was captured by […]
August 9, 2022
Federal Land, Nomura Real Estate launch joint venture company
PROPERTY developer Federal Land, Inc. and Japan’s Nomura Real Estate Development Co., Ltd. (NRE) have partnered to form a joint venture that integrates the two firm’s expertise. Federal Land NRE Global, Inc. (FNG), the joint venture company, aims to “integrate Japanese innovation, technology, and design with Federal Land’s knowledge of the Philippine market and reputation […]
August 9, 2022
Art News: Philosophy of Bruce Lee; antiquities returned to Cambodia, Benin
1 of 4 SEATTLE/NEW YORK/LONDON — After a pandemic-induced delay, a permanent exhibition focused on Bruce Lee’s philosophy is opening at the Wing Luke Museum of the Asian Pacific American Experience in Seattle, with support of the Bruce Lee Foundation. His daughter Shannon Lee, who oversees the foundation, told Reuters that the exhibit, “Be Water, […]
August 9, 2022
AirAsia Philippines targets up to five more domestic destinations
NEWSROOM.AIRASIA.COM LOW-COST carrier Philippines AirAsia, Inc. (AirAsia Philippines) said on Tuesday that it plans to expand its domestic network to three to five more destinations by the second quarter of 2023. AirAsia Philippines also plans to add more international routes in other regions, as the airline reinforces its services for overseas Filipino workers, it said […]