Money
BPI card services to be unavailable for select hours from June 22 to 24
Card services of the Bank of the Philippine Islands (BPI) will be unavailable for part of the weekend, as the Ayala-led lender on Thursday announced a scheduled systems maintenance on select hours from Saturday to Monday. In an advisory, BPI said card services will be unavailable from 11 p.m. on Saturday, June 22, 2024, until 10 a.m. on Sunday, June 23, 2024 and from 11 p.m. on Sunday to 8 a.m. on Monday, June 24, 2024. “You will not be able to...
MoneySEC approves Megawide's P5-B bond offer
The Securities and Exchange Commission (SEC) on Wednesday announced it has approved Megawide Construction Corp.'s P5-billion fund raising initiative through the sale of fixed-rate bonds to the investing public. In a statement, the SEC said it has "considered favorably" the P5-billion bond offering by Megawide. The corporate regulator said its Commission en Banc, on June 18, resolved to render the registration statement of Megawide effective,...
MoneyPag-IBIG Fund: P22.63B cash loans released from January to April
The Home Development Mutual Fund or Pag-IBIG Fund on Tuesday said it released over P20 billion in cash loans in the first four months of 2024. In a statement, Pag-IBIG Fund said it released P22.63 billion in cash loans from January to April, up 38% from P16.44 billion released in the same period last year. In terms of members which benefited from the cash loans, the fund said the amount released assisted 965,291 members —200,000 more than the...
MoneyMajor pump price hike set Tuesday
Motorists will have to pay more for petroleum products this week, as oil firms are set to implement a major price hike on Tuesday which would offset all the rollbacks implemented in the previous week. In an advisory, Chevron Philippines Inc. (Caltex), Flying V, Petron Corp., Seaoil Philippines Corp., and Shell Pilipinas Corp. said they will hike prices per liter of gasoline by P0.85, diesel by P1.75, and kerosene by P1.90. Cleanfuel, Petro Gazz,...
MoneyConverge says services to be fully restored by 12 noon, June 17
Internet provider Converge Information and Communications Technology Solutions Inc. on Monday said it is working to restore its services by 12 noon on Monday, June 17, as its users may have experienced connectivity issues starting earlier in the day. In an advisory, Converge said its customers may have started to experience the issues at 9 a.m., but the issue has been addressed. It did not provide further information on the cause. “We have...
MoneyDOLE: PH’s inclusion in worst countries for workers 'unreasonable'
Labor Secretary Bienvenido Laguesma over the weekend denounced the inclusion of the Philippines in the International Trade Union Confederation's (ITUC's) list of the top 10 worst countries for workers, arguing that this was unreasonable and did not reflect the actual situation in the country. Responding to the 2024 Global Rights Index of the ITUC, Laguesma said on Super Radyo dzBB, “Nakalulungkot at hindi katanggap tanggap ‘yun pong nabanggit na...
MoneyBig-time fuel price hike seen next week
After a round of rollbacks, motorists should expect the prices of petroleum products to go up big-time in the coming week. “We will be expecting an increase in the domestic pump prices of petroleum products by Tuesday next week due to the developments in the international oil market,” Department of Energy-Oil Industry Management Bureau Director III Rodela Romero said on Friday, citing oil trading in the past four days. The estimated per liter...
MoneyMajor pump price rollback set Tuesday
Motorists will be greeted with lower pump prices this week, as firms are set to roll back prices of petroleum products, with those of diesel and kerosene by over P1 per liter. In separate advisories, Chevron Philippines Inc. (Caltex), Petron Corp., Seaoil Philippines Corp. and Shell Pilipinas Corp. said they will lower prices per liter of gasoline by P0.60, diesel by P1.20, and kerosene by P1.30. Cleanfuel, Petro Gazz, PTT Philippines Corp., and...
MoneyFarmers groups eye challenging rice import tariff cut
Farm sector groups are set to challenge in court the recent National Economic and Development Authority Board decision to cut tariff rates on imported rice. Interviewed on Dobol B sa GTV on Saturday, Federation of Free Farmers Chairman Leonardo Montemayor said agriculture groups would decide on Sunday whether to seek a legal remedy, such as a temporary restraining order (TRO), should President Ferdinand "Bongbong" Marcos Jr. issue an Executive...
MoneyPH bans importation of birds from Australia
The Philippine government, through the Department of Agriculture (DA), has banned the importation of birds from Australia following confirmed cases of bird flu in the southern nation. In a statement on Saturday, the DA said the ban on importing domestic and wild birds from Australia was ordered after its Chief Veterinary Officer submitted reported outbreaks of H7N3 and H7N9 —subtypes of the highly pathogenic avian influenza virus— to the World...
MoneyBig-time rollback in fuel prices seen next week
Motorists should expect a decrease in the pump prices of petroleum products in the coming week. Citing oil trading in the past four days, Department of Energy-Oil Industry Management Bureau Director III Rodela Romero said the following are the estimated price reductions in the domestic pump prices: Diesel - P1.20 to P1.50 per liter Kerosene - P1.20 to P1.50 per liter Gasoline - P0.70 to P0.90 per liter Actual price adjustments could still change...
MoneyCIMB PH says door open for future IPO after reaching profitability
Digital-only commercial lender CIMB Bank Philippines on Thursday said it was open to going public in the future, but this was not an immediate priority as its near-term target was to be "significantly stronger" after reaching profitability in 2023. According to CIMB Philippines chief executive officer Vijay Manoharan, the bank is open to listing on the Philippine Stock Exchange (PSE) to onboard more investors, but conditions will have to be...
MoneyLuzon economic corridor to lure investments, boost labor market — Recto
Finance Secretary Ralph Recto on Thursday said the Luzon Economic Corridor infrastructure initiative is seen to attract more investments to the Philippines that would further boost job creation, particularly in the manufacturing and construction sectors. "The massive transport projects that will be undertaken along the corridor as well as the opportunities for investment in key economic hubs will create high demand for both skilled and unskilled...
MoneyVivant begins partial ops of PH’s first utility-scale seawater desalination plant
Vivant Water on Thursday announced the start of partial operations at its utility-scale seawater desalination plant in Cordova, Cebu—the Philippines’ first, it said. In a news release, Vivant Water, a unit of Vivant Corp., announced the plant’s first skid—signaling the beginning of the seawater desalination plant’s partial operations to generate an initial five million liters of clean and potable water daily to about 5,000 households within...
MoneySC declares firm’s quitclaims void due to intent to defraud
The Supreme has declared void a set of quitclaims for being executed by an employer with the intent to defraud. In a 17-page decision promulgated in April, the SC Second Division reversed and set aside the ruling of the Court of Appeals that found that the National Labor Relations Commission (NLRC) did not commit grave abuse when it ruled that the five petitioners were not illegally dismissed. The SC found that the employees were constructively...
MoneyLeandro Leviste increases stake in ABS-CBN to 10%
Solar Philippines founder Leandro Leviste has increased his stake in multimedia firm ABS-CBN Corporation to 90 million shares. In a regulatory filing to the Philippine Stock Exchange on Wednesday, ABS-CBN disclosed that Leviste’s LL Holdings Inc. and its parent company Countryside Investment Holdings Corporation now own a total of 90,000,300 common shares of ABS-CBN and ABS-CBN Holdings (ABSP), comprised of 87,663,300 shares in ABS-CBN and...
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