Xi ends state visit to UAE with raft of deals signed

DUBAI: The United Arab Emirates on Saturday said it agreed to set up a “comprehensive strategic partnership” with China as President Xi Jinping wrapped up a three-day visit to the Gulf country. “The UAE and China have agreed to enhance cooperation in all fields to higher levels and forge overall strategic partnerships,” the official WAM […]

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Bangko Sentral chief flags August rate hike

Inflation likely hit new five-year high of 5.3% in July – Finance dept Monetary authorities could order another policy rate hike next month given the peso’s weakening and demand-side pressures on inflation, the chief of the Bangko Sentral ng Pilipinas (BSP) indicated on Friday. “[L]et me say that the BSP is considering strong follow-through monetary […]

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Inflation, charter change risks to growth – Moody’s

Debt watcher Moody’s Investors Service has affirmed the Philippines’ “Baa2” investment grade rating, which carries a stable outlook, but warned that rising inflation and charter change were downside risks to the economy. “The Baa2 rating incorporates a number of very positive credit features, including the high economic strength derived from a large and fast-growing economy, as well […]

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DoF to go after firms, officials in TCC scam

The Department of Finance (DoF) has formed a task force to recover a total of P11.18 billion worth of tax credits “erroneously” granted to ineligible and non-existent textile firms from 2008 to 2014. Citing a Commission on Audit (CoA) report, Finance Secretary Carlos Dominguez 3rd said the One-Stop Shop Inter-Agency and Duty Drawback Center or OSS incorrectly issued […]

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New telco to be chosen via points system

The challenger to the PLDT-Globe duopoly will be determined via a points-based selection process instead of an auction, the chief of Department of Information and Communications Technology (DICT) said on Friday. An oversight committee voted to endorse the highest committed level of services (HCLoS) model, DICT officer-in-charge Eliseo Rio, Jr. said, rejecting an auction backed […]

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PSEi up slightly ahead of SONA

THE stock market recovered on Friday with analysts noting last-minute buying ahead of President Rodrigo Duterte’s State of the Nation Address (SONA) on Monday. The bellwether Philippine Stock Exchange index (PSEi) inched up 0.16 percent or 11.74 points to close at 7,399.61 while the wider All Shares eked out 0.10 percent or 4.26 points to finish at […]

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GSIS nets P94B in 2017

THE Government Service Insurance System’s (GSIS) net income in 2017 increased by 69 percent to P94.7 billion from P56.1 billion the year before. In a statement on Friday, the state-run pension fund credited much of the growth to the “income from financial assets, which almost doubled [to]P59.1 billion [from]P30.2 billion…in 2016.” The increase came from […]

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Infotech stakeholders seek more incentives

LEADERS of the Philippine information technology and business process management (IT-BPM) industry are considering providing incentives to boost the sector’s attractiveness. In a press briefing on Friday, Rey Untal, president and chief executive officer of the Information Technology and Business Process Association of the Philippines (IBPAP), said the organization had begun talking with policymakers on […]

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BoP deficit tops $3B in first half ‘blowout’

THE country’s balance of payments (BoP) deficit further widened in June, the Bangko Sentral ng Pilipinas (BSP) reported on Thursday, hitting a 19-month high and boosting the year-to-date figure past the $3-billion mark. The $1.177-billion result followed May’s $583-million shortfall and was also wider than the $569 million recorded a year earlier. It was the […]

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PSE down 0.85% as investors take profits

THE stock market retreated on Thursday as both local and foreign investors cashed in on gains following two days of advances. The bellwether Philippine Stock Exchange index (PSEi) dropped by 0.85 percent or 63.50 points to close at 7,387.87 while the broader All Shares dipped 0.67 percent or 30.07 points to finish at 4,462.44. “The fall was […]

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