Philippines Report

Browsing the "Business" Category

Marcos failed to comply with tax judgment

Marcos failed to comply with tax judgment

The only son and namesake of the late dictator Ferdinand E. Marcos had not paid a fine that an appellate court had slapped on him in 1995 for failing to pay his taxes, a lawyer for a group seeking to [...]

December 4, 2021 Business
PH medical device industry seen growing 8.8% annually

PH medical device industry seen growing 8.8% annually

The local medical device industry is projected to grow 8.8 percent annually to reach $884.3 million in two years, according to Trade and Industry Secretary Ramon M. Lopez. Lopez said this during the Philippine Economic Briefing focused on Philippine-Japan Economic [...]

December 4, 2021 Business
DTI urged to review SRP of basic goods

DTI urged to review SRP of basic goods

The country’s largest food industry association is calling on the Department of Trade and Industry (DTI) to revisit the suggested retail prices (SRPs) of basic necessities to help firms recover losses amid the pandemic and meet consumer demand. The Philippine [...]

December 4, 2021 Business
First Gen subsidiary obtains P2.8-B loan

First Gen subsidiary obtains P2.8-B loan

Prime Meridian Powergen Corporation (PMPC), a subsidiary of Lopez-led First Gen Corporation, has secured P2.8 billion worth of loans from two local banks. As disclosed to the Philippine Stock Exchange (PSE), the lender-banks have been the Bank of the Philippine [...]

December 3, 2021 Business
Gov’t debt nears P12 T in Oct.

Gov’t debt nears P12 T in Oct.

The Philippine government’s outstanding debt nears the P12-trillion mark in October this year due to higher domestic borrowings, the Bureau of the Treasury reported on Wednesday, Dec. 1. As of October 2021, the national government’s total debt reached P11.971 trillion, [...]

December 2, 2021 Business
Philippines is 2nd fastest growing vehicle market in ASEAN

Philippines is 2nd fastest growing vehicle market in ASEAN

The Philippines maintained its position as the second fastest growing market for motor vehicle production and sales in Southeast Asia, registering double-digit hikes in the 10 months to October. Association of Southeast Asian Nations (ASEAN) Automotive Federation (AAF) data showed [...]

December 1, 2021 Business
DOF readies fiscal consolidation plan

DOF readies fiscal consolidation plan

The Department of Finance (DOF) is preparing a fiscal consolidation plan for the next administration to address revenue losses due to various tax reforms and pandemic measures. Finance Secretary Carlos Dominguez III yesterday warned the next administration may face fiscal [...]

December 1, 2021 Business
PAL reopens prime regional routes to Iloilo

PAL reopens prime regional routes to Iloilo

Philippine Airlines (PAL) is reopening “prime” regional routes to Iloilo next month to cater to strong demand for trips during the Christmas holiday season. The flag carrier said on Monday (Nov. 29) that it will increase access to Iloilo via [...]

November 30, 2021 Business
Omicron raises new fears for pandemic-hit world economy

Omicron raises new fears for pandemic-hit world economy

Just as it was recovering from the body blow of the Covid-19 pandemic, the global economy has taken yet another hit from the Omicron variant of the virus, which has led to a raft of new travel restrictions. First reported [...]

November 30, 2021 Business
Gasoline prices on rollback by P1.10/liter, diesel P0.60/liter

Gasoline prices on rollback by P1.10/liter, diesel P0.60/liter

Gasoline products are being rolled back anew by P1.10 per liter while diesel prices will be trimmed by P0.60 per liter. Kerosene, which is the other commodity in the triumvirate of weekly price adjustments, will also have a price cut [...]

November 30, 2021 Business