Category: Business
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September inflation quickens to 6.9%
The country’s headline inflation rate rose to 6.9 percent in September, significantly higher than the 6.3 percent in August this year. This is the highest recorded inflation since October 2018, the Philippine Statistics Authority said Wednesday, Oct. 5, 2022. September inflation in Central Visayas also accelerated to 8.1 percent from 7.4 percent in August. With…
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JTI expanding PH operation
Global tobacco company Japan Tobacco International (JTI) vowed to continue investing in the Philippines, including a substantial capital expenditure for next year, hiring of additional workers for its Global Business Service (GBS) center, and potential production of its heated e-cigarettes at its manufacturing hub in Batangas. JTI Philippines General Manager John Freda told Manila Bulletin…
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CCLEX to still accept cash on Oct. 1, continue dry run
On Oct. 1, those who don’t have radio frequency identification (RFID) stickers in their cars or motorcycles can still use the Cebu-Cordova Link Expressway (CCLEX), as the management has postponed the start of the implementation of the full cashless toll collection system at the bridge. This will give motorists more time to get the RFID…
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Senate to weigh business concerns on banning POGOs
Senators on Tuesday said they would consider the concerns from the business sector regarding a possible ban on Philippine offshore gaming operators (POGOs). Sen. Sherwin Gatchalian said the Senate committee on ways and means, which he heads, will set a hearing on the economic impact of banning POGOs, after a realty industry expert warned last…
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No permit yet for Excelerate LNG project – DOE
The Department of Energy (DOE) said it has not approved yet the application of US firm Excelerate Energy for a permit to construct, expand, rehabilitate and modify (PECRM), which serves as the second-stage requirement for it to advance its proposed offshore liquefied natural gas (LNG) import facility in Batangas Bay into construction phase. According to…
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$150-M domestic submarine cable reaches Siargao
The $150-million Philippine Domestic Submarine Cable Network (PDSCN), the country’s longest domestic submarine fiber cable project, has landed on the shores of Siargao to boost the island’s recovery after Typhoon Odette and the prolonged pandemic. The 2,500 kilometer PDSCN, a project of Globe Telecom Inc., Eastern Communications, and InfiniVAN, reached Siargao on Thursday, September 22,…
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SSS nixes more job cuts
State-run pension fund Social Security System (SSS) said there would be no more job losses even as the government moves forward with its plan to rightsize the bureaucracy. SSS president and CEO Michael Regino said the rightsizing bill, which is on the top list of President Marcos’ legislative agenda, would not impact the pension fund’s…
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Visayan Electric continues to clear toppled posts, bundle ‘spaghetti wires’
The Visayan Electric Company continues to secure posts and wires that were affected by super typhoon Odette in December last year. Raul Lucero, president and chief executive officer of Visayas Electric, said the cleanup had to take a backseat as their priority was to restore power in affected areas. By March, 99.99 percent of affected…
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Online sales of untaxed vaping products hit
A lawmaker demanded that the Department of Trade and Industry run after untaxed, imported vaping products that are being passed off as “toys” and “electronics” on online selling platforms. Albay Rep. Joey Salceda, chair of the House ways and means panel, on Friday slammed the “lax compliance” with Republic Act No. 11900, or the Vaporized…
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Stocks slump, dollar jumps as US inflation runs hot
Stock markets hit reverse while the dollar shot higher Tuesday after data showing US inflation remains high and widespread. Wall Street shares plunged, with the Dow losing nearly 1,300 points and the S&P 500 falling 4.3 percent, after the hotter-than-expected report, closely watched by the Federal Reserve as it prepares for its next interest rate…