Peso climbs on quarantine measures, dovish Fed

BW FILE PHOTO THE PESO appreciated versus the greenback on Thursday as the government kept Metro Manila under general community quarantine (GCQ) and after the US Federal Reserve said it will continue to support the world’s largest economy. The local unit closed at P50.305 per dollar on Thursday, gaining 6.5 centavos from its P50.37 finish […]

Shares inch up as gov’t keeps NCR Plus under GCQ

PHILIPPINE shares closed in the green on Thursday, with investors optimistic after the government maintained loose restriction measures for Metro Manila and nearby provinces or the National Capital Region (NCR) Plus bubble. The benchmark Philippine Stock Exchange index (PSEi) improved by 23.50 points or 0.36% to 6,496.53 on Thursday, while the all shares index rose […]

Haul from Shell excise tax seen at P41B after Supreme Court ruling

THE GOVERNMENT is set to collect P41 billion in excise taxes from Pilipinas Shell Petroleum Corp. (PSPC), the Palace said Thursday, after the Supreme Court (SC) lifted a temporary restraining order (TRO) which had barred tax collectors from imposing charges on Shell shipments of a petroleum additive. The excise tax collections will be tapped to […]

Household spending seen rising 4% this year

PHILSTAR CONSUMPTION is likely to recover with a 4% increase in household spending this year, although the consumer and retail sectors are only expected to return to pre-pandemic levels by 2022, Fitch Solutions Country Risk & Industry Research said. “This better outlook comes from expectations that there will be more jobs and better incomes, fewer […]

DoF rejects donor tax waiver on rewards for athletes

PHILSTAR THE DEPARTMENT of Finance (DoF) has rejected proposals from Congress to waive the donor tax on gifts made to successful athletes like Olympic gold medalist Hidilyn F. Diaz, and to grant permanent tax exemptions for athletes’ winnings. When asked if he would entertain a proposal from legislators to grant such waivers and exemptions, Finance […]

Value of mineral resources down 4.7% from 2013

THE VALUE of Class-A nickel, copper, chromite, and gold resources dropped 4.7% to P296.28 billion compared with 2013, according to the Philippine Statistics Authority (PSA). The PSA said in a report Thursday that Class-A nickel resources fell 17.9% by value to P136.61 billion in 2020, compared to 2013 levels. The value of Class-A copper resources […]

SB Corp. plans loan program for small food firms in FMCG supply chain

PHILSTAR SMALL BUSINESS Corp. (SB Corp.) said it plans to launch a financing program for food suppliers seeking partnerships with large fast-moving consumer goods (FMCG) companies in a bid to support food security and accessibility. The Sustaining Trade and Access to Primary Food and Link Enterprises (STAPLES) loan product is aimed at micro-, small-, and […]

Tourism industry’s water, power use, carbon emissions plunge in 2020

THE TOURISM industry’s water consumption, energy usage and carbon emissions declined sharply to record lows in 2020 due to the industry slowdown as a result of the pandemic, the Philippine Statistics Authority reported on Thursday. Preliminary results from the agency’s inaugural Measuring the Sustainability of Tourism report showed the tourism industry’s total water consumption fell […]

App developers urged to protect IP from outset

UNSPLASH A DIGITAL commerce association is pushing for mobile application developers in the Philippines to seek intellectual property protections for their work to avoid costly legal disputes. Maria Jesusa Viray, founding member of the board of the Philippine Association for Digital Commerce and Decentralized Industries, said 75% of developers in the US have registered their […]

Crisis tested extractive industries’ resiliency, official says

Image via Photographic Services, Shell International Limited/Stuart Conway THE EXTRACTIVE industries were tested by the sharp decline in demand caused by the pandemic, which put the sector’s traditional resiliency to the test, a finance department official said. During the eighth National Conference of the Philippine Extractive Industries Transparency Initiative Thursday, Finance Assistant Secretary Maria Teresa […]