MANILA, Philippines — The Department of Energy (DOE) intends to continue offering oil and gas prospects under its Philippine Conventional Energy Contracting Program (PCECP) after it received bids for only four out of 14 pre-determined areas (PDAs) amid challenges in the country’s upstream sector. During the opening of bids yesterday, the DOE received an application […]
Read MoreMANILA, Philippines — The country’s balance of payments (BOP) reverted to a $248 million surplus in July amid the strong inflows from the central bank’s foreign exchange operations and investments abroad as well as national government foreign currency deposits. The Bangko Sentral ng Pilipinas (BSP) said the BOP position yielded a surplus of $248 million […]
Read MoreBUSINESSES located in some of Manila’s offices, hotels and casinos could lose their investment incentives over the next five years as the Philippines looks to overhaul its corporate taxation. Under a new bill, the government wants to phase out its current set of tax perks, among South-east Asia’s most generous, and businesses will have to […]
Read MoreMANILA, Philippines — Asia’s largest low-cost airline AirAsia is set to remove processing fees for the Philippines starting next year to keep air travel affordable. The AirAsia Group, in a statement over the weekend, said it will remove processing fees for Malaysia for bookings made from Oct. 1 and for Thailand, Indonesia and Philippines by […]
Read MoreMANILA, Philippines — A Chinese firm engaged in the manufacture of yarns and fabric is looking to set up shop in the Philippines, the Department of Trade and Industry (DTI) said. Trade Secretary Ramon Lopez met with representatives from Texhong Textile Group Ltd. in China last week and the company discussed its interest to invest […]
Read MoreMANILA, Philippines — Dollar remittances from Filipinos working abroad declined in June after increasing for nine straight months, the Bangko Sentral ng Pilipinas (BSP) reported yesterday. BSP Governor Benjamin Diokno said personal remittances decreased by 2.7 percent to a nine-month low of $2.54 billion in June from $2.61 billion in the same month last year. […]
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