MANILA, Philippines — The Philippine government is re-exploring options for the sale of unused Malampaya gas called banked gas after several failed bids. Energy Secretary Alfonso Cusi has directed state-run Philippine National Oil Co. (PNOC) to conduct studies and submit recommendations on the banked gas. “As DOE secretary and chairman (of PNOC), let’s look for the best option. So […]
Read MoreMANILA, Philippines — Malaysia’s second largest financial services provider CIMB Group is dipping its hands in the investment banking business after formally launching its banking presence in the Philippines to complete its footprint in Southeast Asia. Effendy Shahul Hamid, chief executive officer of Group Ventures and Partnerships of the CIMB Group, said the Kuala Lumpur-based […]
Read MoreLAST year’s high inflation episode will be a thing of the past with the rate of increase in consumer prices this year and next year expected to return within the government’s target band, according to the Bangko Sentral ng Pilipinas (BSP). “Average inflation rose quickly above the government target in 2018. In response, the BSP […]
Read MoreTHE government’s antitrust body alleged Grab Philippines provided incorrect data about its pricing, thus impeding its review of whether or not the ride-hailing company has been addressing commuter woes since it took over Uber. The Philippine Competition Commission (PCC) officials slapped the company with a 6.5 million peso ($123,926) fine, citing inconsistencies in Grab’s data […]
Read MoreMANILA, Philippines — Local businessmen have opposed a proposal pushing for a further increase in alcohol and cigarette excise taxes, saying such a move may lead to even higher incidence of illicit trade. “We do not support rushing the passage of bills that will increase taxes on tobacco products at a time when rampant smuggling of […]
Read MoreTHE Philippines’ economic growth is expected to further slow and remain below government target this year due to global economic uncertainties coupled with sluggish investment prospects in the domestic front. In a January 24 report titled Philippine Economy Unlikely To Gather Steam In 2019, Fitch Solutions said expected the country’s gross domestic product (GDP) to […]
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