Philippines Business News
Local business and financial news scraped every 4 hours from BusinessWorld, PhilStar, Manila Times, Rappler, and more.
2381 articles from BusinessWorld
Apex Mining 2nd quarter profit jumps 49.7% as metal prices offset lower volumes
APEX MINING Co., Inc.’s attributable net income jumped 49.7% to P2.57 billion in the second quarter (Q2) from P1.71 billion a year earlier, as higher gold and silver prices and a favorable foreign exchange effect more than offset lower sales volumes. Gross revenue for the April-to-June period rose 30.3% to P6.52 billion from P5 billion […]
Read more →ABS-CBN to raise P6 billion in new equity
ABS-CBN CORP. plans to raise P6 billion in new equity through subscriptions from three Lopez family investment companies, I&C Holdings Corp., and Lopez, Inc. Crème Investment Corp., Mantes Corp., and Presta Holdings Co., Inc., representing three branches of the Lopez family, have committed to subscribe to a combined P2.2 billion worth of ABS-CBN shares using […]
Read more →ACEN completes NorthWind wind farm refurbishment
RENEWABLE energy producer ACEN Corp. said it has completed a maintenance and refurbishment program for its 52-megawatt (MW) NorthWind wind farm in Ilocos Norte, extending the facility’s operating life by up to 10 years. In a statement on Wednesday, the company said the two-phase program covered all 20 wind turbines at NorthWind, which has been […]
Read more →Vivant Q2 profit drops 27.4% as costs, finance charges rise
CEBU-BASED Vivant Corp. reported a 27.4% decline in attributable net income to P490.09 million in the second quarter, as higher operating costs and finance charges weighed on earnings. In its financial report released on Wednesday, the company reported second-quarter revenue from electricity sales of P2.23 billion, compared with P4.34 billion a year earlier. Power generation […]
Read more →TDF yields extend climb on BSP tightening view
YIELDS on the Bangko Sentral ng Pilipinas’ (BSP) term deposits climbed for an eighth straight week on weak demand and as the market sees benchmark rates staying higher for longer despite slowing growth as inflation remains elevated. Tenders for the central bank’s term deposit facility (TDF) amounted to P118.998 billion on Wednesday, below the P130-billion […]
Read more →Through the fire and over a grill
SPANISH CHEF Luis Martinez is coming in hot. While his first restaurant under the Nikkei Group, Terraza Martinez, was on the Michelin Selected list last year, two more under his helm have created buzz, both also sporting his name: Sala Martinez and La Taperia Martinez. His name makes an appearance on yet another venture, Brasa […]
Read more →Flood projects to return in next year’s budget amid rains; full audit sought
GOVERNMENT flood management and mitigation projects will return to the national budget in 2027 as the Philippines grapples with widespread flooding caused by the southwest monsoon and tropical cyclones Luis and Maymay, officials said on Monday.
Read more →Analysts say flood probe turnover to Ombudsman practical but risks scrutiny
THE Senate’s decision to defer its investigation into the multibillion-peso flood control scandal to the Office of the Ombudsman is a practical move that could allow lawmakers to focus on legislation, but the probe remains vulnerable to political pressure and public scrutiny, analysts said.
Read more →PHL, US reaffirm alliance as treaty marks 75 years; America vows deterrence
THE Philippines and the US reaffirmed their commitment to boosting defense cooperation as they marked the 75th anniversary of their Mutual Defense Treaty (MDT), with both sides approving expanded military engagements for the coming year. US Pacific Command Commander Adm. Samuel J. Paparo and Armed Forces of the Philippines Chief of Staff Gen. Antonio G. […]
Read more →Pump prices set to fall by up to P4.88/L
MOTORISTS are expected to get relief at the pumps this week as fuel prices are set to decline by more than P4 per liter (L), according to the Department of Energy (DoE). In an advisory on Monday, the DoE said gasoline prices would fall by P4.70 per liter, diesel by P4.30 per liter and kerosene […]
Read more →Mindanao grid sees first red alert
THE Mindanao grid has recorded its first red alert this year, triggered by high forecasted demand, while the Visayas grid continued to suffer from low power supply, according to the National Grid Corp. of the Philippines (NGCP). In an advisory on Monday, NGCP raised both red and yellow alerts over the Visayas and Mindanao. The […]
Read more →2027 budget turnover set for Tuesday
THE Executive branch is set to turn over the proposed P7.2-trillion 2027 national spending plan to Congress on Tuesday, after President Ferdinand R. Marcos, Jr. received the proposal prepared by the Department of Budget and Management (DBM) on Monday. Budget Secretary Kim Robert C. de Leon formally submitted the 2027 National Expenditure Program (NEP) to […]
Read more →PhilHealth chief named DoH sec.
PRESIDENT Ferdinand R. Marcos, Jr. on Monday appointed Philippine Health Insurance Corp. (PhilHealth) chief Edwin M. Mercado as secretary of the Department of Health (DoH), replacing Jose Brittanio “Brix” S. Pujalte, Jr. “He stood as the president and CEO (chief executive officer) of PhilHealth, so Dr. Mercado knows what the President wants for our countrymen,” […]
Read more →Agri damage from monsoon tops P135M
THE enhanced southwest monsoon caused more than P135 million in agricultural losses, Agriculture Secretary Francisco P. Tiu Laurel, Jr. said on Monday. Speaking on One News’ Money Talks with Cathy Yang, Mr. Laurel said that over 6,000 families were affected and more than 4,500 hectares of farmland were damaged, with production losses exceeding 4,500 metric […]
Read more →PHL envoy backs Pax Silica, says neighboring countries want project
PHILIPPINE Ambassador to the US Jose Manuel “Babe” G. Romualdez on Monday backed the Pax Silica initiative amid criticisms on the proposed hub, saying that neighboring countries are prepared to take on the US-led project should the Philippines refuse it. At a media briefing after the Fireside Chat hosted by the Stratbase Institute, Mr. Romualdez […]
Read more →Semirara trims 400 jobs amid shift from coal
A TOTAL of 462 employees lost their jobs, the Semirara Mining and Power Corp. (SMPC) said, as uncertainty over securing a new contract to continue operations forced the company to cut its workforce. In a statement on Monday, SMPC said it filed a notice of redundancy with the Department of Labor and Employment, which affected […]
Read more →Marcos still reviewing US extradition request vs Quiboloy
PHILIPPINE President Ferdinand R. Marcos, Jr.’s decision whether to grant Washington’s request to extradite embattled preacher Apollo S. Quiboloy can be expected in a “couple of weeks” from now, the Palace said on Monday. “We spoke with the President himself earlier, and he said that this really needs to be studied carefully. But, in a […]
Read more →Co-op group opposes share voting as revised code clears House
A COOPERATIVE sector group on Monday called for the protection of democratic voting in cooperatives after the House of Representatives approved a measure revising the country’s Cooperative Code. In a statement, the Philippine Chamber of Cooperatives, Inc. described the passing of House Bill No. 9584, or the Revised Cooperative Code of the Philippines, on third […]
Read more →Part-time workers protection sought
A SENATOR has filed a bill amending the Labor Code of the Philippines to protect part-time workers and provide them benefits, including social security, security of tenure, and an income not lower than the basic minimum wage. Under the Senate Bill No. 2375 or the Part-Time Employment Act, Senate Committee on Labor, Employment and Human […]
Read more →More Cordillera residents hit as torrential rains persist
BAGUIO CITY — The number of people affected by torrential rains brought by the enhanced southwest monsoon and other weather systems continued to rise across the highland Cordillera region, with disaster response teams stepping up relief and rescue operations in several areas. The Cordillera Regional Disaster Risk Reduction and Management Council (RDRRMC), in its Monday […]
Read more →PSE index slips as weak GDP data dent sentiment
THE MAIN INDEX ended lower on Monday as cautious sentiment reigned following the Philippines’ weak second-quarter economic growth and continued uncertainty over the situation in the Strait of Hormuz. The Philippine Stock Exchange index (PSEi) slipped by 0.02% or 1.14 points to close at 6,289.21. Meanwhile, the broader all shares index edged up by 0.07% […]
Read more →Mitsubishi could export hybrids from Laguna plant
MITSUBISHI MOTORS Philippines Corp. (MMPC) said it is positioning its upcoming hybrid electric vehicle (HEV) production facility in Sta. Rosa, Laguna as a possible regional export hub. “We’d like to commit to this nation for a long time,” MMPC Chairman Noriaki Hirakata said at a briefing on Monday. “We could expand our business here because […]
Read more →PAGCOR reports 20.3% decline in 2nd quarter GGR
THE gambling industry’s gross gaming revenue (GGR) fell 20.3% in the second quarter, dragged down by a weaker electronic gaming segment, with sentiment dented by renewed tensions in the Middle East, the Philippine Amusement and Gaming Corp. (PAGCOR) said. On Monday, the gaming regulator reported GGR of P88.13 billion for the three months to June. […]
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