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  • Phl growth seen at 7.5-8% this year

    February 25, 2014 4:02 PM 16

    MANILA, Philippines - The Philippine economy is seen to expand at a much faster pace of 7.5 to eight percent this year to be supported by higher infrastructure spending and robust consumption. “We expect the economy to grow by 7.5 to eight percent this year,” First Metro Investment Corp. president Roberto Juanchito Dispo said during the Philippine Chamber

  • Former Napocor president's firm corners contract to supply Mindoro with geothermal power

    February 25, 2014 2:40 PM 32

    By: Euan Paulo C. Anonuevo, February 25, 2014 4:34 PM MANILA - Emerging Power Inc is set to become the sole supplier of geothermal energy for the entire island of Mindoro following the signing of another power supply agreement, this time with Occidental Mindoro Electric Cooperative Inc (Omeco). In a statement, Emerging Power said it is set to sign a power

  • UAE trade delegation keen on investing in Philippine petrochemicals, property

    February 25, 2014 2:38 PM 67

    By: Chelsea Cruz, February 25, 2014 6:38 PM MANILA - A trade mission from the United Arab Emirates (UAE) is in the Philippines to look into business opportunities in the petrochemicals and property sectors. “It is the first time that we are in the Philippines. That is not correct because we should have placed greater importance to our relationship

  • BCDA seeks bidders for P111.3-million maintenance of SCTEX

    February 25, 2014 2:20 PM 24

    By: Darwin G. Amojelar, February 25, 2014 2:52 PM MANILA - State-run Bases Conversion and Development Authority (BCDA) is bidding out a P111.3 million contract for heavy maintenance work along the Subic-Clark-Tarlac Expressway (SCTEX). “We are inviting experienced and financially capable construction companies to submit bids for the 2014 Heavy

  • Consumer loans fuel double-digit rise in PSBank profit in 2013

    February 25, 2014 2:20 PM 15

    By: Maricel E. Burgonio, February 25, 2014 5:29 PM MANILA - The thrift arm of Metrobank grew its net income by double digits in 2013 on the back of brisk consumer lending. In a statement, Philippine Savings Bank (PSBank) said its earnings rose by 29 percent to P2.9 billion last year from P2.3 billion in 2012. The bank’s loan portfolio

  • Max's seals acquisition of Pancake House

    February 25, 2014 2:16 PM 26

    By: Krista Angela M. Montealegre, February 25, 2014 1:04 PM MANILA - The Max's Group has completed the takeover of Pancake House Inc (PHI). In a disclosure to the Philippine Stock Exchange, the Max's Group said it completed the acquisition of 193.18 million shares from the principal shareholders of PHI and another block of 39.98 million

  • Imports contract in December

    February 25, 2014 4:12 AM 22

    By: Darwin G. Amojelar, February 25, 2014 1:09 PM MANILA - Philippine imports contracted in December mostly because of weak inward shipment of electronic products, causing the country to miss government target for the entire 2013. In a report, the National Statistics Office said the country's imports dipped 0.1 percent to $5.294 billion

  • 35 PAL Express flights suspended 'indefinitely' by March

    February 24, 2014 7:24 AM 24

    MANILA, Philippines – Legacy carrier Philippine Airlines (PAL) is indefinitely suspending 35 domestic flights of wholly-owned subsidiary PAL Express starting March as part of a restructuring program. "Please be informed starting March 1, your airline will implement domestic flight schedule changes as part of an overall strategy to further improve fleet

  • Philex eyes extension of Padcal mine life

    February 23, 2014 11:40 PM 24

    MANILA, Philippines – Philex Mining Corporation is exploring for viable deposits around its Padcal copper-gold mine in Benguet in a bid to extend the mine's lifespan beyond 2020. Interviewed on the sidelines of the launch of new TV program on Friday night, February 21 Philex chairman Manuel V. Pangilinan confirmed that prospects for expansion of production

  • DOE chief: December power rate should be much lower

    February 23, 2014 4:16 PM 19

    MANILA, Philippines - The electricity rate for December 2013 should be significantly lower than P4.15 per kilowatt-hour, according to the Energy Secretary Carlos Jericho Petilla. He said an artificial shortage in power supply caused prices at the electricity market to rise during the one-month maintenance shutdown of the Malampaya natural gas platform