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  • Firm helps Filipino businessmen tap halal market

    January 31, 2018 2:53 AM 5

    MANILA - Improving the quality of the Philippines' halal products is key for local businessmen to tap a $3 trillion market, an industry group official said Wednesday. At Halal Assembly Philippines scientists, microbiologists and chemists are employed to ensure that products can be consumed by Muslims, said its chairperson, Zenaida Laidan. "The Philippines

  • Meralco expects higher rates next month

    January 30, 2018 3:54 PM 10

    MANILA, Philippines — Manila Electric Co. (Meralco) expects electricity rates to go up next month as capacity fees from power generators start to normalize along with factors pushing up the generation charge. “We may recall that the January generation charge reduction was largely due to lower capacity fees following the annual reconciliation of outage

  • 8990 disposes P2.8-B receivables

    January 30, 2018 3:54 PM 9

    MANILA, Philippines — 8990 Holdings Inc. sold P2.8 billion worth of receivables in the form of contracts to sell (CTS). In a disclosure to the Philippine Stock Exchange (PSE) yesterday, 8990 said it entered into a sale and purchase agreement with Dearborn Resources and Holdings Inc. Under the agreement, 8990 subsidiaries sold, assigned, and transferred

  • Agriculture damage due to restive Mayon volcano reaches P165M

    January 30, 2018 9:35 AM 8

    Affected commodities include rice, corn, high value crops, and fiber crops MANILA, Philippines – The Department of Agriculture (DA) said the damage and losses to the agriculture sector caused by the activity of the Mayon volcano had reached P165.54 million as of noon on Tuesday, January 30. In a memorandum dated January 30, the agriculture department

  • PetroEnergy completes stock rights offer

    January 29, 2018 3:36 PM 9

    MANILA, Philippines — PetroEnergy Resources Corp. (PERC) of the Yuchengco Group has successfully completed its stock rights offer, raising around P758.3 million to expand its renewable energy business. In a disclosure to the Philippine Stock Exchange yesterday, the company said it offered 157.98 million shares to stockholders at a ratio of one share

  • Calata founder cries foul over cryptocurrency halt order

    January 29, 2018 2:55 AM 4

    The founder of agribusiness firm Calata Corp, Joseph Calata, branded as unfair the Securities and Exchange Commission's order to stop the issuance of his cryptocurrency. Calata said KropCoin is just one of 500 initial coin offerings globally, and is similar to the ones issued by his Hong Kong-based firms. If trading in KropCoins is stopped, Calata told Business

  • Money service businesses given more time to comply with tighter requirments

    January 28, 2018 4:00 PM 7

    MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has given money changers, remittance agents, and foreign exchange dealers more time to comply with tighter requirements as it extended the validity of existing registration permits for three more months. The central bank has approved the second extension of the transitory period on the effectivity

  • PDIC, BIR centralize tax transactions of closed banks

    January 27, 2018 4:00 PM 6

    MANILA, Philippines — State-run Philippine Deposit Insurance Corp. (PDIC) has entered into an agreement with the Bureau of Internal Revenue (BIR) to centralize the tax-related transactions of closed banks under liquidation in Makati City. PDIC president Roberto Tan and BIR commissioner Ceasar Dulay have agreed to facilitate more efficient resolution

  • PayMaya expands presence in Malolos

    January 27, 2018 4:00 PM 11

    MANILA, Philippines — Residents of Malolos, Bulacan can now use their PayMaya accounts in more establishments as PayMaya continues on-boarding more businesses to better serve its users. Aside from allowing Malolos citizens to receive cash allowances and other monetary benefits from the local government of Malolos and pay for fees and transactions with the LGU, residents

  • Palay output grows 5% in Q4 as harvest area expands

    January 26, 2018 4:00 PM 5

    MANILA, Philippines — Production of the seasonally adjusted palay (unhusked rice) for the fourth quarter of 2017 rose by five percent due to improvement in harvest areas nationwide. According to the Philippine Statistics Authority (PSA), palay output went up 4.93 percent to 4.81 million metric tons (MT) from October to December last year. The gain was attributed