Personal Finance & Business News
Filipinos feel economy won’t get any worse (Nov. 11)
Filipinos believe that the economy will not get any worse in the future but have started cutting back on expenses as they fear losing their jobs, a state of the economy survey showed.
DOLE fears displacement of seafarers due to crisis (Nov. 10)
The Department of Labor and Employment (DOLE) reported that over 40,000 Filipino seamen could be displaced due to the prevailing global economic crisis.
Cebu’s fast-paced lifestyle keeps food industry afloat (Nov. 10)
Amid the current global crisis, Cebu’s fast-paced lifestyle change and flourishing local economy have kept the province’s food industry on a positive note.
RP may lose $800 M in OFW remittances next year (Nov. 10)
An economist of the Union Bank of Switzerland (UBS) warned the government that the slowdown in the global market next year might result in a $800-million decline in remittances from overseas Filipinos workers between 2008 and 2009.
'Best buying chance in a generation' (Nov. 9)
THE ONGOING global financial meltdown has presented investors with "the best buying opportunity in a generation," according to stock market watchers, although they warned that the coming rebound would not be for those with weak stomachs.
With growing remittances, Filipinos now more upbeat on economy (Nov. 7)
While consumer confidence in the global economy has remained pessimistic, Filipinos are seemingly bucking the trend as growing remittances from OFWs continue to fuel their positive outlook, an online survey undertaken by The Nielsen Co. showed.
Inflation eases; peso strengthens (Nov. 6)
The rate of increase in consumer prices further eased to 11.2 percent in October from 11.8 percent in September, thanks to the decline in food and fuel prices in the world market, the government reported Wednesday.
Prices of Christmas goods to rise in 2nd wk of Dec (Nov. 6)
The prices of Christmas goods are expected to go up in the second week of December as demand for these products rises, according to a supermarket association group.
Trump eyes investment in Subic free port (Nov. 5)
US property tycoon Donald Trump is eyeing a move to develop part of a new complex in the Philippine free port of Subic Bay into a tourist center, a Trump company official said Wednesday.
Batangueños succeed in education, food industry (Nov. 5)
In 1996, then senator Sotero Laurel established the Lyceum of the Philippines-Batangas with the vision of making it the center of academic excellence not only in the Southern Tagalog region but in the whole country.
Asian stock markets surge (Nov. 4)
Asian stock markets rose robustly yesterday, with Hong Kong’s benchmark advancing more than five percent, as investors appeared encouraged by government efforts to help the global economy weather the financial crisis.
BSP hails creation of credit bureau (Nov. 3)
The Bangko Sentral ng Pilipinas (BSP) said the enactment of the Credit Information System Act (CISA) could not have come at a better time and would give a boost to the credit market during this time of uncertainty and confidence crisis.
RP to feel impact of slowdown in 2009 (Nov. 3)
The larger impact of the global economic slowdown will be felt by the country next year, according to a senior economic manager of the President.
Go Negosyo fetes Batangas’ pride (Nov. 3)
To experience real Barako coffee in Lipa, Café de Lipa is the place to go. And if people want to know more about the real Barako, there’s only one man to talk to: Jose “Joe” Mercado, chairman and president of Merlo Agricultural Corp. and owner of Café de Lipa.
Philam, co-ops form special mutual funde (Oct. 31)
Philam Asset Management Inc. (PAMI) has teamed up with eight cooperatives to create a pioneering mutual fund for cooperatives.
Ayala Group puts up RP’s first mobile bank (Oct. 31)
The Ayala Group is putting up the country’s first mobile microfinance bank, initially capitalized at P500 million, through a three-way fund infusion by the conglomerate’s main units.
Pre-need sales plummet 21% to P11.71 B in first 9 months (Oct. 31)
Total sales of the local pre-need industry continued its downward trend in September, with year-to-date sales dropping 21 percent to P11.71 billion, according to figures released by the Securities and Exchange Commission’s Non-Traditional Securities Department.
Financial crisis starting to spread to markets like RP (Oct. 29)
The Bangko Sentral ng Pilipinas (BSP) warned that the financial turmoil is starting to spread to markets like the Philippines.
Stocks fall 12% after trading stop (Oct. 28)
Philippine stocks plummeted 12.27 percent Monday, the biggest single-day drop in 18 years, as investors continued to dump emerging-market equities because of worries on a sharp global economic downturn.
Banks getting ready to implement MSME (Oct. 27)
Small and medium banking institutions are being prepared for the full implementation of the Republic Act 9501, otherwise known as the new Magna Carta for Micro-Small and Medium Enterprises (MSMEs).
Growth in OFW inflows seen slowing down (Oct. 27)
The Trade Union Congress of the Philippines (TUCP) has reduced from 15 percent to a new range of 10 to 12 percent the projected average compounded annual growth rate (CAGR) in remittances sent home by overseas Filipino workers (OFWs) through 2010.
Do your shopping now, traders urge consumers (Oct. 27)
Consumers must start buying Christmas goods in order to avoid the expected increase in prices, the supermarkets association said.
PDIC addresses ‘moral hazards’ issue in proposed P1-M deposit coverage (Oct. 26)
The Philippine Deposit Insurance Corp. (PDIC) said it supports a proposal to increase bank deposit insurance up to P1 million but stressed regulatory measures are needed to address the “moral hazards” that might arise.
Credit card payment defaults on the rise (Oct. 25)
The Bangko Sentral ng Pilipinas (BSP) reported a 20.50 percent increase in past-due receivables during the second quarter of the year, indicating that credit card holders are having a harder time keeping their personal finances straight.
Sun Life Financial hikes capital to P700 M (Oct. 25)
Sun Life Financial Plans Inc. (SLFPI) a wholly-owned unit of Sun Life of Canada, is raising its capitalization to P700 million from P500 million, according to documents filed with the Securities and Exchange Commission.
Palace warned on P1-M deposit insurance (Oct. 24)
Two top economists have cautioned Malacañang against its plan to raise deposit insurance coverage in the country to P1 million for each depositor, warning this could encourage excessive risk-taking among banks.
Metrobank vies for Philamlife assets (Oct. 24)
The Metrobank group, the country’s biggest banking conglomerate, has joined the list of firms bidding for the assets of American International Group’s unit Philippine American Life and General Insurance Co. (Philamlife)
Senators want higher deposit insurance (Oct. 20)
To help restore confidence in and strengthen the country’s banking system, three senators are pushing for an increase in the maximum deposit insurance from P250,000 to P500,000.
RP in better shape to face global crisis, says Angara (Oct. 20)
The Philippines is in a better shape to face the current global financial crisis because of reforms that have been put in place to strengthen the local financial environment, Sen. Edgardo Angara said.
OFW Protection (Oct. 20)
Business Agenda Report
Our migrant workers, the OFWs, have been called so many things such as "bagong bayani" and "unsung heroes" but they all sound nothing but lip service or sloganeering, trite, tired and phony.
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