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ADB projects PH GDP growth to remain strong at 6.4% in 2014

The Asian Development Bank (ADB) is projecting that the Philippine economy will grow by 6.4 percent this year on the back of strong remittance inflows and positive consumer sentiment. In its latest economic publication Asian Development Outlook 2014, the Manila-based lender expects the country’s gross domestic product (GDP) will grow at a much slower pace […]

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Treasury eyes P135-B domestic borrowing

The national government has kept its domestic borrowing ceiling at P135 billion in the second-quarter, the Bureau of Treasury announced yesterday. In a notice posted on its website, the treasury bureau has maintained its first quarter local borrowing cap through the auction of treasury bills and bonds in April to June of 2014 to help […]

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PAL sets Cebu-Japan chartered flights

Tokyo — Philippine Airlines (PAL) is mounting five chartered flights a year between Cebu-Japan with the first three flights commencing first week of May this year as the Philippines largest flag carrier builds up Japanese passenger traffic volume for the country’s second most important city -  Cebu.  Tomoyuki Nagao, PAL’s country manager for Japan, said […]

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Truckers face trade restraint suit

The Department of Trade and Industry is building a case against truckers over “restraint of trade” following the exorbitant increase in their rates after the Manila City government  imposed a new truck ban for the metropolis. This was revealed by DTI Undersecretary for consumer and welfare group Victorio Mario A. Dimagiba after DTI Secretary Gregory […]

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COL Financial reports P303.6-M profit

COL Financial Philippines, Inc., the country’s top online broker, reported a flat net profit of P303.6 million last year due to the normalization of its effective tax rate from 9.8 percent in 2012 to 21.3 percent in 2013. In a disclosure to the Philippine Stock Exchange, the firm said its consolidated operating profits grew 13.8 […]

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Does distance make the heart grow fonder?

Over dinner, we had a little debate on the Overseas Filipino Worker (OFW) phenomenon. The OFWs numbered 2.2 million according to an NSO census in 2012. A Japanese academic viewed the increase in their number positively as it could contribute to shifts in political powers. Dr. Mahar Mangahas agrees and thinks we should view the […]

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GT cap net profit rises 31% to P8.6B due to acquisitions

GT Capital Holdings, Inc. reported a 31 percent growth in consolidated net income last year to P8.6 billion as consolidated revenues surged by 359 percent to P105.5 billion from P23.0 billion in 2012. In a disclosure to the Philippine Stock Exchange, GT Capital said its significant growth in revenues came mostly from the consolidation of […]

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OCBC offers US$4.95B for HK Bank

Singapore – Singapore’s Oversea-Chinese Banking Corp. (OCBC) said Tuesday it has offered to buy Hong Kong’s Wing Hang Bank for $4.95 billion as it seeks to boost its presence in the giant Chinese market. OCBC said in a statement the acquisition would provide it with a platform to grow its yuan-denominated businesses, and broaden its […]

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PSALM bids out 2 power assets

While already placed in the auction block on several privatization attempts, the disposal of the 153-megawatt Naga thermal power facility in Cebu was finally pulled off this time with the highest bid tendered by Therma Power Visayas, Inc. of the Aboitiz group. In an announcement made by Power Sector Assets and Liabilities Management Corporation (PSALM) […]

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Marina to draft IRR on new law on STCW Convention

The Maritime Industry Authority (Marina is set to create a technical working group (TWG) with the concerned government agencies and other stakeholders for the drafting of the implementing rules and regulation (IRR) following the signing into law by President Aquino of Republic Act 10635, “An Act Establishing the Maritime Industry Authority as the single maritime […]

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