Marcos pushes for MUP pension reform

Soldiers are seen at the Philippine Army’s 126th Founding Anniversary in Fort Bonifacio, Taguig City, March 22, 2023. — PHILIPPINE STAR/KRIZ JOHN ROSALES By Kyle Aristophere T. Atienza, Reporter THE FINANCE DEPARTMENT on Tuesday warned of a possible “fiscal collapse” should the government fail to reform the pension system for retired military and uniformed personnel […]

LANDBANK-DBP merger eyed before yearend

PRESIDENT Ferdinand R. Marcos, Jr. supports the merger of state-run lenders Land Bank of the Philippines (LANDBANK) and Development Bank of the Philippines (DBP), Finance Secretary Benjamin E. Diokno said. “The merger will take effect before the end of the year,” he told a Palace briefing after a meeting with Mr. Marcos on Tuesday. Mr. […]

RCEP to take effect in PHL by June — official

THE REGIONAL Comprehensive Economic Partnership (RCEP) will likely take effect for the Philippines around June, a Trade official said on Tuesday. This as the Department of Trade and Industry (DTI) aims to deposit the instrument of ratification for the Philippines’ participation in the mega-trade deal by April 3. “On or before April 3, we plan […]

BSP sees cross-border payment connectivity in 2-3 years

Bangko Sentral ng Pilipinas Governor Felipe M. Medalla poses for a photograph in his office at Manila, Nov. 18, 2022. — REUTERS/ELOISA LOPEZ/FILE PHOTO CROSS-BORDER PAYMENT connectivity may be implemented in two or three years in the Philippines as it seeks to keep up with its Association of Southeast Asian Nations (ASEAN) peers, the Bangko […]

Metro Pacific acquires 16% stake in SPNEC for P2 billion

PANGILINAN-led Metro Pacific Investments Corp. (MPIC) is set to acquire 1.6 billion shares equivalent to a 16% stake in SP New Energy Corp. (SPNEC) for P2 billion. “Our thrust of pursuing renewable energy brings the MVP Group one step closer to fulfilling our mission of creating long-term value for our stakeholders through responsible and sustainable […]

Puregold net income up 13.5% to P9B as sales rise

LISTED retailer Puregold Price Club, Inc. recorded a 13.5% increase in consolidated net income to P9.23 billion in 2022 from P8.18 billion in the previous year due to higher sales. “[Puregold] has sustained a growth path throughout the pandemic by being a reliable partner to its suppliers and leveraging its reach and scale to bring […]

Women in and making art

1 of 4 By Giselle P. Kasilag “THERE are not enough female voices in the visual arts,” declared Michelle Nikki Junia, vice-chairperson of the Board of Trustees of the Cultural Center of the Philippines (CCP). “While 51% of the visual artists today are women, according to the National Museum of Women in the Arts in Washington […]

Filinvest Land posts 24% income decline to P2.9B

FILINVEST Land, Inc.’s attributable net income in 2022 declined by nearly 24% to P2.89 billion from the P3.80 billion it saw in the previous year, due to higher expenses. In its consolidated income statement filed on Tuesday, the company reported its after-tax income at P3.52 billion last year, down 18.3% from P4.31 billion in 2021. […]

US firm Envirotech allots $80M for EV assembly in Clark

US-BASED Envirotech Vehicles, Inc. (EVT) is investing $80 million in a manufacturing plant in the Clark Freeport Zone that will allow the local assembly of electric vehicles as it moves to expand its market presence. “It is an ongoing cost, so the more we manufacture, the more we do. But the initial investment that we […]