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Boeing deepens strategy cuts as operations take center-stage – sources
Boeing Co has embarked on deeper-than-expected cuts in its strategy ranks, halving the number of planners working within key divisions as it refocuses energies on tackling industrial pressures, people familiar with the matter said.
Maynilad may consider sourcing water from Manila Bay if desalination cost eases to affordable levels
Maynilad Water Services Inc., the water utility of Metro Pacific Investment Corp., may consider Manila Bay as source of potable water for its concession area in Metropolitan Manila and nearby towns if the cost of desalination comes down or large consumers such as factories start extracting water from the salt-water bay for their needs.
Converge mulls sale-leaseback deal for fiber network, plans dividend payout
With the aggressive fiber network rollout behind it, Converge...
Converge’s Dennis Anthony Uy Plans $1 Billion “Silicon Valley” Project In Pampanga
Dennis Anthony Uy, co-founder of publicly listed Converge ICT,...
Agriculture
DA declares Bulacan avian influenza-free
Agriculture Secretary Francisco P. Tiu Laurel, Jr. has declared the entire province of Bulacan free of the highly pathogenic avian influenza, particularly the H5N1 strain, after a series of infections was reported from 2022 through May last year.
Front loaded meat imports in May failed to lift downturn in 2023
The country imported 11 percent less meat in 2023 of only 1.2 billion kilograms versus 1.36 billion kilograms in 2022, according to data from the Bureau of Animal Industry (BAI).
Former BFAR chief Asis Perez named DA Undersecretary
Malacanang appointed former Bureau of Fisheries and Aquatic Resources national director Asis Perez as Agriculture Undersecretary.
DA pursuing port development programs costing P30 billion
The Department of Agriculture has pursued a four-year development plan converting over a dozen ill-equipped seaports across the islands into agri-logistics hubs at the cost of P30.1 billion.
Corporate
Philex Mining 1Q earnings drop as gold, copper output fall
Philex Mining Corp., one of the oldest and largest gold and copper producers in Southeast Asia, said Friday core net income dropped P105 million from P388 million in the year-earlier period, with higher gold prices failing to overcome the sharp decline in gold and copper production.
DMCI Group secures deal to buy controlling stake in Cemex Holdings for USD305.6 million
Cemex Holdings Philippines Inc. said Thursday its indirect parent, Cemex...
Filinvest Development aims to grow annual earnings by average 20%
Filinvest Development aims to grow annual earnings by average 20%Corporate
Filinvest Land form joint venture with KMC Community for co-working space arrangement
Listed property developer Filinvest Land Inc. said Friday it has formed a joint venture with co-working space provider KMC Community Inc. as a major step in catering to the growing demand for co-working space in the country.
Markets
Lazada helps entrepreneurs make selling easy
Lazada Philippines on Wednesday renewed its commitment to support the growth of Filipino entrepreneurs.
SEC banishes Binance from PH, saying Pinoys have time left to exit and reposition portfolio
The Securities and Exchange Commission (SEC) has effectively banished the cryptocurrency giant Binance from the Philippines as its online presence has been blocked by the National Telecommunications Commission (NTC).
House passes PSAC-backed priority bills
A number of legislative proposals addressing the country’s socioeconomic priorities have been passed at the House of Representatives. Tagged as priority bills by President Ferdinand Marcos Jr.’s advisors, and backed by the Private Sector Advisory Council (PSAC), these bills are one step closer to becoming law ahead of the House’s June 2024 deadline for priority proposals.
Gold set for first weekly dip in four amid US inflation heat
Gold eked out gains on Friday but was set for its first weekly drop in four weeks, as surprisingly hot U.S. inflation readings prompted traders to re-think on how swiftly and deeply the Federal Reserve could cut interest rates.
Energy
PNOC taps Belgian technology with the most potential for SPUG program
The Philippine National Oil Co. (PNOC) seeks to harness the power of rivers and has partnered with Turbulent NV in exploring the use of its hydroelectric technology.
Energy authorities project weeks more of yellow, red alerts across the grid
The Department of Energy (DOE) on Thursday projected persistent yellow and red alerts raised three or more weeks down the line when the heat index continues to be high and some of power plants go offline for maintenance and other events.
SPC Power sells shares in Bohol Light for P199.5 million
SPC Power Corp., a listed power generation company, said Thursday its board approve the sale of shares in Bohol Light Co., Inc. for P199.5 million.
Luzon, Visayas grid on power alert status a second time Wednesday
The Luzon and Visayas grids were placed under red and yellow alerts Wednesday beginning 3 p.m. as 49 power plants were either on forced outage or de-rated again. This meant the loss of 2,123.3 megawatts (MW) of power in the Luzon and Visayas grids.
Property
Building permits decline in February but projects size, value higher
The number of building permits issued in Feburary declined from the year-earlier period but the size of the real estate developments and their total value surged, data from the Philippine Statistics Authority showed, suggesting strong growth for the construction and property sectors in the months ahead.
Cebu Landmasters forms joint venture with Japan’s NTT Urban Development unit
Cebu Landmasters Inc., a listed property developer whose home market is the Visayas and Mindanao, said it recently secured its first international partnership through a joint venture with Japan-based NTT UD Asia Pte. Ltd., a subsidiary of NTT Urban Development Corp.
Property market stay bought through 2024 and beyond, Colliers
The property market in Cebu is expected to stay buoyant beyond 2024, with most development likely focused in cities of Cebu, Mandaue and Lapu-Lapu
Residential real estate prices push higher in 4Q 2023
Residential real estate prices of various types of new housing units in the Philippines continued to increase in 4Q 2023, rising by 6.5 percent year-on-year, albeit lower than the 12.9 percent growth in 3Q 2023. Quarter-on-quarter, the index contracted by 3.6 percent, which is a reversal of the 3.4 percent growth registered in 3Q 2023.
Technology
PLDT Group, partners police protected areas with the help of wireless devices
The PLDT Group, Huawei Technologies Philippines Inc. and two government agencies come together in a venture with US-based non-profit Rainforest Connection helping secure the country's forest resources.
Smart IoT SIMs helping make Mindanao a safer place
PLDT Enterprise and Smart Communications (Smart) have teamed up with People in Need (PIN), a global humanitarian organization, to help make Mindanao a safer place.
Kaspersky ranks Manila fourth largest ransomware victim across ASEAN in 2023
The Philippines reported 15,312 ransomeware incidents in 2023, the fourth largest across Southeast Asia (SEA), according to security software development firm Kaspersky.
Filipino tech developers, geeks convene in Mindanao’s biggest technology and developer conference in June
The non-profit DEVCON, which houses Filipino tech developers and geeks under a single roof, is hosting a two-day summit in Mindanao in June this year.
Opinion
Biden’s softer climate regulation shows big US bet on subsidies to decarbonize
The Biden administration says its recent decision to scale back new climate regulations meant to force emissions cuts from cars and power plants will have a negligible impact on its overarching goal to halve greenhouse gas pollution this decade.
US Congress struggling to reach spending deal to avert weekend shutdown
A fractured U.S. Congress struggled behind the scenes on Wednesday to produce a massive spending bill to fund defense, homeland security and other programs that lawmakers must pass before the weekend to avert a partial government shutdown.
Will TikTok be banned in the US and what is next for the bill?
The U.S. House of Representatives overwhelmingly passed a bill...
China’s attempts to lift confidence in economy fall flat
Chinese Premier Li Qiang went to the World Economic Forum in Davos last week with a mission to present a positive image of the economy and schmooze financial elites: "Investing in the Chinese market is not a risk, but an opportunity."
