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  • 1 day Q2 growth data fails to stop PSEi rally Manilatimes |Biz
    Despite worse-than-expected domestic output data, the stock market continued its advance toward the 6,000 territory on Thursday. The benchmark Philippine Stock Exchange Index (PSEi) inched up by 1.18 percent or 69 points to close at its intraday high of 5,902.58, while the wider All Shares increased by 0.85 percent or 29.32 points to end at 3,485.61. Investors already factored in the contraction in gross domestic product (GDP) in the second quarter, according to Philstocks Financial Inc. research associate Claire Alviar, saying they did so “when the PSEi had a steep decline.” “Today’s (Thursday’s) gain indicates that investors are leaning toward ... more
  • 1 day Circular on bolstering local price councils signed Manilatimes |Biz
    Government agencies on Thursday signed a joint memorandum circular (JMC) calling for the strengthening of local price coordinating councils in managing the unreasonable and excessive costs of prime commodities nationwide after Metro Manila was again placed under modified enhanced community quarantine.
    MARKET DAY People wearing face masks shop for fresh food at a wet market in Manila on Aug. 6, 2020, the day the government announced that the country has plunged into a technical ression after the economycontracted by a record 16.5 percent in the second quarter. AFP The heads of the departments of Agriculture, Trade and Industry, Environment ... more
  • 1 day PLDT profit hits P12.2B in H1 Manilatimes |Biz
    Despite restrictions imposed to prevent the coronavirus pandemic from worsening, listed PLDT Inc. saw its net income attributable to equity holders rise by 1 percent to P12.28 billion in the first six months of 2020 from P12.20 billion in the same period last year. In a disclosure on Thursday, the Pangilinan-led company reported that its telco core income increased by 5 percent to P13.9 billion in January to June, while total service revenues grew by 8 percent to P82.8 billion from the year-earlier amount. Data and broadband revenues jumped by 18 percent to P59 billion, accounting for 71 percent of ... more
  • 1 day SMFB income slides to over P7B in H1 Manilatimes |Biz
    San Miguel Food and Beverage Inc.’s (SMFB) net income plunged by half to P7.34 billion in the six months ending June from P14.67 billion in the same period last year. Revenues also declined by 19 percent to P122.82 billion from P151.11 billion year-on-year. In a disclosure on Thursday, the listed food-and-drink arm of San Miguel Corp. said the full impact of the coronavirus disease 2019 (Covid-19) pandemic weighed on its volume performance in the second quarter, particularly those of its beer and spirits divisions. As part of enhanced quarantine measures imposed in mid-March to curb the spread of Covid-19, liquor ... more
  • 1 day Filinvest Land income falls 24% in first 6 months Manilatimes |Biz
    Filinvest Land Inc. (FLI) registered a 24-percent drop in its first-half net profit to P2.42 billion from P3.04 billion year-on-year as quarantine measures delayed its construction activities. In a filing on Wednesday, the listed property arm of Filinvest Development Corp. posted a 30-percent decline in gross revenues to P8.81 billion in the period from P12.62 billion last year. The first-semester results, it said, reflect the full impact of the enhanced community quarantine (ECQ) the government imposed in mid-March to contain the spread of the coronavirus disease 2019 (Covid-19) in the country. “The second quarter was a most difficult time for ... more
  • 1 day 7-Eleven operator incurs P390-M loss in H1 Manilatimes |Biz
    Listed Philippine Seven Corp. (PSC), the local licensee of 7-Eleven convenience stores, posted a net loss of P389.7 million in the first half of 2020, a turnaround of its P485.3-million profit in the same period last year. In a filing on Thursday, the company said its system-wide sales declined by 10.9 percent to P24.1 billion in the period from P27 billion year-on-year. The Covid-19 pandemic and the quarantine measures imposed to curb its spread caused supply chain disruptions and affected commercial activities, it added. For the second quarter alone, PSC recorded a P493.5-million loss and a 31.4-percent decrease in system-wide ... more
  • 1 day PBB profit surges to P795B in Jan-June Manilatimes |Biz
    Listed Philippine Business Bank (PBB) reported on Thursday that its net income improved to P794.9 million in the first six months of the year. In a disclosure, the Caloocan City-based lender said the latest figure was 37.3 percent wider than the P578.9 million in the same period in 2019. Interest income accelerated by 14 percent to P3.73 billion from P3.27 billion a year ago. Core income ballooned by 100.3 percent to P1.37 billion from P685.0 million. Total resources climbed by 14.3 percent to P114.8 billion from P100.5 billion. Net interest margin also expanded to 5.04 percent in the first semester ... more
  • 1 day Century Pacific Food income rises 31% in first 6 months Manilatimes |Biz
    Century Pacific Food Inc. reported on Thursday that its net income rose by 31 percent to P2.24 billion in the first half of 2020 from P1.7 billion year-on-year and its consolidated revenues grew by 28 percent to P25.1 billion in the period from P19.6 billion. In a disclosure, Century Pacific Food Chief Finance Officer Oscar Pobre said his company continue to see heightened demand for their shelf-stable products in the second quarter. He added that their core branded products of marine and meat benefited the most and the sales growth of their milk business also held up. In the second ... more
  • 1 day Allow meter readers during lockdown, LGUs told Manilatimes |Biz
    ​The Energy Regulatory Commission (ERC) on Thursday appealed to local government units under modified enhanced community quarantine (MECQ) to be more lenient with the meter readers of the distribution utilities (DUs) and allow them to do their jobs. In a statement, ERC Chairman and Chief Executive Officer Agnes Devandera urged these local governments to allow meter readers “with properly issued IATF (Inter-Agency Task Force for the Management of Emerging Infectious Disease) pass and in complete personal protective equipment to conduct actual meter reading to enable DUs to reflect and bill the consumers’ actual electricity consumption in order to avoid possible ... more
  • 1 day Public service in challenging times Manilatimes |Biz
    On August 3, I was privileged to speak at the opening ceremony of the Public Management Development Program, 9th Senior Executives Class, of the Development Academy of the Philippines (DAP). The program was designed for senior officials who possess outstanding intellectual and creative abilities, deep commitment to public service, and demonstrate potential for shaping policy and management at higher levels of government. Let me share with you snippets of my piece: “This is my journey as a career civil servant. I take pride in having served the country for 42 years. That encompasses seven administrations or presidents of the Philippines. I ... more
  • 1 day How the new normal changed how I view money Manilatimes |Biz
    From the way we work to the way we interact with one another, the new normal brought a lot of changes in our lives. Covid-19 affected everyone, infected or not. Everyone was forced to take a hard look at how they live their lives, finances and all. As someone who has been stuck at home for over five months, I saw firsthand how my perspective on money changed each day. Here are the money lessons I’ve learned so far during this seemingly endless quarantine period: – Saving money matters. If I had a nickel for every money-saving tip I’ve learned ... more
  • 1 day US sees deep private work hiring slump Manilatimes |Biz
    US private sector hiring slumped in July, the latest sign of the shaky footing of the world’s largest economy as it struggles with a protracted coronavirus outbreak. Payroll services firm ADP reported on Wednesday (Thursday in Manila) the United States added just 167,000 private sector jobs in July — nowhere near analyst’ expectations of a 1.6 million rise in a month when many states rolled back reopening measures as they faced a surge in new COVID-19 infections. “The labor market recovery slowed in the month of July,” said Ahu Yildirmaz, vice president of the ADP Research Institute. “We have seen ... more
  • 1 day PhilHealth execs ramp up defense Manilatimes
    Top executives of the Philippine Health Insurance Corp. (PhilHealth) on Thursday stepped up their defense against accusations that the agency is riddled with corruption.
    PhilHealth President Ricardo Morales. PHOTO BY RUY MARTINEZ In a virtual conference Thursday, PhilHealth President and Chief Executive Officer Ricardo Morales and members of his executive team denied the allegations that irregularities have driven the state health insurer to the brink of bankruptcy. “I have no reason to doubt the people working at PhilHealth,” Morales stressed. During a Senate hearing on Tuesday, PhilHealth’s former anti-fraud officer Thorrsson Keith claimed that Morales had ordered the funds released by PhilHealth ... more
  • 1 day Pooled test to boost Covid fight – Binay Manilatimes
    The results of pooled testing for coronavirus disease 2019 (Covid-19) that would be piloted in Makati City would have a “big impact” on mass testing protocols, Mayor Mar-Len Abigail Binay said on Thursday.
    Makati Mayor Abigail Binay. She explained that pooled testing could lead to “more efficient” handling of Covid cases nationwide. On Wednesday, the mayor signed a memorandum of agreement with the Philippine Children’s Medical Center (PCMC), Philippine Center for Entrepreneurship and BDO Foundation to formally begin the pilot implementation of the pooled reverse transcription polymerase chain reaction testing that was developed under Project ARK-PCR (antibody rapid test kit-polymerase chain reaction). Under the pooled testing method, swab ... more
  • 1 day Muntinlupa offers psychiatric help  Manilatimes
    THE Muntinlupa City government offered free psychosocial support and mental health services via online and limited face-to-face consultations for coronavirus disease 2019 (Covid-19) patients and frontliners. The Muntinlupa Mental Health and Psychosocial Support (MHPSS) provides psychological first aid and psychiatric check-up, including psychotherapy, through the Mental Health and Wellness “Alay Malasakit” program for residents experiencing anxiety and stress. Residents who are experiencing fatigue, depression, fear of Covid-19, difficulty in sleeping brought about by stressful situations, or having suicidal thoughts were told to send the MHPSS a message and avail of their free online mental health consultation. Psychosocial first aids and online counselling are administered via the MHPSS Facebook page. ... more
  • 1 day 46 Pasay villages VIRUS-free – mayor Manilatimes
    A total of 46 barangay (villages) in Pasay City were free of the coronavirus disease 2019 (Covid-19), the city government said on Thursday. Based on the monitoring and documentation of the City Health Office and the Department of the Interior and Local Government Pasay Field Office, 46 of 201 villages had zero cases of Covid-19 Included in the 46 villages were the so-called “Lucky 13” barangay that did not report a single case of Covid-19 since the beginning of the pandemic. Thirty-three villages were declared Covid-19-free when all patients were reported to have recovered. “This is indeed a great development and a major boost to the morale of our people especially of the LGU (local government unit) personnel, health workers, barangay ... more
  • 1 day Manila stops using rapid test kits  Manilatimes
    THE city of Manila has stopped using rapid antibody rapid test kits after the Department of Health and medical societies warned that results were inaccurate. Mayor Francisco Domagoso bared that the city switched to serologic tests, which he described as the “nearest” to the reverse transcriptase polymerase chain reaction swab test in terms of accuracy. “We used the rapid test kits because we got it for free. But we don’t use it anymore,” said the mayor in a radio interview. Manila employs the serologic tests, which, like antibody tests, use blood to detect viruses. It has a sensitivity rate of 99.6 ... more
  • 1 day House leaders back Bayanihan 2  Manilatimes
    The Bayanihan to Recover As One (Bayanihan 2) bills drew support from various political parties at the House of Representatives after it hurdled second reading on Wednesday night. House Bill 6953 proposes a P162-billion stimulus package to support the government’s fight against the coronavirus disease 2019 (Covid-19) pandemic. This amount is higher than the P140 billion provided in the Senate version approved on third and final reading on July 28. Leaders of political parties, in a manifesto released on Thursday, reaffirmed support and commitment for the swift passage of the bill. Those who signed the manifesto included Speaker Alan Peter Cayetano, Majority Leader ... more
  • 1 day Go seeks careful shift to flexible learning Manilatimes
    SEN. Christopher Lawrence “Bong” Go urged the education sector to carefully consider the use of online learning platforms to ensure that learners will not be burdened by the transition. “Schools and education officials must guide students in order for them to adjust to new modes of learning,” Go said. “Siguraduhin natin na lahat ng mga estudyante ay mabibigyan ng pantay na oportunidad sa ilalim ng ating learning continuity plan in all levels of education (Let’s ensure that all students will be given fair opportunity under our learning continuity plan in all levels of education) ,” he added. During a Senate hearing of the ... more
  • 2 days Marcventures swings to profit in 2019 Manilatimes |Biz
    Marcventures Holdings Inc. (MHI) reported on Wednesday that it registered a consolidated net income of P37.8 million last year, reversing its P388.8-million net loss in 2018. In a disclosure, the listed nickel miner credited the turnaround to increased tonnage and the reduction of mining and overhead costs by almost 30 percent. Marcventures President Isidro Alcantara said his company’s overall performance last year largely pushed its income to further improve in the first half of 2020. This led to a net income of P196.7 million in the period. For June alone, wholly owned subsidiary Marcventures Mining and Development Corp. (MMDC) posted ... more
  • 2 days MPIC profit slips 38% in H1 Manilatimes |Biz
    Listed Metro Pacific Investments Corp.’s (MPIC) core net income fell to P5.3 billion in the first half of 2020 on the impact of lockdown measures aimed at curbing the spread of the coronavirus disease 2019 (Covid-19) in the country.
    MPIC Chairman Manuel V. Pangilinan. FILE PHOTO BY DJ DIOSINA In a disclosure on Wednesday, the Pangilinan-led conglomerate said the figure, a 38-percent decrease from P8.7 billion in the same period last year, was driven by the community quarantines imposed by the government in the period. These lockdowns, it added, reduced toll road traffic, suspended rail services and cut commercial ... more
  • 2 days Jollibee posts P10.2-B loss Manilatimes |Biz
    Jollibee Foods Corp. recorded a net loss of P10.2 billion in the second quarter of the year, reversing its P1.04-billion profit in the same period last year. In a filing, the listed fast food giant said the loss included the P7-billion cost of its planned business transformation program. Revenues decreased by 46.6 percent to P23.3 billion from P43.7 billion in the same period last year. System-wide sales from April to June slid by 48.4 percent to P30.7 billion from P59.4 billion year-on-year as quarantine measures to stop the spread of the coronavirus disease 2019 (Covid-19) hampered operations. According to Jollibee, ... more
  • 2 days SMIC profit hits p7b in jan-june Manilatimes |Biz
    SM Investments Corp. saw its consolidated net income sink by 69 percent to P7.1 billion in January to June from P23 billion in the same period last year. In a disclosure on Wednesday, the Sy-led conglomerate reported that its consolidated revenues also slipped by 21 percent to P185.5 billion from P233.7 billion last year. Its property business contributed 61 percent to the total net income, followed by banking at 34 percent and retail at 5 percent. SM Prime Holdings Inc.’s net income decreased by 46 percent to P10.4 billion in the first half from P19.3 billion, while BDO Unibank Inc. ... more
  • 2 days EastWest income up in first 6 months Manilatimes |Biz
    Listed East West Banking Corp. (EastWest) is optimistic about its earning guidance this year after posting a higher profit in the first six months of the year on the back of strong lending, deposit and trading gains. In a statement, the Gotianun-led lender said its net income settled at P4.5 billion in the period, up 65 percent from the year-ago amount and translating to a return on equity of 17.4 percent. Its revenues accelerated by 39 percent to P18.4 billion from a year earlier, while net interest income, which accounted for 73 percent of revenues, expanded by 38 percent to ... more
  • 2 days D&L earnings fall 43% in H1 Manilatimes |Biz
    Listed D&L Industries Inc. recorded a 43-percent drop in its net income to P802 million in the first semester of 2020 from P1.4 billion in the same period last year. In a virtual briefing on Wednesday, the manufacturing firm said its net income for the second quarter fell by 57 percent to P287 million from P665 million year-on-year. The Chemrez group accounted for 41 percent of the total first-half profit, followed by specialty plastics at 28 percent, food ingredients at 24 percent and aerosols at 14 percent. D&L revenues in the first half also slipped by 8 percent to P10.2 ... more
  • 2 days Govt lowers Q1 growth rate to -0.7% Manilatimes |Biz
    The country’s gross domestic product (GDP) growth rate for the first quarter of 2020 was revised downward to -0.7 percent from -0.2 percent, according to the Philippine Statistics Authority (PSA). In a report on Wednesday, the statistics agency said it revised “the GDP estimates based on an approved revision policy [that] is consistent with international standard practices on national accounts revision.” It added that the growth rates of net primary income from the rest of the world and gross national income were also lowered from -4.4 percent to -5.9 percent and from -0.6 percent to -1.2 percent, respectively. The combined ... more
  • 2 days Farm output grew 0.5% in April to June Manilatimes |Biz
    The country’s agricultural production improved by 0.5 percent in the second quarter of 2020, the Philippine Statistics Authority (PSA) said on Wednesday in spite of the Department of Agriculture’s (DA) forecast of a contraction on the back of the coronavirus pandemic’s impact on the sector. “We are happy…with this growth, as we were expecting a significant contraction in agriculture. Thanks to our farmers and [fishermen] for their hard work and dedication to continuously produce enough food for the country,” Agriculture Secretary William Dar told the media. The improvement was mainly attributed to production increases in the crops and fisheries subsectors ... more
  • 2 days A frangible leadership loses control Manilatimes |Biz
    Watching President Rodrigo Duterte’s performance on Sunday night was like watching a defeated general sign the surrender papers. Here was a man who had become accustomed to assuming he would never be openly defied and have his wisdom questioned suddenly awakened to the fact that he had completely lost control of a situation, compelled to endorse a certain course of action because if he did not, well, it was going happen anyway, in spite of him. It was a scene that was equally fascinating and disturbing to watch. The collapse began on Saturday with the circulation of an “open letter” ... more
  • 2 days Behavioral shifts Manilatimes |Biz
    Last week, The Manila Times held its 2020 Midyear Economic Report online forum, with Bangko Sentral ng Pilipinas Governor Benjamin Diokno as keynote speaker and with Hungry Workhorse moderating the event. One of the reactors was Fernando Antonio Tansingco, senior executive vice president for financial markets of the Metropolitan Bank and Trust Co. In his presentaton, he shared the financial outlook of the local market in consideration of anticipated behavioral shifts. What caught my eye were these behavioral shifts that, by now, we have already gotten used to: behaviors in relation to travel, dining, fashion and even the way we ... more
  • 2 days 2 Filipinos die in huge Beirut blast Manilatimes
    TWO Filipinos were among the more than 70 people killed in a massive explosion that rocked Lebanon’s capital of Beirut on Tuesday.
    BEAT THE FEAR An injured man waits for help at the explosion scene that hit the seaport of Beirut, Lebanon on Aug. 4, 2020. Massive explosions rocked downtown Beirut on Tuesday, flattening much of the port, damaging buildings and blowing out windows and doors as a giant mushroom cloud rose above the capital. Witnesses saw many people injured by flying glass and debris. AP PHOTO/HUSSEIN MALLA The explosion flattened much of the city’s port, damaging buildings across the ... more
  • 2 days ‘PhilHealth probe must result in charges’ Manilatimes
    Go wants corrupt agency officials fired Malacañang is confident that the investigation launched by the Presidential Anti-Corruption Commission (PACC) into alleged widespread corruption at the Philippine Health Insurance Corp. (PhilHealth) will result in cases being filed in court.
    Palace spokesman Harry Roque Jr. Palace spokesman Harry Roque Jr. made the statement after the PACC said it found loopholes and systemic flaws in PhilHealth that allowed insurance fraud to fester in the agency charged with managing the country’s universal health care system. “There are now three investigations and the PACC fortunately appeared to have finished theirs, and we’re hoping that ... more
  • 2 days Makati to pilot pool testing Manilatimes
    Makati City will pilot Go Negosyo’s pooled PCR testing this month, Presidential Adviser for Entrepreneurship and Go Negosyo Founder Jose Maria “Joey” Concepcion 3rd has announced.
    Makati Mayor Mar-Len Abigail Binay. Iloilo Rep Janette Garin, chief private implementer of ARK-PCR (antibody rapid test kit-polymerase chain reaction); Tessie Sy-Coson, chairman of BDO Unibank Inc.; Dr. Julius Lecciones of the Philippine Children’s Medical Center; and Dr. Raymond Lo were also present during the virtual signing of the memorandum of agreement (MOA) between Go Negosyo and Makati City Hall. “The private sector will fund a pooled PCR testing pilot for 16 cities ... more
  • 2 days SWS: Covid strands 3.5M Pinoys in July Manilatimes
    ABOUT 3.5 million Filipinos of working age were left stranded due to community quarantine measures implemented across the country to curb the spread of the coronavirus disease 2019 (Covid-19), according to the latest Social Weather Stations (SWS) survey. The mobile phone survey from July 3 to 6 among 1,555 respondents showed that 5.1 percent of working-age Filipinos or those 18 years old and above were not staying at their permanent residence during the lockdown. This represents 3.5 percent of the country’s working-age population at 69.5 million, according to the SWS. “This is almost the same as, though a slight 0.3 ... more
  • 2 days LGUs vow to fast-track telco tower construction Manilatimes
    THE local government units (LGUs) have vowed to fast-track the construction of telecommunications towers in the country, Union of Local Authorities of the Philippines (ULAP) National President Dakila Cua said on Wednesday. He said the LGUs would work with the government agencies and telecommunications companies (telcos) to improve the information and communications technology (ICT) infrastructure in the country. The Department of the Interior and Local Government (DILG) recently announced that it would now take less than a month from the previous six to seven months to acquire government permits for the construction of telecommunications towers. The DILG and Anti-Red Tape ... more
  • 2 days BoC hits monthly target amid challenges Manilatimes
    THE Bureau of Customs (BoC) had again met its monthly revenue target following five months of successive below-par collection performance, according to the BoC-Financial Service.
    Customs Commissioner Rey Leonardo Guerrero In a report to Customs Commissioner Rey Leonardo Guerrero, the BoC Financial Service reported that the bureau was able to surpass its July 2020 collection target by 5 percent or P2.398 billion. The BoC collected P50.072 billion against its target of P47.674 billion in July. The bureau did it even as only 10 of the 17 collection districts exceeded their collection targets for the month. The Port of Aparri ... more
  • 3 days Legislators: License to explore Malampaya must be extended Manilatimes |Biz
    Several legislators on Tuesday pushed to extend the license to explore the Malampaya natural gas field in offshore Palawan province to address the country’s looming energy crisis amid increasing demand and thinning resources. In the Kapihan ng Samahang Plaridel’s virtual briefing, Philippine Rural Electric Cooperatives Association Party-list Rep. Presley de Jesus noted Malampaya’s “vital role in energy security” and natural gas’ affordability and dependability, but asked if its reserves were enough. The issue of energy security has long-term repercussions that go beyond the country’s energy sector, according to Association of Philippine Electric Cooperatives Party-list Rep. Sergio Dagooc. “Energy security is ... more
  • 3 days Cavitex operator eyes full electronic transactions by Nov Manilatimes |Biz
    The Manila-Cavite Expressway (Cavitex) is set to fully enable electronic transactions before the year ends, its operator said on Tuesday. In a statement, Cavitex Infrastructure Corp. (CIC) said all modular extension booths along the expressway would stop accepting cash beginning on August 15, as it targets to convert all cash toll booths into fully electronic lanes by November. “We are determined to implement 100-percent electronic toll collection to help our government lessen the spread of Covid-19 (coronavirus disease 2019) by means of contactless transactions,” said Roberto V. Bontia, CIC president and general manager. “Going fully electronic would ensure physical distancing ... more
  • 3 days Cavitex operator eyes full electronic transactions by Nov Manilatimes |Biz
    The Manila-Cavite Expressway (Cavitex) is set to fully enable electronic transactions before the year ends, its operator said on Tuesday. In a statement, Cavitex Infrastructure Corp. (CIC) said all modular extension booths along the expressway would stop accepting cash beginning on August 15, as it targets to convert all cash toll booths into fully electronic lanes by November. “We are determined to implement 100-percent electronic toll collection to help our government lessen the spread of Covid-19 (coronavirus disease 2019) by means of contactless transactions,” said Roberto V. Bontia, CIC president and general manager. “Going fully electronic would ensure physical distancing ... more
  • 3 days Services of CRS outlets suspended amid MECQ Manilatimes |Biz
    The Philippine Statistics Authority (PSA) on Tuesday announced that the frontline services of civil registration system (CRS) outlets in areas under modified enhanced community quarantine (MECQ) would be suspended for two weeks. In an advisory, the statistics agency said such services “shall be closed [to] the processing of requests for copy issuance of civil registry documents (birth, marriage and death certificates, as well as certification of no marriage record or advisory on marriages) until 18 August 2020.” It added that clients could file their applications for PSA-issued documents online at www.psaserbilis.com.ph. “Please note, however, that processing and delivery of documents ... more
  • 3 days Services of CRS outlets suspended amid MECQ Manilatimes |Biz
    The Philippine Statistics Authority (PSA) on Tuesday announced that the frontline services of civil registration system (CRS) outlets in areas under modified enhanced community quarantine (MECQ) would be suspended for two weeks. In an advisory, the statistics agency said such services “shall be closed [to] the processing of requests for copy issuance of civil registry documents (birth, marriage and death certificates, as well as certification of no marriage record or advisory on marriages) until 18 August 2020.” It added that clients could file their applications for PSA-issued documents online at www.psaserbilis.com.ph. “Please note, however, that processing and delivery of documents ... more
  • 3 days SM Prime income down 46% in H1 Manilatimes |Biz
    SM Prime Holdings Inc. saw its net income decline by 46 percent to P10.4 billion in the first half of 2020 from P19.3 billion in the same period last year. In a disclosure, the Sy-led mall operator said its consolidated revenues fell by 23 percent to P43.7 billion in the period from P57 billion year-on-year. SM Prime’s local malls’ rental income plunged by 44 percent to P13.1 billion from P23.3 billion as their revenues sank by 49 percent to P14.4 billion from P28.1 billion last year. The company attributed the slump to the waived rent and rental discounts granted to ... more
  • 3 days SM Prime income down 46% in H1 Manilatimes |Biz
    SM Prime Holdings Inc. saw its net income decline by 46 percent to P10.4 billion in the first half of 2020 from P19.3 billion in the same period last year. In a disclosure, the Sy-led mall operator said its consolidated revenues fell by 23 percent to P43.7 billion in the period from P57 billion year-on-year. SM Prime’s local malls’ rental income plunged by 44 percent to P13.1 billion from P23.3 billion as their revenues sank by 49 percent to P14.4 billion from P28.1 billion last year. The company attributed the slump to the waived rent and rental discounts granted to ... more
  • 3 days Globe income dips 5% in first 6 months Manilatimes |Biz
    Quarantine restrictions imposed to curb the spread of the coronavirus disease 2019 (Covid-19) in the country pulled down listed Globe Telecom Inc.’s earnings by 5 percent in the first half of 2020. In a disclosure on Tuesday, the Ayala-led telecommunications giant said its net income declined to P11.5 billion from P12.04 billion in the same period last year, while consolidated service revenues dropped to P72.42 billion from P72.87 billion. Only revenues from its Globe at Home broadband business grew, jumping by 19 percent to P12.51 billion in the six months ending June from P10.55 billion. Revenues from its mobile segment ... more
  • 3 days 8990 profit up double digits in 2019, Q1 Manilatimes |Biz
    Listed 8990 Holdings Inc. saw its net income grow by 19 percent to P5.6 billion last year from P4.7 billion in 2018. In a filing on Tuesday, the mass-housing developer reported that its revenues climbed by 30 percent to P15.3 billion in 2019 from P11.7 billion the previous year, crediting it to the 8-percent improvement in housing units delivered that year. For the first quarter of 2020, 8990’s net income rose by 12 percent to P1.3 billion from P1.18 billion year-on-year, while revenues jumped by 15 percent to P3.5 billion from P3.01 billion. Sales reservation also increased in the quarter ... more
  • 3 days RCBC sees investment opportunities Manilatimes |Biz
    Listed Rizal Commercial Banking Corp. (RCBC) said on Tuesday it was seeing possible investment opportunities in both the domestic and international markets for the rest of the year. In a statement on Tuesday, the Yuchengco-led lender quoted Horacio Cebrero 3rd, RCBC senior executive vice president and treasurer, as saying the bank expected to see these opportunities in the fixed-income space. The expected inflation trajectory influencing the movement of domestic rates in the long end of the interest rate yield curve, coupled with supply driven issues, continue to be monitored. “There may be an increase in appetite for fixed-income securities in ... more
  • 3 days Petron incurs P14.2-B net loss in H1 Manilatimes |Biz
    Petron Corp. incurred a consolidated net loss of P14.2 billion in the first half of 2020, reversing the P2.6 billion net income it posted in the same period a year ago. In a disclosure on Tuesday, the listed oil company blamed the net loss on the “combined slump in demand, poor refining margins and collapse in prices” and reported that its consolidated revenues fell by 40 percent to P152.4 billion from P254.8 billion. Consolidated sales volume from its Philippine and Malaysian operations decreased by 19 percent to 41.9 million barrels from 51.9 million amid a sharp decline in fuel demand ... more
  • 3 days Arthaland’s highest-paid execs to get P135M in pay, perks this year? Manilatimes |Biz
    Arthaland Corp. (ALCO) has an authorized capital stock (ACS) of 16,686,809,519. Of this, 16,418,095,199 are divided into 16,368,095,199 common shares with a par value of 18 centavos and 50 million preferred shares with a par value of P1, according to the company’s updated general information sheet (GIS). Of the ACS, at least 1,958 Filipinos and foreigners paid for 5,360,595,199 ALCO common shares. Of the Filipinos, 1,930 owned 5,010,138,739 common shares; one, 12.5 million preferred A shares; 11, 19,802,610 preferred B shares; and two, 9,975,500 preferred C shares for P944.103 million in total. Of the foreigners, 14 paid P55.654 million for ... more
  • 3 days Authentication requirements for registration of new domestic corporations eased Manilatimes |Biz
    The Securities and Exchange Commission (SEC) has made it easier for people to start a business when it recently issued new rules adopting the best practices recommended by the World Bank’s Doing Business team and that aim to improve the global competitiveness of the Philippines’ corporate sector. These are contained in SEC Memorandum Circular 16, Series of 2020 (MC16, s. of 2020), or “Guidelines on Authentication of Articles of Incorporation in Applications for Registration of New Domestic Corporations.” The SEC issued MC16, s. of 2020 in line with Section 13 of Republic Act 11232, or the “Revised Corporation Code of ... more
  • 3 days WHO: No ‘silver bullet’ vs virus Manilatimes
    GENEVA: The World Health Organization (WHO) warned that there might never be a “silver bullet” for the new coronavirus despite the rush to discover effective vaccines.
    WHO Director-General Tedros Adhanom Ghebreyesus The WHO urged governments and citizens to focus on doing the known basics such as testing, contact tracing, maintaining physical distance and wearing a mask in order to suppress the pandemic, which has upended normal life around the globe and triggered a devastating economic crisis. “We all hope to have a number of effective vaccines that can help prevent infection,” WHO Director-General Tedros Adhanom Ghebreyesus said in a virtual ... more
  • 3 days 1 billion students affected by virus Manilatimes
    UNITED NATIONS: UN Secretary-General Antonio Guterres said on Tuesday the coronavirus pandemic has led to the largest disruption of education in history, with schools closed in more than 160 countries in mid-July, affecting over 1 billion students. In addition, the UN chief said at least 40 million children worldwide have missed out on education “in their critical preschool year.” As a result, Guterres warned that the world faces “a generational catastrophe that could waste untold human potential, undermine decades of progress and exacerbate entrenched inequalities.” Even before the pandemic, Guterres said, the world faced “a learning crisis,” with more than 250 million ... more
  • 3 days Public Masses suspended during MECQ Manilatimes
    PUBLIC Masses have been suspended again in the Archdiocese of Manila and nine other dioceses as coronavirus disease 2019 (Covid-19) infections surged past 100,000. Aside from Manila, the others that suspended public Masses and other liturgical gatherings were the dioceses of Cubao, Kalookan (Caloocan), Parañaque, Novaliches, Pasig, Antipolo, Imus (Cavite), Malolos (Bulacan) and San Pablo (Laguna). The decision was arrived at after President Rodrigo Duterte announced that Metro Manila and nearby provinces of Laguna, Cavite, Bulacan and Rizal shall temporarily revert for two weeks to the stricter modified enhanced community quarantine (MECQ) or “lockdown” from a more relaxed general community quarantine to arrest the surging Covid-19 cases and in response to a plea of health workers to give them a “timeout” to recover ... more
  • 3 days PH allots P1.5B to join vaccine access alliance Manilatimes
    THE national government has allocated P1.5 billion for the country’s participation in the Covid-19 Vaccines Global Access (Covax) facility, the Department of Science and Technology (DoST) said on Tuesday.
    Science and Technology Secretary Fortunato de la Peña. DOST Photo At a briefing in Malacañang, DoST Secretary Fortunato de la Peña said countries that intend to join the alliance have to commit a certain amount for the purchase of vaccines. According to de la Peña, the Covax facility requires vaccine orders of at least 3 percent of the population or 3 million for the Philippines. At an estimated cost of P500 per vaccine, he said, this translates to around P1.5 billion. “In an IATF[-EID] meeting before, the Department ... more
  • 3 days PNP to reassess state of frontliners Manilatimes
    As coronavirus disease 2019 (Covid-19) cases among policemen continue to rise, the Philippine National Police (PNP) will start reassessing the conditions of its Health Service Unit (HSU) personnel.
    PNP chief Gen. Archie Francisco Gamboa PNP chief Gen. Archie Francisco Gamboa said the reassessment would cover police doctors and nurses experiencing exhaustion. A total of 2,283 Covid-19 cases were reported in the PNP as of August 3, with 11 deaths tallied. Suspected cases numbered 2,199; probable, 862; and recovered, 1,251. Gamboa said he wanted a “heart-to-heart talk” with the doctors and nurses of the HSU to determine their conditions. “We will be reevaluating ... more
  • 3 days ‘Right info to add teeth to Covid fight’ Manilatimes
    SEN. Christopher Lawrence “Bong” Go has urged the Department of Health and other concerned government agencies to improve their communication efforts and disseminate only the right information to the public “We need timely, accurate and relevant information on Covid-19-related updates and initiatives to strengthen the country’s collective efforts to overcome the Covid-19 pandemic,” Go, chairman of the Senate health and demography committee, said. The senator also encouraged government officials to consult more experts from various fields and involve groups that are willing to share their expertise. He said a whole-of-nation approach was needed to overcome the ongoing crisis caused by Covid-19, or the coronavirus disease 2019. “This pandemic needs a ... more
  • 3 days Eddie Ilarde DIES AT 85 Manilatimes
    Broadcaster and former senator Edgardo “Eddie” Ilarde died on Tuesday, 21 days shy of his 86th birthday on August 25. Popularly known as “Kuya Eddie,” Ilarde died at 11:40 a.m. in his residence in Makati City. The cause of death was not determined but his relatives told radio DZBB that he did not die of Covid-19. Ilarde started from humble beginnings, working as a newspaper boy and as a bootblack before earning his journalism degree from the Far Eastern University. He became a staple of Philippine broadcasting as a host and a disc jockey for stations such as the Manila ... more
  • 3 days St Louis series off after positive Cards tests Manilatimes |Sports
    MILWAUKEE: Seven St. Louis Cardinals players and six staff members have tested positive for Covid-19, causing Major League Baseball to postpone the team’s four-game series at Detroit. The series was to have been played at Comerica Park from Tuesday (Wednesday in Manila) through Thursday (Friday in Manila). ’You think about how quickly something like this can spread,’’ Cardinals general manager John Mozeliak said. ‘’Until it touches you, you sometimes might not believe it, but needless to say we know this is very real and we know it moves quickly and it moves silently, but it can infect a lot of ... more
  • 3 days Liquor ban, longer curfew back in Metro Manilatimes
    DRINKING alcohol has again been disallowed in Quezon City while cities in northern Metro Manila imposed longer curfew hours to keep residents in their homes.
    Manila Mayor Francisco ‘Isko Moreno’ Domagoso PHOTO BY MIKE ALQUINTO The Quezon City government reimposed the liquor ban after local medical experts found that drinking in public places helped spread the coronavirus disease. “There were various instances where those who contracted the virus claimed they simply went out for a drink with neighbors,” Rolly Cruz, head of the City Epidemiological Surveillance Unit, said. Mayor Josefina Belmonte said the liquor ban would be implemented from August ... more
  • 3 days Major ambition beckons Brooks, Bones, Jordan Manilatimes |Sports
    HONG KONG: Thursday’s US PGA Championship at Harding Park in San Francisco, the first major of the coronavirus-reshuffled season, is the focus for AFP Sport’s talking points in golf this week: Koepka’s history shot A couple of weeks ago, Brooks Koepka’s chances of winning a record third consecutive PGA Championship looked to be fading after a string of poor results and a recurrence of his niggling left knee injury. But the big man from Jupiter, Florida, tends to lift off when the majors come into orbit, and his tied second place in Memphis at the WGC St Jude Invitational was ... more
  • 3 days Budenholzer, Donovan share ‘Coach of the Year’ Manilatimes |Sports
    LOS ANGELES: Milwaukee Bucks head coach Mike Budenholzer and Oklahoma City Thunder counterpart Billy Donovan were named as joint winners of the National Basketball Coaches Association coach of the year award on Monday (Tuesday in Manila). Budenholzer and Donovan shared the award after voting which saw Toronto Raptors head coach Nick Nurse just miss out on a share of the honor. Nurse polled just one vote fewer than Budenholzer and Donovan. The award is decided each year based on votes by the NBA’s 30 head coaches, with each coach voting for a single individual. Voting this year is based on ... more
  • 3 days Backriding allowed in MECQ areas Manilatimes
    Motorcycle backriding is allowed in areas under the modified enhanced community quarantine (MECQ), but only for frontliners or those classified as authorized persons outside residence (APOR), LtGen. Guillermo Eleazar said on Tuesday. The National Task Force Against Covid-19 allowed pillion riding in Metro Manila, Laguna, Rizal, Cavite and Bulacan as long as a barrier separates the passenger and the rider. Eleazar noted that the rider and the passenger could be non-relatives. The wearing of face masks remain a must. “Motorcycle backriding will be an essential mode of transportation to ensure that no frontliners and other essential workers would be stranded as they go out ... more
  • 3 days VanVleet scores career-best 36, Raptors top Heat Manilatimes |Sports
    LAKE BUENA VISTA, Florida: Fred VanVleet made another case for a big payday later this year VanVleet scored a career-high 36 points and made seven 3-pointers, and the defending NBA champion Toronto Raptors added to their strong restart with a 107-103 victory over the Miami Heat on Monday (Tuesday in Manila). VanVleet, who is set to become an unrestricted free agent after the season, finished 7 of 12 from beyond the 3-point arc and was a perfect 13 of 13 from the foul line, topping his 34-point total against the Pelicans last December.
    Toronto Raptors’ Fred VanVleet (23) shoots ... more
  • 3 days Maynilad upgrades La Mesa treatment plant Manilatimes
    MAYNILAD Water Services Inc. on Tuesday said it had finished upgrading its facilities at the La Mesa treatment plant in Quezon City. In a statement, the West Zone concessionaire said it commissioned last month the upgrading of its facilities at the La Mesa Treatment Plant (LMTP). The work involved the rehabilitation of eight sedimentation basins and 16 filters, as well as the construction of a new sludge treatment facility. The facility enhancements are part of Maynilad’s P7.9-billion project to upgrade the LMTP 1 and 2 that together produce around 2,400 million liters of water per day, serving around 90 percent of the company’s ... more
  • 3 days Palace press corps elects new officers Manilatimes
    The Malacañang Press Corps (MPC) has elected its new set of officers for 2020 to 2021. Elected president was Evelyn Quiroz (Pilipino Mirror), who promised to strengthen the organization amid its coverage of the coronavirus pandemic. “I would like to sincerely thank you all for your confidence to hold the presidency of MPC. I am humbled that you would place your faith and trust in me. This is a position that I will not take lightly,” she said in a statement. “I am hoping for the organization’s cooperation to strengthen our community especially in this unprecedented situation,” she added. Voted vice ... more
  • 3 days Williamson loses shoe, but Pelicans get key win. AP Manilatimes |Sports
    LAKE BUENA VISTA, Florida: Zion Williamson said he felt ”alive again” after getting a chance to help his team close out a game. Brandon Ingram scored 24 points, Williamson added 23 points and matched his career high with five assists in his most extensive playing time since the NBA restart, and the New Orleans Pelicans got a much-needed 109-99 victory over the Memphis Grizzlies on Monday (Tuesday in Manila).
    New Orleans Pelicans’ Zion Williamson (1) comes down after a dunk over Memphis Grizzlies’ Anthony Tolliver (44) during the first half of an NBA basketball game Monday, Aug. 3, 2020 ... more
  • 3 days Attempt to smuggle in P15-M luxury items foiled Manilatimes
    The Port of Ninoy Aquino International Airport (NAIA) has intercepted branded items that were being passed on as personal effects, the Bureau of Customs said on Tuesday. The P15-million shipment had been declared as shampoo, soap, towels, toiletries, canned goods and milk chocolates, among others, packed in 17 cartons sent from Milano, Italy, through RRG Freight Service Forwarder in Paircargo Warehouse at the NAIA. it was found out that the shipment contained high-end brands such as Chanel, Hermes, Christian Louboutin, Valentino, Louis Vuitton, Prada and Balenciaga bags, shoes, wallets and earrings. According to Port of NAIA district collector Carmelita Talusan, ... more
  • 3 days PRURide PH 2020 canceled due to health, safety concerns Manilatimes |Sports
    Leading life insurer Pru Life UK has decided to cancel the upcoming edition of PRURide PH 2020, originally scheduled from March 11-15 at Mimosa Drive, Clark, Pampanga. This is to ensure the health and safety of PRURide participants and athletes, and the public—which is a top priority for the organizers.
    (From left) Kim Atienza, Zoren Legaspi and Gretchen Ho CONTRIBUTED PHOTO All registered participants will receive full refund of registration fees from August 1 to November 30, 2020. To claim, registered participants are requested to send an email to info@pruride.ph with the subject “Refund Request – (insert 6-digit transaction ... more
  • 3 days ‘PhilHealth might collapse in 2021’ Manilatimes
    The Philippine Health Insurance Corp. (PhilHealth) might collapse in 2021 if collections do not improve, the agency’s senior vice president for actuarial services and risk management sector warned on Tuesday. Nerissa Santiago bared that the agency’s reserve fund was almost depleted because of the huge payouts for coronavirus disease 2019 (Covid-19) cases. “We are expecting by 2021, we will be on the red already in terms of actuarial life. In 2021 we will run into deficit. There would be no more reserve fund by 2021. So, one year lang po ang ating actuarial life (our actuarial life will be one year),” she said during the Senate ... more
  • 3 days Injury, obesity, stress: eSports starts wising up to health problems Manilatimes |Sports
    Growing concern over health standards in eSports has prompted a new federation to pledge to address the problem, as players fall victim to conditions ranging from wrist injuries to obesity, stress and diabetes. The retirement of top Chinese player Jian Zihao, better known by his gaming handle “Uzi”, sent tremors through the booming sport, whose revenues are predicted to reach $1.1 billion this year, according to industry analyst firm Newzoo. The 23-year-old, hailed as an “icon” of the League of Legends game, stepped away from eSports in June, saying “chronic stress, obesity, irregular diet, staying up late and other reasons” ... more
  • 3 days Tennis returns as service resumes at Palermo WTA Manilatimes |Sports
    PALERMO: The stadium announcer at Palermo on Monday (Tuesday in Manila) wished a warm and welcome return to tennis lovers as the WTA tournament in Italy started five months after the last one, with bottles of hand sanitizer attached to the nets. The event comes just weeks before the US Open and Roland Garros double-header but lost original top seed Simona Halep to lingering health concerns while an unnamed player withdrew from qualifying after testing positive for Covid-19. There were some 350 fans allowed into a venue that normally holds 1,500. Sofia Kenin and Elina Svitolina captured titles on March ... more
  • 3 days Go backs bill on pop-up bike lanes Manilatimes
    SEN. Christopher “Bong” Go backed a bill filed by Sen. Pilar Juliana Cayetano that seeks to establish networks of pop-up bicycle lanes and emergency pathways. “During the hearing of the Senate Committee on Sustainable Development Goals, I reiterated my support for the use of bicycles as an alternative mode of transportation,” he said. “I have been urging various government agencies to designate bike lanes to ensure the ease and safety of those who opt to use such mode of transportation. Siguraduhin natin na properly assigned ang mga lanes na ito, mas maaayos na demarcation at lighting at assured ang safety ng lahat ng nasa daan (Let’s ensure that these ... more
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