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Napocor earns P2.9 B in 2015

MANILA: The National Power Corp. (Napocor), posted a net income of P2.9 billion last year, reflecting a complete turnaround from years of losses. Last year’s income was also significantly higher than the P1.5 billion income in 2014. In 2010, Napocor struggled with a net loss of P2.78 billion. Under the administration of Ma. Gladys Cruz-Sta. Rita, Napocor was able to ... Read More »

PH exports fall for 13th straight month

MANILA: The country’s merchandise exports declined for the 13th consecutive month in April, dropping by 4.1 percent year-on-year to $4.3 billion amid a fragile global economy, the government reported yesterday. Despite weak exports, manufacturing remained robust, with factory output rising by more than a tenth in the first four months of 2016 on the back of strong domestic demand ahead ... Read More »

Cement makers raise alarm over rising technical smuggling cases

MANILA: Technical smuggling in the cement industry is on the rise and the Cement Manufacturers Association of the Philippines (CeMAP) warned this could easily escalate into something more dangerous if not addressed immediately. CeMAP president Ernesto Ordoñez estimates about 75 percent of the 161,000 metric tons (MT) of imported cement that entered the country in the first quarter of the ... Read More »

More cars on the road as May sales rise 30%

MANILA: The Philippine automotive industry posted another record month in May as vehicle sales rose by 30 percent to 30,157 units, according to the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi). Last month’s sales has brought the total volume of vehicles sold in the first five months of the year to 134,328 units, reflecting a 25 percent growth ... Read More »

German insurer buys 51% of PNB Life

BERLIN: Germany’s leading insurer Allianz has completed a deal to acquire 51 percent of PNB Life Insurance Inc., allowing the foreign firm to return to the local market and boost cross-selling activities through a bancassurance partnership with Philippine National Bank. Following the closure of the deal with the PNB group, Allianz announced the appointment of Olaf Kliesow as chief executive ... Read More »

Philippines, EU hold first round of FTA negotiations

MANILA: The Philippines and the European Union have successfully conducted the first round of negotiations for a free trade agreement (FTA), the Department of Trade and Industry (DTI) said here the other day. Over 50 Filipino officials from different departments met with their EU counterparts in Brussels late last month. “The FTA will further reinforce the economic partnership between the ... Read More »

Customs to dispose abandoned shipments in Manila port

MANILA: The Bureau of Customs is set to dispose abandoned shipments at the Port of Manila, after the failure of consignees to claim the cargoes and file import entries. In a 3-page notice, lawyer Jennifer Lagbas, officer-in-charge of the port, said the shipments in hundreds of container vans were declared abandoned after the prescribed 30-day period given to the consignees ... Read More »

Insular Life ’15 revenue hits P19.9B

MANILA: Insular Life Assurance Co. Ltd., the country’s largest Filipino-owned life insurance company, posted P19.93 billion in consolidated revenue in 2015, driven by its core life insurance business. Insurance revenue grew by 6 percent to P13.59 billion, on the back of higher sales of single pay and multiple-pay variable unit-linked products. In a statement, the company said consolidated assets rose ... Read More »

SMB eyes P12-P15B profit this year

MANILA: The country’s leading beer brewery San Miguel Brewery Inc. expects to chalk up P12 to P15 billion in net profit this year on the back of a double-digit expansion in volume growth. Ramon S. Ang, SMB chair and president of San Miguel Corp., said after a slowdown in volume due to the increase in excise taxes last year, volume ... Read More »

P1.1B worth of liquid shabu seized in Pampanga raid

ANGELES CITY: Around P1.1 billion worth of liquid methamphetamine used in the manufacture of shabu was seized on Tuesday morning by Philippine Drug Enforcement Agency (PDEA) agents and Angeles policemen from a laboratory in a subdivision here. The chemical, contained in 45 gallons, was found in a house on Don Vicente Street in Villa Dolores in Barangay Santo Domingo during ... Read More »

OFWs, travelers gain in new Customs law

MANILA: Travelers and overseas Filipino workers (OFWs) are top beneficiaries of a newly signed law updating the country’s customs regulations that were last tweaked nearly 30 years ago. President Benigno Aquino III signed Republic Act 10863, or the Customs Modernization and Tariff Act (CMTA), last Friday, amending the Customs and Tariff Code last touched in 1987, the Bureau of Customs ... Read More »

P10-M shabu seized, pusher nabbed in QC

QUEZON: A suspected drug pusher was arrested while two plastic bags containing more or less two kilos of shabu valued at P10 million were seized in a buy-bust operation in Quezon City yesterday. Chief Insp. Enrico E. Figueroa, chief of the Quezon City Police District-District Anti-Illegal Drugs-Special Operations Task Group, initially identified the arrested person as “Ricky.” Figueroa said the ... Read More »

Anti-smuggling group seeks tighter import controls

MANILA: An anti-smuggling coalition is calling for tighter inspection procedures and controls over imports following the questionable entry of about P95 million worth of suspected substandard steel products at the Subic Bay Freeport last month. The Fight Illicit Trade (Fight IT) movement, which comprises major players from most commonly smuggled goods such as rice, sugar, corn, palm oil, tobacco, steel, ... Read More »

Philippines may inflation seen at 1.1-1.9%

MANILA: The Bangko Sentral ng Pilipinas (BSP) expects inflation to range between 1.1 and 1.9 percent this month on the back of rising food and pump prices of fuel products. BSP Governor Amando Tetangco Jr. said lower power rates imposed by electricity giant Manila Electric Co. (Meralco) partly offset the increase in domestic oil and food prices. “Higher domestic oil ... Read More »

Union Bank’s 4-month profit up 28%

MANILA: Aboitiz-led Union Bank of the Philippines grew its net profit in the first four months by 28.1 percent year-on-year to P2.4 billion driven by a double-digit expansion in interest income and fee-based earnings. In a press briefing after UnionBank’s stockholders meeting on Friday, bank president Edwin Bautista said growth had been fastest on the consumer side where loan spreads ... Read More »

Philippines Customs seizes ecstasy pills worth P378,000

MANILA: The Bureau of Customs (BOC) said at least 95 grams of unlabelled pills of ecstasy worth P378,000 from Germany were recently seized from a postal services firm in Parañaque City. BOC Deputy Commissioner Ariel Nepomuceno said the package was declared to be that of cosmetics items but the contents turned out to be 252 pills when it was opened. ... Read More »

Philippines imports up 11.7% in March

MANILA: Philippine imports rose 11.7 percent in March on increased demand for capital goods and consumer goods, the Philippine Statistics Authority (PSA) reported yesterday. Imports rose to $6.36 billion during the month, up from $5.69 billion reported in the same period a year ago. PSA attributed the growth in the import bill to double-digit growth in the value of inbound ... Read More »

PHL imports up 11.7 percent in March

MANILA: Philippine imports grew by double digits in March on the back of the sustained demand for capital and consumer goods, data released by the Philippine Statistics Authority (PSA) on Wednesday showed. Imports for the month rose 11.7 percent to $6.4 billion from $5.7 billion, the PSA said, “on account of higher purchases of capital goods at 24.1 percent and ... Read More »

P500K worth of shabu seized in Cebu buy-bust

CEBU CITY: An alleged drug pusher was arrested while close to P500,000 worth of shabu were seized in a buy-bust operation in Consolacion town, northern Cebu early Wednesday. Randy Godinez Gonzaga, 41 who was said to be a notorious drug pusher in Barangay Pulog, Consolacion, was held at Consolacion police detention cell pending filing of charges. An undercover policeman pretended ... Read More »

Philippines set to improve customs administration with ICT solution

MANILA: The Bureau of Customs in the Philippines is spearheading an initiative that would spur ICT adoption within government organizations. The agency has recently partnered with Microsoft Philippines to streamline productivity in customs administration, ensure the security of data, and promote transparency. “We are committed to annihilating alleged controversies and corruption within our agency, and we believe we can empower ... Read More »