Investors unload Phinma Energy Corp. shares after the planned stock rights offering

By Marissa Mae M. RamosResearcher NEWS of Phinma Energy Corp.’s (now AC Energy Philippines, Inc.) plans to fuel its expansion through a stock rights offering (SRO) made the stock one of the most actively traded last week. Data from the Philippine Stock Exchange showed the listed energy firm trading P413.267 million worth of 149.288 million shares from Sept. 16-20. Shares closed at P2.69 apiece on Friday, 8.8% down week on week from its P2.95 per…

"Investors unload Phinma Energy Corp. shares after the planned stock rights offering"

House to question Senate’s proposed tax on vaping devices, prefers to tax refills

LINDSAY FOX FROM PIXABAY REPRESENTATIVE Jose Ma. Clemente S. Salceda, the Ways and Means committee chair from Albay’s second district, rejected the Senate’s proposal to impose a 20% excise tax on e-cigarette devices, saying that he prefers to tax consumption. “You tax the consumption… Kung di nabibili ‘yung device, minahalan mo ‘yung device, makikihiram… baka maka transfer ka pa ng sakit (If the device is taxed, it will become more expensive, and might encourage the…

"House to question Senate’s proposed tax on vaping devices, prefers to tax refills"

PSE unit invests P200 million in new clearing system

THE Philippine Stock Exchange — PHOTO BY SANTIAGO J. ARNAIZ A UNIT of the Philippine Stock Exchange, Inc. (PSE) is investing P200 million for a new clearing and settlement system. In a disclosure posted Friday, the PSE said its wholly owned unit Securities Clearing Corporation of the Philippines’ (SCCP) board of directors has approved the issuance of two million shares worth P200 million from the unissued portion of its authorized capital stock to the company. “SCCP…

"PSE unit invests P200 million in new clearing system"

Federal Reserve policy makers open to trimming benchmark rates again

The US Federal Reserve cut benchmark interest rates anew last week. — REUTERS FEDERAL RESERVE policy makers generally sound open to reducing interest rates again, though they’re far from committing to do so. That’s the message gleaned from comments on Friday by US central bankers, including influential Vice Chairman Richard Clarida. “They expressed willingness to move if need be,” said Lou Crandall, chief economist at Wrightson ICAP LLC. “But if the data and the global…

"Federal Reserve policy makers open to trimming benchmark rates again"

Legislator seeks probe of gaming operators not registered as companies

PHILSTAR A LEGISLATOR on Sunday called for an investigation into unregistered Philippine Offshore Gaming Operators (POGOs) and to look into their ultimate ownership. Representative Robert Ace S. Barbers of Surigao del Norte’s second district claimed that he has received reports that 46 out of the 58 POGO firms licensed by the Philippine Amusement and Gaming Corp. (PAGCOR) are unregistered corporations. “I may not be too accurate but I am certain that most if not all…

"Legislator seeks probe of gaming operators not registered as companies"

Cebu’s JDC plans expansion, looks for partners

By Arra B. FranciaSenior Reporter CEBU-BASED property developer JEG Development Corp. (JDC) is boosting its presence in the Visayan capital with the launch of four projects in the following years, while also looking for more partnerships for the future. JDC Chief Operating Officer Marko G. Sarmiento said they currently have the land bank to develop four vertical projects in the city, although plans have yet to be finalized. “It’s still not final, but they will…

"Cebu’s JDC plans expansion, looks for partners"

Peso to strengthen before BSP review

THE PESO is poised to strengthen further this week as central banks around the world continue to ease monetary policy, with the Bangko Sentral ng Pilipinas (BSP) expected to follow suit in its review this week. The local unit ended at P51.96 per dollar on Friday, strengthening by 22 centavos from its P52.18 close against the greenback the previous day. Week on week, however, the peso was weaker versus its P51.91-per-dollar finish last Sept. 13.…

"Peso to strengthen before BSP review"

Price-controlled drug list expected after issuance of health care IRR

By Gillian M. CortezReporter THE PRICE ceilings on patented medicines will be released soon after the issuance of the Universal Health Care (UHC) Law Implementing Rules and Regulations next month. Pharmaceutical Division head Anna Melissa S. Guerrero of the Department of Health (DoH) told BusinessWorld that medicines covered by the Maximum Retail Price (MRP) scheme will be released within the year. She said such drugs are typically those that have no competition in the market.…

"Price-controlled drug list expected after issuance of health care IRR"

Swiss challenge for two road projects under review delayed

By Denise A. ValdezReporter THE Swiss challenge for the unsolicited proposals of the Metro Pacific group for the Cavite-Tagaytay-Batangas Expressway (CTBEx) and the San Miguel group for the extension of the Tarlac-Pangasinan-La Union Expressway (TPLEx) may not make it within the year. The Department of Public Works and Highways (DPWH) told BusinessWorld over the weekend the two projects are still with the National Economic and Development Authority (NEDA) for review. The Swiss challenge, or the…

"Swiss challenge for two road projects under review delayed"

Yields on gov’t securities inch up on US-China, Fed

By Mark T. AmoguisSenior Researcher YIELDS ON government securities (GS) went sideways last week as the trade spat between the United States and China eased ahead of the meeting between the two countries’ trade deputies. GS yields, which move opposite to prices, went up by an average of 4.3 basis points (bp) week-on-week, according to the PHP Bloomberg Valuation Service Reference Rates as of Sept. 20 published on the Philippine Dealing System’s Web site. “GS…

"Yields on gov’t securities inch up on US-China, Fed"