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PSE approves listing of GSIS-owned Alternergy preferred shares
Alternergy disclosed that the PSE has approved its application to list the 100 million preferred shares that it sold to the Government Service Insurance System at a price of P14.50/share......»»
NEDA approves 23 new priority infrastructure projects
The National Economic and Development Authority Board has approved the inclusion of 23 projects in the list of infrastructure flagship projects to be prioritized under the current administration, bringing the total cost to P9.14 trillion......»»
Union Bank board approves P10-B stock rights offering
The board of directors of Union Bank approved a plan to conduct a stock rights offering to raise up to P10 billion to “fund the capital infusion to UnionDigital” and for “projected retail loan availments”......»»
Cebu Landmasters board approves P5-B preferred shares offering
Cebu Landmasters announced that its board of directors approved a measure to sell up to P5 billion worth of its Series A preferred shares in an upcoming follow-on offering......»»
PEZA approves P14.933 Billion investments in May
The Philippine Economic Zone Authority (PEZA) Board has greenlighted 20 new and expansion projects in May expected to bring in P14.933 Billion investments......»»
Government approves P336 billion worth of strategic projects
The government has approved 16 strategic investment projects worth P336.3 billion for green lane processing as of end-October, according to the Board of Investments......»»
NEDA board approves P269.7 billion high-impact projects
The National Economic and Development Authority board, chaired by President Marcos, approved on Friday a number of high-impact projects amounting to about P269.7 billion......»»
IMF board approves $300-M loan for Burkina Faso
The International Monetary Fund's (IMF) executive board approved a $300 million loan agreement for the West African nation of Burkina Faso to help bolster its economy and reduce poverty. The landlocked country has had two military coups since January last year, while contending with a deteriorating security situation and multiple economic shocks, including the war in Ukraine and the recovery from the COVID-19 pandemic. The four-year loan agreement worth around $302 million, should "create fiscal space for priority spending, strengthen resilience to shocks while reducing poverty, and bolster fiscal discipline, transparency and governance," the IMF announced in a statement. Burkina Faso saw its fiscal buffers eroded "substantially" last year, along with a sharp decline in economic growth, according to the IMF. "Burkina Faso faces a challenging macroeconomic outlook amid large development and security needs, compounded by acute food insecurity and long-standing fragility," IMF Deputy Managing Director Kenji Okamura said. "For the country’s long-term development process, it remains essential to sustain structural reforms to foster economic growth and diversification as well as to reduce poverty," he added. Burkina Faso has been battling a deadly jihadist insurgency since 2015, a spillover from the conflict in neighboring Mali which has also affected its eastern neighbor Niger. All three countries have had military coups since 2020. More than 40 percent of Burkina Faso's population lives in poverty, according to the IMF, while the UN refugee agency estimates that more than two million people are internally displaced as a result of "persistent insecurity." The post IMF board approves $300-M loan for Burkina Faso appeared first on Daily Tribune......»»
Central Visayas Wage Board Approves Wage Hike
The Department of Labor and Employment 7 (DOLE 7) Regional Tripartite Wages and Productivity Board has approved the minimum wage increase of P33 on September 5, 2023. The wage board in Central Visayas has issued Wage Order No. ROVII-24 increasing the minimum wage in the region. Class C areas will now receive P420 for Non-Agriculture […].....»»
PBBM approves appointments within DOTr, DMW
President Ferdinand Marcos Jr. has approved a number of recent appointments within the Department of Transportation and the Department of Migrant Workers, Malacañang said on Friday. In a Facebook post, the Presidential Communications Office said that Marcos assigned Arrey A. Perez as the President and Chief Executive Officer of the Clark International Airport Corporation. CIAC is responsible for overseeing the development of Clark International Airport under the jurisdiction of the DOTr. Perez will also serve on the CIAC's Board of Directors. Perez previously served as the Bases Conversion and Development Authority's Senior Vice President for the Corporate Services Group. Marcos also appointed Victor Manuel Jr. as one of CIAC's Board of Directors. Samsudin Lingtongan was named Director III and Victor Del Rosario was named Executive Director III under the Department of Migrant Workers. The post PBBM approves appointments within DOTr, DMW appeared first on Daily Tribune......»»
Chemical Industries board approves 8-company merger
Chemical Industries of the Philippines disclosed that its board of directors approved a merger with seven other affiliates, with CIP as the surviving entity......»»
Spartan Stadium Alcohol Sales Approved for Fall by Board of Trustees
Title: Michigan State University Approves Alcohol Sales at Spartan Stadium to Enhance Fan Experience The Michigan State University (MSU) trustees have unanimously given the green.....»»
ACEN board approves P25 billion preferred share sale
The ACEN board of directors approved the sale of up to 25 million preferred shares to raise up to P25 billion as part of the first tranche of its three-year, shelf-registered 50-million preferred shares sale......»»
NEDA board approves P170.6 billion NAIA rehab
To address issues in the country’s main gateway, the National Economic and Development Authority Board yesterday approved the P170.6-billion Ninoy Aquino International Airport rehabilitation project......»»
NEDA approves partnership to improve NAIA
The National Economic and Development Authority (NEDA) has approved the solicited public-private partnership to improve and privatize Ninoy Aquino International Airport (NAIA), Secretary Arsenio Balisacan said on Wednesday. In a Malacañang press briefing, the NEDA Secretary said the project intending to repair and modernize the country's primary gateway would cost P170.6 billion. “The goal of the project is to address longstanding issues at NAIA such as the inadequate capacity of passenger terminal buildings and restricted aircraft movement,” Balisacan said, adding that the successful bidder may be revealed within the year. “It aims to increase the current annual airport capacity from 35 million to at least 62 million passengers. The NAIA PPP Project also aims to increase air traffic movement from 40 to 48 per hour,” Balisacan pointed out. Balisacan said the project, which he mentioned is under the Department of Transportation and the Manila International Airport Authority, is expected to enhance overall customer satisfaction and service quality to avoid long lines, protracted wait times, and other annoyances for passengers. The NEDA Secretary added that the project covering all NAIA terminals, facilities, and runways would start "as early as next year." Marcos added that the unsolicited proposal of the Manila International Airport Consortium (MIAC), which seeks a longer concession period of 25 years, is already defacto closed as it overlapped with the DOTr’s solicited mode to privatize NAIA’s operations. “Now that the solicited proposal has been approved, we are now saying it’s open for competitive bidding so the unsolicited proposal is de facto already closed,” Balisacan said. “Those who are planning or proposing to come in under unsolicited [mode] are encouraged and we hope that they will participate in the solicited mode of PPP,” Balisacan added. For context, Transportation Undersecretary for Aviation Roberto Lim explained that the NEDA Board usually decides on “the best route to take” regarding the solicited or unsolicited proposal on NAIA’s privatization. When questioned about the possibility of funding the project through the Maharlika Investment Corporation, Balisacan said "there is no need" to invest the funds there if the private sector is already capable of handling it. The post NEDA approves partnership to improve NAIA appeared first on Daily Tribune......»»
Monetary Board approves government’s $2.73-B borrowings
The Monetary Board, the policy-making body of the Bangko Sentral ng Pilipinas, approved the government's borrowing in the second quarter to fund various railway projects across the country. In a statement on Friday, the BSP said it approved the government's borrowing of $2.73 billion in the second quarter, which is 23 percent lower than the borrowing amount during the same period in 2022, which was $3.54 billion. “These are all borrowings by the Republic of the Philippines consisting of three project loans from the Japan International Cooperation Agency. These borrowings will fund various railway projects of the NG (national government),” the BSP explained. For comparison, the BSP in April reported $5.56 billion in public sector foreign borrowings in the first quarter, up 16 percent from last year's $4.8 billion. Public sector borrowings comprise a combination of project loans and program loans. These borrowings also involve the issuance of sovereign bonds to fulfill the national government's general financing needs, which include addressing the impacts of the COVID-19 pandemic and funding infrastructure-related projects. Most of the country's borrowings primarily originate from domestic creditors to protect the national government from the unpredictable fluctuations of exchange rates and other factors. Foreign loans necessitate the approval of the BSP through its Monetary Board before the national government can guarantee them. According to data from the BSP, the country's foreign debt reached a record high of $118.81 billion in the first quarter. To ensure that the level of foreign debt remains within manageable limits, the BSP is responsible for reviewing and approving all public sector or government foreign borrowings following Section 20, Article VII of the 1987 Philippine Constitution. The BSP has emphasized its commitment to promoting the prudent utilization of resources and ensuring that the country's external debt requirements are maintained at manageable levels to support external debt sustainability. The post Monetary Board approves government’s $2.73-B borrowings appeared first on Daily Tribune......»»
MRC Allied board approves 10-for-1 reverse stock split
Adjusting the par value of the company’s capital stock doesn’t do anything to the finances of the company, it just adjusts the number of shares that own the company’s income and assets on a proportional basis......»»
MTRCB approves Barbie for commercial release
The Movie & Television Review & Classification Board has greenlit Warner Bros.' upcoming movie "Barbie" starring Margot Robbie as the titular doll for commercial release in the Philippines......»»
Wage board approves P40 hike in minimum wage in Metro Manila
The increase granted is less than half of the P150 across-the-board daily minimum wage hike inching forward in the Senate and brings the minimum wage in the capital to within P140 of the P750 daily national minimum wage that labor groups are campaigning for......»»
NEDA board approves TPLEX extension, other infra projects
The National Economic and Development Authority Board, chaired by President Ferdinand R. Marcos, Jr., has convened and granted approval to vital projects and guidelines aimed at supporting the Philippines' development objectives outlined in the Philippine Development Plan 2023-2028. In a Malacañang press briefing on Friday, NEDA Secretary Arsenio Balisacan said that one of the significant approvals made by the NEDA Board is the Tarlac-Pangasinan-La Union Expressway Extension Project. This 59.4-kilometer, four-lane extension highway, deemed the fastest unsolicited proposal approval according to Investment Coordination Committee guidelines, will connect the Ilocos Region, Central Luzon and Metro Manila. “This is expected to stimulate economic activity, alleviate road congestion, provide better and safer road access and promote the development of new growth centers in nearby regions," Balisacan said. Asked about the timeline of the project, Balisacan said "the plan is to complete this project within the term of the administration." He added the TPLEX Extension Project will be implemented through a public-private partnership under the Department of Public Works and Highways. Meanwhile, the NEDA Board has also confirmed the "Investment Coordination Committee or ICC Guidelines for LGU PPP Projects." These guidelines outline the procedures and roles of Regional Development Councils and other local development councils in processing public-private partnership proposals from local government units that require ICC action under the Philippine BOT (Build-Operate-Transfer) law. "Recognizing the vital role of LGUs in driving economic growth, the guidelines provide a streamlined process for LGUs to pursue PPP projects that require the action by the ICC," Balisacan added. He mentioned that the NEDA Board also reviewed the initial progress report on the Infrastructure Flagship Projects under the Marcos administration's Build-Better-More program. Out of the total 194 IFPs, 68 are currently in progress, 25 have been approved for implementation, 9 are awaiting government approval, while the remaining projects are in the process of project preparation or pre-project preparation. These high-impact infrastructure initiatives, with an estimated cost of P8.3 trillion, aim to address the nation's infrastructure deficit, stimulate sustainable economic growth and prioritize key sectors of the economy. The post NEDA board approves TPLEX extension, other infra projects appeared first on Daily Tribune......»»