DTI approves P3.3 billion loans for MSMEs
The Department of Trade and Industry has approved over P3.3 billion worth of loans under a facility to assist micro, small and medium enterprises dealing with the impact of COVID-19 pandemic......»»
UnionDigital Bank revenue grows to over P5 billion
UnionDigital Bank, the digital banking arm of Aboitiz-led Union Bank of the Philippines, saw its revenue grow to over P5 billion in 2023 mainly driven by higher deposits and loans......»»
Asialink eyes P2.4 billion in truck loans as e-commerce grows
Asialink Finance Corp. is looking at lending as much as P2.4 billion this year to the fast growing market for brand new and used trucks that are essential to the growth of e-commerce and logistics......»»
Marcos approves release of P9.7 billion unprogrammed funds for DPWH projects
President Marcos has approved the release of P9.7 billion from the unprogrammed funds for public works and road repair whose original budget was slashed and included in the P60 billion in last-minute insertions in the 2024 national budget by some members of the House of Representatives......»»
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”......»»
CLI approves issuance of P5 billion preferred shares
Cebu Landmasters Inc., the listed property developer focused in the Visayas and Mindanao regions, will issue five million Series A preferred shares to raise up to P5 billion......»»
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......»»
Parañaque approves P12.4 billion budget for 2024
The city council of Parañaque has approved a P12.4-billion budget for next year, Mayor Eric Olivarez announced on Wednesday......»»
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......»»
ADB approves $2.1 billion financing for Bataan-Cavite bridge project
The Asian Development Bank has approved $2.1 billion worth of financing for the construction of the Bataan-Cavite Interlink Bridge project......»»
ADB approves 2.1 bln USD loan to build bridge in Philippines
MANILA, Dec. 12 (Xinhua) -- The Asian Development Bank (ADB) on Tuesday said it has approved up to 2.1 billion U.S. dollars in loan for the construction of a 32.15 km bridge connecting Bataan and Cavite provinces across Manila Bay to decongest Metro Manila, enabling greater mobility of labor and goods, and enhance economic productivity in the country's largest region of Luzon. The ADB said the Bataan-Cavite Inte.....»»
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......»»
SEC approves CDC’s P1.1 billion short-term commercial papers
Listed property developer Cityland Development Corp. has received the approval of the Securities and Exchange Commission to offer its P1.1 billion worth of short-term commercial papers......»»
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......»»
Marcos approves P5,000 financial assistance for 2.3 million rice farmers
President Ferdinand Marcos Jr. approved and ordered on Thursday the release of P12.7 billion for the Rice Farmers Financial Assistance program in an attempt to help small rice farmers to sustain productivity......»»
Senate panel approves OVP’s proposed P2.3B budget for 2024
The Senate Committee on Finance on Monday approved the proposed P2.385 billion budget of the Office of the Vice President, including the proposed P500 million budget for its confidential and intelligence funds. Vice President Sara Duterte, who leads the OVP, physically attended the deliberation on the proposed budget for her office. The deliberation lasted for about an hour and a half, which is longer compared to the 20-minute approval made by the House Committee on Appropriations for the OVP's budget proposal for the upcoming fiscal year. Citing parliamentary courtesy, Senator Ramon “Bong” Revilla Jr. made a motion to terminate the budget discussion for the OVP’s proposed budget. “Traditionally, with due respect and courtesy to the second highest official of the country. When [it comes to] the budget of OVP, deliberations are terminated after a few pleasantries,” Revilla said. “In view of tradition, I hereby express my support to the OVP and move for the approval of its budget for 2024,” he added. Senators Jinggoy Estrada and Ronald “Bato” Dela Rosa, seconded Revilla’s motion. The post Senate panel approves OVP’s proposed P2.3B budget for 2024 appeared first on Daily Tribune......»»
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......»»
Singapore state investor Temasek reports portfolio value drop
Singapore state investor Temasek said Tuesday its net portfolio value fell 5.2 percent in the last financial year due to volatility in global markets, and that it would be adopting a more cautious strategy. The company, whose global footprint extends well beyond the city-state, said its net holdings in the year ending in March were at Sg$382 billion ($287 billion), down from a record high Sg$403 billion in the previous year. Its one-year total shareholder return came in at negative 5.07 percent, weighed by higher interest rates resulting from tighter monetary policies to fight inflation. Its three-year total shareholder return, however, stood at 8.0 percent, while its 10-year return was at 6.0 percent and 20-year return at 9.0 percent. "We maintain a cautious investment stance and expect to invest at a moderated pace this financial year, given the challenging macroeconomic environment," said Temasek chief investment officer Rohit Sipahimalani. Temasek is ranked among the world's top 10 investors, with stakes in companies like Singapore Airlines and the city-state's biggest lender DBS Group. The company is mainly anchored in Asia, which accounts for 63 percent of its holdings, mostly in Singapore and China. Its portfolio ranges from transportation to financial services, telecommunications, real estate and life sciences. On Tuesday, Temasek also defended not taking tougher action against the team responsible for a failed investment in collapsed cryptocurrency exchange FTX. Temasek said in May it had slashed compensation for the team and senior management responsible for investing in FTX, which together with its sister trading house Alameda Research went bankrupt in November. FTX's implosion dissolved a virtual trading business that at one point had been valued at $32 billion, resulting in Temasek writing down its $275 million investment and launching an internal review. While the review found no misconduct, the investment team and senior management "took collective accountability and had their compensation reduced", Temasek said at that time. Temasek chief executive Dilhan Pillay said Tuesday the action taken by the firm was enough. "If we were to start to punish people beyond what we've done, who would want to be an investor?" he said. "When you do invest, you take risks. You take calculated, calibrated risks, and as long as you've done the work required to make the investment, the committee approves it and it goes forward," he added. "FTX was, I would say, an aberration." The post Singapore state investor Temasek reports portfolio value drop appeared first on Daily Tribune......»»