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President Rodrigo Duterte has approved 11 priority projects worth P305.6 billion, mostly infrastructure, including the proposed P211.43-billion Malolos-Clark railway, Malacañang announced on Wednesday. Palace spokesman Ernesto Abella said in a statement the National Economic and Development Authority (NEDA) board, headed by the President, approved “all items” submitted at Tuesday’s board…

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The government is considering issuing $500 million in retail bonds exclusively for overseas Filipino workers (OFW) next year, the Bureau of Treasury said on Wednesday. National Treasurer Rosalia de Leon said the bond will have to benefit the OFWs directly, providing them a safer, more secure, and higher yielding investment…

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WASHINGTON, D.C.: The lack of details on President Donald Trump’s plans to reform the US economy prompted the International Monetary Fund on Tuesday (Wednesday in Manila) to cut its growth forecast for this year and next. The IMF in January raised the estimates on the expectation of fiscal stimulus from…

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The Philippine peso weakened further against the US dollar on Wednesday, touching a new low in more than 10 years, as external developments such as Federal Reserve’s recent rate hike pronouncements and uncertainties on Trump administration’s tax policies affected the market. The local currency closed 21 centavos weaker at P50.50:$1…

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The Department of Public Works and Highways (DPWH) said on Wednesday it has signed a memorandum of agreement with Korean firms covering consultancy services for the P4.9 billion Panguil Bay Bridge Project in Northern Mindanao. The Korean companies are Yooshin Engineering Corporation, Pyunhwa Engineering Consultants Ltd., and Kyong-Ho Engineering &…

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Members of civil society and representatives of consumers and coal-affected communities marched to the Energy Regulatory Commission (ERC) office in Pasig on Wednesday to file petitions for intervention regarding the country’s largest power distribution utility Manila Electric Co. (Meralco’s) application for power supply agreements (PSAs) with seven coal-fired power plants…

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The Philippines is promoting its tourist destinations in Japan particulary in the cities of Tokyo, Osaka and Nagoya during a Philippine Business Mission (PBM) from June 26 to 29. According to the Department of Tourism, the PBM hopes to increase the country’s share of Japan’s burgeoning outbound market. The Philippines…

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LISTED nickel producer Global Ferronickel Holdings, Inc. (FNI), the second largest nickel ore producer in the Philippines and the largest lateritic mine exporter in the world, said on Wednesday its subsidiary, Platinum Group Metals Corporation, has shipped 1.746 million wet metric tons (WMT) of nickel ore as of June 27…

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GOKONGWEI-LED conglomerate JG Summit Holdings, Inc. is spending P48.2 billion ($960 million) this year to fund the expansion of its businesses including in petrochemicals. Of the total amount, JG Summit is allocating about P18 billion to P20 billion for its airline business, Cebu Air, Inc.; P7 billion for its food…

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