Business

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Growth in revenues outpaces rise in expenditures; year-to-date target missed The government’s budget deficit narrowed in July from a year earlier and the previous month with revenue growth outpacing a rise in expenditures. The P50.5-billion shortfall for the month was marginally lower from the P50.7 billion posted in July last…

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Banks in the Philippines are expected to continue growing rapidly but profitability faces headwinds, S&P Global Ratings said in a new report. Overall loan growth is estimated to be between 15 percent and 17 percent in 2017 and 2018 following a 16.5-percent expansion in 2016, S&P said in its “Philippine…

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KUALA LUMPUR, Malaysia: The local unit of Malaysia’s Berjaya Corp. Bhd is looking to expand its Philippine footprint, setting its sights on tourism and hospitality as well as automotive services. Wong Ee Coln, president of Berjaya Philippines Inc., said the company was looking for suitable locations to build a new…

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Local smartphone vendors saw market share shrink in the second quarter due to heightened competition from Chinese imports, data from research firm International Data Corporation (IDC) showed. Local vendors saw their market share shrink to 41 percent from 49 percent a year earlier. Smartphone shipments to the Philippines by 10…

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A MANILA WATER-led consortium will be incorporating a joint venture with the Obando Water District (OWD) for a project in the Bulacan town. In a disclosure, Manila water said that Obando Water Consortium Holdings Corp. (OWCHC), a consortium it formed with unit Manila Water Philippines Ventures, Inc., had inked a…

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METRO Pacific Investments Corp. sees progress in its plan to buy Metro Rail Transit Corporation from the government, MPIC Chairman Manuel V. Pangilinan said. “When we say progress, it means there are discussions,” Pangilinan told reporters in Quezon City on Tuesday on the sidelines of the launch of a digital…

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Suspended transport network company Uber Philippines said on Wednesday that it has already released about P100-million financial assistance to displaced drivers. Uber officials made the disclosure during a hearing with the Land Transportation Franchising Regulatory Board in hopes that the board would lift a month-long suspension in exchange of a…

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GOKONGWEI-led property developer Robinsons Land Corp. (RLC) said its P12-billion bond issue has kept its “PRS Aaa” grade from Philippine Rating Services Corp. Obligations rated “PRS Aaa” indicate the company’s strong capacity to meet its financial commitments relative to that of other Philippine corporations. It is the highest rating assigned…

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PROPERTY developer Primex Corp. said on Wednesday its Board of Directors has approved a plan to make a foray into mass housing development. In line with this, the company said it will form a wholly-owned subsidiary to undertake mass housing operations. “The portfolio of the group’s land bank enables us…

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PROPERTY developer Ayala Land, Inc. (ALI) said it is strengthening its footprint in the Visayas and Mindanao regions with several projects, both residential and commercial, which are already in full swing. “For economic growth to be truly felt by more people, real estate developments should expand beyond Metro Manila,” ALI…

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