Business

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The Bureau of Customs (BOC) is now requiring all customs deputy commissioners, district collectors and subport collectors to create a public assistance/complaints desk in their respective units to improve transparency in the bureau. In a statement, the bureau said that Customs Commissioner Ruffy Biazon issued a memorandum on September 3,…

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The country’s earnings from abaca exports dropped by more than a fourth in the first quarter of the year as demand continued to slow down due to the economic crisis in traditional markets, the Fiber Industry Development Authority (FIDA) said on Thursday. “There are still traces of the economic crisis…

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Amid concerns on the effect of higher sin tax to the tobacco industry, the National Tobacco Administration (NTA) on Thursday approved the increase in the floor prices of tobacco variants for trading year 2014-2015. Following the Tobacco Tripartite Consultative Conference, the NTA has agreed to raise buying prices of tobacco…

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The Department of Finance (DOF) has formed four management clusters to strictly enforce the agency’s varied functions, and to streamline and improve processes at the department. “By formalizing the cluster system which we have been using for the past three years, we will enhance both accountability and transfer of expertise…

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From the original P25-billion investment budget for the Iloilo Business Park, the Andrew Tan-led developer Megaworld Corp. decided to invest more for the project, allocating a total of P35 billion in the next 10 years. With the increase in its investment budget, the Iloilo Business Park is now the largest…

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STI Educations Systems Holdings Inc. subscribed to a 40-percent equity in Attenborough Holdings Corp. (AHC), a company that owns 20-percent of Unlad Resources Development Corp. In a filing with the Philippine Stock Exchange, STI disclosed that its board has approved the company’s plan to subscribe to at least 40-percent equity…

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BEIJING: US aviation giant Boeing said on Thursday that it expects China’s commercial aircraft fleet to triple in size over the next two decades, as the country’s strong economic growth boosts air traffic. China will need 5,580 new airplanes worth $780 billion by 2032, 16 percent of the world total,…

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The net income of independent Philippine oil industry player Eastern Petroleum Corp. is expected to rise to the P300-million level next year because of its recently launched new liquefied petroleum gas (LPG) product. Set to become the firm’s major income contributor in the next two years, the Eastern Composite (EC)…

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Globe Telecom is expanding its Long-Term Evolution (LTE) footprint as the Tattoo Home Broadband, its home broadband brand, brings the latest technology to households, allowing subscribers to surf the Internet at ultrafast speeds. “Tattoo Home Broadband once again leads the industry as the first to offer the most advanced wireless…

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Moody’s Investors Service has downgraded the subordinated debt (subdebt) ratings of Rizal Commercial Banking Corp. (RCBC) and the Philippine National Bank (PNB), following its reassessment on the probability of government support that was assumed for the debt class. The credit-rating agency concluded its review by removing the support uplift previously…