First in 75 yrs: Victory Liner laying off hundreds of workers
For the first time in its 75-year history, bus operator Victory Liner Inc. (VLI) is laying off hundreds of employees to stay afloat amid the tough economic and regulatory environment…
5 conglomerates back Ayala’s COVID-19 response initiative
Five of the country’s top conglomerates have added financial muscle to the Ayala group’s initiative to build four new coronavirus (COVID-19) confirmatory reverse transcription polymerase chain reaction (RT-PCR) testing laboratories…
PSEi closes down 0.53% on foreign selling, profit-taking
The local stock barometer slipped on Friday as investors reassessed their portfolios while other markets in the region firmed up. The main-share Philippine Stock Exchange index (PSEi) shed 33.38 points…
Drug pricing EO a threat to pharma firms’ operations, says Fitch
New regulations on drug pricing in the Philippines will escalate pressure on the pharmaceutical industry and threaten the operations of multinational drug-makers, think tank Fitch Solutions said. In a research…
Farmers, fisherfolk get P1.9B in assistance from gov’t
The Department of Agriculture (DA) has distributed P1.9 billion worth of inputs and assistance to farmers and fisherfolk whose livelihoods were affected by typhoons, the Taal Volcano eruption and the…
MWSS secures $126-M loan from ADB for critical aqueduct
Water supply for households in Metro Manila, Rizal and Cavite is expected to be more secure as the Asian Development Bank (ADB) approved a $126-million loan to help the Metropolitan…
BIR, Customs collections down 24.8% in 5 months
No thanks to a COVID-19-induced recession, tax collections declined by almost a fourth year-on-year to P874.9 billion as of end-May, the Department of Finance (DOF) said on Friday. In a…
Jollibee raises $600M via bond issuance
Fast-food giant Jollibee Foods Corp. (JFC) has boosted its coronavirus (COVID-19) war chest by $600 million with the issuance of new bonds in the offshore market. Through wholly owned unit,…
Mega Global sets P500-M expansion
Mega Global Corp., the company behind Mega Sardines, is set to embark on its biggest expansion program yet, 45 years since it started operating as an exclusive family-owned business. During…
BMW to drop 6,000 jobs through turnover, early retirement
FRANKFURT, Germany — Automaker BMW says it will drop 6,000 jobs through early retirements and turnover, as the auto industry adjusts to a sharp drop in demand due to the…