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Disney closes $71B deal for Fox entertainment assets

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Disney has closed its $71 billion acquisition of Fox’s entertainment business, putting “Cinderella,” ”The Simpsons,” ”Star Wars” and “Dr. Strange” under one corporate roof. The deal is likely to shake up the media landscape. Among other things, it paves the way for Disney to launch its streaming service, Disney Plus, due out later this year. It will also likely lead ... Read More »

Over 1 500 turtles found inside luggage in Philippines

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Philippine authorities have found more than 1 500 live exotic turtles stuffed inside luggage at Manila’s airport. Customs officials said in a statement Monday that the various types of turtles were found on Sunday inside four pieces of left-behind luggage of a Filipino passenger arriving at Ninoy Aquino International Airport on a Philippine Airlines flight from Hong Kong,. The 1 ... Read More »

Rice import applications reach 1.6 million metric tons

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MANILA: As the Philippines opens its market to cheap imported rice, the number of applications to bring in the commodity under the out-quota scheme has reached 1.6 million metric tons, almost near the projected record-high imports for the country. Based on the updated list released by the National Food Authority, 278 firms have already applied for the out-quota importation of ... Read More »

Philippine Airlines sets systems upgrade on March 23 to 24

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MANILA: Philippine Airlines said Monday select online and mobile services would be unavailable on March 23 to 24 to give way to a systems upgrade. The flag carrier said it would continue to operate scheduled flights but purchase of new flights, tour bookings, rebooking, rerouting and refunds will be temporarily unavailable during the said period. On March 22 to March ... Read More »

Over 1 500 turtles found inside luggage in Philippines

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Philippine authorities have found more than 1 500 live exotic turtles stuffed inside luggage at Manila’s airport. Customs officials said in a statement Monday that the various types of turtles were found on Sunday inside four pieces of left-behind luggage of a Filipino passenger arriving at Ninoy Aquino International Airport on a Philippine Airlines flight from Hong Kong,. The 1 ... Read More »

Philippine Peso Surprises to Become Asia’s Best Currency

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The Philippine peso has defied a yawning current-account deficit to emerge as Asia’s best-performing currency in February. And it may continue to surpass its peers. Peso bulls say record remittances, rising investment and a buoyant domestic economy will propel further gains in the currency. Easing inflation could also lend a hand, as higher real yields burnish the appeal of Philippine ... Read More »

9 reasons why the Philippines is ripe for business in 2019

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MANILA, Philippines – The Philippine government’s economic managers missed their growth targets in 2018. This year, they are confident that they can do better. The country’s top economic experts are banking on legislative developments and several external conditions to spark growth and a better environment for doing business. Finance Secretary Carlos Dominguez III recently told the business community in Japan ... Read More »

Rogue banks face more painful sanctions under new charter

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MANILA, Philippines: The higher fines and new set of penalties under the revised charter of the Bangko Sentral ng Pilipinas would deter rogue banks from committing violations, according to BSP Assistant Governor and general counsel Elmore Capule. Capule said the administrative sanctions on supervised entities under RA 11211 signed by President Duterte last Feb. 14 make it more painful and ... Read More »

Philippine Airlines welcomes 5th Airbus A350-900

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MANILA: Philippine Airlines on Thursday said it has received its fifth Airbus A350-900 dubbed as the “Love Bus.” In a statement, the flag carrier said officials welcomed the aircraft at the Ninoy Aquino International Airport (NAIA) Terminal 2 on Wednesday. The “kissmark” logo on the brand new A350-900 commemorates the 40-year partnership of PAL and plane-maker Airbus, the airline said. ... Read More »

Customs shuts down Bulacan warehouse containing smuggled rice from China

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MARILAO, Bulacan – Bureau of Customs personnel sealed off a warehouse in an industrial compound here on Friday dawn for concealing an undetermined amount of smuggled rice. Senior Supt. Chito Bersaluna, Bulacan police director, said the team led by Alvin Encino of the Customs Intelligence and Investigation Service, padlocked the Evergreen Warehouse inside the compound of Federal Corporation (Fedcor) shortly ... Read More »

Modernization of maritime units vs. drug smuggling begins

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MANILA — The Philippine National Police (PNP) has started the modernization of its maritime units in a bid to enhance its capability to combat seaborne illegal drugs smuggling. PNP chief, Director General Oscar Albayalde said part of the modernization is to purchase more motorized patrol boats and recruitment and training of additional personnel for maritime operations. “We are modernizing our ... Read More »

Maritime exercise shows preparedness of agencies under Davao City Maritime Council

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Several government agencies under the Davao City Maritime Council conducted a search and rescue exercise in Davao City to show the council’s ability in responding to maritime situations, the Philippine Coast Guard (PCG) said Friday. All available floating and air assets of the members of the Maritime Council were in full display during the anti-piracy, counter-narcotics and anti-terrorism exercise held ... Read More »

Higher tobacco tax could encourage illicit trade, smuggling

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Raising the excise tax on tobacco products could encourage illicit trade such as smuggling and tax evasion among businesses in the country, an official of the Federation of Philippine Industries (FPI) said. During a Senate hearing on proposed measures to increase the excise tax on tobacco products, FPI chairman Jesus Arranza said that previous increases in tobacco excise tax have ... Read More »

P11M worth of smuggled cigarettes seized in Zamboanga port

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ZAMBOANGA CITY: Authorities intercepted over the weekend some P11 million worth of smuggled cigarettes at the local port of this city. Rear Admiral Rene Medina, commander of Naval Forces Western Mindanao, said joint operatives on illegal drugs and anti-smuggling seized the imported tobacco products inside commercial vessel MV Kristel Jane on Saturday, February 9. The vessel came from Jolo, Sulu, ... Read More »

Import ban on fresh produce from ASF-hit countries stays

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MANILA: Agriculture Secretary Emmanuel “Manny” Piñol on Wednesday reiterated that the import ban on fresh fruits, meat and its by-products, as well as plants from countries hit by African Swine Flu (ASF) is being strictly enforced by authorities. “Over the last few weeks, following the strict implementation of Quarantine Rules against the entry of fresh fruits, vegetables, plants, meat and ... Read More »

Most Asean markets fall, Philippines loses most

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BENGALURU: Most Southeast Asian stocks fell on Monday in a lacklustre trading, with Philippines leading losses, as optimism about a trade deal between the United States and China waned. The Philippine benchmark index fell 0.6 percent ahead of the country’s inflation data, expected on Tuesday. Industrials and financials dragged the index with SM Investments Corp and BDO Unibank Inc dipping ... Read More »

Indonesia oil giant mulls $1-billion LNG project in Philippines

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MANILA, Philippines: Indonesia’s second biggest crude oil producer, PT Pertamina, is looking to invest $1 billion for the development of liquefied natural gas (LNG) in the Philippines through a regasification hub project, the Department of Trade and Industry (DTI) said yesterday. Trade Secretary Ramon Lopez said PT Pertamina has expressed interest to do business in the Philippines by being involved ... Read More »

NBI files complaint vs Lapeña, others for shabu smuggling

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MANILA, Philippines—The National Bureau of Investigation (NBI) has filed criminal complaint against former Custom chief Isidro Lapeña and several others for the smuggling of billions worth of shabu inside magnetic lifters. Lapeña is facing two counts each for violation of Republic Act 3019 or the Anti-Graft Law, Dereliction of Duty and Grave Misconduct. On the other hand, former Philippine Drug ... Read More »

Philippine financial service firm flags data breach affecting 900,000 clients

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MANILA: Cebuana Lhuillier, a Philippine financial service provider, said that the data of 900,000 clients had been accessed without authorization and that it had already alerted authorities to investigate the incident. The breach came as Philippine investigators were looking into allegations by the country’s foreign minister last week that a privately contracted firm took away documents and data from the ... Read More »

The outlook of the Philippine real estate industry in 2019

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The Philippine real estate industry is forecast to maintain its growth and remain resilient in 2019. This is based on research and data gathered by industry leader JLL which reported an upward trend in the office, residential, retail, and hospitality sectors of the Philippine property market in 2018. In 2018, an estimated 1 million square meters of office space was ... Read More »