President Rodrigo R. Duterte has signed into law the PHP 5.024 trillion (USD 97.9 billion) national budget for 2022, which will be used for the country’s COVID-19 pandemic response and recovery efforts in the aftermath of Typhoon Odette. The budget is significantly...
The Department of National Defense (DND) has signed a PHP 28 billion (USD 545.7 million) contract with South Korean shipbuilder Hyundai Heavy Industries (HHI) for the acquisition of two brand-new corvettes for the Philippine Navy (PN), which are capable of conducting...
The Philippines frozen pork inventory in accredited cold storages declined from 75,024.9 MT recorded on November 29, 2021 to 62,695.25 MT as of January 10, 2022. Frozen pork inventory takes into account the in-house cold storage, which also includes meat processing...
American footwear and apparel brand, Skechers, ended its distributorship agreement with its local partner in a bid to establish its own presence and directly operate its business in the Philippines under a new entity called Skechers USA Philippines, Inc. The...
AC Energy Corporation, the energy firm of the Ayala Group, inked subscription agreements totaling PHP 14 billion (USD 274 million) in late December 2021 for its two subsidiaries to support the development of the latter’s renewable energy projects in Luzon. In...
The Philippines Department of Environment and Natural Resources (DENR) has reported significant gains in the water quality of Manila Bay in 2021 as it vows to carry on its rehabilitation work in 2022, in compliance with the continuing mandamus of the Supreme Court....
The Philippines is expected to ramp up its renewable energy sources as Solar Philippines, the nation’s largest solar company, is eyeing 1-GW solar projects to start operations next year. In October 2021, the company announced it is setting up Solar Energy Zones,...
The latest report of the Bangko Sentral ng Pilipinas (BSP) confirmed that the BSP achieved its target of reaching 20% of digital payments volume by 2020. The report reveals that as of the end of 2020, 20.1% of monthly payments volume was conducted digitally. This is a...
The Board of Investment (BOI) approved two agricultural projects amounting to PHP168 million (USD3.3 million) to support and improve the meat processing industry of the Philippines. BOI said in a statement that it gave the nod to Broilers Club Inc. (BCI) and STMP Agri...
The Board of Investments (BOI) has approved incentives for a PHP 603 million (USD 12 million) hospital project that will cater to COVID-19 patients in the Cagayan Valley region. Aiming to augment the high-demand hospital capacity and cater to COVID-19 patients with...
Decathlon, the world’s largest sports retailer, and SM Supermalls, the Philippines’ largest mall developer, consolidated their partnership with further Decathlon store openings at key SM shopping malls – SM City North Edsa in Quezon City and SM Mall of...
Household consumption in the Philippines could see sustained improvement in the near term amid slowing daily COVID-19 infection rates, analysts said. A more sustained improvement in household consumption is projected as daily infection rates have continued to slow. In...
