The rate of re-issued seven-year Treasury bond (T-bond) rose on Tuesday and demand for the debt paper remained strong. The average rate of the securities moved to 4.689 percent from 4.468 percent in the previous session. The Bureau of the Treasury (BTr) offered the debt paper for PHP35 billion, and total tenders reached PHP55.623 billion. The auction committee made a full award. National Treasurer Rosalia de Leon said there was “marked reduction in bids submitted from (the) last auction.” In a Viber message to journalists, de Leon said the highest offer for the same tenor in the previous auction was
A measure allowing and regulating the operation of motorcycles-for-hire hurdled second reading approval at the House of Representatives. During Tuesday’s plenary session, the chamber passed through voice voting House Bill 10571, which allows the operation of motorcycles as common carriers for the transportation of passengers and goods, including parcels and mail. The bill mandates the registration of motorcycles-for-hire with the Land Transportation Office (LTO) to ensure the roadworthiness of all motorcycle-for-hire before their registration, or renewal of registration. The Department of Transportation (DOTr) shall provide the standards and specifications of motorcycles that may be allowed to operate as public utility
The Asean Macroeconomic Research Office (AMRO) has slashed its growth projection for the Philippine economy for this year given the impact of the reimplementation of stricter movement restriction due to the Omicron variant of coronavirus disease 2019 (Covid-19). However, AMRO raised its growth forecast for the domestic economy for 2021 amid the stronger resumption of economic activities in the last quarter. In its Asean+3 Regional Economic Outlook (AREO) report released on Tuesday, AMRO now sees a 4.9-percent expansion for the domestic economy last year, up from 4.3 percent in the AREO 2021 Update released last October, while the 2022 figure
The country’s investment promotion agencies (IPAs) and some business organizations have called for the immediate concurrence of the Regional Comprehensive Economic Partnership (RCEP) by the Senate. The IPAs and business groups said the Philippines cannot afford to delay or not participate in the RCEP, which is now the world’s largest free trade agreement (FTA). “The RCEP Agreement promotes greater openness, creates a more business-friendly environment, encourages closer integration of economies, and provides a more stable and predictable rules-based system of trade. These all together establish the countries in RCEP as more attractive investment destinations,” the joint statement said. The joint
Geothermal power leader Energy Development Corporation (EDC) has allocated funds for the establishment of additional off-grid electronic or e-communities in Valencia, Negros Oriental. Norreen Bautista, head of EDC’s Corporate Social Responsibility for Negros, on Tuesday told the Philippine News Agency that two more barangays in Valencia, Negros Oriental are recipients of the firm’s expanded e-community project. These are the villages of Malaunay and Caidiocan, which recently received a donation of PHP277,940 to be equally divided among the two communities for the installation of wi-fi infrastructures. “We expect to complete the project with our partners this first quarter of the year.
The Binondo-Intramuros Bridge project in Manila of the Department of Public Works and Highway (DPWH) is nearly 90 percent finished and expected to open to vehicular traffic by Holy Week this year. In his report to DPWH Secretary Roger G. Mercado, Undersecretary and “Build, Build, Build” chief implementer Emil K. Sadain said the 680 meters bridge project across Pasig River is pretty much finished with the main bridge itself having two lanes in each direction complete. Sadain, in-charge of the Unified Project Management Office (UPMO) Operations, with UPMO Project Directors Benjamin A. Bautista, Sharif Madsmo H. Hasim, Ramon A. Arriola
