The Philippine Peso weakened on Thursday as an effect of investors concerns in the local economy. After hitting its strongest thus far in three years early this week, the peso closed at 42.17 against the US dollar on Thursday. Down by 6 centavos from Wednesday’s 42.11.

The Social Security System (SSS) reported that its benefit payments for 2010 has increased by 7% to P77.17 billion, with the bulk of the payment going to retirement claims and death benefits. SSS president and chief executive officer (CEO) Emilio de Quiros Jr. said in a statement that the state-run agency paid P38.23 million to [...]

President Benigno “Noynoy” Aquino III yesterday said he wants oil companies to open their books to public scrutiny to prove that they were not taking advantage of the public in their series of oil price increases.
“That was my position ever since I have been in public service, isn’t it? If reasonable, why can’t they show [...]

Another addition to the Lenten sacrifice of Filipinos for the Holy Week: The prices of liquefied petroleum gas (LPG) have gone up by P1/kilo or P11 per 11-kg tank on Holy Wednesday. The price increase was implemented after some fuel firms raised prices of their products.
According to the LPG Marketers’ Association (LPGMA), the increase was [...]

Splash Corporation reported its profit up to 500 percent to P144 million in 2010 from P23.74 million in 2009. The leading personal care manufacturer reported to the Philippine Stock Exchange that its big financial figures last year can be attributed to its strong performance across all its business segments – domestic, international and direct selling.
Splash [...]

Former governor Zaldy U. Ampatuan of the Autonomous Region in Muslim Mindanao (ARMM) is facing plunder charges. Interior and Local Government Secretary Jesse M. Robredo said charges will be filed against Ampatuan after an audit report revealed that unaccounted amount of P2.5 billion in government funds. Robredo said the charges could be filed by the [...]

The P58-million graft case filed against former Makati City Mayor Elenita Binay, together with five other respondents, has been dismissed by the Sandiganbayan ruling that the evidence was not sufficient to prove alleged overpricing of furniture for the Makati City Hall. The anti-graft court’s second division said there is insufficient basis for the trial of [...]

Social Security System (SSS) is set for some structural changes in order to provide for more benefits. SSS president and chief executive Emilio de Quiros Jr. said Filipino workers and pensioners have sought meaningful benefits for the past many years, which is not possible unless the pension structure is updated.
He said, “The SSS operates on [...]

As some small players reduced their prices of gasoline by P1 a liter last Monday, the big 3 oil firms in the country raised their diesel. Chevron Philippines, Pilipinas Shell Petroleum Corp., and Petron Corp. raised their by P0.60 per liter their diesel prices as of 6:00 a.m. on Tuesday.
However, just like their small players [...]

Because of the electricity shortage brought on by a long drought, the government will ask malls to shut down to help alleviate the effect of the shortage. The government said it will be asking shopping mall, as well as some factories to consider shutting down operations for several days in order to ensure the uninterrupted [...]

The move against the imposition of the 12 percent value added tax (VAT) on toll found an ally in the person of Senate President Juan Ponce Enrile.
Enrile opposed the imposition of 12 percent VAT on toll, saying that the tax would only bring additional burden for motorists who also pay the road users’ tax. The [...]

The last week of the year will see the field personnel of the Bureau of Internal Revenue (BIR) going out and visiting businesses and their warehouses. The revenue agency will be deploying its personnel to check out and monitor taxpayers’ year-end inventory.
BIR Commissioner Joel Tan-Torres issued Revenue Memorandum Order No. 40-2009, which seeks to validate [...]

The only liquefied petroleum gas (LPG) franchiser in the country, PR Gaz Haus, is embarking on an ambitious 500-store expansion binge. This it hopes to accomplish in the next five years, according to company chief operating officer for franchising Siu Ping C. Par.

In spite of the increase of prices in the world market, Pilipinas Shell Petroleum Corp. said it will not increase prices of its lubricant products and its Shellane cooking gas for the month. Shell country chairman Edgar Chua said this is a part of the company’s effort to provide temporary relief for the victims of [...]

SONA 2009 PGMA (FULL HD) 1/7

Here’s a complete text transcript of the State of the Nation Address (SONA) delivered by President Gloria Macapagal-Arroyo last Monday, July 27, 2009.
GMA’s SONA transcript

The Goodyear Tire & Rubber Co. will be closing its manufacturing operations in the Philippines. The announcement was made on Friday by its Philippine subsidiary, Goodyear Philippines Inc. Said closure, which will be effective on September 30 this year, will displace 500 workers, or about 83% of its employees in the country. The decision was [...]

Prudentialife Plans Inc. is no longer allowed to sell new preneed plans effective April 16, 2009, that is because the Securities and Exchange Commission (SEC) has revoked its dealer’s license for its failure to meet the requirements of a multiyear funding scheme.
The terms and conditions contained in the Multiyear Capital and Trust Fund Buildup allows [...]

There is an ongoing online public service campaign for all Filipino workers in the CNMI (Commonwealth of the Northern Mariana Islands) to renew their membership to the Overseas Workers Welfare Administration (OWWA). This campaign is initiated by Paul Madriaga, the internal vice president of the United Filipino Organizations in the CNMI.
The campaign was prompted by [...]

Ayala Corporation, one of the country’s oldest and biggest conglomerate with the most diversified investment and interest is planning to plow P49 billion into the domestic economy this year. Jaime Augusto Zobel de Ayala, chairman and chief executive officer (CEO) the company said, “We continue expanding in a down cycle and that comes back many [...]

Fresh funds ranging from $700 million to $1 billion has been pledged by the World Bank (WB) as it completed its discussions with the Philippine government on a country assistance strategy.
The three-year lending program for the Philippines, according to the bank, “puts greater emphasis on poverty alleviation and good governance.” In other words, World Bank [...]