The Philippine Development Foundation-USA (PDF), newly formed US-based Filipino development group is pushing for Philippine government to grant incentives for the creation of technology business incubators and business parks in order to nurture start-up investments in commercially-viable research and development fields in drug-making, food production and software.

Investment banker Philip Sevilla has been appointed by President Aquino as Finance undersecretary for Privatization and the Corporate Affairs Group, as confirmed by Finance Secretary Cesar Purisima recently. Sevilla will be taking over the portfolio which was previously handled by Crisanta Legaspi. He will be handling the difficult task of helping raise revenues for the [...]

A healthier cupcake makes for a great alternative ‘baon’ is the product of the research project by a group of people from the Southern Philippines Agribusiness and Marine and Aquatic School of Technology (SPAMAST) in Digos City, Davao del Norte.
The cupcake made from seaweed and durian, which is just in time for the school opening, [...]

Right after the elections, the Bureau of Internal Revenue (BIR) will start this week their audit of 24 of the biggest conglomerates in the Philippines for their 2009 finances. According to BIR Commissioner Joel L. Tan-Torres said BIR “expects to collect a large amount of tax deficiency” from these group of companies. He said they [...]

The Metro Pacific Group is confident that it has won the bidding for the concession to operate the country’s longest expressway, the Subic-Clark-Tarlac Expressway (SCTEx). Metro Pacific Tollways Corp. (MPTC) believed it virtually clinched the hotly contested concession after it has submitted an “improved” bid package to the government. “We have submitted a final improved [...]

The North Belton Communities, a mixed-use township development in Quezon City owned by Lucio Tan’s group, was bought tycoon Henry Sy’s SM Prime Holding, Inc. A memorandum of agreement was recently signed between the Lucio Tan-led Eton Properties Philippines, Inc., Philippine National Bank (PNB) and SM Prime.
The signed MOA involves the sale of a portion [...]

Philippine top company and business conglomerate San Miguel Corporation now plans to acquire a significant stake in Petron Corp. The announcement of interest in the oil refiner immediately sent Petron’s share to its highest since November 2007.
San Miguel has an option to acquire 40% of the Sea Refinery Corp., a firm which owns about 50.1% [...]

A new and enhanced tax program is being prepared by the Bureau of Internal Revenue (BIR), but this the revenue agency is conducting talks with taipans and conglomerates for the said program. BIR Commissioner Joel Tan-Torres hopes that the agency would be able to collect more from the conglomerates through the enhanced tax measures.
Under the [...]

In spite of the opposition of different sectors, the Bureau of Internal Revenue (BIR) is adamant in implementing the value added tax (VAT) on toll fees. The BIR is all set to impose VAT on toll by April 30, after deferring it for several times. “That is the plan. That is what we intend to [...]

Cebu City can expect additional boost in its tourism industry as the Shanghai Airlines launched its maiden direct chartered flights to Shanghai from Cebu starting Wednesday. It will be a twice-weekly shuttle that is expected to bring in an estimated 9,000 additional Chinese tourists to Central Philippines annually.
The charter group will also go out to [...]

The chairman of International Container Terminal Services Inc. (ICTSI), Enrique Razon Jr., is venturing into the gaming business. After selling his interest in the Philippines’ power transmission monopoly, Razon was able to acquire license to operate at the country’s up-and-coming gamboling hub.
Razon announced recently that he acquired Bloombury Investments Holdings Inc. from businessman Jose Alvarez, [...]

If food and beverage giant San Miguel Corporation (SMC), would have its way, it will redevelop the Diosdado Macapagal International Airport (DMIA), as it being geared to become the country’s premier international gateway.
San Miguel, in its disclosure to the Philippine Stock Exchange (PSE), that it is evaluating the viability of investing in the redevelopment of [...]

The country’s biggest oil refiner, Petron Corp., may soon become part of the country’s largest food-and-beverage company, San Miguel Corp. (SMC). The company said it will exercise its option within the year to buy 51 percent of Petron, and at the same time make a tender offer to minority shareholders.
Tender offer allows the minority shareholders [...]

A Chinese company is looking to invest in the renewable energy in the Philippines. The Wahaha Group Co. Ltd. is mulling to add to its investment in the country, an ethanol plant. The company earlier announced its interest for a joint venture in a fruit juice processing plant.
Mariz Agbon, president of the Philippine Agribusiness Development [...]

The property development of the Ayala group will be building a new call center area in the south. The Ayala Land Inc. (ALI) is planning to transform a 2-hectare property in Iloilo City into a business process outsourcing (BPO) hub. The project would consist of 3 BPO facilities with a total of 19,000 square meters [...]

Local banks have agreed to help raise and lend the Panay Energy Development Corp. (PEDC) P14-billion for its construction of a 164-megawatt coal-fired power plant in La Paz, Iloilo City. The Panay Energy is owned by George Ty’s Metrobank group, and the loans were arranged by First Metro Investment Corp. (FMIC), the investment banking arm [...]

The Home Development Mutual Fund (HDMF), more popularly recognized as he Pag-IBIG Fund launched a bond offering which will be auctioned to the public on March 9. The state-administered fund manager will be offering P12 billion bonds starting next month.
Jaime Fabiaña, chief executive officer of HDMF said that the proceeds of the funds would be [...]

Another opportunity rises for job seekers as another business process outsourcing firm (BPO) gears up for expansion. The Stream Global Services Inc., a BPO company which is partly owned by the Ayala group is looking to fill up 1,500 seats in the 60 days and open one or two more new sites during the first [...]

To allow our farmers more access to bank credit, to further address their financing needs, the Bangko Sentral ng Pilipinas (BSP) has further eased its documentary requirements and its application procedures. This would allow banks to provide micro-agri loans to farmers.
The micro-agri loans which amount to less P150,000 would be exempted from the requirement of [...]

The Government Service Insurance System (GSIS) has entered into a conditional sale agreement with the Hong Kong-based First Pacific Company (FPC), which is represented by its local affiliate Two Rivers Pacific Holdings Corporation. The deal will see First Pacific buying approximately 5.9 percent interests of GSIS in Philex Mining Corporation for P6.02 billion.