The privately held technology company behind the PayMaya mobile wallet successfully raised , or over P8 billion, to fund its expansion and an upcoming digital bank. Voyager Innovations said on Monday the money came from existing investors PLDT Inc., China’s Tencent, global investment firm KKR and the International Finance Corp., through IFC Financial Institutions Growth…
High inflation seen persisting throughout the year and vaccine hesitancy may slow the Philippines’ economic recovery, but the government is still confident that rebound from the pandemic-induced recession is just around the corner. In an economic bulletin Monday, Department of Finance (DOF) Undersecretary and chief economist Gil Beltran noted the 20.7-percent growth in total external…
Homegrown fast-food giant Jollibee Foods Corp. plans to beef up its capital by as much as P20 billion in the next three years through the sale of preferred shares, as it expects to return to a pre-pandemic pace of global store expansion by 2022. During the company’s stockholders’ meeting on Friday, JFC president Ernest Tanmantiong…
When the Group president of Jollibee Foods Corp. and managing director of McDonald’s Philippines set aside their companies’ fierce rivalry in the fast-food sector in favor of pooling their expertise and resources to pursue a common goal for the Philippines, good things will likely happen. Among these is the acceleration of the government’s COVID-19 vaccination…
Over half of the Philippine’s industrial sector is in manufacturing and the industry contributes to almost a quarter of the country’s gross domestic product. The industry also promotes stronger inter-industry and inter-sectoral linkages, productivity, technological development and innovation. Keeping all these factors in mind, the Philippines is fast-forwarding the manufacturing industry’s pace toward a more…
Property developer Cebu Landmasters Inc. (CLI) will donate to the government of Cebu City a 100-unit medium-rise socialized residential condominium complex to shelter informal settlers who need to be evacuated from calamity-prone areas. The five-story residential project, valued at , will serve as transition housing for informal settlers near rivers, creeks, seas and other danger…
AC Energy Corp. (Acen) along with the Zabaleta group have divested their minority shareholdings in three biomass-fed power projects in the Visayas as part of moves by the Ayala group to concentrate on their core renewable energy projects—solar and wind. The three projects are the 20-megawatt San Carlos BioPower, 25 MW North Negros BioPower and…
President Duterte’s economic team on Tuesday expressed confidence that the economy will rebound starting the second quarter with mass vaccination in full swing and government spending, especially on infrastructure, remaining strong. During the Economic Journalists’ Association of the Philippines’ (Ejap) midyear forum, Finance Secretary Carlos Dominguez III said “we might appear to be behind our…
A number of foreign companies have signified interest to invest in the country’s offshore mining sector, encouraged by the recent issuance of Executive Order No. 130 that lifted the moratorium on the approval of new mining permits. The Offshore Mining Chamber of the Philippines (OMCP) over the weekend said several investors from at least were…
Insular Life Assurance Co. Ltd. (InLife) is optimistic that it will sustain the strong growth performance it posted during the first four months under the helm of its newly appointed chief. “Our sales metrics are very encouraging. Our first-trimester results are giving us double-digit growth in agency and group sales,” InLife president and chief executive…