Philippine Insurance Industry’s Income Surges by 76.52%

The insurance industry recorded a total net income of P19.17 billion as of June 30 this year, higher by 76.52 percent from the P10.86 billion posted in the same period in 2015. The growth was driven by the life insurance sector whose net income increased 68.73 percent during the first half to P15.27 billion from P9.05 billion last year. The non-life sector’s net income grew at a slower pace at 18.23 percent to P2.14 billion from P1.81 billion in 2015… Continue reading

Duterte Accuses Sen. de Lima of Involvement in Drug Trade

President Rodrigo Duterte has accused Sen. Leila de Lima of involvement in the drug trade. The president presented a matrix that showed the senator’s connections to drug lords, claiming that it was during her term as justice secretary that the manufacture of illegal substances right inside the national prison propagated. Saying that the matrix looks arbitrary and whimsical, the senator brushed off the accusation and said that she was even… Continue reading

Imports Up by 17.7% in First Half of 2016

Imports rose by 15.4% in June 2016 with total payments hitting $6.9 billion, up from $5.9 billion in June 2015. Total imports for the first half of the year rose by 17.7% to $38.7 billion. Imports of capital goods grew by 64.6%, amounting to $2.2 billion, signaling robust investment activity in industry and services… Continue reading

Citinickel, Oceana Gold Protest Cancellation of Mining Permits

Mining companies are complaining about the withdrawal of their permits by the Department of Environment and Natural Resources (DENR). Citinickel said its suspension was unwarranted as the DENR has yet to complete the environmental audit of the company. Oceana Gold, meanwhile, lamented the cancellation of its exploration permit that was granted only last March. The DENR said that the local government requested the… Continue reading

Fresh Investments from Parts Makers Expected, as CARS Program Goes Full Blast

The Board of Investments expects new investments from car parts makers to significantly grow with the start of the Comprehensive Automotive Resurgence Strategy (CARS) program. About P1.6 billion in fresh investments are expected from parts makers to support the investments of Mitsubishi Motors and Toyota Motor Philippines. The two will initially be investing P7.5 billion to produce their respective enrolled models. These will create some 14,000 new jobs, with salaries and wages amounting to at least P18 billion… Continue reading

Government Eyes Large-Scale Commercial Farming to Boost Economy

Policy reforms would be implemented in land administration to pave the way for large-scale commercial farming that is deemed productive and profitable for farmers. The economic growth of seven percent in the second quarter could have been higher had it not been for the negative growth of 0.2 percent registered by the agriculture sector. Economic authorities said the sector would continue to fall behind in productivity, as long as small parcels of land awarded to agrarian reform beneficiaries are not consolidated into… Continue reading

Filipino Hostage Beheaded, Norwegian Still Held Despite Ransom Payment, as Duterte Orders Military to Destroy Abu Sayyaf

President Rodrigo Duterte ordered an all-out assault by the military against the Abu Sayyaf Group (ASG) after the terror organization beheaded a teenage hostage whose family was unable to pay the ransom demand. He also denounced the group for failing to release Norwegian hostage Kjartan Sekkingstad even though P50-million in ransom money has already been transmitted; he didn’t clarify, however, who paid the amount… Continue reading