Business NEWS

The Intellectual Property Office of the Philippines (IPOPHL) has drafted the implementing rules and regulations (IRR) on geographical indications (GI) in a bid to strengthen the protection of GI products in the country.

VisMin property developer Cebu Landmasters, Inc. (CLI) targets P2-billion in revenues from its nine-hectare housing project in Ormoc as it ramped up expansion in Eastern Visayas.

Aside from the Philippines’ pending accession to the mega free trade deal Regional Comprehensive Economic Partnership (RCEP), the Department of Trade and Industry (DTI) is also strongly pushing for the country’s participation in two other major trade deals.

The board of directors of Ayala-led ACEN Corporation has approved the company’s plan to secure additional P6 billion loan for the programmed projects that will underpin its targeted portfolio growth.

The team of outgoing Energy Secretary Alfonso G. Cusi is preparing a “comprehensive plan” and “to-do-list” that it will be passing on to the upcoming energy officials of the administration of presumptive President Ferdinand Marcos Jr.

The Department of Trade and Industry (DTI) issued new a Suggested Retail Prices (SRP) bulletin raising prices on basic necessities and prime commodities (BNPCs) between 2 to 10 percent following petitions by local manufacturers the need to adjust prices due to rising production cost.

The Energy Regulatory Commission (ERC) has cemented a deal with a United Nations (UN) body that will provide technical assistance to the former on framing regulations for the “energy transition” agenda of the country.

The Department of Trade and Industry (DTI) has prepared a 10-point recommendation for the incoming administration, foremost of which is continuity of economic reforms and no reversal of policy measures, to ensure sustained economic recovery.

Motor vehicle sales went up 40.9 percent in April versus same month last year, but the performance was still 15.3 percent lower compared to the previous month, an official industry report showed.

Roughly two weeks before the exit of the Duterte administration, the Department of Energy (DOE) is scheduling on June 17 the first round of bidding of 2,000 renewable energy capacities under the Green Energy Auction Program (GEAP).

Listed firm Pilipinas Shell Petroleum Corporation posted significant upturn in its net income in first quarter this year to P3.5 billion from a relatively lean P1.0 billion earnings in the same period last year.

Ayala-led ACEN Corporation income dipped 68 percent to P405 million in the first quarter this year versus P829.32 million in the same period last year, owing to higher cost in securing replacement power for its customers.

The overall tariff to be passed on by Manila Electric Company (Meralco) in this May billing had been reduced by P0.12 per kilowatt hour (kWh), a reverse from the earlier projection of a rate hike, to reflect the P7.8-billion consumer refund ordered by the Energy Regulatory Commission (ERC)

Leading energy producer Aboitiz Power Corporation will be deploying artificial intelligence (AI) and technology in its bid to bring down electricity costs as well as improve services to onsumers.

The expanded 184-megawatt on-the-fence power plant of Petron Corporation, to be completed this year, is seen to improve the operational efficiency of its petroleum refinery in Limay, Bataan which has a capacity of 180,000 barrels per stream day.

An anti-piracy legislation specifically through site blocking as well as the immediate ratification by Senate for the Philippines’ participation in the Regional Comprehensive Economic Partnership (RCEP) because its intellectual property provisions will benefit the country.

The mentorship program of Go Negosyo will be implemented ASEAN-wide starting this month following a grant from the Japan-ASEAN Integration Fund (JAIF).

The Tariff Commission has announced the conduct of public hearing on the temporary removal of the most-favored-nation (MFN) rates on certain imported electric vehicles, and parts and components.