Employment opportunities appear bleak for workers in Metro Manila.
The Department of Labor and Employment (DOLE) yesterday reported that commercial establishments in Metro Manila are hiring fewer workers.
Data from the DOLE-Bureau of Labor and Employment Statistics (BLES) show a decline in the number of employed workers in Metro companies due to economic slowdown in the past months. Based on a survey done by DOLE in the second quarter of the year, employment in top enterprises in the region dropped by 2.05 percent compared to last year.
Sunday, October 30, 2011
Market extends rally; BdO, Philex advance
The stock market rose to a seven-week high Friday on foreign buying, after progress on solving Europe’s debt crisis eased concern the global economy will go into recession.
The Philippine Stock Exchange Index increased 66.22 points, or 1.6 percent, to 4,333.72, the highest close since Sept. 9. Gainers beat losers, 90 to 46, with 40 issues unchanged.
The Philippine Stock Exchange Index increased 66.22 points, or 1.6 percent, to 4,333.72, the highest close since Sept. 9. Gainers beat losers, 90 to 46, with 40 issues unchanged.
PSALM reviews rate discount in economic zones
Power Sector Assets and Liabilities Management Corp. will review the request of Manila Electric Co., the Philippine Economic Zone Authority and power-intensive industries to retain the power rate discount inside the ecozones.
“We have to consult PSALM because we are no longer in control of the capacities. So that there will be no complexities. We need to [discuss it with PSALM board], National Power Corp. president Froilan Tampinco told reporters. The rate discount will expire in December this year.
Meralco, Peza and the Semiconductor and Electronics Industries in the Philippines Inc. sent separate letters to Napocor asking the state-owned company to extend the lower rates until December next year.
“We have to consult PSALM because we are no longer in control of the capacities. So that there will be no complexities. We need to [discuss it with PSALM board], National Power Corp. president Froilan Tampinco told reporters. The rate discount will expire in December this year.
Meralco, Peza and the Semiconductor and Electronics Industries in the Philippines Inc. sent separate letters to Napocor asking the state-owned company to extend the lower rates until December next year.
ADB commits $3.8b to reduce poverty
The Asian Development Bank has committed lending $3.8 billion to the Philippines to finance governance reforms and poverty reduction efforts under its six-year country partnership strategy program.
“The new strategy aims to better ensure that all Filipinos, especially the country’s poor, are able to share in the benefits of the country’s economic growth,” said ADB country director for the Philippines Neeraj Jain in his opening statement during the joint press conference of the Manila-based bank and the National Economic and Development Authority Friday.
“The new strategy aims to better ensure that all Filipinos, especially the country’s poor, are able to share in the benefits of the country’s economic growth,” said ADB country director for the Philippines Neeraj Jain in his opening statement during the joint press conference of the Manila-based bank and the National Economic and Development Authority Friday.
BPI’s net profit grew 6% to P9.6b in first 9 months
Bank of the Philippine Islands, the country’s most profitable bank, said Friday its net income grew 6 percent to P9.6 billion in the first nine months of 2011, despite the market volatility in the third quarter.
“Despite sustained growth, we are still cautious and monitoring external events and any possible transmission risks to BPI. We have therefore decided to focus on the safety of our assets and the maintenance of our yields at the expense of asset growth,” said BPI president and chief executive Aurelio Montinola III.
“Despite sustained growth, we are still cautious and monitoring external events and any possible transmission risks to BPI. We have therefore decided to focus on the safety of our assets and the maintenance of our yields at the expense of asset growth,” said BPI president and chief executive Aurelio Montinola III.
First Pac buys GSIS holdings in Philex
Hong Kong-based First Pacific Co. Ltd. has completed the acquisition of an additional 5.9 percent in gold and copper producer Philex Mining Corp. from state-pension fund Government Service Insurance System.
A total of 286.78 million Philex shares were crossed at the Philippine Stock Exchange Friday at P21 apiece. The transaction was valued at P6.02 billion.
GSIS executive vice president for finance Jose Benedicto Arcinas confirmed the sale. He said the transaction was a consummation of a previous deal reached by GSIS.
A total of 286.78 million Philex shares were crossed at the Philippine Stock Exchange Friday at P21 apiece. The transaction was valued at P6.02 billion.
GSIS executive vice president for finance Jose Benedicto Arcinas confirmed the sale. He said the transaction was a consummation of a previous deal reached by GSIS.
Peso rises further to 42.62
Investments in local stocks, bonds boost peso against the greenback; Bangko Sentral hikes capital charge on dollar forwards
The peso completed its biggest weekly gain since 2009 after progress on solving Europe’s debt crisis eased concern the global economy will go into recession, boosting the appeal of emerging-market assets.
The peso completed its biggest weekly gain since 2009 after progress on solving Europe’s debt crisis eased concern the global economy will go into recession, boosting the appeal of emerging-market assets.
Subscribe to:
Comments (Atom)