THE PHILIPPINES’ credit rating is unlikely to be affected by the implementation of a Supreme Court (SC) ruling that expands the local government units’ (LGU) share of the National Government revenue next year, a former Budget chief said. “The Department of Finance and Department of Budget Management have explained that the additional internal revenue allotment (IRA) grant to local government ...

THE BUREAU of Customs (BoC) said imported goods for personal use worth less than P50,000 will be cleared through an informal entry process to separate it from bigger commercial shipments. Customs Administrative Order (CAO) 02-2021 sets the rules for importations that will undergo an informal entry process. This covers imported goods with “free on board” or “free carrier” value of ...

WILCON Depot, Inc. is determined to continue opening new stores this year to reach its goal of having 100 stores by 2025. “We plan to hit 72 stores this year,” Chief Operating Officer Rosemarie Bosch Ong told reporters in a press briefing on Monday. “We plan to open an average of seven to eight stores in the next years.” Wilcon ...

MEGAWORLD CORP. is seeing an uptick in residential sales, mainly from local buyers who are keen on projects outside of Metro Manila. Megaworld Executive Vice-President and Chief Strategy Officer Kevin Andrew L. Tan said they have seen “a lot” of domestic sales in the last two months. “(There’s) a lot of domestic sales. We’re not the same level as 2019 ...

A VIVANT Corp. subsidiary has been awarded a 25-year bulk water supply agreement by the Metropolitan Cebu Water District (MCWD). Vivant Hydrocore Holdings, Inc. was awarded the agreement after its solicited proposal to the Cordova Bulk Water Supply project, the company said in a disclosure to the stock exchange on Monday. With Watermatic Philippines Corp. as its technical partner, Vivant ...

DAVAO CITY — Listed firm Golden MV Holdings, Inc., the Villar group’s memorial park developer, has started working on its 6th project in Mindanao located in Tagum City, Davao del Norte. Anna Mae D. Escalante, south Mindanao cluster head of the Golden Haven brand, said the upcoming park will be a seven-hectare complex along the new bypass road in the ...

GLOBE Telecom, Inc. said on Monday that its fifth-generation (5G) network now covers at least 88% of the National Capital Region (NCR). “Based on Globe’s latest report, at least 88% of the National Capital Region now has Globe 5G outdoor coverage with Bonifacio Global City Central Business District (CBD) and Ortigas CBD having the highest coverage with similar 97%,” Globe ...

ETON PROPERTIES is seeing an increase in micro retailers opening physical stores at Eton Centris in Quezon City.  Eton Properties Chief Operating Officer Karlu Tan Say said there are signs the retail sector is “gaining pace” but has adapted to the “new normal.” “Most commercial tenants prefer units with smaller cuts to complement their e-commerce strategies and save on operational ...

DA VINCI Capital Holdings, Inc. and Cosco Capital, Inc. have executed a deed of exchange on June 18 for a share-swap transaction, Da Vinci Capital disclosed to the exchange on Monday. The company earlier said that it would revive its operations through a liquor distribution business. Cosco Capital will be transferring all of its shares in Montosco, Inc., Meritus Prime ...

RUSSIAN HOMEBUILDER PIK expects demand for condominiums in Mandaluyong City to continue growing, as the country recovers from the pandemic. “The Philippine real estate sector continues to grow, which is why we are so confident in our expansion plans,” PIK Country Manager Mai Yang said in a statement. Ms. Yang said public infrastructure projects such as the BGC-Ortigas Center Link ...