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BSP slaps record P1-B fine on RCBC over Bangladesh heist
MANILA, Philippines (UPDATED) – The Bangko Sentral ng Pilipinas (BSP) has imposed a record P1-billion fine on Rizal Commercial Banking Corporation (RCBC), the bank at the heart of the Bangladesh Bank...
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DOE tapping private engineers for audit of Luzon power plants
MANILA, Philippines – The Department of Energy (DOE) is forming a technical team for its planned audit of all power plants in Luzon.Energy Secretary Alfonso Cusi earlier ordered that an audit be...
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PhilWeb reveals 'main reason' behind Ongpin resignation
MANILA, Philippines – The president of PhilWeb Corporation has revealed the main reason why Roberto Ongpin resigned: to save the company from possible shutdown."The main reason why Mr. Ongpin resigned...
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Cebu-based startup empowers NGOs around the world
MANILA, Philippines – Filipinos love soap operas. From rural villages to posh subdivisions, these telenovelas are sometimes the country's great equalizer. This is probably why the humanitarian aid...
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San Miguel telco buyout creates 'more barriers' to entry – experts
MANILA, Philippines – The P69.1-billion deal to buy out the telecommunications business of San Miguel Corporation (SMC) created "more barriers" to the entry of more players in the country, said...
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LRT1 fare hike delayed as gov't seeks 'win-win solution'
MANILA, Philippines – There will be no fare hike for the Light Rail Transit Line 1 (LRT1) until the government speaks with the private concessionaire within the week for a "win-win solution."This is...
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Gov't debt stands at P5.948 trillion in first half of 2016
MANILA, Philippines – The country's national debt increased slightly in the first half of the year due to foreign exchange (forex) market fluctuations and new domestic borrowings.The national...
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#AskTheTaxWhiz: How to get authority to issue proper BIR receipts
Dear Mr. Tax Whiz,I hope you can end my misery in dealing with the Bureau of Internal Revenue (BIR).Last year, I applied for an Authority to Print (ATP) for Collection Receipt but it was repeatedly...
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Delta grounding lifted, but travel chaos not over
WASHINGTON, DC, USA (3rd UPDATE) Delta Airlines grounded all its flights for several hours on Monday, August 8, because of a system-wide computer breakdown, making for a messy day at airports around...
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400,000 new license plates to be released monthly
MANILA, Philippines – Starting November, the Land Transportation Office (LTO) will release 400,000 new license plates each month to address the 1.1-million backlog as of July 15."This is one of the...
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GMA Network's net income shoots up by 116%
MANILA, Philippines – GMA Network Incorporated saw its net income more than double in the first half of 2016 to P2.38 billion, thanks to political advertisements and double-digit growth in recurring...
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SSI Group's net income dips as it closes 81 stores
MANILA, Philippines – SSI Group Incorporated, the country's largest specialty store retailer, saw its net income decline by more than a half to P241 million in the first half of the year, as it closed...
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PLDT to complete 3 ICT projects in Davao
MANILA, Philippines – By September, PLDT Incorporated will complete 3 major information and communications technology (ICT) projects in Davao City seen to improve the region's digital infrastructure...
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P1B fine unlikely to weaken RCBC's financial profile - Fitch
MANILA, Philippines – The P1-billion penalty imposed on Rizal Commercial Banking Corporation (RCBC) for being a channel in the Bangladesh Bank heist is unlikely to weaken the bank's financial profile,...
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PhilWeb to close e-Games outlets despite Ongpin resignation
MANILA, Philippines – Roberto Ongpin was unable to save listed gaming firm PhilWeb Corporation from shutting down its outlets, after the Philippine Amusement and Gaming Corporation (PAGCOR) firmed up...
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Dutch agency Randstad to buy online jobs site Monster
THE HAGUE, Netherlands – Dutch temporary employment agency Randstad announced on Tuesday, August 9, it is buying up US jobs site Monster for $429 million (386.8 million euros), boosting its foothold...
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8990 Holdings to build 14-hectare residential dev't in Bulacan
MANILA, Philippines – Mass housing developer 8990 Holdings Incorporated plans to spend P1.8 billion to develop its 14-hectare property in Marilao, Bulacan into a residential development.8990 Holdings...
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E-trike project still on but 'refinements' in plan needed
MANILA, Philippines – The Department of Energy (DOE) has thrown its weight behind the $504-million e-trike project amid rumors that it would be scrapped.Energy Undersecretary Donato Marcos gave the...
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Ongpin to sell his entire 53.76% stake in PhilWeb
MANILA, Philippines (UPDATED) – Businessman and former trade minister Roberto Ongpin is selling his entire 53.76% stake in PhilWeb Corporation through an open and public bidding, in his last attempt to...
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Foreign direct investments slow to $364 million in May 2016
MANILA, Philippines – Foreign direct investments (FDIs) slowed in May 2016 after hitting a record high in April.Data released by the Bangko Sentral ng Pilipinas (BSP) on Wednesday, August 10, showed...
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