Sta. Rosa to Lose 80-M from Honda Plant Closure

The city government of Santa Rosa, which hosts major car manufacturing companies, is about to lose 80 million pesos in annual business taxes, with the closure of Honda Cars Philippines. Santa Rosa, which claims to be the “Motor City of the Philippines,” also hosts the car assembly plants of Toyota, Mitsubishi, Nissan, and Hyundai. While saying the economic losses were …

ADB Commits $3.3B Loan to PH

The Asian Development Bank has committed 3.3 billion dollars in loans to the Philippines this year to support the Duterte administration’s ambitious “Build, Build, Build” program. New ADB president Masatsugu Asakawa met with President Duterte for the first time on Monday afternoon at the Department of Finance building. He congratulated the government for its success in bringing down the poverty …

COVID-19 Drag to Remittance Growth

The global coronavirus outbreak would affect remittances from overseas Filipino workers this year amid travel bans and restrictions, economists said. Jun Trinidad, economist at Philippine National Bank, said COVID-19 raises complications as travel ban or restrictions obstruct overseas job placements in the first half. Trinidad said deployment of OFWs in the Asian labor markets would be affected in the first …

Philippines to Hold Month-Long Sale

The Philippines, home to some of the world’s largest malls, will hold a month-long shopping sale this March, a move that could reinvigorate the retail sector hurt by the virus scare. Mall operators like SM Prime Holdings and Ayala Land will participate in the sale. The country’s promotion comes as retail sales are weighed down by the coronavirus that curbed …

Car Sales Down 11.8%

Automotive sales registered negative growth in the first month of the year amid the Taal Volcano eruption. The Chamber of Automotive Manufacturers of the Philippines reported that January 2020 sales declined by 11.8 percent to 23,723 units from 26,888 units a year ago. The slump in sales was attributed to the effect of the Taal Volcano eruption to vehicle assemblers …

PH Tops Women in Business Survey

The Philippines ranks first among 32 countries surveyed in a recent global report on women in senior management positions, with 43 percent of Filipina executives in a senior leadership role. The latest research from Grant Thornton International’s 2020 Women in Business report showed a 6 percent increase in the percentage of Filipino women in senior management teams.  According to local …

China Imports Down by 62%

Shipments from China registered a marked decline in the first 15 days of February on account of the lower production and deliveries amid the COVID-19 outbreak. Data released by Finance Secretary Carlos Dominguez III showed that the number of twenty-foot equivalent unit containers from China fell by 62 percent in the first half of this month to 11 percent. Dominguez …

Honda Philippines Closes Production Plant in Laguna

Honda Cars Philippines said on Saturday, that it was closing its production plant in Laguna. Production of the Honda passenger car BR-V and City will stop operations beginning March. The plant, based in Sta. Rosa, Laguna and which has been around since 1992, employs 650 “associates.” Honda will continue to sell cars and provide after-sales service operations in the Philippines …

Mobile Congress Canceled

Mobile World Congress, one of the technology industry’s biggest annual events, has been called off because of the COVID-19 outbreak. The announcement comes after over a dozen major companies said they would not attend the event as the coronavirus continues to spread. The Mobile World Congress was scheduled to take place in Barcelona from February 24-27. It typically draws more …