Business

airport

The Cagayan Economic Zone Authority (CEZA) plans to build a multi-million dollar airport within the free port region itself in a bid to draw more investors and establish a so-called “Asian Crypto Valley.” In 2017, the CEZA unveiled its “Crypto Valley of Asia” project in an attempt to provide blockchain developers and cryptocurrency exchange operators with a stable and safe area to house their back-office support infrastructure. The free port

Higher Grab

Ride-hailing service Grab is likely to charge cheaper fares in February due to the expected decrease in demand after the holiday season, said its president on Thursday. Advertisement Grab Philippines President Brian Cu said that an explosion of passengers booking on their app was observed in December 2019, which contributed to a recent surge in their fare. The higher the number of people booking the spike went up. If the

(PCC)

Senator Sherwin Gatchalian urged the Philippine Competition Commission (PCC) on Saturday to impose tougher penalties on Grab Philippines for its alleged repeated infringements of the country’s competition rules since Uber’s departure in 2018. Announcement Previously, the PCC penalized Grab for violating the price and quality of service agreements for more than a year. After Grab’s acquisition of Uber’s Southeast Asia operations in 2018, Grab was fined by the PCC for

water companies

The Metropolitan Waterworks and Sewerage System (MWSS) said it is using all the necessary means with Manila Water Company Inc. and Maynilad Water Services Inc. to develop a new 15-year concession contract to 2037. The DOJ plans to finalize its new concession agreements with Manila Water and Maynilad by the end of December. Earlier this month, in the 1997 government concession agreements with Maynilad and Manila Water, the Department of

foreign investors

The Duterte administration is looking for foreign investors who care about social responsibility, Justice Secretary Menardo Guevarra said on the heels of Vice President Leni Robredo’s statement that the study of water concession deals by the government could scare off foreign investors. Robredo called for a careful review of the government’s concession deals with Maynilad and Manila Water on Sunday to protect the economy from “collateral damage.” The Vice President

Bangko Sentral

On Tuesday, the Bangko Sentral ng Pilipinas launched the P20 coin to replace the currency’s banknote form. On the front side, the P20 coin holds the image of former President Manuel L. Quezon, and on the flip side, the BSP logo and the Malacañang Palace. On December 17, 2019, the Bangko Sentral ng Pilipinas unveils newly minted 20-Piso coins (NGC) at the Bangko Sentral ng Pilipinas (BSP) Executive Business Center

pilot motorcycle

Commuter groups blasted the recommendation of the Technical Working Group (TWG) Department of Transportation (DOTr) to open the expanded pilot run of motorcycle taxis to new players, saying they had not been consulted beforehand. The latest pilot run involving Angkas from DBDOYC Inc. ends on 26 December. The DOTr said it heard proposals on November 20, 2019, from motorcycle taxi companies Citimuber, JoyRide, MoveIt, EsetGo, Sakay, and VroomGo. The ride-hailing

bicameral conference

The P4.1 trillion national budget for 2020 moved closer to becoming a law after it was approved on Wednesday by a bicameral conference of senators and congressmen. The bicameral committee reconciled the spending bill’s versions of the House and Senate. Both chambers need to pass the bicameral report before President Rodrigo Duterte can sign it On Dec. 20, the Senate and the House must split. This year’s late passage of

PECO

On Monday, Panay Electric Company Inc. (PECO) paid nearly P135 million to settle the company’s real estate tax (RPT) obligations to the City Government of Iloilo. PECO said in a statement that it paid a total of P134,927,522.63 to the local government group, which the firm said reflects all of its past and present RPT commitments from 2006 to 2019. Nevertheless, the number excludes rights and fines before the Regional

NEA

Senator Sherwin Gatchalian called on the National Electrification Administration on Saturday to make full use of the Electric Cooperatives Emergency and Resilience Fund (ECERF) to restore power in Typhoon Tisoy (international name: Kammuri) affected areas. Gatchalian said in a statement that the ECERF will ensure that electricity will be available before Christmas to the more than 1.8 million households affected by the typhoon. Citing NEA’s latest monitoring document on the