Business

Q3 GDP revised down to 6.9%

Economic growth in the third quarter of last year was softer than previously thought, the Philippine Statistics Authority reported Wednesday.   Gross domestic product growth in the third quarter was revised downward to 6.9 percent from the preliminary estimate of 7.1 percent, the PSA said in a statement on Wednesday. &n ...

GDM | 5 hours ago

Business

ABS-CBN raises P500-M from sale of treasury shares, PDRs

ABS-CBN Corp. said Wednesday it raised P500 million from the sale of securities in a bid to fund its massive digital shift after losing its broadcast license.   In a disclosure to the stock exchange, ABS-CBN said it sold 21,322,561 of its treasury shares and 27,828,645 Philippine Depositary Receipts (PDRs) to interested qualif ...

GDM | 5 hours ago

Business

DOJ indicts 4 over hacking of BDO accounts

The Department of Justice said state prosecutors indicted four individuals over the massive hacking of more than 700 BDO accounts in December 2021.  In a statement, the DOJ said they will file charges for violations of Republic Act 8484 or the Access Devices Regulation Act of 1998 and RA 10175, or the Cybercrim ...

Photo courtesy: BDO website

GDM | 8 hours ago

Business

Zyllem further expands reach into PH

Zyllem, an enterprise SaaS leader in solving distribution challenges, has announced its further expansion into the Philippines amidst a rapidly growing eCommerce market. Ecommerce in the Philippines experienced a 93% growth in GMV from US$9 billion in 2020 to US$17 billion in 2021, while the logistics transport services sector represen ...

GDM | 11 hours ago

Business

DA signs food production deals with companies

The Department of Agriculture (DA) on Tuesday said it has sealed separate partnerships with three private entities as part of the ongoing efforts of the government to ensure sufficient supply of safe, quality, and affordable food.   In a statement, the DA said the companies that it partnered with “share the same vision t ...

GDM | 1 day ago

Business

Xurpas raises P100-M in fresh capital from founding shareholder

On January 20, 2022, Xurpas Inc. approved the issuance of common shares to Nix Nolledo, one of the Company’s three founders. The fresh capital infusion amounting to Php 100 million will primarily be used for the expansion of Xurpas' core enterprise business, specifically the IT staff augmentation business. The fresh funds will also be ...

GDM | 1 day ago

Business

Figaro shares up during IPO

Figaro Coffee Group Inc. made an impressive stock market debut on Monday, which bucked a bearish mood in the local bourse. Shares in Figaro posted an intra-day high of 18.6% before tempering those gains and closing up 2.67% The company completed its IPO of 930,166,000 common shares with an overallotment option of up to 93,016 ...

GDM | 2 days ago

Business

SEC stops 2 more online lending

Corporate regulators announced Monday they ordered Goodpocket and Easymoney Lending Corporation to stop conducting lending operations without the necessary licenses.  The Securities and Exchange Commission (SEC) directed Goodpocket and Easymoney to immediately cease and desist from engaging in, carrying out, promoting, and facilit ...

GDM | 2 days ago

Business

Personal hygiene products sales to skyrocket with COVID-19 3rd wave beginning to hit APAC

With the Omicron cases rising, countries across the Asia-Pacific (APAC) region are once again mulling about lockdowns and restrictions, despite the potential economic fallout and public protests. Consumers are turning more particular about personal cleanliness and sanitation, which is driving the sales of personal hygiene solutions. Subsequently ...

GDM | 2 days ago

Business

BSP issues guidelines on settlement of E-payments

The Bangko Sentral ng Pilipinas (BSP) has issued guidelines on the settlement of electronic payments (e-payments) under the National Retail Payment System (NRPS) Framework.   “The policy retains existing provisions applicable to instant retail payments while incorporating new provisions relevant to the batch settlement o ...

GDM | 3 days ago