REUTERS/THOMAS WHITE/ILLUSTRATION By Charmaine A. Tadalan, Reporter THE Philippines is likely to avoid being “gray-listed” by the Financial Action Task Force (FATF) as it is on track to meet the Feb. 1 deadline to implement a stricter law against money laundering. The amendments to the Anti-Money Laundering Act (AMLA) will immediately take effect once it is published, a legislator said ...

THE TRADE department revised its export targets for this year and 2022 to reflect the extent of the impact of the coronavirus pandemic and sluggish global demand. “In this revised set of targets, we will reach $105 billion by 2022, but still growing from $91.7 billion in 2021,” Trade Secretary Ramon M. Lopez said in a statement. The $105-billion target ...

BUSINESSES are preparing for recovery this year on hopes of a further easing of lockdown restrictions and the rollout of the coronavirus disease 2019 (COVID-19) vaccine, but restoring consumer confidence remains a challenge. SM Supermalls President Steven Tan said 2021 is expected to be a “year of recovery” after the pandemic battered the retail industry last year. “Malls are open ...

By Luz Wendy T. Noble, Reporter EMERGING MARKETS such as the Philippines will continue to face credit risks this year, as the central bank is likely to lift regulatory relief measures and the loan payment moratorium expires,  S&P Global Ratings said. At the same time, Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi G. Fonacier said they are still looking ...

THE CORONAVIRUS has exposed the “catastrophic effects” of ignoring long-term risks such as pandemics, and the economic and political consequences could cause more crises for years to come, according to the World Economic Forum (WEF). The WEF’s annual survey of global risks lists infectious disease and livelihood crises as the top “clear and present dangers” over the next two years. ...

MAKATI SHANGRI-LA Hotel will be temporarily closing down operations starting next month as it yields to financial pressures caused by the lockdown. The Shangri-La Group said in a statement on Wednesday that the company will be reorganizing its Philippine workforce and operations. It did not announce the length of the closure. The luxury hotel operating in Makati City for almost ...

By Angelica Y. Yang SIX suppliers of renewable energy, including entities led by Aboitiz and Ayala businesses, have been granted permits to participate in the country’s “green energy option” program, giving them the lead in offering electricity to consumers who prefer cleaner power sources. On Wednesday, the Department of Energy (DoE) posted on its website the names of the six ...

NEWLY listed fiber internet provider Converge ICT Solutions, Inc. announced on Wednesday the appointment of its two new executives, who are expected to raise the company’s “organizational standards of governance, stakeholder relations, and risk management.” In a disclosure to the stock exchange, the company named Owen Kieffer Ocampo as investor relations director and Anthony Vergel Velasco as internal audit director. ...

THE Energy Regulatory Commission (ERC) has enlisted the services of consulting firm Reyes Tacondong & Co. to audit the electric cooperatives (ECs) on the use of funds for their capital expenditures, in a bid to complement the commission’s evaluation efforts, the regulator said on Wednesday. In a press release, the ERC said that it has decided to get a third ...

YIELDS ON term deposits auctioned off by the Bangko Sentral ng Pilipinas (BSP) on Wednesday continued to fetch lower yields as the central bank signaled it could lend more funds for the government’s pandemic response. Total bids for the central bank’s term deposit facility (TDF) reached P756.711 billion yesterday, higher than the P570-billion offering as well as the P726.615 billion ...