Loan negotiations between the World Bank and the Department of Finance started last May 12. ; “[Guerrero] has already signed the letter to the Department of Budget and Management for the issuance of a forward obligation authority for the project, a requirement for loan negotiation. The BOC will also issue a customs special order creating the project management unit tasked to oversee implementation and ensure that project objectives, along with specifications and standards set, are met during construction, deployment and implementation. A special bids and awards committee shall also be constituted for procurement of different components of the project,” the country’s second biggest revenue agency said. ; Based on earlier World Bank documents seen by the Inquirer, the board of the Washington-based multilateral lender is expected to approve the loan on July 7.
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The thrift banking arm of Sy family-led China Banking Corp. is seeing another banner year after its earnings in the first semester grew by 18 percent to P1 billion on the back of its expanding loan portfolio. China Bank Savings (CBS) on Friday said they were already nearing their 2023 full-year record earnings of P1.8 billion. Gross loans in the first half of the year expanded by 22 percent to P125.8 billion, buoyed by growth in consumer and automated payroll deduction (APD) loans. CBS offers APD loans to teaching and nonteaching personnel of e ...
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MANILA, Philippines —The Department of Transportation and Philippine National Railway recently opened their South Commuter Rail’s site office and a 15-hectare integrated pre-cast yard in Santa Rosa, Laguna, signaling the start of permanent works at the 12.8-kilometer Laguna railway project. The Laguna railway project, covered by PNR South Commuter Rail contract package (CP)-05, forms part of the 147-km North-South Commuter Railway (NSCR) system connecting Clark in Pampanga and Calamba, Laguna. ...
With the entry of more foreign competitors into the Philippines, Swedish furniture retailer Ikea seeks to stay ahead of the game by slashing the prices of its bestselling items in this market by about 20 percent. And it’s not a time-bound promo but a permanent price reduction that started in March, covering the first 400 items, with 180 more items included this April, Ikea Philippines country selling manager Leontina Bucur told Biz Buzz in an interview. “We know right now the inflation rate is high; interest rates are high; the wallet is sh ...
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