Business | ABS-CBN News

P15 million worth of alcohol, face masks seized in crackdown vs hoarding, overpricing

ABS-CBN News
Mar 31 04:44 PM

Authorities confiscated some P15 million worth of medical supplies as part of a crackdown against hoarding and profiteering during the COVID-19 lockdown of Luzon, the trade department said Tuesday. Read more »

ICTSI: Withdrawal of cargoes 'quickest' solution to Manila port congestion

ABS-CBN News
Mar 31 04:38 PM | Updated Mar 31 07:00 PM

International Container Terminal Services Inc on Tuesday said the "quickest" solution to congestion would be the withdrawal of cleared cargo from Manila ports. Read more »

Central banks urged to ‘print lots of money’ to support world economy

ABS-CBN News
Mar 31 04:32 PM

There list little risk of sparking hyperinflation, similar to what happened in Zimbabwe and Argentina, according to Jeffrey Halley, senior market analyst at currency trader OANDA. Read more »

Agri chief seeks 'unhampered' flow of food, supplies

ABS-CBN News
Mar 31 03:47 PM | Updated Mar 31 03:54 PM

Agriculture Secretary William Dar on Tuesday said he asked the Department of the Interior and Local Government to ensure "unhampered" movement of cargo in the barangay and municipal levels to prevent price spikes in basic goods. Read more »

'Overstaying' cargoes clog Manila port, authorities say

ABS-CBN News
Mar 31 03:00 PM | Updated Mar 31 11:13 PM

(UPDATE) Companies should withdraw their cleared cargo at Manila Port to prevent its shutdown due to congestion while Luzon is on lockdown due to COVID-19, its operator said Tuesday. Read more »

Frontliners keep money, payrolls moving as Philippines fights COVID-19

Katrina Domingo, ABS-CBN News
Mar 31 01:23 PM | Updated Mar 31 04:50 PM

Armed with a face mask, a bottle of alcohol and vitamins, bank employee Johanna Nicolas crosses 3 coronavirus checkpoints on her daily commute to work because millions depend on it to keep cash moving during the Luzon lockdown. Read more »

Meralco says to 'keep lights on' during coronavirus lockdown

ABS-CBN News
Mar 31 12:58 PM

Manila Electric Co said Tuesday it implemented a business continuity plan to ensure uninterrupted power distribution during the month-long lockdown of Luzon due to COVID-19.  Read more »

World Bank warns China growth could screech to a halt

Heather Scott, Agence France-Presse
Mar 31 12:00 PM

The coronavirus pandemic's economic fallout could cause China's growth to come to a standstill while driving 11 million more people in East Asia into poverty, the World Bank warned Monday.  Read more »

Electronics manufacturers seek 'defined' economic stimulus

ABS-CBN News
Mar 31 11:56 AM | Updated Mar 31 12:12 PM

The government should provide a "defined" economic stimulus for companies to cushion the impact of COVID-19, a group of electronics manufacturers said Tuesday. Read more »

Philippines eyes rice imports as contingency: COVID-19 task force

Arianne Merez, ABS-CBN News
Mar 31 11:35 AM

The Philippines needs to import 300,000 metric tons of rice to ensure enough supply, a Cabinet official said Tuesday as the lockdown of Luzon drives demand for the staple grain. Read more »

China's factory activity rebounds as work slowly resumes

Agence France-Presse
Mar 31 11:11 AM

Factory activity in China rebounded in March from a record low, according to official data released Tuesday, returning to expansion territory while the coronavirus pandemic continues to devastate the global economy. Read more »

100,000 employers awaiting cash rescue during COVID-19 lockdown: Labor dept

ABS-CBN News
Mar 31 10:46 AM | Updated Mar 31 10:55 AM

Some 100,000 employers are awaiting cash aid from government, the Department of Labor and Employment (DOLE) said Tuesday, as workers reeled from Luzon's month-long lockdown. Read more »

'Transitory' economic downturn may last 2 quarters: Pernia

ABS-CBN News
Mar 31 10:27 AM | Updated Mar 31 10:48 AM

Socioeconomic Planning Secretary Ernesto Pernia said Tuesday the Philippine economy could register zero or negative growth in the second and third quarters due to the COVID-19 pandemic before it bounces back late this year.  Read more »

Banks prepared to take profit hit to lift economy from COVID-19: official

ABS-CBN News
Mar 31 10:24 AM | Updated Mar 31 12:18 PM

Philippine banks will do their part to help revive the economy from the COVID-19 pandemic, even if it means taking a profit hit, the head of an industry group said Tuesday. Read more »

Inflation likely at 2 to 2.8 percent in March: Bangko Sentral research

ABS-CBN News
Mar 31 10:21 AM

Inflation in March likely settled between the 2 percent to 2.8 percent range, a Bangko Sentral ng Pilipinas think-tank said Tuesday. Read more »

Schedule ng pamimili sa Kamuning Market, itinakda

ABS-CBN News
Mar 31 10:15 AM

Magpapatupad na ng schedule ng pamamalengke para sa mga mamimili ng Kamuning Market simula Abril 1, ayon sa mga opisyal ng barangay.    Read more »

Duterte adviser pushes for barangay-based quarantines to save economy

ABS-CBN News
Mar 31 09:35 AM | Updated Mar 31 10:25 AM

The Philippines should shift to a barangay or village-based quarantine once the Luzon lockdown succeeds, an economic adviser to President Rodrigo Duterte said Tuesday, stressing the need to restart the economy. Read more »

Max's Group estimates P24 million in foregone sales due to COVID-19 lockdown

ABS-CBN News
Mar 31 08:45 AM

Max’s Group Inc said Monday it estimated P24 million in foregone sales halfway into the Luzon lockdown to stop the COVID-19 pandemic, which prompted a temporary suspension of operations. Read more »

Oil prices slide on shattered demand, stocks mostly rise

Agence France-Presse
Mar 31 08:21 AM

Oil prices plunged Monday to an 18-year low as the number of novel coronavirus cases worldwide surged past 750,000, reinforcing worries about the impact of the pandemic on the global economy. Read more »

Visa transaction volumes hurt as coronavirus crisis deepens

Reuters
Mar 31 07:48 AM

Visa Inc said on Monday its transaction volumes had been hit as the coronavirus pandemic wreaks havoc on consumer spending, leading it to forecast mid-single-digit percentage revenue growth for the second quarter.   Read more »

Airbnb to pay out $250 million to hosts to help ease coronavirus cancellation pain

Reuters
Mar 31 07:41 AM

Airbnb said on Monday it was allocating $250 million to help offset losses by hosts around the world whose guests have canceled bookings in the face of the coronavirus pandemic, following its announcement earlier this month that guests could get full refunds for certain reservations. Read more »

G20 ministers agree to keep markets open, tackle pandemic supply disruptions

Stephen Kalin, Andrea Shalal and David Lawder, Reuters
Mar 31 07:34 AM

Trade ministers from the Group of 20 major economies agreed on Monday to keep their markets open and ensure the continued flow of vital medical supplies, equipment and other essential goods as the world battles the deadly coronavirus pandemic. Read more »

Coronavirus vaccine: J&J eyes human testing by September

Agence France-Presse
Mar 31 07:25 AM

J&J said on Monday it had selected a lead candidate vaccine for the new coronavirus that would move to human trials by September and could be ready for emergency use by early next year. Read more »

Amazon, Instacart workers protest over virus safety

Angela Weiss, Agence France-Presse
Mar 31 06:54 AM

Amazon warehouse employees and Instacart delivery shoppers joined protests Monday to press safety demands, highlighting the risks for workers on the front lines of supplying Americans largely sheltering at home due to the COVID-19 pandemic. Read more »

Trump, Putin discuss oil price plunge, coronavirus

Sebastian Smith, Agence France-Presse
Mar 31 06:50 AM

President Donald Trump and his Russian counterpart Vladimir Putin discussed plunging oil prices and the coronavirus pandemic Monday, as Trump said Moscow is pressing for an end to US sanctions.  Read more »