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Central bank reduced losses by 75% in 2013

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The central bank’s losses narrowed significantly last year following operational adjustments in the special deposit account (SDA) window that helped reduce interest costs for the monetary authority.

Posted: March 20th, 2014 in Latest Business Stories | Read More »

Philex Petroleum trims losses on assets sale

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Philex Petroleum Corp. managed to reduce its losses in 2013 compared to the previous year after unloading a number of assets.   In a disclosure to the Philippine Stock Exchange, Philex Petroleum said its audited consolidated net loss reached P101.2 million for 2013 compared with a consolidated net loss of P1.086 billion in 2012.   [...]

Posted: February 21st, 2014 in Headlines | Read More »

Non-life insurance sector in for major losses in Q4

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The non-life insurance industry is poised to register a net loss in the fourth quarter, due to the anticipated deluge of claims in the aftermath of “Supertyphoon Yolanda.”

Posted: December 5th, 2013 in Headlines | Read More »

BSP losses narrowed to P19B in 7 months

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Most foreign portfolio investors divested their Philippine interests last month, letting go of holdings of listed shares, government IOUs and time deposits, and took their cash back to the United States.

The central bank has showed an improvement in its books as its losses declined for the January-to-July period 2013 amid lower interest rates for special deposit accounts (SDA) and foreign exchange gains.

Posted: September 19th, 2013 in Editor's Pick,Headlines | Read More »

Philex Petroleum records loss in H1

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Philex Petroleum Corp.’s first-half loss ballooned due to foreign currency conversion losses on the company’s dollar denominated advances from parent firm Philex Mining Corp.

Posted: July 26th, 2013 in Headlines | Read More »

BSP to cut loss provision for banks’ ROP holdings

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The Bangko Sentral ng Pilipinas (BSP) will soon allow local banks to set aside less money to cover for possible losses from government securities, following the improvement of the country’s credit standing in the international community.

Posted: June 24th, 2013 in Headlines | Read More »

BSP in the red for taming peso’s appreciation

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The Bangko Sentral ng Pilipinas’ losses ballooned in 2012 for the third straight year largely due to efforts to stem the peso’s appreciation, huge interest payments, and declining revenue from gold sales.

Posted: May 16th, 2013 in Headlines | Read More »

PAL Holdings losses mount

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PAL Holdings Inc., the parent firm of flag carrier Philippine Airlines, reported that its losses in the quarter ending in December had widened due to recent expansion efforts—where rising costs outpaced growth in revenue.

Posted: February 15th, 2013 in Headlines | Read More »

TV5 braces up for more losses

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Pangilinan-led Associated Broadcasting Corp. (ABC), operator of television network TV5, will continue to post heavy losses in 2013 as the company struggles to compete with rivals that corner the lion’s share of industry ad revenues.

Posted: December 27th, 2012 in Headlines | Read More »

TV5 first-half losses at P2.8B

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tv5

Losses of television network TV5 continued to accelerate as of the first half of 2012 as the country’s third-biggest broadcast firm ramped up spending to be more competitive with industry leaders.

Posted: December 3rd, 2012 in Latest Business Stories | Read More »

Bangko Sentral losses hit P19.77B in 1st quarter

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The Bangko Sentral ng Pilipinas incurred a net loss of nearly P20 billion in the first quarter as its efforts to mop up excess liquidity in the economy and to temper a potentially sharper rise in the value of the peso against the dollar jacked up its expenses.

Posted: September 19th, 2012 in Headlines | Read More »

PAL posted net loss of $33M in Oct-Dec

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Flag carrier Philippine Airlines (PAL) continued to lose money in the third quarter of its fiscal year, as it struggled with disruptions in operations due to labor issues, exacerbated by the continued rise in fuel prices.

Posted: February 17th, 2012 in Headlines | Read More »

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