New factories rising soon: DTI says P&G, Philip Morris ‘eager to expand’ in PH

American consumer goods manufacturer Procter & Gamble (P&G) and cigarette Maker Philip Morris will be investing more capital in the Philippines, a move which Trade Secretary Alfredo Pascual sees as a sign of confidence in the Marcos administration.

Pascual announced the investment plans of the two multinational conglomerates after the Philippine economic team’s meeting with seven American companies during an economic briefing in New York.

The briefing was held while President Ferdinand Marcos Jr. and several Cabinet members are in New York for a six-day working visit.

“Given the more favorable investment climate in the Philippines, they are now eager to expand their operations, so they’ll invest some more,” Pascual said in a media briefing.

He said Philip Morris expressed interest to add some $160 million or nearly P9 billion for their Philippine-based operations, while some mineral refineries are also looking to enter the country.

Pascual said other foreign businesses that are considering the Philippines as an investment destination are manufacturers of stainless steel slabs for housing and iron ore refiners.

“We met with a number of companies that are engaged in refining mineral ores. No tag price yet but they are interested in taking a closer look at the situation in the Philippines and finding a suitable partner to do it,” he added.

Maynilad fined P9.26M over water service interruptions

West zone concessionaire Maynilad Water Services Inc. of Manuel V. Pangilinan-led Metro Pacific Investments Corp., has been fined P9.26 million by the Metropolitan Waterworks and Sewerage System (MWSS) for prolonged water service interruptions.

BRAFE GOLF set to tee off at at Forest Hills

The core group is composed of chairman JR Hernandez, Ting Yupangco, George Elazegui, Bong Africa, Roy Peña, Randy Nonato and BRAFE GOLF founder Albert MG Garcia, owner of the Megafiber brand.

BRAFE GOLF set to tee off at at Forest Hills

The core group is composed of chairman JR Hernandez, Ting Yupangco, George Elazegui, Bong Africa, Roy Peña, Randy Nonato and BRAFE GOLF founder Albert MG Garcia, owner of the Megafiber brand.

Germany raids properties belonging to Russian oligarch

German investigators on Wednesday raided properties belonging to a Russian oligarch suspected of tax evasion and breaking EU sanctions, police and prosecutors said, with sources naming billionaire Alisher Usmanov as the target.