Spirit Airlines files for Chapter 11 bankruptcy as it faces financial challenges, including $1 billion in debt payments due in 2025-2026. The airline assures continued operations and has secured a $350 million equity investment and debt restructuring agreement with bondholders.
Remittances from Filipinos working overseas increased by 3.2% in September, totaling $3.34 billion. This marks the second-fastest growth of the year, according to the Bangko Sentral ng Pilipinas.
DITO Telecommunity is expanding its network, reaching 13 million subscribers and securing a 12% market share. With a PHP 9 billion investment plan, DITO aims to build 800 more cell towers, strengthening its position in the competitive Philippine telecommunications market.
Converge ICT Solutions Inc. sustains its revenue growth forecast despite market challenges, reporting a 14% rise in revenues for the first nine months of 2023, reinforcing its robust market position in the Philippine telecommunications sector.
Aboitiz InfraCapital Inc. is set to win the P4.53-billion Bohol-Panglao International Airport development deal, as no other bids were submitted. This move is part of its strategy to expand its airport portfolio.
Bitcoin reaches a record high above $81,000, driven by President-elect Trump’s pro-crypto stance and anticipated supportive policies in Congress, sparking optimism in the cryptocurrency market.
Tesla has launched its first store in the Philippines, located in Taguig’s Bonifacio Global City. This marks a significant step in promoting electric vehicles in the region, with the introduction of the Model 3 and a comprehensive Tesla Experience Center.
According to the e-Conomy SEA report, the Philippines leads Southeast Asia as the fastest-growing internet economy. The nation reported a 20% growth in its digital economy, driven by a booming e-commerce sector and favorable government policies.
Tesla’s stock surged over 14% after Donald Trump’s election win, as investors anticipate favorable conditions for Elon Musk’s company. Analysts speculate on policy shifts and market positioning.
The Philippine House of Representatives approved a 25-year franchise renewal for Meralco, amidst debates over its urgency and impact on consumers. The bill, consolidating various proposals, now awaits Senate approval and the President’s signature. Concerns remain regarding electricity rates and the influence of powerful groups in the energy sector.