Business
BOC-Port of Subic posts P5-B revenue collection for August
September 6, 2023, 9:06 pm
CITY OF SAN FERNANDO, Pampanga – The Bureau of Customs (BOC)-Port of Subic posted PHP5.03 billion in total revenues for August, its highest monthly collection since January this year. District Collector Ciriaco Ugay on Wednesday said the August collection is 11.3 percent higher compared to the… Read More
Experts say rice price cap good stopgap move amid low supply
September 6, 2023, 9:03 pm
MANILA – The imposition of price ceilings on rice is gaining the support of economists and market analysts, specifically as a purely stopgap measure to address prevailing supply gaps that could be partially caused by hoarding. In an interview Thursday, Carlos Manapat, chairperson of the… Read More
Reduced rice prices necessary to achieve inflation target
September 6, 2023, 8:54 pm
MANILA – Despite its uptick in August, headline inflation can still fall within the government's 2 to 4 percent target by the end of the year if rice prices decline, an economist said on Wednesday. "If the rice price ceiling is effective in curbing rice prices and overall inflation, the headline… Read More
PSEi extends gains, peso nears 57-level vs. US dollar
September 6, 2023, 8:25 pm
MANILA – The local stock market sustained its rally for four straight days while the peso closed near the 57-level Wednesday. The benchmark Philippine Stock Exchange index (PSEi) gained 16.69 points to 6,241.69 while broader all shares also increased by 8.11 points to 3,368.25 level. “Still,… Read More
Australia launches SEA economic strategy 2040
September 6, 2023, 7:06 pm
MANILA – Australian Prime Minister Anthony Albanese launched its economic strategy to bolster trade and investments with Southeast Asian nations, including the Philippines, by 2040. Albanese presented the report Wednesday in Jakarta, Indonesia on the sidelines of Association of Southeast Asian… Read More
Gov’t extends power discount sign up til Jan. ‘24
September 5, 2023, 8:01 pm
MANILA – The Energy Regulatory Commission (ERC), Department of Energy (DOE) and the Department of Social Welfare and Development (DSWD) have extended the registration of eligible beneficiaries for the lifeline rate program until next year. In a tripartite advisory on Tuesday, the agencies said… Read More
Peso weakens, stocks up despite higher inflation
September 5, 2023, 7:13 pm
MANILA – Local shares gained for the third straight day while the peso depreciated on Tuesday's trading. The Philippine Stock Exchange index (PSEi) went up by 0.17 percent to close at 6,225.00. All Shares also increased by 0.11 percent to 3,360.14. "Philippine shares closed slightly higher as… Read More
BTr partially awards T-bonds
September 5, 2023, 7:09 pm
MANILA – The Bureau of the Treasury (BTr) on Tuesday partially awarded the new three-year Treasury bonds (T-bonds). The coupon rate was set at 6.250 percent. The auction was undersubscribed with total submitted bids reaching PHP29 billion. The BTr raised PHP21.2 billion of the PHP30 billion… Read More
BSP still eyes within-target inflation by Q4
September 5, 2023, 6:15 pm
MANILA – Monetary authorities remain confident that inflation will return to the government’s 2 percent to 4 percent target band in the last quarter of 2023 despite ending its six-month deceleration in August when it rose to 5.3 percent. The Philippine Statistics Authority (PSA) on Tuesday… Read More
Local leaders’ support crucial in pending power bill for Davao
September 5, 2023, 2:46 pm
MANILA – The Davao Consumer Movement (DCM) and the Tagum City Chamber of Commerce and Industry (TCCCI) anticipates drastic improvement in the power service in Davao once House Bill (HB) No. 6740 is passed into law. This bill seeks to expand the franchise of AboitizPower unit Davao Light Power… Read More
PH, UAE reaffirm commitment to boost economic ties
September 5, 2023, 1:18 pm
MANILA – The Philippines and the United Arab Emirates (UAE) have reaffirmed their commitment to strengthen their economic ties. The Department of Trade and Industry (DTI) said Tuesday that Secretary Alfredo Pascual and UAE Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi met on… Read More
Inflation hits 5.3% in August
September 5, 2023, 12:21 pm Updated on September 5, 2023, 1:18 pm
MANILA – Headline inflation accelerated to 5.3 percent in August from 4.7 percent in July, the Philippine Statistics Authority (PSA) reported on Tuesday. Last month's inflation however was lower than the 6.3 percent recorded in August last year. In a briefing, National Statistician Dennis Mapa… Read More
Trade chief orders creation of task force on rice price cap
September 5, 2023, 8:44 am
MANILA – Department of Trade and Industry (DTI) Secretary Alfredo Pascual has ordered the creation of a Special Task Force to ensure that the Executive Order (EO) No. 39, mandating price ceilings on rice, will be implemented. In a statement Monday evening, Pascual said establishing the Special… Read More
Oil is falling as traders capitalize on rising oil prices
September 4, 2023, 9:44 pm
ANKARA – Oil prices recorded a limited decline on Monday as investors profited from the highest oil prices seen since November 2022, and on expectations that Saudi Arabia and Russia's curbs would continue through October. International benchmark Brent crude traded at USD88.48 per barrel at… Read More
BSP bills rates down, 28-day tenor attracts lower bids
September 4, 2023, 8:50 pm
MANILA – The Bangko Sentral ng Pilipinas (BSP) hiked the offer volume for its securities on Monday but the shorter-dated bills attracted lower bids, although both tenors registered rate declines. BSP data show that both the 28-day and the 56-day debt papers were increased by PHP10 billion to… Read More
BTr fully awards Treasury bills
September 4, 2023, 7:11 pm
MANILA – The Bureau of the Treasury (BTr) on Monday fully awarded bids for Treasury bills (T-bills). The 91-, 182- and 364-day T-bills fetched average rates of 5.552 percent, 5.966 percent and 6.198 percent respectively, all lower than previous auction results and secondary market rates. The… Read More
PSEi tracks Asian shares’ rise, peso ends sideways
September 4, 2023, 7:08 pm
MANILA – Local shares mirrored most Asian markets on Monday’s trading while the local currency closed sideways. The Philippine Stock Exchange index (PSEi) gained 33.62 points to 6,214.68, with all shares also increasing by 14.47 points to 3,356.44. Philstocks Financial, Inc. research… Read More
Business, labor sectors laud rice price caps
September 4, 2023, 6:28 pm
MANILA – Representatives of the agriculture, manufacturing and labor sectors on Monday welcomed Executive Order No. 39, which sets price ceilings on regular and well-milled rice, saying it will be a potent stop-gap solution to address surging inflation on the Filipino staple food. In an… Read More
PH highlights role of digitizing MSMEs at ASEAN meet
September 4, 2023, 5:55 pm
MANILA – ASEAN Business Advisory Council (BAC) Philippines chairperson Joey Concepcion on Monday said the country underscored the vital role of digitalization in the development of micro, small and medium enterprises (MSMEs) in the region. In a statement, Concepcion, who is also the MSME… Read More
DICT to assist north Negros LGUs create digital roadmap
September 4, 2023, 4:06 pm
BACOLOD CITY – The Department of Information and Communications Technology (DICT) will provide assistance to three local government units (LGUs) in northern Negros Occidental for the creation of a district digital roadmap. These include the cities of Cadiz and Sagay as well as the municipality… Read More
