Business
Fuel prices up for 9 straight weeks
September 4, 2023, 3:55 pm
MANILA – Oil price hikes have yet to pause as local industry players announced another pump price increment effective Sept. 5. In separate advisories, Caltex, Cleanfuel, Jetti, Petro Gazz, Phoenix Petroleum, Seaoil and Shell said they will increase gasoline prices by PHP0.50 per liter and… Read More
Gov’t sees PH as ASEAN's No.1 creative economy by 2030
September 3, 2023, 7:44 pm
MANILA – The government is resolved to make the Philippines the No. 1 creative economy in ASEAN by 2030, a lawmaker said on Sunday. "The goal is for the Philippines to be the number one creative economy in ASEAN by 2030. It's now 2023, so we have seven years to do that," said Pangasinan 4th… Read More
OECD sees PH economy growing by 5.6% in 2023
September 3, 2023, 7:12 pm
MANILA – The Organisation for Economic Cooperation and Development (OECD) forecasts the Philippine economy to grow by 5.6 percent this year. "A key growth driver in the second half of 2023 will be a strong rebound in government spending, from its 7.1 percent contraction in the recent quarter,… Read More
NEDA: Rice price ceilings to lower prices, prevent hoarding
September 3, 2023, 11:34 am
MANILA – The National Economic and Development Authority (NEDA) said imposing price ceilings on rice will not only help lower prices but also discourages hoarding. In a statement on Sunday, NEDA said while the country has enough supply of rice until the end of the year, rice prices have been… Read More
Subsidies to GOCCs hit P33B in July
September 3, 2023, 10:13 am
MANILA – Subsidies provided to government-owned and controlled corporations (GOCCs) increased by 9 percent in July, data from the Bureau of the Treasury (BTr) showed. Data from BTr's latest cash operations report on Saturday showed that subsidies to GOCCs during the month amounted to PHP33.23… Read More
DBP-DepEd partnership benefits Mindanao schools
September 1, 2023, 8:32 pm
MANILA - State-owned Development Bank of the Philippines (DBP) has extended close to PHP2 million in educational aid to four secondary schools in Mindanao under the flagship corporate social responsibility program with the Department of Education (DepEd), a top official said Friday. DBP President… Read More
Brent oil price on ICE tops USD87 per barrel since August 11
September 1, 2023, 6:29 pm
MOSCOW – Brent crude oil futures contract for November 2023 delivery rose above USD87 per barrel on London’s ICE, the first time since August 11, 2023, trading data show. As of 4:26 a.m. Moscow time on Friday, the price of Brent rose by 0.21 percent to USD87 per barrel. By 4:41 a.m. Moscow… Read More
Nat'l ID registration boosts basic deposit accounts' growth
September 1, 2023, 6:05 pm
MANILA – Registration for the Philippine Identification System (PhilSys) has helped fuel the growth of basic deposit accounts (BDAs) by 170 percent year-on-year to 21.9 million as of the end of March 2023. Data released by the Bangko Sentral ng Pilipinas (BSP) on Friday showed that BDAs in the… Read More
PH stocks slightly up
September 1, 2023, 5:55 pm
MANILA – Local shares slightly went up on Friday following the release of core personal consumption expenditures data. The Philippine Stock Exchange index (PSEi) closed at 6,181.06, up by 0.09 percent from 6,175.25 the previous day, while all shares also rose by 0.22 percent to 3,341.97. Half… Read More
PH manufacturing condition declines in August
September 1, 2023, 4:13 pm
MANILA – The S&P Global Manufacturing Purchasing Managers’ Index (PMI), an indicator of manufacturing performance, recorded a fractional downturn in August as factory orders from overseas fell for the first time in a year due to waning demand and poor weather conditions. In a report on… Read More
Metrobank’s select transactions affected by gov't work suspension
September 1, 2023, 3:12 pm
MANILA – Select transactions of Metropolitan Bank & Trust Company (Metrobank) are affected by the suspension of government work due to weather disturbances on Friday, the bank said. In an advisory, the bank said processing of the PESONet transactions made from 3:01 p.m. of Aug. 31 up to 11:59… Read More
Economist sees continued growth in domestic trade in Q3
September 1, 2023, 1:46 pm
MANILA – Demand for the Christmas season will help drive growth in domestic trade in the third quarter of the year, an economist said on Friday. "Domestic trade could seasonally pick up in the third quarter in view of the seasonal increase in importation and other manufacturing and production… Read More
LPG prices up by over P70 in September
September 1, 2023, 10:59 am
MANILA – Consumers would have to pay more for cooking gas as prices of household liquefied petroleum gas (LPG) increased by more than PHP70 for a regular 11-kilogram cylinder this month. In separate advisories, Petron and Phoenix LPG implemented a PHP6.65 per kilogram hike on household LPG and… Read More
US economy expands 2.1% in Q2, below estimates
August 31, 2023, 9:34 pm
ISTANBUL – The US economy expanded by 2.1 percent in the second quarter of 2023, less than market estimates, the Commerce Department's second reading released on Wednesday showed. Market expectation for the figure is an expansion of 2.4 percent in gross domestic product (GDP), same as the… Read More
BIR records 100% resolution, compliance rates in '8888 Center'
August 31, 2023, 8:33 pm
MANILA – The Bureau of Internal Revenue (BIR) achieved 100 percent resolution and 100 percent compliance rates in handling complaints from January to June 2023. This is based on the report from the Office of the President’s 8888 Citizens’ Complaint Center (8888 CCC). “The BIR will address… Read More
Bakers' group: Prices of subsidized bread to remain unchanged
August 31, 2023, 7:59 pm
MANILA – Retail prices of subsidized bread, known to consumers as “Pinoy Tasty” and “Pinoy Pandesal” will remain unchanged despite rising costs of raw materials and other operational expenses, according to officers of the Assosasyon ng Panaderong Pilipino (APP). In an interview on… Read More
Peso strengthens, stocks fall amid MSCI rebalancing
August 31, 2023, 7:39 pm
MANILA – The local stock barometer dropped on Thursday as investors followed the movement of the latest Morgan Stanley Capital International (MSCI) rebalancing while the peso strengthened. The Philippine Stock Exchange index (PSEi) lost 120.04 points to 6,175.25, with all shares also down by… Read More
France’s Schneider Electric green lights add’l investment in PH
August 31, 2023, 7:04 pm
MANILA – The Department of Trade and Industry (DTI) on Thursday said French energy management and automation firm Schneider Electric will be scaling up its logistics hub in the Philippines. In a statement, the DTI said Schneider Electric’s top management has green lighted its expansion project… Read More
BSP forecasts 4.8% to 5.6% inflation in August
August 31, 2023, 6:23 pm
MANILA – Higher prices of rice and other agricultural products, upticks in fuel prices, train fares and toll rates, and peso depreciation are expected to bring the August inflation rate to between 4.8 percent and 5.6 percent. In a statement on Thursday, the Bangko Sentral ng Pilipinas (BSP) said… Read More
AboitizPower to convert all DU vehicles into EV by 2040
August 31, 2023, 6:18 pm
MANILA – Aboitiz Power Corp. on Thursday launched its electric vehicle (EV) fleet transformation program, wherein the power firm targets to transform 100 percent of its distribution utilities’ (DUs) vehicles into EV by 2040. At the launch of the EV fleet transformation program in Quezon City,… Read More
