Business
Budget deficit eases in July
August 31, 2023, 3:46 pm
MANILA – The national government’s (NG) budget deficit declined by 45 percent despite higher spending in July this year, the Bureau of the Treasury (BTr) on Thursday reported. The BTr said budget deficit declined in July to PHP47.8 billion from PHP86.8 billion shortfall in budget a year ago… Read More
PH, Iraqi biz groups forge partnership
August 31, 2023, 2:19 pm
MANILA – Business groups from the Philippines and Iraq have signed a memorandum of understanding (MOU) to promote cooperation between the countries’ private sectors. The MOU between the Pampanga Chamber of Commerce and Industry Inc. (PamCham) and the Federation of Iraqi Chambers of Commerce… Read More
Japanese firms told: Gov’t reforms improve biz climate in PH
August 30, 2023, 9:05 pm
MANILA – The Department of Finance (DOF) on Monday said Secretary Benjamin Diokno has told Japanese businesses that the government is implementing reforms that will improve the business climate in the Philippines. Diokno made the statement at the Philippine Investment Opportunities Forum on… Read More
Biz leaders: Amplified inflation forecasts cause undue concerns
August 30, 2023, 7:39 pm
MANILA – The leaders of three influential business organizations on Wednesday said forecasts of a renewed inflation spike in August and succeeding months are largely unfounded, and can only cause undue public concern. In an interview, Fernando Martinez, chairman of the Independent Philippine… Read More
BTr awards reissued T-bonds in full
August 30, 2023, 6:28 pm
MANILA – The Bureau of the Treasury (BTr) on Wednesday said its auction committee has fully awarded the reissued 10-year Treasury bonds (T-bonds). The reissued T-bonds offered at PHP30 billion was oversubscribed at PHP54.54 billion. “The reissued bonds fetched an average rate of 6.220 percent… Read More
BCDA seeks Senate’s support to bill for charter amendments
August 30, 2023, 6:22 pm
MANILA – The Bases Conversion and Development Authority (BCDA) has urged the Senate to support the bill amending the state-owned firm’s charter that will further unlock its potential in contributing to the national coffers. In a statement Wednesday, BCDA president and chief executive officer… Read More
TDF rates down, preference still on 7-day facility
August 30, 2023, 5:07 pm
MANILA – Preference for the shorter-dated term deposit facility (TDF) of the Bangko Sentral ng Pilipinas (BSP) remained on Wednesday but rates of both the seven- and 14-day facilities fell. The BSP kept the offer volume for the one-week TDF at PHP160 billion but tenders reached PHP170.616… Read More
Bitcoin jumps 7% as US court rules in favor of Grayscale ETF
August 30, 2023, 3:12 pm
ISTANBUL – Bitcoin jumped more than 7 percent on Tuesday after a US court ruled in favor of cryptocurrency investment firm Grayscale's exchange-traded fund (ETF). Bitcoin price climbed to as high as USD28,040 at 1:10 p.m. EDT for a 7.3 percent daily gain after closing the previous day at… Read More
BTr issues Maharlika implementing rules and regulations
August 29, 2023, 8:35 pm
MANILA – The Bureau of the Treasury (BTr) issued the implementing rules and regulations (IRR) of the Maharlika Investment Fund (MIF) Act of 2023 on Aug. 28, the Department of Finance (DOF) said on Tuesday. In a statement, the DOF said the IRR shall take effect on Sept. 12. The IRR was issued… Read More
Bargain hunting lifts PH shares, peso weakens
August 29, 2023, 6:35 pm
MANILA – Local shares rebounded to 6,200-mark on Tuesday's trading while the peso depreciated. The Philippine Stock Exchange index (PSEi) closed at 6,225.00, gaining 64.39 points, while all shares also rose by 22.22 points to 3,354.62. Philstocks Financial Inc. research associate Claire Alviar… Read More
Nickel industry pushes for streamlining of permitting process
August 29, 2023, 5:40 pm
MANILA – The Philippines has the capacity to supply over 40 million tons of nickel ore to the global market but changes must be made in the permitting process to accelerate growth of the mining industry, a top official of the Philippine Nickel Industry Association (PNIA) said on Tuesday. "We… Read More
BTr fully awards T-bills
August 29, 2023, 5:36 pm
MANILA – The Bureau of the Treasury (BTr) on Tuesday fully awarded bids for Treasury bills (T-bills). The 91-, 182-, and 364-day T-bills fetched average rates of 5.573 percent, 5.993 percent and 6.297 percent, respectively, all lower than the prevailing secondary market rates. The auction was… Read More
BIR collection up by 12% in January to July
August 29, 2023, 1:45 pm
MANILA – The Bureau of Internal Revenue (BIR) on Tuesday reported that collections in January to July this year increased by 12.21 percent. In a statement, the BIR said total gross collection during the period amounted to PHP1.49 trillion (net of tax refund), up by PHP162.40 billion than the tax… Read More
Economist sees Q3 pick up in manufacturing activities
August 28, 2023, 2:39 pm
MANILA – Manufacturing growth will likely recover in the third quarter of the year after a slight slowdown in the second quarter, an economist said on Monday. Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort told the Philippine News Agency (PNA) in an interview that… Read More
Senator suggests tapping LGUs in drive vs. illicit trade
August 27, 2023, 3:52 pm
MANILA – A lawmaker has suggested soliciting help from local government units (LGUS) to address illicit trade and generate higher revenue collection. In a statement issued on Sunday, Senator Sherwin Gatchalian emphasized that while he fully supports the goal of increasing revenue collection and… Read More
Gov't gross borrowings up in June
August 27, 2023, 12:58 pm
MANILA – The national government's gross borrowings went up by 13.8 percent in June, data from the Bureau of the Treasury (BTr) showed. BTr's latest cash operations report showed that gross borrowings during the sixth month amounted to PHP166.4 billion, up from the PHP146.1 billion recorded in… Read More
PBBM needs more state visits to ‘energize’ economy: business exec
August 26, 2023, 9:28 pm
MANILA – The International Chamber of Commerce’s (ICC) local head on Saturday urged President Ferdinand R. Marcos, Jr. to make more state visits to friendly countries to open many doors for trade and investment. Jesus Varela, ICC Philippines director general, said the administration should… Read More
PH shares down ahead of Powell’s speech, peso strengthens
August 25, 2023, 8:39 pm
MANILA – All counters in the local stock market closed in the negative territory ahead of the US Federal Reserve System chair Jerome Powell’s speech, while the peso finished strong on Friday. The Philippine Stock Exchange index (PSEi) declined 65.17 points to 6,160.61, with all shares also… Read More
PEZA, GPCCI bolster partnership to promote PH as investment hub
August 25, 2023, 5:44 pm
MANILA – The Philippine Economic Zone Authority (PEZA) and the German-Philippine Chamber of Commerce and Industry (GPCCI) have reaffirmed their partnership to promote the country as an investment destination for German companies. In a statement Friday, PEZA Director General Tereso Panga said… Read More
DOE to mandate DUs to source demand from natural gas
August 25, 2023, 4:59 pm
MANILA – The Department of Energy (DOE) is drafting a circular that will mandate distribution utilities (DUs) in the Luzon grid to source a percentage of their demand from natural gas power generation facilities. The Department Circular (DC) aims to develop the natural gas-fired power plants in… Read More
