Business
Inflation rise likely in August – economist
August 25, 2023, 2:28 pm
MANILA – Headline inflation is likely to rise slightly in August due to higher prices of oil and rice, an economist said on Friday. Rizal Commercial Banking Corporation chief economist Michael Ricafort expects inflation hitting 5 percent in August from 4.7 percent in July. "Main catalysts for… Read More
ASEAN ministers discuss financing modalities for health, infra
August 25, 2023, 12:53 pm
MANILA – Finance Secretary Benjamin E. Diokno represented the Philippines at the ASEAN Finance and Health Ministers Meeting (AFHMM) and the ASEAN High-Level Dialogue on Promoting Sustainable Infrastructure Development in Mulia Hotel, Jakarta, Indonesia. In a statement late Thursday, the… Read More
Record-high patent registration seen in 2023
August 24, 2023, 7:55 pm
MANILA – Intellectual Property Office of the Philippines (IPOPHL) Director General Rowel Barba expects that 2023 will be a historic year for registration of patent protection in the country. This, as IPOPHL observed a continuous growth in innovation-related intellectual property (IP) filings,… Read More
PSEi tracks Asian, US marts, peso ends sideways
August 24, 2023, 7:52 pm
MANILA – Local shares rebounded on Thursday to close above the 6,200-mark, while the local currency traded sideways. The benchmark Philippine Stock Exchange index (PSEi) gained by 46.15 points to 6,225.78. “After four straight sessions in negative territory, the market finally traded higher to… Read More
'Social safety nets' needed to cushion recent economic shocks
August 24, 2023, 7:27 pm
MANILA – Economists and businessmen agree that the government can employ creative measures to cushion the lingering economic effects of the Covid-19 pandemic as well as recent inflation surges. They were reacting to an Asian Development Bank (ADB) report released Thursday, saying high inflation… Read More
ADB cites PH economic gains from producing solar photovoltaic
August 24, 2023, 6:32 pm
MANILA – The Asian Development Bank (ADB) has cited economic gains for the Philippines should it aspire to establish a solar photovoltaic (PV) manufacturing industry. In its Renewable Energy Manufacturing: Opportunities for Southeast Asia report, scaling the production of solar PV in the country… Read More
PH investment ecosystem showcased to Indonesian biz community
August 24, 2023, 4:40 pm
MANILA – Finance Secretary Benjamin Diokno has assured the Indonesian business community that the Marcos administration is investing in public infrastructure, digitalization and human capital development for inclusive and sustainable economic growth. In a statement on Thursday, the Department of… Read More
CCAP backs BSP's move to retain interest rate cap
August 23, 2023, 8:49 pm
MANILA – The Credit Card Association of the Philippines (CCAP) on Wednesday expressed support to the Bangko Sentral ng Pilipinas (BSP) Monetary Board's decision to maintain the interest rate ceiling on credit cards. “We support the BSP’s intention to strike a balance between the interest of… Read More
PSEi slips to 6,100-level, peso weakens
August 23, 2023, 8:46 pm
MANILA – The Philippine Stock Exchange index (PSEi) further slipped to 6,100-level while the local currency shed anew on Wednesday’s trading. The PSEi closed at 6,179.63, shedding by 32.76 points, with all shares also declining by 13.32 points to 3,339.63. “The local bourse extended its… Read More
Die, mold industry’s contribution to economy, employment cited
August 23, 2023, 8:17 pm
MANILA – Philippine Economic Zone Authority (PEZA) Director General Tereso Panga has highlighted the contribution of the die and mold industry in the economy and employment. In his keynote speech at the 10th Philippine Die and Mold Machineries and Equipment Exhibition (PDMEX) at the World Trade… Read More
Completion of drilling projects boosts geothermal plants in Luzon
August 23, 2023, 7:52 pm
MANILA – Geothermal well drilling service provider ThermaPrime Drilling Corp. on Wednesday announced it completed its drilling projects that boosted the steam production of Philippine Geothermal Production Company Inc. (PGPC) in Luzon. “ThermaPrime successfully drilled a total of 12 production… Read More
Ecozones’ separate customs territory status attracts investors
August 23, 2023, 7:49 pm
MANILA – Philippine Economic Zone Authority (PEZA) Director General Tereso Panga has underscored the impact of maintaining separate customs territory (SCT) in economic zones as it has become the “unique selling point of ecozones to investors”. In a Facebook post Wednesday, Panga said the SCT… Read More
BTr rejects bids for T-bonds
August 23, 2023, 6:28 pm
MANILA – The Bureau of the Treasury (BTr) on Wednesday fully rejected bids for the Treasury bonds (T-bonds). "With a remaining term of 15 years and 5 months, the average rate for the reissued T-bonds reached 6.927 percent had it been awarded, with PHP35.3 billion in total tenders," the BTr said… Read More
NEDA Board approves 3 more infra flagship projects
August 23, 2023, 6:26 pm
MANILA – The National Economic and Development Authority (NEDA) Board on Wednesday approved the inclusion of three more projects in the list of the government's priority infrastructure projects. In a televised briefing at Malacañan Palace in Manila, NEDA Secretary Arsenio Balisacan said… Read More
Stocks, peso weak on inflation concerns
August 22, 2023, 10:00 pm
MANILA – Local stock market and currency closed Tuesday’s trading week amid inflationary pressures both in the local and global markets. The Philippine Stock Exchange index (PSEi) finished lower by 77.88 points to 6,212.39 points, with all shares down by 30.46 points to 3,352.95 level.… Read More
Biz leaders call PH's Q2 GDP growth 'respectable'
August 22, 2023, 9:00 pm
MANILA – Business leaders on Tuesday said the Philippines’ 4.3 percent gross domestic product (GDP) growth in the second quarter is nothing to be ashamed of, stressing that it outperformed other countries during the same period. In an interview, Jesus Arranza, chairman of the Federation of… Read More
High oil prices seen to persist until end of 2023
August 22, 2023, 8:14 pm
MANILA – A Department of Energy (DOE) official on Tuesday said oil price hikes are expected to continue until the end of the year. During the Laging Handa public briefing, Oil Industry Management Bureau Director Rino Abad said tighter supply has boosted global oil prices, with the output cuts… Read More
Chinese bag maker to use PH-EU FTA for exports to Europe
August 22, 2023, 8:11 pm
MANILA – A Dongguan-based bag maker is looking forward to the free trade agreement (FTA) between the Philippines and the European Union (EU) as it plans to export its Philippine-made bag to the European market. In a statement on Tuesday, the Department of Trade and Industry (DTI) said DXHIC is… Read More
IEEFA: Investors’ interest in PH renewables rises
August 22, 2023, 8:04 pm
MANILA – The Institute for Energy Economics and Financial Analysis (IEEFA) expects the Philippines’ renewable energy (RE) sector to grow at a faster pace as investors’ interest in the country’s RE rises. A report by Ramnath Iyer, IEEFA lead for climate and renewable energy finance for… Read More
BTr fully awards T-bills
August 22, 2023, 4:40 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 5.671 percent, 5.986 percent and 6.334 percent, respectively. The auction was 2.9 times oversubscribed with total bids amounting to… Read More
