Business
NEDA eyes satellite tech use for informed policies on inflation
August 22, 2023, 4:09 pm
MANILA – The National Economic and Development Authority (NEDA) on Tuesday said a research team was sent to the Philippine Rice Research Institute (PhilRice) in Muñoz, Nueva Ecija to evaluate the potential of its satellite technology in providing insights for the government’s proactive… Read More
PH to cultivate 'Bamboo Villages' to tap growing world demand
August 21, 2023, 9:52 pm
ANTIPOLO CITY – The Philippines has set its sights on capturing a small piece of the world’s billion-dollar bamboo market while simultaneously harnessing its bamboo resources to mitigate climate change. In an interview Monday, newly appointed Department of Agriculture Undersecretary Deogracias… Read More
PH, Korea eye FTA signing next month
August 21, 2023, 7:34 pm
MANILA – Department of Trade and Industry (DTI) Secretary Alfredo Pascual on Monday said the Philippines and the Republic of Korea (ROK) are aiming to sign the bilateral free trade agreement (FTA) next month. Pascual and South Korea’s Trade, Industry and Energy Minister Ahn Duk-Geun met on… Read More
Oil up over tight global supply concerns
August 21, 2023, 6:11 pm
ISTANBUL – Oil prices increased on Monday over tight global supply concerns after lower output from OPEC+ countries, Saudi Arabia and Russia. International benchmark Brent crude traded at USD85.45 per barrel at 10.28 a.m. local time (0728 GMT), a 0.77 percent rise from the closing price on… Read More
Libya Central Bank announces reunification
August 21, 2023, 4:50 pm
TRIPOLI – Libya’s Central Bank on Sunday announced its reunification after being split into two for nearly a decade due to the country’s long-running civil war. The bank, in a statement, said it has become a "unified sovereign institution" after a meeting in the capital Tripoli between… Read More
Fuel prices up for 6 consecutive weeks
August 21, 2023, 2:34 pm
MANILA – Pump prices will increase for six weeks in a row as fuel companies announced another price hike starting 12:01 a.m. on Aug. 22. Price increases on Tuesday are tamer compared to the past three weeks as Caltex, Cleanfuel, Seaoil and Shell will hike gasoline prices by PHP1.10 per liter… Read More
Unemployment rate likely down in July – economist
August 21, 2023, 2:19 pm
MANILA – The country's unemployment rate likely settled at 4.3 to 4.4 percent in July after a slight uptick in June, an economist said Monday. "Unemployment rate could improve in July due to the start of the rainy season, when planting activities in the agriculture sector picks up, since… Read More
DOF: New entrants, active personnel should contribute in pension
August 21, 2023, 9:15 am
MANILA – The Department of Finance (DOF) said it may take as long as 60 years for the military and uniformed personnel (MUP) pension system to be sustainable if only new entrants will contribute to the pension fund. "Contributions should be made by the new entrants according to our computation… Read More
LandBank posts double-digit growth in digital transactions
August 20, 2023, 1:51 pm
MANILA – State-owned Land Bank of the Philippines (LandBank) recorded double-digit growth in its digital transactions during the first half of the year. In a statement on Sunday, LandBank said it facilitated 94.7 million transactions worth PHP1.9 trillion during the period, up by 22 percent and… Read More
UK mulls joint trade, economic committee with PH
August 20, 2023, 12:21 pm
MANILA – The United Kingdom (UK) is eyeing to establish a Joint Trade and Economic Committee (JETCO) with the Philippines to bolster economic ties. The Department of Trade and Industry (DTI) welcomed UK’s interest to strike an agreement with the Philippines to form a committee that would boost… Read More
PH calls for updating of ASEAN free trade deal
August 20, 2023, 11:46 am
MANILA – The country’s trade chief has called on fellow ministers in Southeast Asia to upgrade the ASEAN Trade in Goods Agreement (ATIGA) during the 37th Meeting of ASEAN Free Trade Area Council in Semarang, Indonesia. Secretary Alfredo Pascual highlighted that the upgrade of the ATIGA is an… Read More
PSEi slips to 6,200-mark as US markets drop, peso gains Friday
August 18, 2023, 9:04 pm
MANILA – The Philippine Stock Exchange index (PSEi) fell to 6,200 level while peso gained on the last trading day of the week. On Friday, PSEi closed to 6,290.27, down 74.70 points, a new nine-month low for the local stock market. All Shares declined by 26.39 points, to 3,383.41, with all… Read More
Power firm to finish underground cabling projects in Davao by '29
August 18, 2023, 8:27 pm
DAVAO CITY – A subsidiary of Aboitiz Power Corp. has committed to complete its underground cabling projects here by 2029. Davao Light and Power Company Inc. senior manager for lines section Leonardo Remulta III told Manila-based energy reporters Friday that the firm will adhere to the new target… Read More
PCAFI lauds PBBM, says local rice production key to stable price
August 18, 2023, 8:13 pm
ANTIPOLO CITY – The Philippine Chamber of Agriculture and Food, Inc. (PCAFI) on Friday lauded President Ferdinand R. Marcos Jr.’s directive to the National Food Authority (NFA) to focus on local production, stressing that surges in the price of rice can be solved by increasing domestic… Read More
PH cautioned vs. cutting rates early
August 18, 2023, 5:35 pm
MANILA – BMI, a unit of Fitch Solutions, has cautioned the Philippine central bank on the timing of cutting policy rates.In a commentary released Friday following the announcement of the Monetary Board on Thursday to maintain policy rates, BMI said rate cuts should be considered only when food… Read More
Economist: Easing of inflation likely to continue
August 18, 2023, 4:59 pm
MANILA -- Headline inflation will likely continue to decelerate in the coming months and might settle within the government's 2 to 4 percent target as early as this month, an economist said on Friday. "Headline inflation [is] still expected to ease year-on-year for the coming months due to higher… Read More
GSIS earns P61B in H1 '23
August 18, 2023, 4:46 pm
MANILA – The Government Service Insurance System (GSIS) reported on Friday a net income of PHP61 billion for the first half of the year, a 20-fold increase from the PHP3 billion in the same period the previous year. GSIS president and general manager Jose Arnulfo "Wick" Veloso said the marked… Read More
Fitch: Inflation, rising interest rates remain main credit risks
August 18, 2023, 4:08 pm
ISTANBUL – Inflation and rising interest rates remain the most significant watch items for global credit risks, Fitch Ratings said Thursday. "The underlying macro picture for global credit has improved since the beginning of the year, although tighter lending conditions and hawkish central… Read More
PSEi, peso weaken as Fed mulls rate hike
August 17, 2023, 7:40 pm
MANILA – Both the local stock market and the currency closed weaker on Thursday as the United States Federal Reserve mulled increasing interest rates anew. The Philippine Stock Exchange index (PSEi) ended in the red territory, down by 45.12 points to 6,364.97. Philstocks Financial, Inc. research… Read More
BSP maintains policy rates
August 17, 2023, 7:16 pm
MANILA --The Bangko Sentral ng Pilipinas' policy-making Monetary Board (MB) kept for the third rate-setting meeting the BSP's key rates on the back of the projected continued slowdown of domestic inflation. With the latest decision, the BSP's overnight reverse repurchase facility remained at 6.25… Read More
