Business
BSP bills attract below-offered bids this week
August 11, 2023, 8:01 pm
MANILA – There was low demand for the Bangko Sentral ng Pilipinas (BSP) bills this week, with both tenors attracting lower-than-offered tenders and the rates registered in mixed directions. The central bank hiked by PHP10 billion the offering for the 28-day debt paper to PHP110 billion but bids… Read More
PAL posts $250-M net income in 1H 2023, on recovery track
August 11, 2023, 7:35 pm
MANILA - The country's flag carrier is now on the recovery track, reporting a net income of USD250 million (PHP13.6 billion) and USD314 million (PHP17.4 billion) operating income for the first half of 2023, the Philippine Airlines (PAL) announced on Friday. “We are pleased to see that Philippine… Read More
PH corners P4.4-B investments from Japanese electronic parts firm
August 11, 2023, 7:31 pm
MANILA – Japanese electronic parts maker Murata Manufacturing has finalized its 11.2 billion Japanese yen expansion plans in the Philippines, the Department of Trade and Industry (DTI) said in a statement Friday. The DTI said the local unit of Murata, Philippine Manufacturing Co. of Murata,… Read More
Stocks, peso down after economic data release
August 11, 2023, 7:27 pm
MANILA — Local shares continued to fall while peso depreciated on the last day of trading this week following the release of economic data. The Philippine Stock Exchange index (PSEi) further declined on Friday by 43.75 points to 6,405.91. "On the last day of trading of the week, the local… Read More
Inflation rate likely to decline below target before Q4
August 11, 2023, 6:13 pm
MANILA – A ranking central bank executive on Friday raised the possibility of within-target monthly inflation level before the fourth quarter of 2023, after it sustained its deceleration until last July. The rate of price increases slowed for the sixth consecutive month last July to 4.7 percent… Read More
AC Motors, BYD partner to speed up e-vehicle adoption in PH
August 11, 2023, 5:02 pm
MANILA – Ayala Corp. subsidiary AC Motors officially announced on Friday its partnership with electric vehicle manufacturer BYD as the latter’s distributor in the Philippine market. In a media roundtable in Makati City, AC Motors head Jaime Alfonso Zobel de Ayala said being the distribution… Read More
DOF, DTI approve amendment to CREATE IRR
August 11, 2023, 4:35 pm
MANILA – Finance Secretary Benjamin Diokno and Trade and Industry Secretary Alfredo Pascual approved the amendment to the implementing rules and regulations (IRR) of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act to resolve the value-added tax (VAT) issues raised by… Read More
Merger, acquisition deals in PH aim to improve public utilities
August 11, 2023, 3:50 pm
MANILA – PwC’s mid-year report on merger and acquisitions (M&A) shows that there were 42 M&A deals in the Philippines from January to June 2023, with total transactions amounted to USD3.4 billion mainly focusing on public utility projects. According to the PwC report, M&A transactions in the… Read More
6%-7% GDP growth target still achievable -economist
August 11, 2023, 2:49 pm
MANILA – The country’s 6 to 7 percent economic growth target for this year is still attainable, an economist said on Friday. "[It's] still possible," Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort told the Philippine News Agency (PNA) in a Viber message, citing… Read More
PH household spending seen to surpass pre-pandemic level
August 10, 2023, 8:25 pm
MANILA – Fitch Solutions unit BMI has projected that the Philippines' household spending this year will exceed the pre-pandemic level. In its commentary on consumer and retail released Thursday, BMI said real household spending this year is projected at PHP12 trillion, higher than the PHP10.9… Read More
2024 budget to help create sustainable PH economy: DOF chief
August 10, 2023, 7:58 pm
MANILA – The proposed 2024 budget will help establish a future-proof and sustainable Philippine economy, Department of Finance (DOF) Secretary Benjamin Diokno on Thursday said. The House Committee on Appropriations began its review of the PHP5.768-trillion proposed national budget for fiscal… Read More
PSEi down, peso almost flat after slower-than-expected GDP
August 10, 2023, 7:10 pm
MANILA – Local shares and currency recorded losses on Thursday after the government reported 4.3 percent gross domestic product (GDP) growth in the second quarter of the year. The Philippine Stock Exchange index (PSEi) dropped by 80.79 points to 6,449.66, with All Shares also down by 34.78… Read More
MBC still optimistic PH economy to grow 6-7% this year
August 10, 2023, 6:28 pm
MANILA – The Makati Business Club (MBC) remains optimistic that the country will achieve the 6 to 7 percent gross domestic product (GDP) growth target of the government by the end of 2023. This, as the government reported that the Philippine economy grew by 4.3 percent in April to June 2023,… Read More
PH seen to hit 1M vehicle sales before 2030
August 10, 2023, 5:42 pm
MANILA – The Philippines could hit the 1-million mark in vehicle sales within the decade, Mitsubishi Motors Philippines Corp. (MMPC) president and chief executive officer Takeshi Hara said. At the press conference of MMPC’s 60th anniversary at the World Trade Center in Pasay City Thursday,… Read More
Retail group backs taxing online sellers, refund for tourists
August 10, 2023, 5:12 pm
MANILA – The Philippine Retailers Association (PRA) has expressed its full support in taxing goods and services transacted online as well as giving value-added tax (VAT) refund to purchases of non-resident tourists in the country. During the opening of the 29th National Retail Conference and… Read More
Membership retail store opens largest shop in Bacolod
August 10, 2023, 3:08 pm
BACOLOD CITY – Membership retail establishment, Landers Superstore, has further expanded in the Philippines as it opened its 11th shop, the first in Western Visayas, in this city Thursday.The largest in the country so far, Landers Bacolod stands on a 2.5-hectare site inside Megaworld’s The… Read More
PH economy grows by 4.3% in Q2 2023
August 10, 2023, 1:02 pm
MANILA – The growth of the Philippine economy slowed to 4.3 percent in the second quarter of the year, from the 6.4 percent expansion in the first quarter, the Philippine Statistics Authority (PSA) reported on Thursday. In a briefing, National Statistician Dennis Mapa said the gross domestic… Read More
Local, foreign investors eye PH Islamic banking: BSP exec
August 9, 2023, 11:27 pm
MANILA – Five foreign financial institutions have indicated interest in the Philippines Islamic banking sector and foreign government agencies and embassies have offered to help in encouraging new players, a Bangko Sentral ng Pilipinas (BSP) official said. BSP Deputy Governor Francisco Dakila… Read More
2024 inflation seen to stay within target amid oil price hikes
August 9, 2023, 9:32 pm
MANILA – A ranking central bank official on Wednesday said assessments on inflation show that the 2024 level is not expected to breach the government’s 2-4 percent target band despite the rising global oil prices. During the Davao City-leg of the Philippine Economic Briefing, which was… Read More
TDF rates up, preference still for 1-week facility
August 9, 2023, 9:05 pm
MANILA – The central bank’s 14-day term deposit facility (TDF) again registered undersubscription on Wednesday, but rates of both the seven- and the 14-day tenor rose. The Bangko Sentral ng Pilipinas (BSP) hiked by PHP10 billion the volume offering for each tenor in this week’s TDF auction… Read More
