Business
Stocks gain ahead of GDP data, peso ends sideways
August 9, 2023, 6:55 pm
MANILA – The Philippine Stock Exchange index (PSEi) rose on Wednesday a day before the release of the second quarter 2023 gross domestic product (GDP) growth rate, while the peso closed sideways. The local bourse finished with 57.48 points increase to 6,530.45. The stock market has been trading… Read More
Agri, fishery output down in Q2
August 9, 2023, 4:47 pm
MANILA – The country's agricultural production contracted by 1.3 percent in the second quarter of the year, data from the Philippine Statistics Authority (PSA) showed. Data released by the PSA on Wednesday showed that the value of production in agriculture and fisheries at constant 2018 prices… Read More
Meralco rates down on lower generation charges
August 9, 2023, 4:40 pm
MANILA – The Manila Electric Company (Meralco) announced on Wednesday that it will cut power rates for August. In a statement, Meralco said electricity rates this month will be lower by PHP0.2908 per kilowatt hour (kWh) to PHP10.8991 per kWh from the July rate of PHP11.1899 per kWh. “For… Read More
DMCI Holdings Q2 net income down 9% to P8.2B
August 9, 2023, 3:31 pm
MANILA – Diversified engineering conglomerate DMCI Holdings recorded a 9-percent drop in consolidated net income for the second quarter from PHP9 billion to PHP8.2 billion due to lower contributions from the coal, nickel and construction businesses. Excluding a nonrecurring gain of PHP37 million… Read More
US senator sees PH as source of e-vehicle components
August 9, 2023, 1:37 pm
MANILA – Visiting United States Senator Tammy Duckworth has urged manufacturers of electric vehicle components to consider putting up their supply chain in the Philippines, with outputs to be exported to the US. Duckworth told reporters here Tuesday that the Philippines is a viable location for… Read More
Unemployed Filipinos down in June
August 9, 2023, 12:15 pm
MANILA – The number of unemployed Filipinos went down to 2.33 million in June from 2.99 million in the same month last year, data from the Philippine Statistics Authority (PSA) showed. Preliminary results of the June 2023 Labor Force Survey released on Wednesday showed that the unemployment rate… Read More
BIR, private sector sign deal for efficient tax payment
August 8, 2023, 8:04 pm
MANILA – The Bureau of Internal Revenue (BIR) on Tuesday signed a memorandum of agreement (MOA) with business groups, chambers of commerce and association of tax professionals for a more efficient tax collection and administration. The MOA was signed by the BIR, Philippine Chamber of Commerce… Read More
PSEi, peso end weak ahead of US, China economic data
August 8, 2023, 8:01 pm
MANILA – Local shares and the peso finished Tuesday weak as lower exports data ahead of the United States’ inflation report and China’s export data disappointed traders. The Philippine Stock Exchange index (PSEi) shed 34.81 points to 6,472.97, with all shares down by 12.81 points to… Read More
BSP cites banking industry’s importance in PH economy
August 8, 2023, 7:40 pm
MANILA – Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. has underscored the strong backing the economy gets from the domestic banking system, a factor for Rating and Investment Information Inc.’s (R&I) affirmation of its "BBB+” rating on the country. In a statement, Remolona… Read More
BTr partially awards T-bonds
August 8, 2023, 6:02 pm
MANILA – The Bureau of the Treasury (BTr) on Tuesday partially awarded the reissued seven-year Treasury bonds (T-bonds). With a remaining term of six years and two months, the bond was awarded at an average rate of 6.468 percent. The auction was 1.4 times oversubscribed as total submitted bids… Read More
Landbank loans for agri, countryside dev't hit P714-B
August 8, 2023, 6:00 pm
MANILA – Land Bank of the Philippines (Landbank) said outstanding loans to agriculture and rural development reached PHP713.8 billion in the first half of the year. In a statement on Wednesday, Landbank said the amount accounts for about 69 percent of its PHP1.04 trillion loan portfolio during… Read More
PH manufacturing output up in June
August 8, 2023, 5:27 pm
MANILA – The country's manufacturing sector continued to grow in June but at a slower pace than the expansion seen in May, according to the data from the Philippine Statistics Authority (PSA). Results of the Monthly Integrated Survey of Selected Industries released on Tuesday showed that the… Read More
PH trade deficit narrows in June
August 8, 2023, 2:41 pm
MANILA – The country's trade deficit dropped to USD3.9 billion in June this year, data from the Philippine Statistics Authority (PSA) showed. In a report released on Tuesday, the PSA said the trade deficit during the month was lower by 33.3 percent than the USD5.8 billion in June last year.… Read More
R&I maintains PH ‘BBB+’ rating, upgrades outlook to positive
August 7, 2023, 7:58 pm
MANILA – Rating and Investment Information, Inc. (R&I), a Tokyo-based debt watcher, has kept its investor-grade credit rating for the Philippines at ‘BBB+’ while revising its outlook to positive from stable. The Department of Finance (DOF) shared in a statement Monday that R&I affirmed the… Read More
3 new ecozones outside NCR added in July
August 7, 2023, 7:43 pm
MANILA – The Philippine Economic Zone Authority (PEZA) reported Monday that three new economic zones outside Metro Manila were proclaimed by President Ferdinand R. Marcos Jr. in July, which are expected to create more opportunities in the countryside. In a statement, the PEZA said these were… Read More
PSEi bounces back on bargain hunting, peso crosses 56-level
August 7, 2023, 7:40 pm
MANILA – Bargain hunters supported the local stock market to get back to the 6,500 mark while the peso continued to depreciate, crossing the PHP56-level on Monday. The Philippine Stock Exchange index (PSEi) closed at 6,507.78, improving by 56.94 points, with all shares gaining by 26.31 points to… Read More
BTr partially awards T-bills
August 7, 2023, 7:10 pm
MANILA – Results were mixed in Monday’s Treasury bills (T-bills) auction as the Bureau of the Treasury (BTr) fully awarded bids for the 364-day T-bills while partially awarding the 91- and 182-day securities. The auction was 2.5 times oversubscribed, with total tenders reaching PHP38.1… Read More
Moody’s Analytics: PH economy likely moderated to 6% in Q2
August 7, 2023, 6:46 pm
MANILA – Moody’s Analytics has estimated that the Philippine economy likely moderated to 6 percent in the second quarter of 2023 from a 6.4 percent gross domestic product (GDP) growth in the first quarter. “We expect Philippine GDP to grow 6 percent year-on-year, slowing from 6.4 percent… Read More
FTAs seen to bring more exporters into PEZA zones
August 7, 2023, 5:41 pm
MANILA – Free trade agreements (FTAs) are beneficial for the Philippine Economic Zone Authority (PEZA) as this can bring more investments in the export zones, its Director General Tereso Panga has said. This, as the PEZA chief welcomed the interest of both parties for the resumption of… Read More
Up to P4 oil price hike set Aug. 8
August 7, 2023, 3:11 pm
MANILA – Another big-time oil price hike of up to PHP4 per liter will greet consumers on Tuesday morning. In separate advisories, Caltex, Cleanfuel, PTT, Seaoil and Shell announced that they will increase diesel by PHP4 per liter and PHP0.50 per liter for gasoline. Caltex, Seaoil and Shell will… Read More
