Business
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
Gov't to have bigger share in proposed MUP pension fund reforms
August 7, 2023, 11:58 am
MANILA – The government will have a bigger share under the proposed reforms to the military and uniformed personnel (MUP) pension system, the Department of Finance (DOF) said. "So for every 5 percent that the MUPs put in, there will be a 16 percent government share. For every 7 percent,… Read More
DOF: Gov't committed to securing 'A' credit rating by 2028
August 7, 2023, 10:52 am
MANILA – The government remains committed to securing an "A" credit rating from international rating agencies before the end of President Ferdinand R. Marcos Jr.'s term, Finance Secretary Benjamin Diokno said. The Philippines currently has a BBB+ sovereign credit rating from S&P Global, a major… Read More
Gov't studies extension of lower tariff on agri products, coal
August 7, 2023, 9:41 am
MANILA – The government is conducting a review on the possible further extension of reduced tariff on pork, corn, rice and coal, the Department of Finance (DOF) said. "We will have a meeting next month, we'll wait in September [to see] if we have to extend across all commodities," Diokno told… Read More
Softening inflation safe despite rise in pump prices: oil exec
August 5, 2023, 8:54 pm
ANTIPOLO CITY – The recent spike in oil prices is seen as an aberration and is unlikely to reverse softening inflation for the remainder of the year’s third quarter, according to an industry expert. Fernando Martinez, chair of the Independent Philippine Petroleum Companies Association, said… Read More
BSP securities rates up, 56-day tenor posts undersubscription
August 4, 2023, 7:52 pm
MANILA – The rates of Bangko Sentral ng Pilipinas’ (BSP) bills rose on Friday, but the 56-day tenor attracted lower bids. Data released by the central bank showed that the average rate of the 28-day paper inched up to 6.7108 percent from 6.7048 percent during the auction last July 28. The… Read More
DBP raises P4B in latest bond issuance
August 4, 2023, 7:09 pm
MANILA – State-owned Development Bank of the Philippines (DBP) has raised PHP3.875 billion in fresh funds through its latest local bond issuance, which would be channeled to various developmental projects and initiatives for its key priority sectors, a top official said. DBP president and chief… Read More
PSEi tracks US market decline, peso weakens further
August 4, 2023, 5:43 pm
MANILA – The local stock barometer and the peso finished this week’s trading weaker. On Friday, the Philippine Stock Exchange index (PSEi) closed at 6,450.84 after rebounding from last day’s trading. “The local bourse plummeted by 125.92 points (1.91 percent) to 6,450.84, mirroring the… Read More
Meralco rates seen to drop this August
August 4, 2023, 5:15 pm
MANILA — Customers in the franchise areas of the Manila Electric Company (Meralco) may expect cheaper power rates in August, Meralco spokesperson Joe Zaldarriaga said on Friday. "While we have yet to receive the final billings from our suppliers, we expect a possible decrease in the… Read More
BSP ready to adjust key rates as inflation risks still on upside
August 4, 2023, 4:15 pm
MANILA – The Bangko Sentral ng Pilipinas (BSP) on Friday reiterated its commitment to adjusting its policy stance to address the expansion of price pressures even as the domestic inflation rate continues to ease. The rate of price increases slowed further to 4.7 percent in July, the lowest… Read More
Apple posts nearly $82-B revenue in April-June
August 4, 2023, 1:57 pm
ISTANBUL – US multinational technology company Apple saw quarterly revenue of USD81.8 billion in the April-June period, according to its financial results statement released Thursday. The figure is down by 1 percent from the same period last year. “We are happy to report that we had an… Read More
PH inflation hits 16-month low at 4.7% in July
August 4, 2023, 11:46 am
MANILA – Headline inflation hit a 16-month low in July, settling at 4.7 percent from 5.4 percent in June, the Philippine Statistics Authority (PSA) reported on Friday. In a briefing, National Statistician Dennis Mapa said last month’s headline inflation was down from 6.8 percent in the same… Read More
PSEi bounces back, peso further weakens
August 3, 2023, 8:30 pm
MANILA – After falling to the 6,400-mark, the Philippine Stock Exchange index (PSEi) bounced back on Thursday as investors digest the possible impacts to the market of the Fitch Rating’s downgrade of the United States credit rating. The PSEi climbed back to 6,576.76 gaining by 93.48 points,… Read More
29% of Filipino workers want to leave current employers
August 3, 2023, 7:51 pm
MANILA – ‘The Great Resignation’ is far from over, even for the Philippines, as 29 percent of Filipino workers are looking for new jobs amid being restless while demanding higher pay from their employers to meet the increasing cost of living in the country. The PwC Hopes and Fears Global… Read More
DOST, PEZA sign guidelines to create knowledge-based ecozones
August 3, 2023, 7:48 pm
MANILA – Department of Science and Technology (DOST) Secretary Renato Solidum Jr. and Philippine Economic Zone Authority (PEZA) Director General Tereso Panga on Thursday signed a joint memorandum circular (JMC) establishing the guidelines for the registration of Knowledge, Innovation, Science… Read More
Aboitiz, Singapore firm tie up for wind project in Rizal, Laguna
August 3, 2023, 2:06 pm
MANILA – Aboitiz Power Corp. unit Aboitiz Renewables Inc. (ARI) said Thursday it partnered with Singapore-based Vena Energy for a greenfield 102-megawatt wind power project encompassing the provinces of Rizal and Laguna. In a disclosure to the Philippine Stocks Exchange, the renewable project is… Read More
AI 'not yet' big threat to Filipino labor
August 2, 2023, 8:53 pm
ANTIPOLO CITY – The founding chair of the Internet Society - Philippine Chapter (ISPC) said concerns that artificial intelligence (AI) can potentially replace some Filipino workers are rooted in truth. However, it also noted that the threat is not imminent and will only affect people in… Read More
Stock market plunges to 6,400-mark; peso touches 55-level
August 2, 2023, 7:53 pm
MANILA – The local bourse plunged to 6,400-mark while Philippine peso touched the 55-level on Wednesday, reflecting the market’s reaction to the Fitch Rating’s downgrade of the United States’ credit rating. Local benchmark Philippine Stock Exchange index (PSEi) dropped 110.52 points to… Read More
