Business
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
BSP term deposit facility rates up
August 2, 2023, 7:49 pm
MANILA – The rates of the Bangko Sentral ng Pilipinas’ (BSP) term deposit facility (TDF) rose on Wednesday, with the 14-day tenor posting undersubscription. Data released by the central bank showed that the average rate of the seven-day facility increased to 6.5888 percent from 6.5806 percent… Read More
DTI: Supplies, prices of goods remain stable after typhoons
August 2, 2023, 7:47 pm
MANILA – Department of Trade and Industry (DTI) Secretary Alfredo Pascual has assured consumers that supplies and prices of basic goods remained stable despite the onslaught of the recent typhoons and heavy rains affecting parts of the country, especially in Luzon. In a message Wednesday,… Read More
Preliminary works at PH’s largest copper mine in Mindanao start
August 2, 2023, 6:54 pm
MANILA – Sagittarius Mines Inc. (SMI), the developer of the Tampakan copper-gold project in Mindanao, said it is ready to start construction in the fourth quarter of the year. "SMI had secured all major approvals to develop and operate the Tampakan copper-gold project. We are ready to start… Read More
Fitch unit tags PH as promising LPG market
August 2, 2023, 6:51 pm
MANILA – BMI, a unit of Fitch Solutions Company, sees the Philippines as a promising market for liquefied petroleum gas (LPG) with its strong economic growth outlook and rapid urbanization across the country. In a commentary released Wednesday, BMI said growth in LPG demand in the Philippines is… Read More
Egay's damage unlikely to have significant impact on inflation
August 2, 2023, 6:13 pm
MANILA – Damage caused by Super Typhoon Egay will not likely have a significant impact on inflation, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said on Wednesday. "I do think that the impact on the overall national economy is not that serious at this point,"… Read More
Heated tobacco producers urged to make PH manufacturing hub
August 2, 2023, 6:08 pm
MANILA – The Department of Trade and Industry (DTI) has urged manufacturers of heated tobacco products (HTPs) to make the Philippines the next destination for their factories amid the increasing local demand for HTPs as well as exports opportunities. During the International Tobacco Agriculture… Read More
PBBM calls for protection of tobacco farmers
August 2, 2023, 5:44 pm
MANILA – President Ferdinand R. Marcos Jr. on Wednesday underscored the importance of protecting the livelihood of tobacco farmers. "These past years, we had seen so much change in our health policies that affected the tobacco industry. As such, we must seek ways to protect the livelihood of… Read More
Landbank net income up by 2.7% in H1
August 2, 2023, 2:38 pm
MANILA – State-owned Land Bank of the Philippines (Landbank) reported a 2.7-percent increase in net income for the first half of the year. In a statement on Wednesday, Landbank said its net income during the period reached PHP20.9 billion, up from the PHP20.3 billion in the first half of 2022.… Read More
BIR: Revenue losses from ghost receipts hit over P300B
August 2, 2023, 1:46 pm
MANILA – The total value of revenue loss due to ghost receipts amounted to PHP370 billion, the Bureau of Internal Revenue (BIR) said. "Because with the ghost receipts, when we calculated the total purchases... we totaled it and then we calculated the VAT (value added tax) and the income tax that… Read More
DTI-Bicol implements 100% online business name registration
August 1, 2023, 11:23 pm
LEGAZPI CITY – The Department of Trade and Industry in Bicol (DTI-5) announced on Tuesday the implementation of 100 percent online business name registration for all micro, small and medium-sized enterprises (MSMEs). In a message to the Philippine News Agency, Jocelyn Berango, DTI-Bicol… Read More
PH shares, peso gain as market sees eased inflation
August 1, 2023, 9:20 pm
MANILA – The stock barometer and local currency closed Tuesday's trading with gains as the market anticipated lower inflation rate in July. The Philippine Stock Exchange index (PSEi) increased by 2.33 points. However, it failed to return to the 6,600-mark as it finished at 6,593.80. All… Read More
Slower inflation still expected in July
August 1, 2023, 8:44 pm
MANILA – The slowing down of inflation is widely expected to have persisted in July, even while market analysts and retail sector insiders said climactic factors and swings in world crude prices may provoke domestic price pressures anew later in the third quarter. In an interview on Tuesday,… Read More
Revenue collection crucial in attaining gov't targets
August 1, 2023, 6:41 pm
MANILA – Finance Secretary Benjamin Diokno on Tuesday cited the importance of revenue collection in attaining the government's target. In his speech during the 119th anniversary celebration of the Bureau of Internal Revenue (BIR) at the Philippine International Convention Center (PICC) in Pasay… Read More
PH manufacturing condition improves in July
August 1, 2023, 6:14 pm
MANILA – The S&P Global Philippines Manufacturing Purchasing Managers’ Index (PMI) for July 2023 shows an improvement in the condition of local factories. In its report released Tuesday, Philippine manufacturing PMI last month, which measures the health of the manufacturing sector, increased… Read More
PH wearables exports to Europe seen to surge with FTA
August 1, 2023, 6:11 pm
MANILA – The Confederation of Wearables Exporters of the Philippines (Conwep) expects the garments, textile, footwear and bags to have the largest surge in exports to Europe with a free trade agreement (FTA) with the European Union (EU) in place. On the sidelines of a press briefing hosted by… Read More
3 Japanese firms eye investments in PH
August 1, 2023, 5:19 pm
MANILA – Philippine Economic Zone Authority (PEZA) Director General Tereso Panga on Monday said at least three Japanese companies have expressed keen interest to invest in the Philippines during the recent outbound mission of the agency in Osaka and Tokyo. “Most noteworthy would be the… Read More
BTr partially awards T-bonds
August 1, 2023, 3:21 pm
MANILA – The Bureau of the Treasury (BTr) on Tuesday partially awarded the reissued 10-year Treasury bonds (T-bonds). With four years and seven months to maturity, the yield was capped at an average rate of 6.337 percent. The auction was 1.6 times oversubscribed with total tenders amounting to… Read More
LPG prices up by P4.55/kg in August
August 1, 2023, 1:14 pm
MANILA – Oil companies also increased the prices of liquefied petroleum gas (LPG) at the start of the month after raising prices of petroleum products. Starting 12:01 a.m. of Aug. 1, household LPG brands of Petron and Solane rose by PHP4.55 per kilogram. This translates to a PHP50.05 increment… Read More
