Business
PSEi falls below 6,600-mark, peso trades sideways
July 31, 2023, 9:50 pm
MANILA – The Philippine Stock Exchange index (PSEi) fell below the 6,600-level on July’s last day of trading while peso ended sideways. The PSEi closed the day at 6,591.47, shedding 33.79 points, with all shares also losing 10.25 points to 3,516.67. Philstocks Financial Inc. research… Read More
EU may extend submarine cable project to PH
July 31, 2023, 8:41 pm
MANILA – Visiting European Commission (EC) President Ursula von der Leyen on Monday said the European Union (EU) is looking into extending its underwater cable project to the Philippines. Von der Leyen shared this with the European and Filipino business community here during a high-level… Read More
EU-PH free trade deal formal talks eyed in 2024
July 31, 2023, 7:24 pm
MANILA – As European Commission President Ursula von der Leyen confirmed the European Union’s (EU) interest to recommence free trade agreement (FTA) negotiations with the Philippines during her visit to the Philippines from July 31 to Aug. 1, the country’s top trade official targets to… Read More
Bamboo industrialization advocate sworn in as DA undersecretary
July 31, 2023, 6:46 pm
ANTIPOLO CITY, Rizal – The Philippine Bamboo Industry Development Council (PBIDC) on Monday welcomed the appointment by President Ferdinand R. Marcos Jr. of its vice chairman as a new undersecretary of the Department of Agriculture (DA). In an interview, PBIDC executive director Butch Madarang… Read More
Meralco core net income up by 47% in H1
July 31, 2023, 6:40 pm
MANILA – The Manila Electric Company (Meralco) on Monday reported a 47-percent increase in consolidated core net income in the first half of the year. In a statement, Meralco said its consolidated core net income during the period amounted to PHP19.2 billion from PHP13.1 billion in the same… Read More
BTr fully awards T-bills
July 31, 2023, 5:46 pm
MANILA – The Bureau of the Treasury (BTr) on Monday fully awarded bids for Treasury bills (T-bills). The 90-, 182- and 364-day T-bills fetched average rates of 5.224 percent, 5.789 percent and 6.210 percent, respectively. The total tenders amounted to PHP45.1 billion, thrice the PHP15 billion… Read More
Hefty oil price hike takes effect Aug. 1
July 31, 2023, 3:14 pm
MANILA – Motorists and consumers will be greeted with hefty price increases on petroleum products by as much as PHP3.50 per liter starting Aug. 1. In separate advisories, Caltex, Cleanfuel, Jetti, Phoenix, PTT, Seaoil and Shell said they will hike gasoline prices by PHP2.10 per liter and diesel… Read More
Malaysia-based lender extends loan facility to PH SMEs
July 31, 2023, 2:00 pm
MANILA – Malaysia-based GHL Systems Berhad (GHL), a payment service company, plans to launch its microlending initiative GHL SME (small and medium enterprises) loan in the Philippines. In a statement on Monday, GHL said the microfinance facility aims to provide SMEs with funds to support their… Read More
FIRB approves grants of tax incentives to 25 projects
July 31, 2023, 10:16 am
MANILA – The Fiscals Incentives Review Board (FIRB), the interagency body given the authority to grant tax incentives to registered business enterprises, approved the tax incentives of 25 projects since the start of President Ferdinand R. Marcos Jr.'s term. "Since the beginning of the PBBM… Read More
DOF directs agencies to come up with spending catch-up plan
July 31, 2023, 10:10 am
MANILA – Department of Finance (DOF) Secretary Benjamin Diokno directed government agencies to come up with a catch-up plan as spending fell below the government's target in the first semester of the year. Diokno expressed concern that the government is not meeting its expenditure target, adding… Read More
PH bags $50-M renewables investments from PBBM’s Malaysia trip
July 30, 2023, 9:06 pm
MANILA – The country bagged USD50-million worth of funding for renewable energy (RE) projects during the state visit of President Ferdinand R. Marcos Jr. to Malaysia this week. In a statement Sunday, Philippine-based private equity investor New Wave Strategic Holdings, Inc. and its partner,… Read More
Landbank ready to execute merger with DBP
July 30, 2023, 4:16 pm
MANILA – The Land Bank of the Philippines (Landbank) is prepared to execute the proposed merger with the Development Bank of the Philippines (DBP), a deal expected to be completed during the first half of 2024. The merger is projected to generate more than PHP900 million in savings per year… Read More
BSP, NEDA see inflation further easing this year
July 30, 2023, 3:16 pm
MANILA – The Bangko Sentral ng Pilipinas (BSP) and the National Economic and Development Authority (NEDA) are optimistic that headline inflation will continue to ease in the coming months. In his speech during the BSP's 30th Anniversary Reception for the Banking Community over the weekend, BSP… Read More
BSP: 70% of adult Filipinos will have bank accounts in 2023
July 30, 2023, 11:39 am
MANILA – The goal to have 70 percent of adult Filipinos with bank accounts will likely be achieved by the end of this year, Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona Jr. said. In his speech during the BSP 30th Anniversary Reception for the Banking Community over the weekend,… Read More
Public-private partnership vital in achieving economic agenda
July 29, 2023, 6:40 pm
MANILA – Department of Trade and Industry (DTI) Secretary Alfredo Pascual has underscored the critical role of close collaboration between the government and the private sector in achieving the country’s economic agenda. In a statement Saturday, DTI said Pascual highlighted the vital role of… Read More
ARTA on PPA monitoring system: No sound legal, empirical basis
July 29, 2023, 6:21 pm
MANILA – The Anti-Red Tape Authority (ARTA) has issued a re-evaluation report on the Philippine Ports Authority (PPA) Administrative Order No. 04-2021, or the Trusted Operator Program-Container Registry and Monitoring System (TOP-CRMS), prescribing the policy on registration and monitoring of… Read More
Power restoration efforts focus on 4 areas in northern Luzon
July 29, 2023, 2:37 pm
MANILA – The Department of Energy (DOE) is focusing power restoration efforts in four areas in northern Luzon that were battered by Typhoon Egay. In a virtual media briefing Saturday, DOE Undersecretary Felix William Fuentebella said these are the franchise areas of Ilocos Norte Electric… Read More
Standard Chartered projects 5.3% growth for PH economy
July 28, 2023, 8:54 pm
MANILA — Standard Chartered on Friday maintained its 5.3 percent economic growth outlook for the Philippines this year. In a virtual briefing, Standard Chartered economist for Asia Jonathan Koh said growth is likely to slow over the next few quarters as the transmission of earlier monetary… Read More
Peso weakens, PSEi down on mixed corporate earnings results
July 28, 2023, 8:44 pm
MANILA – The local bourse's main index ended the week on the negative territory while the peso also slipped on Friday. The Philippine Stock Exchange index (PSEi) declined by 0.79 percent, or 52.66 points, to 6,625.26 points. All Shares followed with a decline of 0.57 percent, or 20.08 points,… Read More
Economist sees 6.1% PH economic growth in 2023
July 28, 2023, 6:51 pm
MANILA – The Philippine economy is projected to grow by over 6 percent this year, driven by the continued growth in consumer spending and the services sector, an economist said. During the virtual post-State of the Nation Address (SONA) briefing on Friday, University of Asia and the Pacific… Read More
