Business
Landbank ensures success of new law writing off agrarian debt
July 12, 2023, 3:20 pm
MANILA – State-owned Land Bank of the Philippines (Landbank) on Wednesday vowed to work with government partners for the immediate implementation of a new law that frees agrarian reform beneficiaries (ARBs) from agrarian debts. Republic Act No. 11953, or the New Agrarian Emancipation Act which… Read More
Car sales grow 30.7% in H1
July 11, 2023, 8:33 pm
MANILA – Locally assembled automotive vehicles sold a total of 202,415 units in the first six months of the year, growing by 30.7 percent from the same period in 2022. The joint sales report of the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers… Read More
Economic team starts US-Canada roadshow to woo global investors
July 11, 2023, 8:03 pm
MANILA – The economic team headed by Finance Secretary Benjamin Diokno has begun the US-Canada non-deal roadshow (NDR) to drum up investment interest in the country's priority sectors and brief international businesses and financial communities on the latest developments in the Philippines’… Read More
Stocks up mirroring US equities; peso strengthens
July 11, 2023, 7:04 pm
MANILA – The local stock barometer and the peso both gained on Tuesday’s trading. The Philippine Stock Exchange index (PSEi) rose by 18.92 points to 6,398.64, with all shares gaining by 10.87 points to 3,429.87. Regina Capital Development Corp. head of sales Luis Limlingan said the local… Read More
DTI to launch online store for PH-made products next week
July 11, 2023, 6:59 pm
MANILA – The Department of Trade and Industry (DTI) will launch next week the electronic commerce platform that will host products of local enterprises. In a media roundtable Monday, DTI Secretary Alfredo Pascual said the Philippine e-Commerce Platform or PEP Store will be online on July 18.… Read More
BTr fully awards T-bonds
July 11, 2023, 4:02 pm
MANILA – The Bureau of the Treasury (BTr) on Tuesday fully awarded bids for the new 15-year Treasury bonds. The coupon rate was set at 7.000 percent. The auction was 1.6 times oversubscribed as total submitted bids amounted to PHP47.5 billion. The BTr raised the full program of PHP30 billion. In… Read More
PH, EU to set scoping talks for free trade deal this year
July 11, 2023, 3:59 pm
MANILA – Department of Trade and Industry (DTI) Secretary Alfredo Pascual said the Philippines and the European Union (EU) will schedule a discussion this year on the scope of the possible free trade agreement (FTA) between the two parties. Pascual told trade reporters Monday that this statement… Read More
‘Yellow alert’ in Luzon as San Lorenzo power plant trips
July 11, 2023, 2:53 pm
MANILA – The National Grid Corporation of the Philippines (NGCP) has put the Luzon grid under yellow alert from 1 p.m. to 4 p.m. Tuesday, as San Lorenzo natural gas power plant modules tripped this morning. According to the NGCP, the available capacity in Luzon grid for Tuesday is at 12,705… Read More
Stocks end flat, peso sideways ahead of economic data releases
July 10, 2023, 8:14 pm
MANILA -- The local bourse’s main index ended flat on Monday ahead of the release of US’ June 2023 inflation rate while the peso finished sideways against the US dollar. The Philippine Stock Exchange index (PSEi) rose by 0.01 percent, or 0.69 points, to 6,379.72 points. On the other hand, All… Read More
PEZA OKs nearly P200-B projects in Marcos’ 1st year in office
July 10, 2023, 7:27 pm
MANILA – The Philippine Economic Zone Authority (PEZA) on Monday reported it approved projects costing PHP198.8 billion during the first year of the Marcos administration. The PEZA said these investment pledges came from 206 projects that registered with the agency from July 2022 to June 2023.… Read More
BTr partially awards T-bills
July 10, 2023, 6:40 pm
MANILA – Results were mixed during the Treasury bills auction on Monday, the Bureau of the Treasury (BTr) said. In a statement, the BTr said it fully awarded bids for the 91-and 182-day securities while partially awarding the 364-day T-bills. The 91- and 182-day securities fetched average rates… Read More
PH net FDIs rise anew in April to $876 million
July 10, 2023, 4:53 pm
MANILA – The Bangko Sentral ng Pilipinas (BSP) reported on Monday the net foreign direct investments (FDIs) to the Philippines reached USD876 million last April. Central bank data showed that the latest net FDIs were higher than the USD548 million net inflows last March but 14.1 percent lower… Read More
Chemical, food maker starts operations of P10.5-B Batangas plant
July 10, 2023, 4:47 pm
MANILA – Listed chemical and food manufacturer D&L Industries Inc. has started the commercial operations of its PHP10.5-billion plant in Batangas on Monday. In a statement, the company said the new plant's production lines are now running, with full commercial operations expected in the next… Read More
Meralco to charge lower rates in July
July 10, 2023, 3:37 pm
MANILA – The Manila Electric Co. (Meralco) on Monday announced that power rates in its franchise areas this month will be lower by PHP0.7213 per kilowatt hour (kWh) to PHP11.1899 kWh. Meralco electricity rate this month will be lower from PHP11.9112 per kWh rate in the previous month. In a… Read More
Below P1 fuel price adjustments effective July 11
July 10, 2023, 3:35 pm
MANILA – Oil firms will implement price adjustments on fuel products by less than PHP1 per liter starting 12:01 a.m. on Tuesday. In separate advisories Monday, Caltex, Cleanfuel, Jetti, Petro Gazz, Seaoil, and Shell said they will reduce gasoline prices by PHP0.20 per liter while increasing… Read More
DTI corners P73-B investment leads from Europe trip
July 10, 2023, 2:23 pm
MANILA – Department of Trade and Industry (DTI) Secretary Alfredo Pascual on Monday said his agency’s recent three-week European trip for an investment roadshow has fetched prospects amounting to PHP73 billion. In a briefing with trade reporters in Makati City, Pascual said these positive… Read More
Landbank-DBP merger to be completed first half of 2024
July 10, 2023, 9:01 am
MANILA – The completion of the planned merger between the Land Bank of the Philippines (Landbank) and the Development Bank of the Philippines (DBP) is expected to be completed in the first half of 2024, Department of Finance (DOF) Secretary Benjamin Diokno said. This is a slight delay compared… Read More
Gov't eyes retail dollar bond offer in September
July 10, 2023, 8:42 am
MANILA – The government will likely proceed with its retail dollar bond sale this quarter, the Bureau of Treasury said. The government was originally planning to issue the retail dollar bond offer last year. "We are doing all the marketing now. If markets are favorable, [issuance is] September.… Read More
Finance chief: PH debt still manageable
July 10, 2023, 8:40 am
MANILA – Finance Secretary Benjamin Diokno said outstanding debt may exceed the PHP14.63 trillion assumption but debt to gross domestic product (GDP) ratio remains to be manageable. In his weekly press briefing, Diokno said that the right metric for assessing debt is its proportion to economic… Read More
Filipino sailors to receive training upgrade
July 9, 2023, 6:05 pm
MANILA – A merchant marine industry insider said efforts are underway to upgrade the curriculum of local maritime academies amid fears that tens of thousands of Filipino seafarers will lose their jobs if they fall short of certain international standards. In an interview on Sunday, Julius… Read More
