Business
SteelAsia exports rebars for Canadian infrastructure
July 9, 2023, 11:32 am
MANILA – SteelAsia Manufacturing Corp. said it recently shipped more than 36,000 metric tons of steel bars which will be used in infrastructure construction in Canada. In a statement over the weekend, SteelAsia said the latest shipment is SteelAsia’s fifth export, bringing the total value of… Read More
Rates of BSP's 28-day, 56-day bills up
July 8, 2023, 9:05 am
MANILA – The rates of the Bangko Sentral ng Pilipinas’ (BSP) securities rose on Friday as demand remains strong both for the 28-day and 56-day tenors. Data released by the central bank showed that the average rate of the shorter-dated BSP bill increased to 6.6619 percent, from 6.6562 percent… Read More
Stocks, peso end week down on Fed rate hike expectations
July 7, 2023, 8:47 pm
MANILA – Anticipations for another hike in the Federal Reserve’s key rates following indications that the US labor market remains firm resulted in the negative close of the local bourse’s main index as well as the peso on Friday. The Philippine Stock Exchange index (PSEi) dipped 1.47… Read More
DOF welcomes LEDAC's support to priority reforms
July 7, 2023, 7:45 pm
MANILA – The Department of Finance (DOF) on Friday welcomed the endorsement of the Legislative-Executive Development Advisory Council (LEDAC) of five key fiscal and economic reforms proposed by the department for legislative approval within the year. The LEDAC serves as a consultative and… Read More
DOF: Crafting of Maharlika bill's IRR in final phase
July 7, 2023, 7:41 pm
MANILA — Finance Secretary Benjamin Diokno on Friday said the crafting of the implementing rules and regulations (IRR) of the bill creating the Maharlika Investment Fund (MIF) is expected to be completed soon. "The crafting of the IRR started right after the approval of the MIF bill. It’s now… Read More
DOE: Lower demand to offset impact of El Niño in power sector
July 7, 2023, 7:36 pm
MANILA – An official of the Department of Energy (DOE) on Friday said the El Niño phenomenon is not expected to have major impact on the country’s power sector for the rest of the year as it is offset by lower power demand. During the Laging Handa briefing, DOE Undersecretary Rowena Guevara… Read More
ECOP, Philexport: Marcos ‘very well’ in first year of presidency
July 7, 2023, 3:33 pm Updated on July 12, 2023, 1:22 pm
MANILA – Employers Confederation of the Philippines (ECOP) president Sergio Ortiz-Luis Jr. said the Marcos administration has done “very well” during the first year of term. Ortiz-Luis told the Philippine News Agency on Wednesday that the administration of President Ferdinand R. Marcos Jr.… Read More
Manufacturing output up in May
July 7, 2023, 2:26 pm
MANILA – Manufacturing output both in volume and value continued to grow at a faster pace in May, the Philippine Statistics Authority (PSA) said. Results of the Monthly Integrated Survey of Selected Industries released on Friday showed that the value of production index (VaPi) grew by 10.3… Read More
Unemployment rate drops anew in May
July 7, 2023, 12:30 pm
MANILA – The country's unemployment rate further dropped to 4.3 percent in May this year from 6 percent a year ago, the Philippine Statistics Authority (PSA) reported on Friday. In a briefing, National Statistician Dennis Mapa said preliminary results of the May 2023 Labor Force Survey (LFS)… Read More
PH firms more open to data cloud
July 7, 2023, 11:19 am
MANILA – Data cloud company Snowflake said companies in the Philippines are now more open to using cloud-computing technology, noting the rising demand for cloud-based storage and analytics services. “Customers are more eager to adopt cloud. They are also becoming more ‘cloud-first,’ I… Read More
Manila Water unfazed by lower allocation from Angat Dam
July 6, 2023, 7:11 pm
ANTIPOLO CITY – The decision of the National Water Resources Board (NWRB) to cut water allocation coming from Angat Dam down to 50 cubic meters per second from 52 CMS would not affect the operations of the east zone concessionaire Manila Water. In an interview, Dittie Galang, Manila Water’s… Read More
PSEi, peso end with losses as FOMC opts to pause rate hikes
July 6, 2023, 7:09 pm
MANILA – Both local stocks and the peso closed Thursday with losses after the Federal Open Market Committee’s (FOMC) unanimous decision to pause interest rate hikes. The local bourse benchmark Philippine Stock Exchange index (PSEi) ended the day’s trading at 6,474.26, shedding 38.13 points,… Read More
ECCP welcomes GSP+ extension proposal, pushes for EU-PH FTA
July 6, 2023, 7:06 pm
MANILA – The European Chamber of Commerce of the Philippines (ECCP) has welcomed the proposal of the European Commission to extend the European Union (EU) Generalized Scheme of Preferences (GSP) regulation for another four years until 2027. “The ECCP welcomes the proposal of the European… Read More
BSP launches overnight reference rate
July 6, 2023, 6:58 pm
MANILA – The Bangko Sentral ng Pilipinas (BSP) on Thursday said an overnight (ON) rate will be published on its website to serve as a market reference amid the cessation of the global use of the London Interbank Offered Rate (LIBOR). In a statement on Thursday, the central bank said the… Read More
ADB provides support to PH's 1st gender bond
July 6, 2023, 6:16 pm
MANILA – The Asian Development Bank (ADB) said it provided technical assistance to the Philippines' first Gender Bond issued by ASA Philippines Foundation Inc. In a statement on Thursday, ADB said it provided technical assistance to support bond framework development and capacity building… Read More
Value of Class A gold, copper, nickel, chromite up in 2022
July 6, 2023, 6:12 pm
MANILA – The total monetary value of Class A gold, copper, nickel, and chromite reserves went up by 22 percent last year, the Philippine Statistics Authority (PSA) said. In a report on Thursday, the PSA said the total monetary value of Class A gold, copper, nickel and chromite reserves amounted… Read More
German firms urged to make PH as next investment destination
July 6, 2023, 4:05 pm
MANILA – Department of Trade and Industry (DTI) Secretary Alfredo Pascual has invited German firms to consider the Philippines as their next investment destination as their government urged them to diversify businesses. In a statement Thursday, the DTI said Pascual has met with 50 German firms,… Read More
4 new countries consulted to join OPEC so far
July 6, 2023, 2:25 pm
VIENNA – Haitham Al Ghais, Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), revealed the organization's aspirations to increase the number of member states, as four countries --Azerbaijan, Malaysia, Brunei and Mexico have been consulted so far to join. In a… Read More
PH stocks flat, peso weakens vs. dollar
July 5, 2023, 7:52 pm
MANILA – The local stock barometer closed almost unchanged on Wednesday while the peso slightly weakened against the US dollar. The Philippine Stock Exchange index (PSEi) closed 2.08 points or 0.03 percent lower at 6,512.39. All Shares also declined 2.78 points or 0.08 percent to 3,469.75… Read More
ITBPM sector continues to drive office space demand
July 5, 2023, 7:32 pm
MANILA – The Philippine office market is sustaining its momentum following a 46-percent jump in office space demand in the first half of 2023 against the same period in 2022, Leechiu Property Consultants (LPC) reported Wednesday. In a hybrid press briefing, LPC director for commercial leasing… Read More
