Business
Revenue collection up by 14.8% from Jan-July
August 27, 2024, 3:12 pm
MANILA – The country's total revenues went up by 14.8 percent in the first seven months of the year, Finance Secretary Ralph Recto said on Tuesday. Recto, during the Senate of the Philippines' Public Hearing of the Committee on Finance for the 2025 proposed Department of Finance (DOF) budget,… Read More
Former DOF chiefs back use of excess GOCC funds for gov't projects
August 27, 2024, 1:41 pm
MANILA – Former Secretaries of the Department of Finance (DOF) said they support the DOF's move to utilize excess funds of government-owned or controlled corporations (GOCCs) to finance government projects in health, education, social services, and infrastructure. In a joint statement on… Read More
Budget chief: Gov’t to work harder to improve credit rating
August 24, 2024, 6:07 pm Updated on August 26, 2024, 4:55 pm
MANILA – The Marcos administration would double its efforts to reach its fiscal goal of achieving an “A” credit rating, Budget Secretary Amenah Pangandaman said on Saturday. Pangandaman welcomed global credit watcher Moody’s affirmation of the Philippines’ “Baa2” investment-grade… Read More
Moody's affirms PH’s 'BAA2' investment-grade credit rating
August 23, 2024, 2:12 pm
MANILA – Global credit watcher Moody’s Ratings has affirmed the "BAA2" investment-grade credit rating of the Philippines with a "stable” outlook, citing the country's economic and fiscal reforms. In a news release Friday, the Bangko Sentral ng Pilipinas (BSP) expressed satisfaction with the… Read More
Local index, peso end shortened trading week strong
August 22, 2024, 8:15 pm
MANILA – The strong local currency and investors’ hopes for a monetary policy easing in the United States supported the bellwether Philippine Stock Exchange index (PSEi) on Thursday. The PSEi closed gaining 0.89 percent at 6,961.96, while All Shares also increased 0.68 percent to the… Read More
DOE to open bid for indigenous energy exploration
August 22, 2024, 6:04 pm
MANILA – The Department of Energy (DOE) has called on interested parties to submit their bid documents for petroleum exploration in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) and the same activity for natural hydrogen in Central Luzon. In a statement Thursday, the DOE said it… Read More
BIR reminds celebrities, influencers to stop promoting illicit vape
August 22, 2024, 5:49 pm
MANILA – Bureau of Internal Revenue (BIR) Commissioner Romeo Lumagui Jr. on Thursday reminded celebrities, influencers, and endorsers of the recent Philippine Vape Festival 2024 to be mindful of the vape products that they promote. "Celebrities, influencers, and endorsers of the Philippine Vape… Read More
DOF: Use of PhilHealth's sleeping funds won't affect members
August 22, 2024, 4:41 pm
MANILA – The Department of Finance (DOF) said the use of the Philippine Health Insurance Corporation’s (PhilHealth) sleeping funds for the government’s priority programs and projects would do no harm on its members and plans to expand its benefit packages this year. "So, ang nakita po na… Read More
SSS exploring contribution payment options
August 22, 2024, 2:44 pm
MANILA – The Social Security System (SSS) is exploring contributing payment options to help Pantawid Pamilyang Pilipino Program (4Ps) beneficiaries pay the 120 monthly contributions required to qualify for a lifetime pension when they reach retirement age. “It is important for 4Ps… Read More
Chinese envoy proposes developing Greater Manila Bay Area
August 22, 2024, 1:53 pm
MANILA – Chinese Ambassador to the Philippines Huang Xilian has proposed to Filipino-Chinese businessmen to develop the Greater Manila Bay Area (GMBA) similar to the Greater Bay Area covering Guangdong, Hong Kong, and Macau. Federation of Filipino Chinese Chambers of Commerce and Industry, Inc.… Read More
PSEi snaps 3-day rally; peso stays flat
August 21, 2024, 6:21 pm
MANILA – The local stock market closed mid-week lower, snapping its three-day rally on profit-taking, while the Philippine peso ended almost unchanged. The Philippine Stock Exchange index (PSEi) fell 0.64 percent to 6,900.62, with All Shares also declining by 0.13 percent to 3,724.38 level.… Read More
DOF: Netflix backs VAT on foreign digital service providers
August 21, 2024, 5:23 pm
MANILA – Finance Secretary Ralph Recto on Wednesday met with senior Netflix officials on Aug. 20, 2024, to discuss the bill on value-added tax (VAT) for foreign digital service providers. "[The] meeting went well. It's part of consultations with stakeholders such as Netflix," Recto told the… Read More
PH maintains net creditor status in IMF financing ops
August 21, 2024, 5:16 pm
MANILA – The Bangko Sentral ng Pilipinas (BSP) said the Philippines was able to maintain its net creditor position in the International Monetary Fund's (IMF) Financial Transactions Plan (FTP). In a statement on Wednesday, the BSP said the Monetary Board approved the continued participation of… Read More
Meralco resumes bidding of 600MW, 400MW power supply
August 21, 2024, 4:20 pm
MANILA – The Manila Electric Company (Meralco) announced Wednesday that the Competitive Selection Process (CSP) for its 600 megawatts and 400 MW power supply will resume. This as the Taguig Regional Trial Court (RTC) dismissed the petition for injunction of the CSP and rendered its Temporary… Read More
Filipinos hope to grow income but worry about household finances
August 21, 2024, 4:03 pm
MANILA – More than two in five Filipinos said their income grew in the second quarter of the year, results of TransUnion's Q2 Consumer Pulse Study showed. TransUnion’s Consumer Pulse Study surveyed 944 adult Filipino consumers from May 1 to 10, 2024. It examined shifting consumer attitudes and… Read More
PSEi closes near 7,000 level, peso strengthens
August 20, 2024, 7:06 pm
MANILA – The local stock barometer breached the 6,900 level on Tuesday, backed by the Bangko Sentral ng Pilipinas' recent rate cut and the country's credit rating upgrade, while the peso also closed stronger against the dollar. The Philippine Stock Exchange index (PSEi) gained 54.89 points to… Read More
BOI green lanes P1.9-B solar power plant project in Pangasinan
August 20, 2024, 7:00 pm
MANILA – The Board of Investments (BOI) has granted a green lane certificate to a PHP1.9 billion solar power plant project, which will be located in Pangasinan. In a statement on Tuesday, the BOI said the 49.9-megawatt Mabini Solar Power Plant Project of Spotlight Power, Inc. (SPI) is expected… Read More
PCCI urges DepEd to address skills mismatch, improve education system
August 20, 2024, 5:14 pm
MANILA – The Philippine Chamber of Commerce and Industry (PCCI), through its Human Resource Development Foundation (HRDF), Inc., submitted policy recommendations to Department of Education (DepEd) Secretary Sonny Angara to revitalize the country's education system. In a statement on Tuesday,… Read More
BTr raises P25B from T-bonds auction
August 20, 2024, 3:30 pm
MANILA – The Bureau of the Treasury (BTr) raised PHP25 billion from the Treasury bonds (T-bonds) auction on Tuesday. In a statement, the BTr said it fully awarded bids for the re-issued T-bonds. With a remaining term of 14 years and five months, the re-issued T-bonds fetched an average rate of… Read More
BSP, National Bank of Cambodia sign deal for enhanced cooperation
August 20, 2024, 1:33 pm
MANILA – The Bangko Sentral ng Pilipinas (BSP) and the National Bank of Cambodia (NBC) recently signed a memorandum of understanding (MOU) to foster closer cooperation. The MOU was signed by BSP Governor Eli Remolona Jr. and NBC Governor Dr. Chea Serey on Aug. 19 in Siem Reap, Cambodia. In a… Read More
