Business
Apple's market value surpasses $3 trillion as shares hit record
July 1, 2023, 12:36 pm
ISTANBUL – Apple's market value surpassed $3 trillion on Friday, driven by its shares reaching a record high level. The US-based global tech firm witnessed its stock price soaring to a peak of US$192.60 per share, reflecting a gain of nearly 1.6 percent following Thursday's closing price of… Read More
ECOP ‘no complaints’ over P40 daily wage hike in NCR
June 30, 2023, 8:57 pm
MANILA – The Employers’ Confederation of the Philippines (ECOP) on Friday expressed relative satisfaction over the processes that led to the setting of a PHP40 per day wage hike for private sector workers in the National Capital Region (NCR). In an interview, ECOP president Sergio Ortiz-Luis,… Read More
PH stocks index slips, peso gains vs. US dollar
June 30, 2023, 7:46 pm
MANILA – The local bourse's main index ended the week down due in part to anticipation on US core expenditure results for May 2023 and rise in oil prices, but the peso gained against the US dollar. The Philippine Stock Exchange index (PSEi) shed 0.37 percent, or 12.93 points, to 3,452.96… Read More
Nat’ council OKs roadmap for improved innovation governance
June 30, 2023, 7:10 pm
MANILA – The National Innovation Council (NIC) chaired by President Ferdinand R. Marcos Jr. approved on Friday the National Innovation Agenda and Strategy Document (NIASD) 2023-2032 which outlines the country’s plan to improve innovation governance and establish a dynamic innovation ecosystem,… Read More
Newly-offered 56-day BSP Bill attracts huge bids
June 30, 2023, 6:18 pm
MANILA – The newly offered 56-day Bill of the Bangko Sentral ng Pilipinas (BSP) attracted strong demand after bids were more than twice the PHP20 billion initial offering, but the 28-day tenor was undersubscribed. The auction committee made a full award for the freshly offered securities after… Read More
World Bank okays $600-M loan to boost farmers’, fishers’ income
June 30, 2023, 5:02 pm
MANILA – The World Bank on Friday approved a USD600-million loan to further increase the market access and income of almost half a million farmers and fisherfolk in the country. In a statement, the World Bank said the Philippine Rural Development Project (PRDP) Scale-Up, would expand on the… Read More
BSP eyes June ’23 inflation at 5.3% to 6.1%
June 30, 2023, 2:40 pm
MANILA – The Bangko Sentral ng Pilipinas (BSP) has projected the continued deceleration of the domestic inflation rate for June 2023, forecasting it between 5.3 percent and 6.1 percent. The BSP, in a statement Friday, identified the upside risks to the rate of price increases in June as the… Read More
Gov't vows to double efforts to diversify energy sources
June 30, 2023, 2:26 pm
MANILA -The Department of Energy (DOE) on Friday said the government is ramping up efforts to diversify the country's energy sources. "On the part of the Philippines, our Department of Energy is committed to work towards a sustainable future through a technology approach to clean alternative… Read More
Manufacturing PPI growth slows to 2% in May
June 30, 2023, 12:35 pm
MANILA – The producer price index (PPI) for manufacturing further slowed to 2.0 percent in May from 2.3 percent in April, the Philippine Statistics Authority (PSA) said. Data released by the PSA on Friday showed that the PPI in May last year was at 7.2 percent. "The slower annual growth rate of… Read More
Mining firm bares expansion plans amid higher nickel demand
June 29, 2023, 9:35 pm
MANILA – Listed Global Ferronickel Holdings, Inc. (FNI) remains bullish about the outlook for the nickel industry as it aims to expand its business to take advantage of the higher demand for nickel. "Certainly, the outlook for the nickel industry remains compelling. On the demand side, we see… Read More
Faster internet crucial for Paleng-QR digital payment program
June 29, 2023, 8:41 pm
MANILA – The Bangko Sentral ng Pilipinas (BSP) will initially focus on the 10 areas where the Paleng-QR digital payment system is currently utilized, with a ranking central bank official citing the importance of fast internet connectivity as it expands coverage. In a recent interview with… Read More
Peso flat, PSEi up after Powell hints at more rate hikes
June 29, 2023, 8:38 pm
MANILA – The local bourse’s main index ended higher on Thursday, a day after the Eid al-Adha holiday, while the peso moved sideways against the United States dollar. The Philippine Stock Exchange index (PSEi) rose by 0.13 percent, or 8.64 points, to 6,511.49 points. All Shares followed… Read More
BSP term deposit facility rates post mixed results
June 29, 2023, 6:22 pm
MANILA – The rates of the Bangko Sentral ng Pilipinas’ (BSP) term deposit facility (TDF) moved to different directions on Thursday, a day later than usual due to the national holiday for the celebration of Eid al-Adha. The average rate of the six-day facility rose to 6.5847 percent from… Read More
National savings up 26% in 2022
June 29, 2023, 6:18 pm
MANILA – The country's gross national savings went up by 26.6 percent to PHP4.90 trillion last year from PHP4.16 trillion in 2021. In a report on Thursday, the Philippine Statistics Authority (PSA) said non-financial corporations contributed the biggest savings with PHP4.16 trillion, followed… Read More
S&P: Central banks signal higher interest rates for longer period
June 29, 2023, 2:56 pm
ISTANBUL – S&P Global said Wednesday central banks have signaled higher interest rates for a longer period. "Demand pressures remain too strong in many economies, particularly for services," it said in a report. "Labor markets are still tight and core inflation is stubbornly high, although… Read More
Digibank exec cites importance of providing credit to micro biz
June 28, 2023, 7:32 pm
MANILA – An executive of a digital bank has underscored the need to provide financial access to micro businesses for them to thrive. UNO Digital Bank and 1Sari Financing Corporation have partnered to provide credit to neighborhood convenience stores, known in the Philippines as sari-sari… Read More
Korean automaker optimistic on PH market
June 28, 2023, 6:35 pm
MANILA – Korean car brand Kia remains optimistic on the Philippine market as it targets double-digit growth this year. KIA Philippines national head of sales John Dahlen said the company’s optimism reflected its year-on-year growth despite supply constraints. “We are targeting to achieve a… Read More
DTI, European Investment Bank discuss potential projects in PH
June 28, 2023, 5:20 pm
MANILA – The Department of Trade and Industry (DTI) and the European Investment Bank (EIB) have discussed possible collaboration in the Philippines wherein the latter can provide financing to key projects of the government. In a statement Wednesday, the DTI said EIB expressed its interest to… Read More
BSP to unwind reserve requirement relief measure starting July 1
June 28, 2023, 5:14 pm
MANILA – The Bangko Sentral ng Pilipinas (BSP) said pandemic-related relief measures allowing banks’ lending to micro, small and medium enterprises (MSMEs) and large enterprises (LEs) as reserve requirement (RR) compliance will be withdrawn starting July 1. “The unwinding of the relief… Read More
Average farmgate price of palay up in April
June 28, 2023, 2:42 pm
MANILA – The average farmgate price of palay at the national level went up to PHP18.79 per kilogram in April, the Philippine Statistics Authority (PSA) said. PSA data released late Tuesday showed this is higher by 9.1 percent from the PHP17.23 per kilogram in April 2022. "Similarly, it posted… Read More
