Business
DOF: Instant noodles excluded from proposed tax on salty foods
June 26, 2023, 10:36 am
MANILA – Instant noodles are excluded from the proposed tax on salty foods, Department of Finance (DOF) Secretary Benjamin Diokno said. "If you're thinking of the noodles, that's really salty, 60 percent sodium. It will not be covered. That's really for the poor," Diokno said in his weekly press… Read More
DOF favors pause in policy rate hike
June 26, 2023, 10:31 am
MANILA – Department of Finance Secretary Benjamin Diokno said he is in favor of maintaining the current policy rate at 6.25 percent. In his weekly press chat, Diokno said that during the central bank's monetary board meeting last week, he voted for a pause in the monetary policy settings given… Read More
Gov't likely to exceed revenue target in 2023
June 26, 2023, 8:38 am
MANILA – The government will likely surpass its revenue target for this year, Department of Finance (DOF) Secretary Benjamin Diokno said. "I think for full year [2023], we will surpass our target," Diokno said during his weekly press chat. The revenue target for this year is PHP3.729 trillion… Read More
Remolona's appointment ‘welcome dev’t’ for economy
June 23, 2023, 8:23 pm
MANILA – The banking regulation expertise of newly appointed Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona is seen to provide additional teeth on the central bank's capacity to face challenges. Jonathan Ravelas, a well-regarded financial analyst who is now part of the audit and… Read More
2023 Q2 business sentiments up, consumers’ sentiments down
June 23, 2023, 7:47 pm
MANILA – Higher inflation continues to dampen consumers’ confidence in the second quarter of 2023, but business sentiments improved due to expectations for higher sales and production and post-pandemic recovery, among others. Business sentiments turned more upbeat with the index improving to… Read More
BSP’s 28-day bill rate down, registers under subscription
June 23, 2023, 7:44 pm
MANILA - The rate of the Bangko Sentral ng Pilipinas' (BSP) 28-day bill slipped anew on Friday but the securities attracted lower bids. BSP data show that the average rate of the debt paper went down to 6.6370 percent from 6.6521 percent during the auction last June 16. It kept the offer volume at… Read More
PSEi, peso slip on hawkish signal from Fed
June 23, 2023, 6:50 pm
MANILA – Philippine shares slipped anew on Friday due to hawkish signals from Federal Reserve officials who raised the possibility of more hikes in the Fed rates, even as the peso weakened against the US dollar. The Philippine Stock Exchange index (PSEi) shed 0.18 percent, or 11.36 points, to… Read More
70-man Chinese biz delegation eyes investment opportunities in PH
June 23, 2023, 6:26 pm
MANILA – A Chinese delegation composed of 70 business executives has visited the country to explore investment opportunities here, the Board of Investments (BOI) said Friday. In a statement, the BOI said it received the 70-man business delegation of the Chinese Enterprises Philippine Association… Read More
BIR further simplifies requirements for VAT refund
June 23, 2023, 5:53 pm
MANILA – The Bureau of Internal Revenue (BIR) has further reduced the requirements needed for filing and processing Value Added Tax (VAT) refund claims in a bid to promote ease of doing business in the country. In a statement on Friday, the BIR said Commissioner Romeo D. Lumagui Jr. issued… Read More
PH, France 10th economic commission meet focuses on 7 key sectors
June 23, 2023, 5:18 pm
MANILA – The Philippines and France have agreed to strengthen cooperation in seven key sectors during their 10th Joint Economic Commission (JEC) meeting. In a statement Friday, the Department of Trade and Industry (DTI) said the Philippines and France convened the 10th JEC meeting last June 20… Read More
BPI eyes 6.3% PH economic growth for 2023 as inflation slows
June 23, 2023, 5:16 pm
MANILA – Ayala-led Bank of the Philippine Islands (BPI) projects a 6.3-percent growth for the domestic economy this year and 6.5 percent for next year, seen to be buoyed by increased spending as inflation decelerates further. In a virtual briefing on Friday, BPI chief economist Jun Neri said… Read More
Fitch revises up 2023 global growth forecast to 2.4%
June 23, 2023, 2:56 pm
ISTANBUL – Fitch Ratings revised up its global economic growth forecast for this year to 2.4 percent, from its previous projection of 2 percent. "The biggest upgrades have been to emerging markets (EM) where incoming data have been a lot stronger than expected," it said in the Global Economic… Read More
Investments in education to boost growth, dev’t - economist
June 23, 2023, 2:54 pm
MANILA – Prioritizing investments in the education sector will help the Philippines achieve faster growth and development, an economist said on Friday. In a Viber message to the Philippine News Agency, Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort said a highly… Read More
Property developer vows more growth in Bacolod business district
June 23, 2023, 1:34 pm
BACOLOD CITY – Property giant Megaworld Corp. is set to announce this year more developments at The Upper East, a 34-hectare modern central business district in this city inaugurated by President Ferdinand R. Marcos Jr. in October last year. “We still have a lot to build in The Upper East. We… Read More
Best strategy on key policy rates is to wait - Medalla
June 23, 2023, 12:23 pm
MANILA – Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla on Friday emphasized the need to observe how their counterparts will decide on key policy rates before the central bank adjusts its rates, noting that the BSP has done enough to keep Philippine inflation within target for the… Read More
Economists divided over next BSP rate adjustment
June 23, 2023, 8:36 am
MANILA – Economists are divided on the next moves of the Bangko Sentral ng Pilipinas (BSP), with some saying hikes are still vis-à-vis the rate decisions of the Federal Reserve. On Thursday, the BSP’s policy-making Monetary Board kept the central bank’s key rates steady for the second… Read More
Bank exec optimistic on future of virtual debit card
June 23, 2023, 8:13 am
MANILA – An executive of digital-only Commerce International Merchant Bankers Berhad (CIMB) Bank is optimistic about doubling the number of their virtual cash users with the help of the recently launched virtual debit card after people have recognized the benefits of online transactions. In a… Read More
DBP bankrolls pioneering smart waste treatment facility in Cebu
June 22, 2023, 9:17 pm
MANILA – State-owned Development Bank of the Philippines (DBP) has granted a PHP66.7-million funding support to a waste management firm for the construction of the only fully-integrated waste treatment and disposal facility at the Mactan Economic Zone I (MEZ) in Lapu-Lapu City, Cebu, a top… Read More
PSEi tracks US market decline, peso ends sideways vs. US dollar
June 22, 2023, 7:43 pm
MANILA – The local bourse’s main index ended in the negative territory anew on Thursday amid another decline in the United States equities and wait-and-see stance for the policy rate decision of the Bangko Sentral ng Pilipinas (BSP), while the peso ended sideways against the US dollar. The… Read More
DTI highlights better biz climate in PH to French firms
June 22, 2023, 6:56 pm
MANILA – Department of Trade and Industry (DTI) Secretary Alfredo Pascual has highlighted the recent developments in the Philippines that make the country a strategic investment destination for French companies. In a statement Thursday, the DTI said Pascual and other trade officials had a… Read More
