Business
BSP keeps rates anew
June 22, 2023, 6:51 pm
MANILA – Bangko Sentral ng Pilipinas’ (BSP) policy-making Monetary Board (MB) kept for the second rate-setting meeting the central bank’s key rates after noting indications of a continued slowdown of domestic inflation rate. With the latest MB decision, the BSP’s overnight deposit rate… Read More
Inflation seen decelerating further in June
June 22, 2023, 6:09 pm
MANILA – Headline inflation will likely further decelerate to 5.3 percent in June from 6.1 percent in May due to lower food prices, an economist said. In a Viber message to the Philippine News Agency, Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort said year-to-date,… Read More
New ride-hailing firm eyes 5 PH cities for initial operation
June 22, 2023, 2:41 pm
MANILA – A new ride-hailing company entering the Philippine market has identified five key cities to launch its services. California-based global mobility and urban services platform inDrive announced Thursday it is looking at Manila, Cebu, Davao, Bacolod, and Baguio as initial locations to… Read More
DOE issues implementing guidelines for offshore wind projects
June 22, 2023, 2:22 pm
MANILA – The Department of Energy (DOE) on Thursday said it released the policy and administrative framework for offshore wind energy projects to accelerate the development of this sector. Signed by DOE Secretary Raphael Lotilla on June 16, Department Circular No. 2023-06-0200 --pursuant to the… Read More
PSEi, peso down ahead of Powell's testimony, BSP rate decision
June 21, 2023, 8:11 pm
MANILA – The Philippine Stock Exchange index (PSEi) ended Wednesday in the negative territory, tracking its United States counterparts, while the peso corrected lower against the greenback ahead of Federal Reserve Chairman Jerome Powell’s testimony in Congress. The main equities index shed… Read More
BSP’s TDF posts undersubscription, rates slip
June 21, 2023, 8:07 pm
MANILA – The average rate of the Bangko Sentral ng Pilipinas’ (BSP) term deposit facility (TDF) declined Wednesday and the two-week facility attracted lower bids. BSP data show that the rate of the eight-day facility, one day longer than the usual one-week tenor due to the national holiday on… Read More
C. Luzon remains PH's top palay producer in Q1
June 21, 2023, 8:02 pm
CITY OF SAN FERNANDO, Pampanga – Rice production in Central Luzon has increased by 12.2 percent during the first quarter of the year, making the region the consistent top producer of palay in the country. Based on the latest data from the Philippine Statistics Authority-Regional Statistical… Read More
Open finance system provides access to financial services
June 21, 2023, 7:52 pm
MANILA – More Filipinos may now have more access to financing after Wednesday’s launch of the Open Finance PH, a consent-driven data portability, interoperability, and collaborative team-up among financial entities. In his speech during the event, Bangko Sentral ng Pilipinas (BSP) Governor… Read More
Gov't eyes tax on junk food, sweetened beverages
June 21, 2023, 7:44 pm
MANILA – The government is planning to impose taxes on junk food and sweetened beverages next year, Finance Secretary Benjamin Diokno said Wednesday. "The Department of Finance (DOF) and the Department of Health (DOH) are jointly pursuing a junk food and sweetened beverage tax as a proactive… Read More
BSP sets 28-day securities as new reference rate
June 21, 2023, 6:27 pm
MANILA – The Bangko Sentral ng Pilipinas’ (BSP) 28-day bill rate will be used as a reference rate effective on or before the end of this month in place of the global deadline for the cessation of the London Interbank Offered Rate (LIBOR). In a briefing on Wednesday, BSP Governor Felipe Medalla… Read More
PH joins global push on financing for sustainable dev’t
June 21, 2023, 5:46 pm
MANILA – The Department of Finance (DOF) has vowed to continue pursuing the Sustainable Development Goals (SDGs) by boosting tax collection. In a statement on Wednesday, DOF said Finance Secretary Benjamin Diokno made the commitment at the Addis Tax Initiative (ATI) General Assembly in Lusaka,… Read More
DTI urges Congress to fast-track law protecting consumers online
June 21, 2023, 4:50 pm
MANILA – The Department of Trade and Industry (DTI) has urged Congress to immediately pass the Internet Transactions Act (ITA) that will protect consumers in their transactions online. In a statement Tuesday, the DTI said the speedy passage of the ITA is important amid the increasing complaints… Read More
Agri’s dwindling share in GDP not unusual for emerging economies
June 20, 2023, 8:54 pm
MANILA – An agricultural economist in the academe on Tuesday said the agriculture sector’s contribution to the gross domestic product (GDP) naturally declines as a country moves closer to developed economy status. This came as a reaction to a Philippine Statistics Authority study showing that… Read More
Eddie Wu named e-commerce giant Alibaba's CEO
June 20, 2023, 8:34 pm
ANKARA – Chinese e-commerce giant Alibaba Group announced on Tuesday that the company’s co-founder, Eddie Wu, will succeed Daniel Zhang as chief executive officer (CEO). In a statement, the company also announced that Joe Tsai has been appointed as the group's chairman, succeeding Zhang.… Read More
PSEi ends flat as investors take wait-and-see stance, peso gains
June 20, 2023, 8:00 pm
MANILA – The Philippine Stock Exchange index (PSEi) ended almost flat on Tuesday ahead of the reopening of United States (US) financial market trading for the week but the peso gained against the greenback. The main equities index shed 0.02 percent, or 1.44 points, to 6,448.90 points. All… Read More
PH construction biz keen on adopting data strategy
June 20, 2023, 7:52 pm
MANILA – Research by Procore Technologies Inc., a leading global provider of construction management software, shows that the Philippines is leading among surveyed Southeast Asian countries in plans to adopt data strategy in the construction industry. In a statement Tuesday, the company said 80… Read More
PH-Germany 2-way trade up 26%
June 20, 2023, 7:00 pm
MANILA – The bilateral trade between the Philippines and Germany increased by 25.8 percent between 2021 and 2022. In a conference in Makati City Tuesday, German Embassy in Manila Economic Counselor David Klebs said the two-way trade between the two countries reached 7.2 billion euros in 2022… Read More
BTr fully awards Treasury bonds
June 20, 2023, 6:54 pm
MANILA – The Bureau of the Treasury (BTr) on Tuesday fully awarded the reissued seven-year Treasury bonds (T-bonds). In a statement, the BTr said the T-bonds fetched an average rate of 6.097 percent. This is lower than the original coupon rate of 6.500 percent when it was first issued in May… Read More
Stocks index down, peso gains
June 19, 2023, 9:10 pm
MANILA – The local bourse’s main index started the week in the negative territory partly due to lesser factor from the United States given its Juneteenth holiday Monday, but the peso gained against the US dollar. The Philippine Stock Exchange index (PSEi) shed 0.89 percent, or 58 points, to… Read More
Inflation remains key factor in BSP policy rate decisions
June 19, 2023, 7:58 pm
MANILA – Developments on inflation rate now carry more weight over the Federal Reserve’s key rate moves in relation to the Bangko Sentral ng Pilipinas' (BSP) policy rate decisions, BSP Governor Felipe Medalla on Monday said. "We're driven largely by our own inflation targets," he said in an… Read More
