Business
DTI pitching PH as investment hub to European biz
June 19, 2023, 6:38 pm
MANILA – Department of Trade and Industry (DTI) Secretary Alfredo Pascual is on a three-week trip in Europe to pitch the Philippines as an investment hub for European businesses. During the Europe Investment Roadshow from June 18 to July 6, Pascual targets to bring in European investors in the… Read More
PH, India to enhance cooperation in fintech
June 19, 2023, 6:34 pm
MANILA – The Philippines and India signed on Monday a memorandum of understanding (MOU) to enhance cooperation in the field of financial technology (fintech). In a statement, the Department of Finance (DOF) said the MOU was signed by Finance Secretary Benjamin Diokno and Ambassador of India to… Read More
BTr partially awards T-bills
June 19, 2023, 6:02 pm
MANILA – The Bureau of the Treasury (BTr) on Monday partially awarded rates for the Treasury bills (T-bills). The rates for the 91-, 182 -, and 364-day T-bills were capped at 6.029 percent, 6.081 percent, and 6.166 percent, respectively. In a comment, Rizal Commercial Banking Corporation (RCBC)… Read More
Bank exec eyes up to 100K store owner-users of mobile app
June 19, 2023, 5:21 pm
MANILA – Some 70,000 sari-sari store (convenience store) owners from four Luzon provinces have been enrolled in BPI Direct BanKo Inc., A Savings Bank (BanKo) mobile app and an executive of the bank aims these numbers to reach around 100,000 within a year. In a briefing on Monday for the launch… Read More
BCDA remits PHP3.3B to AFP for modernization program
June 19, 2023, 4:04 pm
MANILA – The Bases Conversion and Development Authority (BCDA) on Monday said it contributed PHP3.31 billion to Armed Forces of the Philippines (AFP) Modernization Program. This amount came from BCDA’s disposition proceeds in 2022 and was remitted this year. The remittance to the AFP this year… Read More
Minimal oil price rollback of 10-35 cents set this week
June 19, 2023, 3:19 pm
MANILA – Oil companies will implement minimal price cuts on fuel products after big-time hikes last week. Starting 12:01 a.m. Tuesday, Cleanfuel, Petro Gazz, Seaoil, and Shell will slash gasoline prices by PHP0.35 per liter and diesel by PHP0.10 per liter. Seaoil and Shell will also roll back… Read More
GOCC subsidies up in April
June 18, 2023, 12:24 pm
MANILA — The national government's subsidies to government-owned and controlled corporations (GOCCs) went up by 74 percent in April. Data from the Bureau of the Treasury's latest cash operations report showed that budgetary support to GOCCs grew to PHP8.9 billion in April from PHP5.1 billion… Read More
PSEi ends week up, peso finishes sideways
June 16, 2023, 7:59 pm
MANILA – Expectations that the Federal Reserve’s rate hiking cycle is coming to an end lifted sentiments in the local bourse and allowed the main index to end the week up, but the peso weakened against the US dollar. The Philippine Stock Exchange index (PSEi) gained 0.73 percent, or 46.92… Read More
BSP announces revisions on balance of payment forecasts
June 16, 2023, 7:30 pm
MANILA – The Bangko Sentral ng Pilipinas’ (BSP) policy-making Monetary Board (MB) slashed the 2023 balance of payment (BOP) deficit projection from USD1.6 billion to USD1.2 billion on account of slower global growth outlook. In a virtual briefing on Friday, BSP Department of Economic Research… Read More
Ayala unit invests in Scotland-based biotech startup
June 16, 2023, 7:08 pm
MANILA – A subsidiary of Ayala Corp., one of the country’s conglomerates, has invested in a biotechnology startup based in Scotland that aims to address challenges in food security. In a statement on Friday, Kickstart Ventures, through the Ayala Corporate Technology Innovation Venture (ACTIVE)… Read More
Manila startup ecosystem grows to $3.5-B
June 16, 2023, 6:34 pm
MANILA – Manila has grown its startup ecosystem to USD3.5 billion, according to the 2023 Global Startup Ecosystem Report (GSER). The value of the startup ecosystem rose 85 percent from the USD2.1 billion reported in the 2022 GSER, the Department of Trade and Industry (DTI) said in a statement… Read More
Rate of BSP's 28-day bill declines
June 16, 2023, 3:20 pm
MANILA – Rate of the Bangko Sentral ng Pilipinas’ (BSP) 28-day bill slipped on Friday amid the strong demand for the debt paper. Data released by the central bank showed that the average rate of the securities slipped by 0.5005 basis points (bps) to 6.6521 percent from 6.6571 percent during… Read More
Economist sees higher tourism sector growth in 2023
June 16, 2023, 3:06 pm
MANILA - The share of tourism to the country's gross domestic product (GDP) could reach as high as eight percent this year due to the further reopening of the Philippine economy, an economist said on Friday. In an interview with the Philippine News Agency (PNA), Rizal Commercial Banking… Read More
BIR raids juice manufacturer over P800-M excise tax deficiency
June 16, 2023, 12:01 pm
MANILA – The Bureau of Internal Revenue (BIR) has conducted simultaneous raids on a major manufacturer of sweetened beverages and one of its distributors following the firm’s failure to pay excise taxes amounting to PHP800 million. Led by BIR Commissioner of Internal Revenue Romeo D. Lumagui,… Read More
Economic managers cite factors eyed to boost gov't fiscal space
June 15, 2023, 8:45 pm
MANILA – Finance Secretary Benjamin Diokno on Thursday told foreign investors that the proposed reforms on the military and uniformed personnel (MUP) pension will boost the government’s fiscal space. During the Philippine Economic Briefing held in Singapore, which was live streamed through the… Read More
Cash remittances from OFWs up 3.7% in April
June 15, 2023, 7:27 pm
MANILA – Cash inflows from overseas Filipino workers (OFWs) rose by 3.7 percent year-on-year to USD2.48 billion last April, the Bangko Sentral ng Pilipinas (BSP) reported on Thursday. The central bank attributed the rise in cash remittances, coursed through banks, to strong growth of remittances… Read More
PH stocks rise, peso ends sideways after Fed rate pause
June 15, 2023, 7:21 pm
MANILA – The main stocks index ended Thursday higher while the peso moved sideways following the pause in the rate hiking cycle of the Federal Reserve earlier in the day. The Philippine Stock Exchange index (PSEi) rose by 0.43 percent, or 27.36 points, to 6,461.42 points. All Shares followed… Read More
Exec: BSP need not mirror Fed actions
June 15, 2023, 5:52 pm
MANILA – The Bangko Sentral ng Pilipinas (BSP) need not mirror movements of the Federal Reserve given the intrinsic developments on domestic inflation. During the Singapore leg of the Philippine economic briefing on Thursday, BSP Deputy Governor Francisco Dakila Jr. said “policy actions (of… Read More
Diokno urges Singaporean biz to explore Maharlika Investment Fund
June 15, 2023, 4:08 pm
MANILA – Department of Finance (DOF) Secretary Benjamin Diokno has urged Singaporean businesses to explore opportunities in the Maharlika Investment Fund (MIF). At the Philippine Economic Briefing in Singapore on Thursday, Diokno cited the MIF’s role in the country’s economic development… Read More
RCEP utilization crucial to hit $241-B 2028 exports target
June 15, 2023, 2:23 pm
MANILA – The Department of Trade and Industry (DTI) has highlighted the crucial role of the Regional Comprehensive Economic Partnership (RCEP) in hitting the export targets of the Marcos administration. On Thursday, the Export Development Council (EDC) launched the Philippine Export Development… Read More
