Business
Meta faces 'heavy sanctions' for not 'protecting children'
June 9, 2023, 8:59 pm
BRUSSELS – The European Union (EU) on Thursday threatened tech giant Meta with “heavy sanctions” and urged the company to take “immediate action” that would protect the children. “Meta’s voluntary code on child protection seems not to work,” EU Commissioner for Internal Market… Read More
Biz leaders laud gov’t efforts to curb inflation
June 9, 2023, 7:59 pm
MANILA – Leaders of three of the country’s most influential business groups have recognized inroads made by the government in easing price pressures. Their sighs of relief came when the Bangko Sentral ng Pilipinas (BSP) reported that headline inflation decelerated further to 6.1 percent… Read More
PH stocks index ends week down, but peso keeps footing
June 9, 2023, 7:03 pm
MANILA - The local bourse's main index ended on the red Friday ahead of the rate meeting of the Federal Reserve next week, as well as the release of the United States inflation data. The Philippine Stock Exchange index (PSEi) shed 0.49 percent, or 32.21 points, to 6,507.15 points. All Shares… Read More
LANDBANK welcomes Fitch outlook upgrade
June 9, 2023, 6:43 pm
MANILA – Fitch Rating Inc.'s improved outlook on Land Bank of the Philippines (LANDBANK) is a vote of confidence for the bank's robust financial stability and resilience to withstand external and domestic economic headwinds, LANDBANK President and CEO Lynette Ortiz said. Credit ratings agency… Read More
28-day BSP bill rate slips
June 9, 2023, 6:25 pm
MANILA – The rate of Bangko Sentral ng Pilipinas' (BSP) 28-day bill fell on Friday despite the large volume of bids submitted during the auction. Data released by the Central Bank showed that average rate of the debt paper went down to 6.6571 percent from 6.6746 percent during the auction last… Read More
Economic managers revise ‘23 exports, imports assumption
June 9, 2023, 5:08 pm
MANILA - Economic managers on Friday adjusted several macroeconomic indicators for 2023, including growth assumptions for exports and imports of goods, citing the impact of external developments. The exports growth assumption for this year was slashed to 1 percent from 3 percent, and the imports… Read More
Higher Meralco rates in June
June 9, 2023, 4:52 pm
MANILA – Customers in the franchise areas of the Manila Electric Co. (Meralco) can expect higher electricity rates in June as the company completed its distribution-related refund. In a statement Friday, Meralco said power rates will increase by PHP0.4183 per kilowatt hour (kWh) this month, to… Read More
Economic managers retain GDP forecast, narrow inflation outlook
June 9, 2023, 4:45 pm
MANILA – The Philippine economy is expected to continue to grow despite the domestic and external risks to growth, economic managers said. In a briefing on Friday, Budget and Management Secretary Amenah Pangandaman, also head of the inter-agency Development Budget Coordination Committee (DBCC),… Read More
Calabarzon's 5-year dev't plan to focus on IT, electronics
June 9, 2023, 3:26 pm
CALAMBA CITY, Laguna – The Calabarzon Regional Development Council (RDC) and the National Economic and Development Authority (NEDA) on Thursday jointly launched the blueprint that will guide the five-province region’s development over the next five years. In ceremonies held at NEDA’s office… Read More
Trade deficit declines in April
June 9, 2023, 1:17 pm
MANILA – The country's trade deficit declined by 14.9 percent in April, based on data from the Philippine Statistics Authority (PSA). In a report released Friday, the PSA said the balance of trade in goods or the difference between the value of exports and imports, recorded a deficit of USD4.53… Read More
Unemployment rate drops in April
June 9, 2023, 11:05 am
MANILA – The country's unemployment rate dropped to 4.5 percent in April this year from 5.7 percent in the same month last year due to the further reopening of the economy, the Philippine Statistics Authority (PSA) reported Friday. In a briefing, National Statistician Dennis Mapa said… Read More
Exec cites rising number of foreign exchange brokers in PH
June 8, 2023, 9:10 pm
MANILA – An official of international online licensed broker FBS has cited the rising number of foreign exchange (forex) brokers in the Philippines and the region, thus highlighting the need to improve financial literacy to encourage more players. In an online briefing on Thursday, FBS strategic… Read More
Inflation in C. Luzon further slows down to 6.7% in May
June 8, 2023, 7:47 pm
CITY OF SAN FERNANDO, Pampanga – The inflation rate in Central Luzon continued to slow down to 6.7 percent in May based on the latest report of the Philippine Statistics Authority-Regional Statistical Services Office in the region (PSA-RSSO 3). The latest figure was 0.6 percentage points lower… Read More
Peso almost flat, stocks index drops ahead of US economic data
June 8, 2023, 7:03 pm
MANILA – Wait-and-see stance for some United States economic data, along with the drop in the US equity gauges, resulted in the negative close of all counters in the local bourse on Thursday but the peso ended sideways. The Philippine Stock Exchange index (PSEi) shed 0.39 percent, or 25.34… Read More
Gov't, private sector ink MOA on financial education program
June 8, 2023, 6:42 pm
MANILA – The National Economic and Development Authority (NEDA) signed a multi-party memorandum of agreement to institutionalize a curriculum that will help students achieve financial independence. In a statement, NEDA said the MOA signed on Thursday seeks to establish the Personal Finance 101:… Read More
BSP RRR cut to take effect June 30
June 8, 2023, 6:22 pm
MANILA – The Bangko Sentral ng Pilipinas (BSP) has slashed regulated financial institutions’ reserve requirement ratio (RRR) effective June 30, the day that regulatory relief measures allowing banks’ lending to small business as RRR compliance expire. In a statement on Thursday, the central… Read More
DOE chief to dev't partners: Help PH in transmission capabilities
June 8, 2023, 6:18 pm
MANILA – In line with the government's goal to fully energize the country, Department of Energy (DOE) Secretary Raphael Lotilla has urged the country’s development partners to participate in building transmission infrastructure across the nation. In his keynote speech at the World Bank's… Read More
Inflation rate in Ilocos eases at 5.2% in May
June 8, 2023, 5:24 pm
MALASIQUI, Pangasinan–The inflation rate in Ilocos Region has decreased to 5.2 percent in May this year, lower than the 5.9 percent in April, according to the Philippine Statistics Authority (PSA). In a statement issued on Thursday, PSA Ilocos regional director Sheila de Guzman said the slower… Read More
BPO firm cites need to reskill workforce amid AI
June 8, 2023, 4:16 pm
CEBU CITY – American customer experience (CX) solutions firm Concentrix has underscored the need for Filipino talents for reskilling and upskilling amid the rising application of artificial intelligence (AI) in business operations. Concentrix Philippines Delivery and Operations senior vice… Read More
PH manufacturing growth accelerates in April
June 8, 2023, 2:36 pm
MANILA – Factory output both in volume and value grew at a faster pace in April, the Philippine Statistics Authority (PSA) has said. Results of the Monthly Integrated Survey of Selected Industries (MISSI) released Thursday showed that the Value of Production Index (VaPi) went up by 10.7 percent… Read More
