Business
BSP rates post mixed results
June 8, 2023, 11:20 am
MANILA – The rates of the Bangko Sentral ng Pilipinas’ (BSP) term deposit facility (TDF) registered mixed directions on Wednesday but demand remained strong, data from the central bank showed. The average rate of the seven-day facility slipped to 6.5823 percent from 6.5863 percent during the… Read More
Peso strengthens, PSEi tracks US shares’ rise
June 7, 2023, 8:53 pm
MANILA – The positive close of the United States equity indices benefited the Philippine Stock Exchange index (PSEi) after it rose on Wednesday while the peso gained and even rose to 55-level mid-trade. The PSEi gained 1.31 percent, or 84.77 points, to 6,564.70 points. All Shares followed with a… Read More
PH foreign reserves slip to $101.3B at end-May
June 7, 2023, 7:17 pm
MANILA – The national government payments of its foreign currency-denominated liabilities and downward adjustments in the value of Bangko Sentral ng Pilipinas’ (BSP) gold holdings reduced the country’s foreign reserves to USD101.3 billion at end-May 2023. BSP data released on Wednesday… Read More
DOST helps Bulacan’s jewelry industry to shine anew
June 7, 2023, 6:53 pm
CITY OF SAN FERNANDO, Pampanga – The Department of Science and Technology (DOST) is stepping up efforts to help revive the once robust jewelry industry in Bulacan province. Through the DOST-Provincial Science Technology Office (PSTO)-Bulacan and Metals Industry Research and Development Center… Read More
USAID program aims to get 20K SMEs into e-commerce in 5 years
June 7, 2023, 4:50 pm
CEBU CITY – United States Agency for International Development (USAID)-sponsored Strengthening Private Enterprises for the Digital Economy (SPEED) targets 20,000 small and medium enterprise (SMEs) to be onboard electronic commerce within the five-year period of the program, SPEED chief of party… Read More
PPP Act, Maharlika fund to help ramp up infra spending
June 7, 2023, 3:05 pm
MANILA – The passage of the proposed Public-Private Partnership (PPP) Act and the Maharlika Investment Fund (MIF) Act of 2023 could help accelerate infrastructure spending to 10 to 12 percent of gross domestic product (GDP) as early as next year, Finance Secretary Benjamin Diokno said Wednesday.… Read More
World Bank lifts PH economic growth projection to 6%
June 7, 2023, 2:08 pm
MANILA – The World Bank on Wednesday revised upward its Philippine economic growth projection to 6 percent this year from 5.6 percent as strong domestic demand is expected to drive growth. "Despite weak global conditions, we expect strong domestic demand to grow to 6 percent in 2023 and move to… Read More
Gov’t urged to refocus on pre-pandemic economic goals
June 6, 2023, 8:36 pm
MANILA – Economists from the academe and financial markets on Tuesday urged the government to set its sights back to pre-pandemic targets now that the economic effects of the coronavirus disease 2019 (Covid-19) contagion have waned. Roberto Galang, dean at the Ateneo de Manila’s (ADM) John… Read More
Stocks index down, peso almost flat on May inflation data
June 6, 2023, 6:56 pm
MANILA – The deceleration of inflation rate to 6.1 percent in May 2023 from 6.6 percent the previous month came within expectations but failed to lift the local bourse’s main index on Tuesday. The Philippine Stock Exchange index (PSEi) shed 0.64 percent, or 41.71 points, to 6,479.93 points. … Read More
BSP sees inflation slowing down to within-target levels in Q4
June 6, 2023, 6:52 pm
MANILA – Balance of risks to domestic inflation remain on the upside but the Bangko Sentral ng Pilipinas (BSP) said Tuesday that monthly rate is still expected to slow to within-target levels in the last quarter of the year without any shocks. The Philippine Statistics Authority (PSA) reported… Read More
BTr fully awards T-bonds
June 6, 2023, 6:33 pm
MANILA – The Bureau of Treasury (BTr) on Tuesday fully awarded the reissued 10-year Treasury bonds (T-bonds). With a remaining term of four years and nine months, the security fetched an average rate of 5.805 percent, lower than the coupon rate of 6.250 percent set on its first issuance in April… Read More
Top listed firms may lose P6.15 billion to cyber attacks
June 6, 2023, 6:31 pm
CEBU CITY – Top listed companies operating critical information infrastructure (CII) may lose PHP6.15 billion in revenues per day due to cyber attacks, an information and communications technology (ICT) advocacy group estimated. In a media seminar hosted by the United States Embassy here, Secure… Read More
Inflation further slows to 6.1% in May
June 6, 2023, 1:43 pm
MANILA – Headline inflation slowed down for the fourth consecutive month, settling at 6.1 percent in May from 6.6 percent in April, the Philippine Statistics Authority (PSA) reported Tuesday. Last month's inflation also settled within the 5.8 to 6.6 percent forecast range of the Bangko Sentral… Read More
PH-Israel trade eyed to reach $1 billion in 2024
June 5, 2023, 9:12 pm
MANILA – Bilateral trade between the Philippines and Israel is expected to hit USD1 billion by 2024 to be driven by investments on agriculture, water management and tourism. Yael Ravia-Zadok, head of the Economic Affairs Division at the Israel Ministry of Foreign Affairs, expressed optimism… Read More
Stocks up, peso slips ahead of inflation data
June 5, 2023, 9:00 pm
MANILA – The Philippine Stock Exchange index (PSEi) rose on Monday but the peso slipped against the United States dollar ahead of the release of domestic inflation rate for May 2023. The main equities index rose by 0.15 percent, or 9.63 points, to 6,521.64 points. All Shares followed with a jump… Read More
Chemical, food maker eyes free cash flow this year
June 5, 2023, 8:14 pm
MANILA – D&L Industries expects to register free cash flow this year as the start of commercial operations of its new Batangas manufacturing plant nears. During the online annual stockholders meeting on Monday, D&L president and chief executive officer Alvin Lao said the company posted an PHP890… Read More
2024 budget to focus on infra, agri, health, education
June 5, 2023, 6:33 pm
MANILA – The proposed 2024 national budget will continue to focus on priority sectors such as infrastructure, agriculture, health and education, Department of Budget and Management (DBM) Secretary Amenah Pangandaman said Monday. In a statement, Pangandaman said these priority sectors are… Read More
Minimal oil price rollback set June 6
June 5, 2023, 5:22 pm
MANILA – Oil firms will implement a minimal price rollback effective Tuesday. In separate advisories, Caltex, Cleanfuel, Petro Gazz, PTT, Seaoil, and Shell said they will slash gasoline prices by PHP0.60 per liter and PHP0.30 per liter for diesel. Caltex, Seaoil, and Shell will also cut kerosene… Read More
DMCI Power to build wind facility in Semirara Island
June 5, 2023, 3:13 pm
MANILA – Leading off-grid electricity generator DMCI Power Corporation (DPC) announced Monday it would build a wind power plant in Semirara Island, home of the biggest coal reserve in the Philippines. The DPC intends to finalize the wind power capacity in the coming months, with projections… Read More
DOF eyes sale of PHP2.5-B idle gov't assets
June 5, 2023, 8:26 am
MANILA – The government plans to sell more than 130 properties this year with a total value of PHP2.5 billion, the Department of Finance (DOF) said. In a recent briefing, DOF Secretary Benjamin Diokno said the DOF's Privatization Council is targeting to privatize 137 properties in 2023. Some of… Read More
