Business
PH auto industry optimistic to hit 500K sales in 2024
August 19, 2024, 8:55 pm
MANILA – With more than four months left before 2024 ends, the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) is optimistic that sales would hit the 500,000 mark this year, the first time that the local auto industry will reach this level. CAMPI president Rommel Gutierrez… Read More
Policy easing continues to boost PSEi, peso
August 19, 2024, 7:55 pm
MANILA – The Monetary Board’s decision to cut key rates has continued to provide positive sentiments among traders as the local bourse closed higher on Monday, while the peso bounced back to the 56 level. The Philippine Stock Exchange index (PSEi), at the start of the week, gained 0.62… Read More
PH records surplus; gross int'l reserves up in July
August 19, 2024, 6:23 pm
MANILA – The country's overall balance of payments (BOP) position posted a surplus in July this year, a reversal from the deficit recorded in July last year, the Bangko Sentral ng Pilipinas (BSP) has said. BSP data released on Monday showed that the BOP position during the month recorded a… Read More
BTr fully awards Treasury bills
August 19, 2024, 4:30 pm
MANILA – The Bureau of the Treasury (BTr) fully awarded bids for Treasury bills (T-bills) during Monday's auction. The 91-, 182-, and 364-day T-bills fetched average rates of 5.940 percent, 5.989 percent, and 6.023 percent, respectively, -- all lower than secondary market benchmark rates. In… Read More
Hefty oil price hike set Tuesday
August 19, 2024, 12:15 pm
MANILA – After a big-time rollback last week, oil companies will implement a hefty increase in pump prices starting Tuesday morning. In separate advisories, Caltex, Cleanfuel, Jetti, Petro Gazz, PTT, Seaoil, and Shell said they would increase gasoline prices by PHP1 per liter and PHP1.20 per… Read More
BIR raids vape festival, confiscates illicit vape products
August 19, 2024, 10:10 am Updated on August 19, 2024, 11:30 am
MANILA – The Bureau of Internal Revenue's (BIR) Illicit Trade Task Force raided Sunday the Philippine Vape Festival 2024 in Las Piñas City and confiscated illicit vape products. In a statement, BIR Commissioner Romeo Lumagui Jr. said surveillance of the event confirmed that there were vape… Read More
Substandard reinforcement bars discovered in Luzon hardware shops
August 18, 2024, 1:11 pm
MANILA – The Philippine Iron and Steel Institute (PISI) has cautioned consumers against substandard reinforcement bars (rebars) found in North Luzon. In a statement over the weekend, PISI said 13 out 33 samples it bought in Luzon provinces were found non-conforming with the domestic standard.… Read More
PEZA, SM Group discuss developing more ecozones, IT parks
August 16, 2024, 8:02 pm
MANILA – The Philippine Economic Zone Authority (PEZA) on Friday said it met with executives of SM Smart City Infrastructure and Development Corp. for the development of more ecozones and information technology (IT) parks across the country. PEZA Director General Tereso Panga and SM Smart City… Read More
Local shares surge on rate cuts, peso depreciates
August 16, 2024, 7:12 pm
MANILA – The local bourse surged on the last day of trading this week as investors took positive cues from the monetary policy easing, while the peso depreciated along with other major currencies. On Friday, the Philippine Stock Exchange index (PSEi) increased by 2.31 percent, or 154.46 points,… Read More
Starlink to provide high-speed internet to SSS offices in remote areas
August 16, 2024, 4:40 pm
MANILA – The Social Security System (SSS) said it has partnered with iOne Resources, Inc., Starlink’s local distributor, to provide high-speed internet connectivity to SSS service offices in remote areas. In a statement on Friday, SSS President and Chief Executive Officer Rolando Ledesma… Read More
BSP: Remittances from overseas Filipinos up by 2.55% in June
August 16, 2024, 9:50 am
MANILA – Personal remittances from overseas Filipinos (OF) increased by 2.5 percent to USD3.21 billion in June this year, the Bangko Sentral ng Pilipinas (BSP) has said. Data released by the BSP late Thursday showed that personal remittances amounted to USD3.21 billion in June from USD3.13… Read More
NEDA: Gov't to continue to address root causes of poverty
August 16, 2024, 9:45 am
MANILA – National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said the decline in poverty rate in 2023 shows promising signs of inclusive government efforts to reduce poverty across the regions and provinces. In a statement late Thursday, Balisacan noted, however, that… Read More
BSP cuts key interest rates by 25 basis points
August 15, 2024, 8:05 pm
MANILA – The Bangko Sentral ng Pilipinas (BSP) on Thursday cut key interest rates by 25 basis points to 6.25 percent, noting that the balance of risks to the inflation were tilted toward the downside for this year and in 2025. "At its monetary policy meeting today, the Monetary Board decided to… Read More
PH attracts P2.65-B halal investments
August 15, 2024, 7:13 pm
MANILA – Department of Trade and Industry (DTI) Task Force Halal Industry Development Program Manager Aleem Siddiqui Guiapal said the agency is currently working on PHP2.65 billion worth of investments to stimulate the local halal sector. During DTI’s budget hearing of House Committee on… Read More
PSEi slips on profit-taking, peso stays at 56-level
August 15, 2024, 7:06 pm
MANILA – Local shares slipped in Thursday’s trading on profit-taking, while the peso stayed at the 56 level against the dollar for the third straight day. The Philippine Stock Exchange index (PSEi) closed slightly lower by 0.18 percent at 6,692.91 points, with All Shares sliding by 0.03… Read More
PSA: 11 regions recorded drop in poverty incidence in 2023
August 15, 2024, 4:45 pm
MANILA – The Philippine Statistics Authority (PSA) said 11 out of 18 regions in the country recorded a significant decrease in poverty incidence in 2023. In a briefing on Thursday, National Statistician Dennis Mapa said the 2023 full year official poverty statistics based on the preliminary… Read More
PEZA: PH credit rating upgrade cements status as prime investment hub
August 15, 2024, 4:18 pm
MANILA – The Philippine Economic Zone Authority (PEZA) on Thursday welcomed the country’s credit rating upgrade by Japan’s Rating and Investment Information Inc. (R&I). In a statement, the PEZA said the A- with stable outlook rating given by R&I is a testament that the Philippines remains a… Read More
Foreign investment pledges more than tripled in Q2 2024
August 15, 2024, 12:17 pm
MANILA – Total foreign investment (FI) pledges approved in the second quarter of the year more than tripled to PHP189.50 billion from PHP59.09 billion in the same period in 2023. Data released by the Philippine Statistics Authority (PSA) on Thursday showed that these investment pledges were… Read More
DTI defends minimal increase in 2025 budget
August 14, 2024, 11:30 pm
MANILA – Department of Trade and Industry (DTI) Acting Secretary Cristina Roque led the agency in defending its minimal increase in its 2025 budget during the hearing of the Committee on Appropriations at the House of Representatives on Wednesday. The DTI is seeking lawmakers’ approval for its… Read More
BOI eyes P1-T investment approvals in 2025
August 14, 2024, 9:00 pm
MANILA – The Board of Investments (BOI) is targeting to register PHP1 trillion worth of projects in 2025, eyeing for three consecutive years of investment approvals at a trillion-peso level. Under the National Expenditure Program (NEP) 2025, the BOI is looking into lower investment pledges next… Read More
