Business
DMCI eyes at least 5 more infra projects under Build Better More
May 29, 2023, 7:05 pm
MANILA – Premier contractor D.M. Consunji Inc. (DMCI) is eyeing to participate in at least five more infrastructure projects under the “Build Better More” infrastructure program of the Marcos administration. "Our participation would depend on the amount and type of work involved. We want to… Read More
Malampaya operator to export condensates to global oil firm
May 29, 2023, 6:55 pm
MANILA – The Malampaya natural gas field will be supplying condensates to the Abu Dhabi National Oil Company Global Trading (AGT), according to Malampaya operator Prime Energy in a statement Monday. Prime Energy said it forged a supply agreement with AGT to supply condensates from the Malampaya… Read More
BTr raises P15 billion from T-bills
May 29, 2023, 5:43 pm
MANILA – The Bureau of Treasury (BTr) on Monday fully awarded bids for Treasury bills (T-bills). The 91-, 182-, and 364-day T-bills fetched average rates of 5.783 percent, 5.879 percent, and 5.948 percent, respectively. These were at 5.777 percent, 5.898 percent, and 5.945 percent for the… Read More
Gasoline prices up, kerosene down
May 29, 2023, 5:15 pm
MANILA – Oil firms will adjust prices of gasoline and kerosene effective Tuesday. In separate advisories, Caltex, Cleanfuel, Petro Gazz, PTT, Seaoil, and Shell said they will increase gasoline prices by PHP1 per liter. On the other hand, Caltex, Seaoil, and Shell will roll back kerosene… Read More
Gov't records 4-year high budget surplus in April
May 29, 2023, 2:05 pm
MANILA – The national government posted a PHP66.8 billion budget surplus in April, the highest recorded in four years. Bureau of Treasury (BTr) data released on Monday showed that the budget surplus was significantly higher than the PHP4.9 billion in April last year, and was the highest… Read More
Gov't collects over P200B from tax reform
May 29, 2023, 8:27 am
MANILA – The Department of Finance (DOF) said the implementation of the Comprehensive Tax Reform Program (CTRP) generated PHP202.8 billion additional revenues in 2022. In a statement over the weekend, the DOF said the total collection last year was higher by 26.3 percent from PHP160.5 billion… Read More
BOI confident of hitting P1.5-trillion investment target
May 28, 2023, 11:48 am
BALAMBAN, Cebu – The Board of Investments (BOI) is confident that its PHP1.5 trillion investment pledges target will be achieved this year. In an interview over the weekend here, Trade Undersecretary and BOI managing head Ceferino Rodolfo said several big renewable energy (RE) projects are… Read More
World Bank approves USD100-M Mindanao agri dev't project for IPs
May 28, 2023, 10:46 am
MANILA - The World Bank has approved a USD100 million agriculture development project to help boost the livelihood of farmers and fisherfolk in indigenous cultural communities in the southern Philippines. In a statement over the weekend, World Bank said the Mindanao Inclusive Agriculture… Read More
Bank owners urged to protect depositors’ money
May 27, 2023, 12:10 pm
MANILA – Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla likened bank owners to public servants, saying the former’s job is to protect their depositors’ money. In his speech during the launch of the book “Banking Laws of the Philippines – Annotated” at the Central Bank’s… Read More
PH, JICA ink MRT 3 rehab project loan deal
May 26, 2023, 8:50 pm
MANILA -- The government on Friday signed the JPY17.4-billion ($130 million) Metro Rail Transit (MRT) Line 3 Rehabilitation Project (II) loan agreement with the Japan International Cooperation Agency (JICA). The agreement was signed by Department of Finance (DOF) Secretary Benjamin Diokno and JICA… Read More
Inflation likely down anew in May: economist
May 26, 2023, 7:36 pm
MANILA – Headline inflation will likely decelerate to 6.1 percent in May due to lower prices of food, an economist said Friday. "Some food prices already started to ease recently on better weather conditions that led to some increase in supply that helps in lowering food prices, after some storm… Read More
Oil up over weaker dollar amid uncertainties of OPEC+ next move
May 26, 2023, 7:35 pm
ANKARA – Oil prices rose on Friday over a weakening US dollar, making dollar-indexed crude oil cheaper for investors, while contradicting statements of top OPEC+ ministers raised market uncertainties ahead of the group’s impending meeting. International benchmark Brent crude traded at USD76.40… Read More
Lufthansa buys 41% of ITA Airways for $348M
May 26, 2023, 7:09 pm
ISTANBUL – Germany's Lufthansa Group said Thursday that it has signed an agreement with Italy’s Finance Ministry on purchasing the 41 percent stake in Italian flag carrier ITA Airways. The value of the acquisition is 325 million euro (US$348.5 million), according to a statement by Lufthansa.… Read More
Rate of BSP 28-day securities declines; demand still robust
May 26, 2023, 6:55 pm
MANILA – Demand for the Bangko Sentral ng Pilipinas’ (BSP) 28-day Bill remained strong on Friday and its average rate declined following monetary authorities’ decision to keep the central bank’s key rates steady last week. Data released by the BSP showed that rate of the securities went… Read More
PH stocks index slips anew but peso gains vs. US dollar
May 26, 2023, 6:04 pm
MANILA – The local bourse’s main index ended the week on the negative as investors remain on stand-by mode for the results of the debt ceiling talks in the US, but the peso gained against the US dollar as it climbed to the 55-level. The Philippine Stock Exchange index (PSEi) declined for the… Read More
DBP net income jumps 17% year-on-year to P1.23-B
May 26, 2023, 3:57 pm
MANILA – State-owned Development Bank of the Philippines’ (DBP) net income rose 17 percent to hit PHP1.23 billion in the first three months of 2023, compared to the PHP1.05 billion posted during the same period last year. Higher interest income from expanded lending activities to critical… Read More
ECCP bats for zero tariff on vehicles, auto parts under EU-PH FTA
May 26, 2023, 1:35 pm
MANILA – The European Chamber of Commerce of the Philippines (ECCP) is pushing for a tariff-free measure for automotive vehicles and components under the possible free trade agreement of the European Union and the Philippines (EU-PH FTA). In its advocacy paper on automotive industry, the ECCP… Read More
8 Taiwanese firms keen to invest in PH
May 26, 2023, 11:11 am
MANILA – Eight Taiwanese firms have expressed their interest to invest in the country, particularly in the manufacturing sector. In a statement Thursday, the Board of Investments (BOI) said it received on May 16 the Taiwanese delegation that is seeking investment opportunities in the… Read More
Responsible selling of alcoholic beverages online pushed
May 25, 2023, 9:31 pm
MANILA – The Alcoholic Beverages Alliance of the Philippines, Inc. (ABAPI) reiterated its pledge to promote responsible selling of their products online amid the increasing illicit trade in the sector. On Thursday, 14 distributors of alcoholic beverages and the online shopping platform Lazada… Read More
PAL Holdings posts positive income; appoints new president
May 25, 2023, 7:38 pm
MANILA -- Flag carrier Philippine Airlines' (PAL) parent firm, PAL Holdings Inc. (PHI), announced Thursday its total consolidated operating income of PHP17 billion, and also appointed Lucio Tan III as president, replacing his grandfather. The PHI recorded a PHP4 billion operating loss in 2021, and… Read More
