Business
Fitch Ratings revises outlook on PH from negative to stable
May 22, 2023, 11:13 pm
MANILA – The Philippines’ robust post-pandemic recovery and expansion along with sound economic policy framework made Fitch Ratings revised on Monday the outlook on the country’s credit ratings from negative to stable, and affirmed its ‘BBB’ rating. “The revision of the Outlook to… Read More
Fitch's revised outlook testament of PH strong macro fundamentals
May 22, 2023, 9:16 pm
MANILA – Department of Finance (DOF) Secretary Benjamin Diokno said the Fitch Ratings' improved outlook for the Philippines reflects the country's strong macroeconomic fundamentals. Diokno made the statement after the Fitch rating agency on Monday affirmed the country's ‘BBB’ credit rating… Read More
Restructuring, more investments solution to power woes -- experts
May 22, 2023, 9:15 pm
MANILA – Power experts agree that the Philippines’ chronic supply deficiencies, which are most evident during the dry season, should be immediately addressed using draconian and novel solutions. In an interview on Monday, Roberto Galang, dean at the Ateneo de Manila’s John Gokongwei School… Read More
Stocks, peso weaken on US debt ceiling talks suspension
May 22, 2023, 9:02 pm
MANILA – Risk-off sentiments partly due to the debt ceiling concerns in the United States resulted in the negative close of the main equities index and the peso on Monday. The Philippine Stock Exchange index (PSEi) shed 0.66 percent, or 43.72 points, to 6,620.83 points. All Shares followed with… Read More
European firms push for resumption of EU-PH FTA talks
May 22, 2023, 7:37 pm
MANILA – European businesses call for the resumption of negotiations between the European Union (EU) and the Philippines for a free trade agreement (FTA). In a press conference in Makati City Monday, EU-ASEAN Business Council (ABC) executive director Chris Humphrey said it is critical for the… Read More
ECOP echoes Diokno’s warning on wage hike’s inflationary effect
May 22, 2023, 7:24 pm
MANILA – The Employers’ Confederation of the Philippines (ECOP) on Monday stood firm on its position that any legislated wage hike will only benefit formal sector workers, who number only about 8 million individuals while leaving the rest to suffer from higher inflation. ECOP President Sergio… Read More
BTr fully awards T-bills
May 22, 2023, 6:54 pm
MANILA – The Bureau of Treasury (BTr) on Monday fully awarded bids for Treasury bills (T-bills) at lower rates. During the auction, the 91-, 182-, and 364-day T-bills fetched average rates of 5.777 percent, 5.898 percent and 5.945 percent, respectively. These were at 5.874 percent, 5.991… Read More
Diesel, gasoline prices up; kerosene, down
May 22, 2023, 5:33 pm
MANILA – There will be minimal price adjustments on fuel prices starting 12:01 a.m. Tuesday. In separate advisories, Caltex, Cleanfuel, Jetti, Petro Gazz, Phoenix Petroleum, PTT, Seaoil and Shell said they will increase gasoline prices by PHP0.80 per liter and diesel by PHP0.60 per liter.… Read More
ECCP: PH entering 'golden age' of investments
May 22, 2023, 4:56 pm
MANILA – The Philippines is entering the “golden age” of investments from Europe as the country remains an attractive destination for European businesses. This, as the government implemented policy reforms such as the amendments to the Foreign Investments Act, Public Service Act, and Retail… Read More
BIR revokes CPA accreditation over fake receipts syndicate
May 22, 2023, 2:43 pm
MANILA – The Bureau of Internal Revenue (BIR) has canceled the accreditation of an accountant involved in a fake receipt syndicate. In a statement on Monday, BIR said Commissioner Romeo Lumagui Jr. has revoked the certificate of accreditation of Jennifer Cunanan Roncesvalles, the external… Read More
El Niño unlikely to have significant impact on food production
May 22, 2023, 8:37 am
MANILA – Finance Secretary Benjamin Diokno said El Niño will not likely have a significant impact on local food production, especially for rice and corn. In a press briefing late Friday, Diokno said that during the Economic Development Group (EDG) meeting last week, it was discussed that while… Read More
Finance chief: PHP150 wage hike to worsen inflation by 1.4%
May 22, 2023, 8:17 am
MANILA – Finance Secretary Benjamin Diokno said the proposed PHP150 minimum wage hike will increase inflation by about 1.4 percentage points this year. "The implication of the PHP150 increase...it will increase inflation by 1.4 percent," Diokno told reporters in a briefing late Friday. "So who… Read More
DOF eyes sale of more gov't assets, mining rights
May 22, 2023, 8:11 am
MANILA – The government is planning to sell more of its assets this year, the Department of Finance (DOF) said. "Last year we already sold I think something like PHP1.5 billion assets, and then for this year, we're aiming to sell more," Finance undersecretary for privatization and corporate… Read More
Sweden supports resumption of EU-PH free trade deal talks
May 21, 2023, 4:11 pm
MANILA – Sweden’s Foreign Trade Minister Johan Forssell has underscored the need to resume talks between the Philippines and the European Union (EU) for a bilateral free trade agreement (FTA) to facilitate a freer flow of goods between the two parties. The Philippines is benefitting from the… Read More
Economist: Exports to grow 5% in 2023
May 21, 2023, 2:44 pm
MANILA – Merchandise exports can continue to grow this year but at a slower pace compared to the recorded 5.6 percent growth last year, an economist said Sunday. Exports will likely grow by 5 percent this year amid risk of recession in the United States, which is the world’s largest economy,… Read More
Thousands attend PH's largest investment summit in Dubai
May 20, 2023, 3:48 pm
Dubai, UAE – The 9th edition of the Philippine Property and Investment Exhibition (PPIE) and the inaugural Philippines Economic & Investment Summit (PEIS) have concluded here on a resounding note with an impressive turnout of thousands of attendees, including high-level delegates from both the… Read More
BSP's 28-day bill rate falls on strong demand from banks
May 19, 2023, 8:04 pm
MANILA – Strong demand for the Bangko Sentral ng Pilipinas (BSP) 28-day bill resulted to the drop of its rate on Friday. Average rate of the debt paper slipped to 6.7222 percent from the 6.7374 percent during the auction last May 12, data released by the central bank showed. BSP kept the offer… Read More
Swedish foreign trade minister visits PH for high-level mission
May 19, 2023, 8:00 pm
MANILA – A high-ranking Swedish government executive is on a two-day visit in the Philippines to explore potential investments and cooperation, citing the domestic economy’s robust expansion. In a briefing Friday, Sweden's Foreign Trade Minister Johan Forssell, who is on a two-day… Read More
PH stocks index, peso end week up
May 19, 2023, 7:59 pm
MANILA – Both the local bourse’s main index and the peso ended with gains on Friday following the widely-expected pause in the Bangko Sentral ng Pilipinas (BSP) rate hiking cycle a day ago. The Philippine Stock Exchange index (PSEi) gained 0.54 percent, or 35.91 points, to 6,664.55 points.… Read More
DA eyes white onion importation this month
May 19, 2023, 7:54 pm
MANILA – Orders for the importation of white onion will likely be issued within this month as part of the government's efforts to ensure there's ample supply in the market, the Department of Agriculture (DA) said Friday. In an interview with journalists, DA Assistant Secretary Rex Estoperez… Read More
