Business
Medalla cites factors on resiliency vs. systemic risks
May 16, 2023, 8:00 pm
MACTAN, Cebu – Continued expansion of the domestic economy, sustained good fiscal policy, and an inflation-targeting central bank will help ensure the Philippines’ resiliency against systemic risks. Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla made the remarks during the closing… Read More
PH stocks index recovers, peso ends sideways
May 16, 2023, 6:27 pm
MANILA — Risk appetite returned to the local bourse on Tuesday and allowed the main equities index to recover and the peso to end the day sideways against the US dollar. After starting the week on the red, the Philippine Stocks Exchange index (PSEi) ended the second trading day up by 1.01… Read More
BIR allows monthly filing, payment of VAT
May 16, 2023, 4:50 pm
MANILA -- The Bureau of Internal Revenue (BIR) has issued a memorandum circular allowing the monthly filing and payment of value-added tax (VAT). To recall, Republic Act 10963 or the TRAIN Law removed the monthly filing of VAT returns starting this year. The law states that “beginning Jan. 1,… Read More
Renewed Malampaya contract seen to add $600-M investments
May 16, 2023, 4:36 pm
MANILA – The extension of the Malampaya natural gas field service contract will add at least USD600 million worth of investments for drilling two wells and subsea facilities, the Department of Energy (DOE) said Tuesday. In a virtual press briefing, DOE Undersecretary Alessandro Sales said the SC… Read More
Bureau of Treasury fully awards 13-year T-bonds
May 16, 2023, 4:11 pm
MANILA – The Bureau of Treasury (BTr) on Tuesday fully awarded the re-issued 13-year Treasury bonds (T-bonds). The security, which has a remaining term of 12 years and 11 months, fetched an average rate of 5.854 percent, lower than the original coupon rate of 6.250 percent set on its first… Read More
AIA Philippines bullish on growth of local insurance sector
May 16, 2023, 3:55 pm
MANILA – Insurance provider AIA Philippines is optimistic about the growth prospects of the company and the Philippine insurance industry as a whole. In briefing on Tuesday, AIA Philippines chief financial officer Gary Ogilvie said that while inflation remains to be a concern, the low levels of… Read More
Investment-led growth to address PH economic challenges
May 16, 2023, 2:26 pm
MANILA – The Philippines needs to shift to investment-led growth in order sustain the country’s economic gains and promote inclusive growth, according to an independent research organization. In a virtual forum on Tuesday, Stratbase ADR Institute president Dindo Manhit said the Philippine… Read More
Econ managers hope for Maharlika bill enactment before SONA
May 16, 2023, 1:54 pm
MANILA – The country's economic managers are hoping for the approval of Senate Bill No. 2020 establishing the Maharlika Investment Fund (MIF) before the session adjourns on June 2. “The Maharlika Investment Fund bill is making significant progress in the Senate, and we hope to see it signed… Read More
BSP exec cites need for flexible measures vs. systemic risks
May 16, 2023, 12:33 pm
MACTAN, Cebu – With Asia projected to contribute around 70 percent of growth this 2023, authorities have to come up with a coordinated effort to limit and thwart the systemic risks that may arise from the current situation, a Bangko Sentral ng Pilipinas (BSP) official said Monday. In an… Read More
BSP chief eyes measures vs. risks on corporates external exposure
May 15, 2023, 9:05 pm
MACTAN, Cebu — Monetary authorities are keen on addressing data gaps on corporates’ foreign investments and borrowings to determine the private sector’s exposure to external risks and its impact on the domestic financial market and the economy. In a briefing here Monday, Bangko Sentral ng… Read More
Economist sees modest growth of inflows from OFWs
May 15, 2023, 8:21 pm
MANILA – An economist forecasts continuation of modest growth for overseas Filipino workers’ (OFWs) remittances, citing that beneficiaries need to cope up with the higher spending caused by elevated inflation. On Monday, the Bangko Sentral ng Pilipinas (BSP) reported the 3 percent… Read More
Peso weakens vs. dollar, PSEi down on concerns over US economy
May 15, 2023, 7:38 pm
MANILA — Risk off sentiments resulted in the negative close of the local bourse’s main index and the depreciation of the peso against the United States dollar at the start of this week. The Philippine Stock Exchange index (PSEi) on Monday slipped by 0.84 percent, or 55 points, to 6,523.15… Read More
Vehicle sales up 21.8% in April
May 15, 2023, 7:33 pm
MANILA — The Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA) reported Monday their combined sales in April 2023 increased by 21.8 percent to 30,643 units from 25,149 units a year ago. Both year-on-year sales of passenger car and… Read More
BTr fully awards T-bills
May 15, 2023, 4:29 pm
MANILA – The Bureau of Treasury (BTr) on Monday fully awarded the bids for Treasury bills (T-bills) at lower rates. The 91-, 182-, and 364-day T-bills fetched average rates of 5.874 percent, 5.991 percent, and 6.028 percent, respectively. These were at 5.891 percent, 6.109 percent, and 6.211… Read More
Malampaya contract renewal to boost energy security, investments
May 15, 2023, 4:25 pm
MANILA – The Department of Energy (DOE) has welcomed the signing of the renewal agreement for the Malampaya Service Contract No. 38 (SC 38) as this will support the country’s goal of achieving energy security and will bring in additional investments in indigenous power sources. In a… Read More
‘Big-time’ price hikes on diesel, kerosene set May 16
May 15, 2023, 4:21 pm
MANILA – Oil companies will implement big-time price hikes on diesel and kerosene products and raise gasoline prices by less than 50 centavos effective Tuesday. In separate advisories, Caltex, Cleanfuel, Jetti, Petro Gazz, PTT, Seaoil, and Shell said they will increase gasoline prices by… Read More
Finance chief wants pause on rate hike
May 15, 2023, 8:43 am
MANILA – Finance Secretary Benjamin Diokno said he wanted the Bangko Sentral ng Pilipinas (BSP) to pause interest rate hikes amid easing inflation. "I’m for a pause, that's my opinion. Inflation is going down and while the current account deficit expanded, it is manageable and that's because… Read More
Gov't eyes retail dollar bond offer in Q3
May 15, 2023, 8:08 am
MANILA – The government is eyeing to issue its planned retail dollar bond offer in the third quarter of the year, the Bureau of Treasury (BTr) said. In a press briefing, National Treasurer Rosalia de Leon said the government is planning to raise USD2 billion from the offering. The government was… Read More
Higher manufacturing growth seen in Q2
May 14, 2023, 3:19 pm
MANILA – The growth of the manufacturing sector will likely pick up in the second quarter of the year due to increase in demand, an economist said Sunday. "Seasonal increase in demand towards April-May 2023 in view of the Holy Week holidays, vacation season amid the further pick up in both… Read More
DA assures enough rice supply despite El Niño threat
May 14, 2023, 12:12 pm
MANILA – The Department of Agriculture (DA) has assured the country will have enough rice supply for the rest of the year despite the possible effects of El Niño. Based on the rice production outlook data provided by the Department of Agriculture (DA), the total supply of rice is estimated to… Read More
