Business
Oil up on subdued recession fears from positive US data
May 8, 2023, 4:02 pm
ANKARA – Oil prices increased on Monday with the release of positive economic indicators from the United States, the declining value of the US dollar, and a supply cut forecast from OPEC+ countries. International benchmark Brent crude traded at $75.97 per barrel at 9:51 a.m. local time (0651… Read More
Stakeholders push status quo on interest rate levels
May 8, 2023, 3:41 pm
MANILA – Food producers and market analysts say they are content with current interest rate levels, expressing concern that prospects of further hikes in key rates may do small entrepreneurs more harm than good. In an interview on Monday, Bong Inchong, president of the United Broiler Raisers… Read More
Over P2 per liter oil price rollback set May 9
May 8, 2023, 2:23 pm
MANILA – Oil companies will roll back pump prices of petroleum products by over PHP2 per liter effective Tuesday. In separate advisories, Caltex, Cleanfuel, Petro Gazz, PTT, Seaoil and Shell said they will cut gasoline prices by PHP2.20 per liter and PHP2.70 per liter for diesel. Caltex, Seaoil… Read More
Number of jobless Filipinos down in March
May 8, 2023, 2:20 pm
MANILA – The country's unemployment rate went down to 4.7 percent in March from 4.8 percent in February, the Philippine Statistics Authority (PSA) reported on Monday. In a press conference, PSA Undersecretary and National Statistician Dennis Mapa said preliminary results of the latest Labor… Read More
Expert cites vital role of infra in bringing down food prices
May 7, 2023, 6:31 pm
MANILA – An economic development expert and member of the Bangko Sentral ng Pilipinas (BSP) policy-making Monetary Board (MB) recognizes the vital role of infrastructure projects under the “Build Better More” program in bringing down prices of food products, the primary driver of high… Read More
Economist sees GDP growth at 6% in Q1
May 7, 2023, 3:22 pm
MANILA – The Philippine economy likely grew by 6 percent in the first quarter of the year, mainly driven by consumer spending, according to an economist. In a report, Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort said lower individual tax rates starting January… Read More
Discussions start rolling to reform 'unsustainable' MUP pension
May 7, 2023, 11:59 am
MANILA – Top officials of the Department of Finance (DOF), Department of National Defense (DND), and Department of the Interior and Local Government (DILG) will meet Monday to discuss the details of the proposed Military Uniformed Personnel (MUP) pension reform. Finance Secretary Benjamin… Read More
BSP exec hopeful for stable food, oil prices
May 6, 2023, 8:57 pm
CLARK FREEPORT, Pampanga – A member of the Bangko Sentral ng Pilipinas' (BSP) policy-making Monetary Board (MB) has expressed hope that the prices of food and oil-related products would stabilize as soon as possible to reduce the secondary effects of inflation. This, as higher food and oil… Read More
Inflationary pressures abound but solutions exist: experts
May 6, 2023, 6:59 pm
MANILA – Food producers and experts in agricultural economics welcomed the 6.6 percent inflation figure posted by the country in April, but cautioned that a looming El Niño may trigger price pressures upward anew. In an interview on Saturday, Danilo Fausto, president of the Philippine Chamber… Read More
Rise in PH foreign reserves seen despite slip in April
May 6, 2023, 3:54 pm
MANILA – An economist has forecast a rise in the country's gross international reserves (GIR) in the coming months despite the drop to USD101.51 billion as of the end of April. In a report released on Saturday, Rizal Commercial Banking Corp. chief economist Michael Ricafort noted that while the… Read More
PH stocks index, peso end week sideways
May 5, 2023, 7:59 pm
MANILA – Deceleration of domestic inflation rate for the third month in a row last April countered investors' banking sector-related concerns and resulted to the sideways close of both the Philippine Stock Exchange index (PSEi) and the peso on Friday. The Philippine Statistics Authority (PSA)… Read More
Hike in BSP rates still possible despite slower inflation
May 5, 2023, 7:34 pm
MANILA – A hike in the Bangko Sentral ng Pilipinas (BSP) key rates is still possible despite another deceleration in domestic inflation rate, with economists noting that prices of some commodities remain high and supply issues continue to persist. The Philippine Statistics Authority (PSA)… Read More
Landbank-DBP merger completed by November – DOF
May 5, 2023, 7:12 pm
MANILA – The Department of Finance (DOF) on Friday said the final legal merger between the Land Bank of the Philippines (Landbank) and the Development Bank of the Philippines (DBP) is targeted to be completed by November this year. "Following the approval of the GCG (Governance Commission for… Read More
BSP 28-day securities rate falls
May 5, 2023, 6:22 pm
MANILA – The rate of the 28-day bill of the Bangko Sentral ng Pilipinas (BSP) declined on Friday as demand for the debt paper remained strong. Data released by the central bank showed that average rate of the securities slipped to 6.7613 percent from 6.7715 percent during the auction on April… Read More
Mining firm to preserve beauty of Palawan with ISO-certified EMS
May 5, 2023, 4:05 pm
MANILA – Ipilan Nickel Corporation (INC), the operating arm of listed Global Ferronickel Holdings, Inc., has reaffirmed its commitment to preserve the beauty of Palawan after its environmental management system was certified as conforming to the requirements of International Organization for… Read More
Inflation slows to 6.6% in April
May 5, 2023, 1:25 pm Updated on May 5, 2023, 8:12 pm
MANILA – Headline inflation further decelerated to 6.6 percent in April from 7.6 percent in March, the Philippine Statistics Authority (PSA) said Friday. The inflation rate settled within the Bangko Sentral ng Pilipinas' 6.3 to 7.1 percent forecast range for the period. However, it is higher… Read More
PH inflation still on upside risks amid slower rate in April
May 5, 2023, 12:40 pm
MANILA – The rate of price increases in the country decelerated to 6.6 percent for the third consecutive month in April from 7.6 percent in March but the Bangko Sentral ng Pilipinas (BSP) said the balance of risks "remains tilted heavily towards the upside" due partly to supply-side factors.… Read More
Apple's total sales decline for 2nd consecutive quarter
May 5, 2023, 12:15 pm
ISTANBUL – US-based multinational technology company Apple saw its total sales decline for the second quarter in a row, according to its financial results statement released Thursday. Net sales fell 2.6% to USD94.8 billion for the three months ending April 1, which corresponds to the first… Read More
DILG chief to open PH's biggest investment summit, expo in Dubai
May 5, 2023, 10:05 am
DUBAI, United Arab Emirates – Interior Secretary Benjamin Abalos Jr. will open and deliver a keynote address before prominent property and investment investors at the Philippines’ largest twin investment summit and expo in Dubai next week. Abalos will shed light on Philippine national and… Read More
Oil recovers on supply fears but demand woes persist
May 4, 2023, 8:46 pm
ANKARA – Oil prices rebounded on Thursday, with both benchmarks dropping around 5 percent in previous trade as supply concerns caused by Iran's seizure of an oil tanker and renewed tensions between Ukraine and Russia overshadowed demand woes caused by the US Federal Reserve's (Fed) decision to… Read More
