Business
Number of OPEC+ countries voluntary cut oil production from May
May 1, 2023, 1:28 pm
MOSCOW -- A number of countries participating in the OPEC+ agreement have voluntarily reduced their oil production beginning from May 1 and until the end of the year and the total oil output downfall is now estimated at 1.66 million barrels per day. The OPEC+ countries at the issue announced on… Read More
SSS-Ilagan issues ultimatum to employers with P1.8-M deficiencies
April 28, 2023, 8:20 pm
CITY OF ILAGAN, Isabela – Eleven employers who owe the Social Security System (SSS) a total of PHP1.8-million delinquent contributions were visited and given a letter of ultimatum in this city on Friday. Jesus Gonzales Jr., SSS-City of Ilagan Branch officer-in-charge, told the Philippine News… Read More
Life insurance firm eyes more clients from lower income bracket
April 28, 2023, 8:07 pm
MANILA – The low insurance penetration rate in the Philippines, especially among the poor, along with the recovery of the economy, are among the opportunities that an official of EastWest Ageas consider as what will propel the business in the long run. In an interview by the Philippine News… Read More
Stocks, peso end week up on risk-on sentiments
April 28, 2023, 7:20 pm
MANILA – Risk-on sentiments lifted both the local bourse’s main index and the peso on Friday, with economists noting that the earnings report by some United States listed firms and recent drop in oil prices countered the lower-than-expected economic growth print in the US. The Philippine… Read More
BSP's 28-day bill rate up ahead of Fed meeting
April 28, 2023, 7:16 pm
MANILA – The rate of the Bangko Sentral ng Pilipinas’ (BSP) 28-day bill rose on Friday and demand was high ahead of the United States Federal Reserve meeting next week. Data released by the central bank showed that the average rate of the debt paper rose to 6.7715 percent from 6.7592 percent… Read More
MIMAROPA posts 6.3% GRDP growth in 2022
April 28, 2023, 6:19 pm
CALAPAN CITY, Oriental Mindoro – The MIMAROPA Region displayed much-improved economic performance in 2022 compared to the previous year, according to the latest official government figures. In a report released on Thursday, the Philippine Statistics Authority revealed that MIMAROPA’s Gross… Read More
Marcos admin sees innovation as catalyst to sustain growth
April 28, 2023, 6:17 pm
MANILA – The Marcos administration recognizes the vital role of innovation to sustain the country's economic growth, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said Friday. At the National Innovation Day 2023 celebration in Pasay City, Balisacan said the… Read More
SSS rolls out drive vs. unremitted premiums in Bulacan
April 28, 2023, 6:00 pm
CITY OF SAN FERNANDO, Pampanga – The Social Security System (SSS) on Friday rolled out its Run After Contribution Evaders (RACE) campaign in Bulacan province to remind employers to fulfill their obligations under the Social Security Law. SSS Vice President for Luzon Central 2 Division Gloria… Read More
SEC extends deadline for amnesty application
April 28, 2023, 4:54 pm
MANILA – The Securities and Exchange Commission (SEC) is extending the deadline for applications for amnesty for late and non-filing of annual financial statements (AFS), general information sheets (GIS), and official email addresses and mobile phone numbers. In a statement Friday, the SEC said… Read More
SMC sees reopening of Ilijan power facility in May
April 28, 2023, 3:23 pm
MANILA – The reintegration of the 1,200-megawatt (MW) Ilijan natural gas plant to the national grid – targeted by May 26 – is expected to help stabilize the country’s power supply amid the projected high demand in the summer months and the coming years. San Miguel Corp., through its… Read More
Consumers urged to conserve energy on long weekend
April 28, 2023, 2:51 pm
MANILA – Consumers are advised to conserve energy this coming long weekend from April 29 to May 1 as one power plant in Luzon is set for an unplanned shutdown. “The Department of Energy (DOE) announced that the 647 megawatts (MW) Sual Coal-fired Power Plant (CFPP) Unit 1 will undergo an… Read More
PH urged to roll out carbon pricing to cut emissions
April 28, 2023, 1:39 pm
MANILA – The Philippines is encouraged to follow the initiatives of Southeast Asian neighbors Indonesia, Malaysia, Singapore, and Thailand, on the rollout of any form of carbon pricing. The country could implement carbon taxing or a carbon trading system to accelerate the reduction of its… Read More
April inflation rate seen decelerating further to 6.3%-7.1%
April 28, 2023, 12:34 pm
MANILA – Lower power rates, drop in the prices of fish and vegetables and lower liquefied petroleum gas (LPG) are expected to help decelerate inflation rate to 6.3 to 7.1 percent in April 2023. In a statement Friday, the Bangko Sentral ng Pilipinas (BSP) said these factors can be countered by… Read More
Commodity prices expected to show sharpest drop since pandemic
April 28, 2023, 11:57 am
ISTANBUL – The World Bank said Thursday that commodity prices this year are expected to register the sharpest drop since the coronavirus pandemic. The drop in prices, however, is expected to bring little relief to the nearly 350 million people across the world who face food insecurity, it said… Read More
Central Luzon economy surpasses pre-pandemic level
April 27, 2023, 7:36 pm
CITY OF SAN FERNANDO, Pampanga – The economy of Central Luzon has surpassed its pre-pandemic level after growing rapidly in 2022, the Philippine Statistics Authority Regional Statistical Services Office in Central Luzon (PSA RSSO III) reported on Thursday. Results from the latest regional… Read More
PH keeps out of US’ intellectual property watch list for 10 yrs
April 27, 2023, 7:06 pm
MANILA – The Philippines has kept its clean record for 10 years in the United States Trade Representative’s (USTR) Special 301 Report, which listed countries where the US has intellectual property protection and enforcement concerns. In the 2023 Special 301 Report released on Thursday (Manila… Read More
Window dressing boosts stock market index; peso slips
April 27, 2023, 7:02 pm
MANILA – The local stock barometer recovered on Thursday despite concerns on United States banking sector but the peso weakened against the US dollar. After ending in the negative territory a day ago, the Philippine Stock Exchange index (PSEi) was boosted by risk-on sentiments and rose by 0.66… Read More
MPIC’s delisting plan does not reflect market uncertainties
April 27, 2023, 6:20 pm
MANILA – The plan of Metro Pacific Investments Corp. (MPIC) to exit from the Philippine Stock Exchange (PSE) does not reflect domestic market uncertainties, according to BDO Securities Corp. first vice president and chief operating officer Bernhard Aloysius Tsai on Thursday. In an interview,… Read More
BDO Securities sees PSE index may hit 7,500 this year
April 27, 2023, 5:08 pm
MANILA – BDO Securities Corp. has forecast that the Philippine stock market would reach the 7,500 level by the end of 2023 so long as inflation continues its downward trajectory and interest rates start to stabilize. In a media roundtable in Mandaluyong City on Thursday, BDO Securities head of… Read More
Workers disrupted by oil spill to get 'emergency employment'
April 27, 2023, 3:06 pm
MANILA – The Department of Labor and Employment (DOLE) is set to hire on a short-term basis potentially thousands of individuals whose livelihoods have been disrupted by the recent oil spill off the coast of Oriental Mindoro. In an interview on Thursday, DOLE Undersecretary Ciriaco Lagunzad Jr.… Read More
