Business
P331-B offshore wind projects endorsed for faster permits, licenses
August 14, 2024, 8:36 pm
MANILA – The Board of Investments (BOI) on Wednesday said it has endorsed the two offshore wind energy investments of Vind Energy Corp. worth PHP331 billion for a faster processing and issuance of business permits and licenses and other related requirements to operate its projects. The two… Read More
PH financial sector's total resources up by 10% in June
August 14, 2024, 8:06 pm
MANILA – The total resources of the country's financial sector went up by 10.5 percent as of end-June, data from the Bangko Sentral ng Pilipinas (BSP) showed. BSP data released on Wednesday showed that the total resources of banks and non-bank financial institutions amounted to PHP32.3 trillion,… Read More
Strong peso continues to lift local index
August 14, 2024, 8:04 pm
MANILA – The Philippine Stock Exchange index (PSEi) closed higher for the second straight trading day as the peso continued to trade at the 56 level on Wednesday. The PSEi ended the day 0.82 percent higher at 6,704.96, with all counters finishing in the green territory. All Shares increased by… Read More
Japan debt watcher upgrades PH's credit rating
August 14, 2024, 4:45 pm
MANILA – Japan's Rating and Investment Information, Inc. (R&I) on Wednesday upgraded its credit rating for the Philippines to A- with stable outlook, citing the country's macroeconomic stability, high economic growth path, and improvement in fiscal balance. In a statement, R&I said the country's… Read More
EastWest expects credit cardholder base to widen in 2024
August 14, 2024, 3:24 pm
MANILA – EastWest Banking Corporation (EastWest) said on Wednesday its credit cardholder base is expected to reach 1.4 million this year. In a statement, the bank said as of the first half of the year, its cardholder base was at 1.3 million, up by 17 percent year-on-year. EastWest said for the… Read More
Holcim spends P370M for sustainable production in La Union plant
August 13, 2024, 8:10 pm
MANILA – Cement manufacturer Holcim Philippines is investing PHP370 million to build storage and feeding facilities in La Union to accelerate decarbonization and circularity of operations. Holcim Philippines said in a Tuesday statement that the fresh investments will raise its Bacnotan plant’s… Read More
Residential developer invests PHP350-M in Nasugbu
August 13, 2024, 8:07 pm
MANILA – Pocket Communities is launching a new housing development, The Wave Residences, in Nasugbu, Batangas, with a PHP350 million investment. In a statement Tuesday, the real estate developer said the project held its groundbreaking on Aug. 2 and construction will be completed within three… Read More
Peso strongest in 4 months, backs local index
August 13, 2024, 7:44 pm
MANILA – The Philippine peso closed Tuesday with its strongest finish in nearly four months, bouncing back to the 56 level to the US dollar. The peso finished at 56.96 against the US dollar, gaining by 0.36 from Monday’s closing of 57.32 to the greenback. The local currency kicked off at 57.25… Read More
Recto: PH on track to meet fiscal program for 2024
August 13, 2024, 7:19 pm
MANILA – The Philippines is on track to meet its fiscal program for this year on the back of the government’s robust revenue effort and manageable deficit level during the first half, Finance Secretary Ralph Recto said. “So far, we are on track to meet our fiscal program for the year, having… Read More
BTr raises P30-B from T-bonds auction
August 13, 2024, 7:18 pm
MANILA – The government raised PHP30 billion from the Treasury bonds (T-bonds) auction on Tuesday. The Bureau of the Treasury (BTr) fully awarded bids for the re-issued 20-year T-bonds. With a remaining term of six years and 11 months, the re-issued T-bonds fetched an average rate of6.128… Read More
Gov’t green lanes world’s largest solar power project
August 13, 2024, 6:51 pm
MANILA – The Board of Investments (BOI) has granted a green lane certificate to a solar power project claimed to be the world's largest being undertaken by one of the companies of business mogul Manuel Pangilinan. In a statement Tuesday, the BOI said it awarded the certificate of green lane… Read More
OceanaGold sees higher gold, copper production in H2 2024
August 13, 2024, 6:03 pm
MANILA – Listed mining firm OceanaGold Philippines Inc. is expected to have higher gold and copper production in the second half of the year, its parent firm said on Tuesday. "So we see quarter three will be stronger than quarter two and quarter four will be stronger than quarter three,"… Read More
US posts $244-B budget deficit in July
August 13, 2024, 5:02 pm
ISTANBUL – The US posted a federal budget deficit of USD244 billion in July, according to Treasury Department figures released Monday. For July, total receipts, or income, were about USD330 billion against total outlays, or spending, of USD574 billion. For receipts, social insurance and… Read More
Biodiesel firm gets early orders ahead of higher biofuel mix in Oct
August 13, 2024, 4:30 pm
MANILA – D&L Industries, Inc., the parent company of the country’s largest biodiesel manufacturer Chemrez Technologies, said the firm is getting orders from its clients ahead of the higher coco methyl ester (CME) blend for all diesel fuel that will be implemented on Oct. 1. In a virtual press… Read More
FDI inflows reach US$499M in May
August 13, 2024, 8:53 am
MANILA – Net inflows of foreign direct investments reached USD499 million in May this year, the Bangko Sentral ng Pilipinas (BSP) said on Tuesday. Data released by the Bangko Sentral ng Pilipinas (BSP) showed that the FDI net inflows during the month declined by 1.0 percent from the USD504… Read More
Roadshow to promote energy efficiency, conservation projects launched
August 12, 2024, 8:47 pm
MANILA – The Board of Investments (BOI) said Monday it has launched the “Make REshift Happen” to promote among registered business enterprises (RBEs) the adoption of energy efficiency and conservation (EE&C) projects that can also be granted additional incentives. The BOI’s first roadshow… Read More
Stocks down ahead of MB meeting, peso end almost unchanged
August 12, 2024, 7:40 pm
MANILA – The local stock barometer closed in the negative territory on Monday ahead of the Bangko Sentral ng Pilipinas (BSP) Monetary Board meeting while peso ended almost flat. The Philippine Stock Exchange index (PSEi) lost 34.44 points, or 0.52 percent, ending this day’s trading at 6,613.36… Read More
BSP orders financial institutions to accept digital nat'l ID
August 12, 2024, 5:02 pm
MANILA – The Bangko Sentral ng Pilipinas (BSP) directed BSP-Supervised Financial Institutions (BSFIs) to accept all formats of the national identification (ID), including the digital format. BSP Memorandum 2024-026, dated Aug. 9 and posted on the central bank's website on Monday, mandates BSFIs… Read More
BTr fully awards Treasury bills
August 12, 2024, 4:19 pm
MANILA – The Bureau of the Treasury (BTr) fully awarded bids for Treasury bills (T-bills) during Monday's auction. The 91-, 182-, and 364-day T-bills fetched average rates of 5.900 percent, 6.093 percent, and 6.062 percent, respectively. "Treasury bill average auction yields were again mostly… Read More
Gov't agencies to promote transparency in ODA
August 12, 2024, 4:18 pm
MANILA – The Department of Finance (DOF) said government agencies recently met to discuss ways to promote transparency in the Official Development Assistance (ODA) process and monitor the impact of its projects on beneficiaries. In a statement on Monday, the DOF said during a meeting on July 22,… Read More
