Business
Landbank exceeds Q1 income target by P2 billion
April 27, 2023, 3:05 pm
MANILA – State-owned Land Bank of the Philippines (Landbank) surpassed by PHP2 billion its first quarter 2023 net income target after it hit PHP10.8 billion. In a statement on Thursday, the bank said that while the net income in the first three months this year is 18 percent lower than the… Read More
Ayala Land supports gov’t infra improvement bid
April 26, 2023, 9:25 pm
MANILA – An executive of Ayala Land Inc. (ALI) on Wednesday underscored the company’s willingness to work with the government to further boost infrastructure development in the country. During the company’s virtual annual stockholders meeting, ALI chairman Jaime Augusto Zobel de Ayala said… Read More
Condo developer to venture into ‘lot only’ biz
April 26, 2023, 9:15 pm
MANILA – With the growing demand from overseas Filipino workers (OFWs) to buy parcel of land to build their own houses, condominium builder SM Development Corporation (SMDC) will be launching a “lot only” product line. SMDC president Jose Mari Banzon said this new product line of the… Read More
BSP’s term deposit facility rates slip
April 26, 2023, 8:50 pm
MANILA – Interest rates of the Bangko Sentral ng Pilipinas’ (BSP) term deposit facility (TDF) declined on Wednesday but preference favored the 14-day facility. The average rate of the seven-day facility went down to 6.5898 percent from 6.5939 percent during the auction last April 12. The rate… Read More
PSEi slips on concerns over US banking sector; peso nearly flat
April 26, 2023, 8:47 pm
MANILA – Concerns about the United States banking sector resulted in the negative close of the local bourse’s main index on Wednesday but the peso ended the trade sideways against the US dollar. The Philippine Stock Exchange index (PSEi) finally succumbed to risk-off sentiments and declined by… Read More
IT-BPM sector urged to continue developing Filipino talents
April 26, 2023, 5:58 pm
MANILA – Department of Trade and Industry (DTI) Secretary Alfredo Pascual has called on the information technology and business process management (IT-BPM) sector to continue investing in the development of Filipino talents to sustain its growth. Speaking at the IT-BPM Talent Summit in Makati… Read More
SM, Radisson eye 14 more hotels in 5 years
April 26, 2023, 4:28 pm
MANILA – Banking on the growth of the tourism sector and Filipino consumers’ spending, SM Hotels and Conventions Corp. (SMHCC) will be spending PHP15 billion to build 14 new hotels under the Radisson brand in the next five years. SMHCC chair and president Elizabeth Sy and executive vice… Read More
Mall operator eyes $1-B REIT listing by H2
April 25, 2023, 7:01 pm
MANILA – The country’s largest mall operator SM Prime Holdings, Inc. aims for a real estate investment trust (REIT) listing in the second half of the year to raise USD1 billion. SM Prime president Jeffrey Lim made the announcement during the company’s annual stockholders’ meeting in Pasay… Read More
PSEi ends flat ahead of US economic reports; peso gains
April 25, 2023, 6:58 pm
MANILA – The local bourse’s main index ended flat on Tuesday as investors await some economic reports from the United States while the peso gained against the US dollar. The Philippine Stock Exchange index (PSEi) lost 0.08 percent, or 4.99 points, to 6,593.39 points. All Shares slipped by 0.09… Read More
BTr fully awards 7-year T-bond
April 25, 2023, 6:37 pm
MANILA – The Bureau of the Treasury (BTr) on Tuesday fully awarded the new seven-year Treasury bond (T-bond) due to high demand. It offered the debt paper for PHP25 billion and bids were more than twice after reaching PHP61.8 billion. The T-bond fetched a coupon rate of 6.000 percent, lower than… Read More
BSP amends CRPP rules to help address peso depreciation
April 25, 2023, 6:33 pm
MANILA – The Bangko Sentral ng Pilipinas (BSP) has widened the coverage of the Currency Rate Risk Protection Program (CRPP) to help address depreciation of the peso by easing pressures on the foreign currency spot market. In a statement, BSP Governor Felipe Medalla said lessons from the peso’s… Read More
PBBM declares new ecozones in Batangas, Bacolod
April 25, 2023, 5:50 pm
MANILA – The Philippine Economic Zone Authority (PEZA) announced on Tuesday that President Ferdinand R. Marcos Jr. has declared two new economic zones located in Batangas province and Bacolod City, which are expected to bring in a total of PHP1.64 billion worth of investments. In a statement,… Read More
Italy bullish on posting another record-high trade with PH
April 25, 2023, 5:00 pm
MANILA – Italian Ambassador to the Philippines Marco Clemente is looking forward to another record-high bilateral trade between the two countries this year. Clemente told the Philippine News Agency (PNA) Tuesday that bilateral trade between Italy and the Philippines in 2022 reached EUR1.24… Read More
NEDA chief cites need for resilient agri sector
April 25, 2023, 3:01 pm
MANILA – National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan has reiterated the need to enhance the resilience of the domestic agriculture sector amid the risks being faced by farmers amid climate change. In his keynote speech during the 2023 Asia-Pacific agricultural… Read More
AboitizPower deals from PBBM’s Japan visit gaining ground
April 24, 2023, 8:57 pm
MANILA – AboitizPower president and chief executive officer Manny Rubio said on Monday the business partnerships the company forged during the official visit of President Ferdinand R. Marcos Jr. to Japan in February are making progress. In a virtual media briefing, Rubio said JERA Co., Inc.… Read More
Economic managers raise 2023 inflation outlook
April 24, 2023, 8:54 pm
MANILA – Economic managers have revised the government’s inflation assumption for this year as prices of basic goods, energy and transport rates remain on the rise given the same direction for oil prices. In a briefing on Monday, Budget and Management Secretary Amenah Pangandaman, also head of… Read More
Stocks, peso start week up on improved risk sentiment
April 24, 2023, 8:02 pm
MANILA – Risk-on sentiments returned and allowed the positive close of both the main equities index and the peso on Monday. The Philippine Stock Exchange index (PSEi) gained by 1.20 percent, or 77.94 points, to 6,598.38 points. All Shares followed with a jump of 0.63 percent, or 21.83 points, to… Read More
Oil price rollback set April 25
April 24, 2023, 4:32 pm
MANILA – Oil companies will implement price cuts on Tuesday, with big-time rollback on gasoline prices. Caltex, Cleanfuel, Jetti, Petro Gazz, Seaoil and Shell announced that they will reduce gasoline prices by PHP1.40 per liter and diesel prices by PHP0.70 per liter. Caltex, Seaoil and Shell… Read More
PH posts highest ranking in WB logistics report at 43rd spot
April 24, 2023, 4:26 pm
MANILA – The Philippines landed at the 43rd spot in the World Bank’s (WB) Logistics Performance Index (LPI) 2023, the country’s highest ranking in the logistics report since 2007. The country leapfrogged by 17 spots from its ranking in 2018 at 60th place. The LPI ranks a country’s… Read More
S. Korea puts Japan back on export 'white list' after 3 years
April 24, 2023, 2:23 pm
SEOUL – South Korea on Monday put Japan back on its "white list" of trusted trading partners, three years after the removal, in a move to improve their bilateral economic and diplomatic relationship, the industry ministry said. The Ministry of Trade, Industry and Energy issued a revision to its… Read More
