Business
PH stocks up on acquisition of collapsed SVB; peso slips
March 28, 2023, 7:52 pm
MANILA – News about an investor buying deposits and loans of collapsed Silicon Valley Bank (SVB) lifted sentiments, resulting in the recovery of the local bourse’s main index on Tuesday, but the peso ended weaker. The Philippine Stock Exchange index (PSEi) rose by 0.12 percent, or 8.12 points,… Read More
Diokno: Landbank-DBP merger to save gov't P5-B annually
March 28, 2023, 5:34 pm
MANILA – The proposed merger of the state-owned Land Bank of the Philippines (Landbank) and the Development Bank of the Philippines (DBP) is expected to result in savings of about PHP5 billion annually for the government. “For the projected operating cost savings due to the merger, (it) could… Read More
BTr fully awards 7-year T-bond after rates fall
March 28, 2023, 4:40 pm
MANILA – The average rate of the seven-year Treasury bond (T-bond) fell on Tuesday, resulting in the full award of the debt paper at PHP25 billion. The rate of the securities slipped to 6.162 percent from 6.796 percent when it was last auctioned in January this year. Bids reached PHP46.9 billion… Read More
MPIC invests P2-B in renewable energy firm
March 28, 2023, 4:15 pm
MANILA – Manny V. Pangilinan’s Metro Pacific Investments Corp. (MPIC) is investing in the Leviste family’s renewable energy (RE) firm SP New Energy Corp. (SPNEC), which aims to be the largest RE company in the country. In a disclosure to the Philippine Stock Exchange Tuesday, MPIC said it… Read More
T-bill rates up anew
March 27, 2023, 6:59 pm
MANILA – The Bureau of the Treasury (BTr) partially awarded both the 91- and 182-day Treasury bills (T-bills) on Monday but fully awarded the 364-day tenor following the upticks of the debt papers’ rates. It offered all tenors PHP5 billion each but awarded PHP1.428 billion worth of three-month… Read More
Fitch Solutions eyes last BSP rate hike for 2023 in May
March 27, 2023, 6:57 pm
MANILA – With inflation expected to remain elevated in most of 2023, Fitch Solutions Country Risk and Industry Research forecasts another 25 basis points hike in the central bank’s key rates in May, seen as the last for the year. Last week, the Bangko Sentral ng Pilipinas’ (BSP)… Read More
PSEi slips ahead of economic data releases; peso almost flat
March 27, 2023, 6:53 pm
MANILA – The local bourse’s main index started the week in the negative territory ahead of the release of several major economic data releases both here and in the United States, while the peso finished the day sideways against the US dollar. The Philippine Stock Exchange index (PSEi) shed by… Read More
India eyes stronger business presence in Ilocos Norte
March 27, 2023, 5:57 pm
LAOAG CITY – Officials of leading business companies in India visited the province of Ilocos Norte on Monday to establish linkages with the local government and business partners here. Dileep Tiwari, the managing director of Biocare Life Sciences Inc., said in an interview that they are looking… Read More
Oil prices down for 3 straight weeks
March 27, 2023, 5:06 pm
MANILA – Oil companies will implement another price rollback on March 28, bringing fuel prices down for three straight weeks. Starting 12:01 a.m. Tuesday, Caltex, Cleanfuel, Jetti, Phoenix Petroleum, Petro Gazz, Seaoil, Shell and Unioil will reduce gasoline prices by PHP0.85 per liter and diesel… Read More
IMF: China will account for one-third of global growth in 2023
March 27, 2023, 4:23 pm
ANKARA – China is projected to give a significant boost to the world economy, accounting for about a third of global growth in 2023, the managing director of the International Monetary Fund said on Sunday. “The robust rebound means China is set to account for around one third of global… Read More
Australian gov’t to help PH lure infra investments
March 24, 2023, 9:17 pm
MANILA – The Australian government, through the Partnerships for Infrastructure (P4I) program, will help the Philippines to attract investments in key infrastructure projects. At the launching of the P4I in Pasay City Friday, Australian Ambassador to the Philippines Hae Kyong Yu PSM said the P4I… Read More
BSP to cut RRR once inflation on sustainable downward path
March 24, 2023, 9:13 pm
MANILA – Any adjustment in banks’ reserve requirement ratio (RRR) will be done once domestic inflation rate is on sustainable downward path, Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla said. In an interview with journalists on Friday, Medalla said cutting the RRR now will confuse… Read More
Medalla: BSP to focus on addressing inflation as peso stabilizes
March 24, 2023, 8:29 pm
MANILA – With the peso now stabilizing against the United States dollar, Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla said Friday they can now focus in further addressing the elevated inflation rate, which is expected to return to within-target levels by October 2023. In his speech… Read More
Expert: Fed's move to hike rates 'disappointing'
March 24, 2023, 8:23 pm
ISTANBUL -- The United States Federal Reserve raising interest rates once again despite the banking crisis is "disappointing," according to the chief economist at Moody's Analytics. "The quarter percentage point rate hike won't be what breaks things, but it shows the Fed's willingness to take that… Read More
Biz groups: Spend con-con budget to priority projects
March 24, 2023, 8:20 pm
MANILA – Several business groups said Friday the government can shift the budget for the proposed constitutional convention (con-con) to priority projects and measures that will address the current challenges of Filipinos. In a joint statement, the Filipina CEO Circle, the Financial Executive… Read More
PH stocks up on Fed rate hike; peso almost flat
March 24, 2023, 7:44 pm
MANILA – Local shares mostly rallied on Friday after the 25 basis points increase in the Federal Reserve’s key rates on Thursday while the peso ended the week sideways against the United States dollar. The Philippine Stock Exchange index (PSEi) rose by 1.01 percent, or 65.81 points, to… Read More
Romualdez asks Filipino-Chinese community to help in job creation
March 24, 2023, 6:37 pm
MANILA – Speaker Ferdinand Martin G. Romualdez on Friday urged the Filipino-Chinese business community to help the government and Congress in creating more jobs so Filipinos would not have to go abroad for employment opportunities. “We hope we can count on the support of the federation in our… Read More
BSP 28-day securities rate up, post undersubscription
March 24, 2023, 5:17 pm
MANILA – The Bangko Sentral ng Pilipinas’ (BSP) 28-day bills registered undersubscription on Friday and its rate rose a day after the central bank again hiked its key rates. Data released by the central bank showed that the average rate of the debt paper rose to 6.7650 percent from 6.6633… Read More
Innovation pushed to boost agri logistics, lower food prices
March 24, 2023, 2:51 pm
MANILA – Local food producers are proposing innovative ways to improve the overall system of transporting produce from the farm to the consumer to reduce the retail prices of agricultural goods. Speaking at the Philippine Chamber of Agriculture and Food, Inc. (PCAFI) press briefing Wednesday,… Read More
Oil prices fall amid US banking crisis, low demand
March 23, 2023, 8:59 pm
ANKARA – Oil prices fell on Thursday amid concerns surrounding the United States banking sector and worry over lower oil demand. International benchmark Brent crude traded at $76.27 per barrel at 10:14 a.m. local time (0714GMT), a 0.55 percent decrease from the closing price of $76.69 a… Read More
