Business
Medalla discounts negative impact of BSP rate hikes on GDP
March 23, 2023, 8:21 pm
MANILA – The sustained hikes in the Bangko Sentral ng Pilipinas’ (BSP) key rates are not expected to negatively impact domestic growth this year, Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla said on Thursday. In a briefing, Medalla said they expect this year’s economic growth,… Read More
PSEi slips after Fed rate hike decision; peso strengthens
March 23, 2023, 8:13 pm
MANILA – The within-expected hike in the Federal Reserve’s key rates resulted in the negative close of the local bourse’s main index on Thursday but the peso gained against the United States dollar. After a two-day winning streak, the Philippine Stock Exchange index (PSEi) shed 0.15… Read More
3 energy firms vie for co-dev’t of Tanay wind farm
March 23, 2023, 6:41 pm
MANILA – Three foreign and local energy companies are vying for the co-development of Alternergy’s 100-megawatt (MW) Tanay wind project, the pioneer renewable power firm said in a statement Thursday. Alternergy president Gerry Magbanua said these energy companies have expressed strong… Read More
UAE becomes Ayala Land’s fastest growing int’l market
March 23, 2023, 6:34 pm
DUBAI, United Arab Emirates – Ayala Land Inc. (ALI), the largest property developer in the Philippines, recently marked its 10th anniversary in the United Arab Emirates (UAE) with a growth of 157 percent, surpassing all other international sales and making it the company’s fastest-growing… Read More
BSP hikes rates anew by 25 bps
March 23, 2023, 5:58 pm
MANILA – The Bangko Sentral ng Pilipinas’ (BSP) policy-making Monetary Board (MB) on Thursday hiked by 25 basis rates after citing the elevated inflation rate. This brought the overnight reverse repurchase (RRP) rate to 6.25 percent, the highest after the 7.5 percent in May 2007. In a… Read More
BCDA, JICA ink deal on promoting transport-oriented dev’ts
March 23, 2023, 5:54 pm
MANILA – The Bases Conversion and Development Authority (BCDA) on Thursday bared it has signed a technical cooperation agreement with the Japan International Cooperation Agency (JICA) in promoting transport-oriented developments (TODs), particularly in two BCDA properties where there are major… Read More
DBP unveils loan window for coco farmers
March 23, 2023, 5:12 pm
MANILA – State-owned Development Bank of the Philippines (DBP) has launched a special credit facility focusing on coconut farmers in support of the national government’s efforts to strengthen the development of the coconut industry, one of the major segments of the local agriculture sector, a… Read More
PH miners to search partners in Australia
March 23, 2023, 4:03 pm
MANILA – Twelve business persons from different mining companies in the Philippines will be seeking partners in Australia, according to Australian Ambassador to the Philippines Hae Kyong Yu PSM. In an interview with the Philippine News Agency Wednesday, Yu said the business delegation will be… Read More
Legazpi No. 1 in tax collection among Bicol cities
March 22, 2023, 8:46 pm
LEGAZPI CITY – This city is Bicol's No. 1 in local tax collection for 2022, according to the Bureau of Local Government Finance (BLGF) under the Department of Finance (DOF). BLGF-Bicol noted that Legazpi recorded the highest nominal locally sourced revenues (NLSR) among the region’s seven… Read More
PH stocks index rise again, peso finishes sideways vs. US dollar
March 22, 2023, 8:17 pm
MANILA – The local bourse’s main index gained anew on Wednesday and the peso finished the day sideways as investors took note of measures to address banking-related issues in the US and in Switzerland. The Philippine Stock Exchange index (PSEi) inched up by 0.24 percent, or 15.52 points, to… Read More
TDF rates up, 7-day facility posts undersubscription
March 22, 2023, 7:44 pm
MANILA – The rates of the central bank’s term deposit facility (TDF) rose on Wednesday ahead of the policy rate setting meet of the Bangko Sentral ng Pilipinas (BSP). The average rate of the seven-day facility rose to 6.6152 percent from the 6.5537 percent during the auction last March 15.… Read More
Ransomware attacks in PH jump by 57.4% in 2022
March 22, 2023, 7:43 pm
MANILA – Cybersecurity company Palo Alto Networks reported that incidents of ransomware, a malicious software that blocks access to a computer system demanding money to be paid to unlock it, in the Philippines surged by 57.4 percent in 2022. Eleven ransomware attacks were reported in the country… Read More
Moody's Analytics forecasts sustained rise in BSP rates
March 22, 2023, 7:42 pm
MANILA – A pause in Federal Reserve’s rate hikes this month is seen to give central banks in Asia Pacific a leeway to also do the same but not in the Philippines given the elevated inflation rate. In a commentary dated March 20, 2023, Moody’s Analytics said “the Federal Open Market… Read More
British Chamber lauds PBBM for sustaining economic reforms
March 22, 2023, 6:46 pm
MANILA – British Chamber of Commerce in the Philippines (BCCP) executive director Chris Nelson on Wednesday praised the Marcos administration for being able to sustain the economic reforms of the previous leadership. In an interview with ABS-CBN News Channel, Nelson said businesses from the… Read More
PH, Australia partner for technical cooperation for PPP
March 22, 2023, 6:45 pm
MANILA – As the Marcos administration becomes bullish in utilizing a public-private partnership (PPP) model in infrastructure projects, the Australian government will be providing its technical expertise in rolling out infrastructure projects under the PPP. Australian Ambassador to the… Read More
PH stocks index, peso gain on Credit Suisse dev’t
March 21, 2023, 8:33 pm
MANILA – The local stock barometer rebounded on Tuesday as investors took a breather following the Swiss-government engineered take-over by UBS of Credit Suisse, a development which also benefited the local currency. After starting the week on the negative territory, the Philippine Stock… Read More
BTr fully awards 20-year T-bond
March 21, 2023, 8:29 pm
MANILA – The Bureau of the Treasury (BTr) fully awarded on Tuesday the 20-year Treasury bond (T-bond) despite the rate uptick due to high demand. It offered the debt paper for PHP25 billion and tenders reached PHP34.412 billion. The average rate of the T-bond rose to 6.631 percent from 6.525… Read More
Economist sees improvement in BOP position amid deficit
March 21, 2023, 8:11 pm
MANILA – An economist is optimistic about improvement in the country’s balance of payment (BOP) position, citing strong structural inflows like remittances and revenues of the business process outsourcing (BPO) sector. In a report Tuesday, Rizal Commercial Banking Corporation (RCBC) chief… Read More
German firms explore energy efficiency opportunities in PH
March 21, 2023, 6:49 pm
MANILA – A German business delegation is now exploring opportunities in the Philippines in energy efficiency business. The five German companies involved in energy efficiency technology and solutions include SolarNext AG, MIG mbH, Hörmann KG, eeaser GmbH and Ecoligo GmbH. “These visiting… Read More
Top exporters urge resolution on VAT zero-rating
March 21, 2023, 6:43 pm
MANILA – The country’s major exporting industries -- semiconductors and electronics, information technology and business process management (ITBPM) and garments and wearables -- appealed to the government Tuesday to immediately issue the resolution on value-added tax (VAT) zero-rating for… Read More
