Business
DTI sets up 111 OTOP stores to boost MSMEs
March 21, 2023, 6:37 pm
MANILA – The Department of Trade and Industry (DTI) said it has opened a total of 111 One Town, One Product (OTOP) stores nationwide as of Tuesday. The DTI told reporters in a message that 22 of these stores were established from January 2022 to February this year. “These were established in… Read More
US insurer extends bidding process for SVB entities
March 21, 2023, 2:57 pm
ISTANBUL – United States insurer Federal Deposit Insurance Corporation (FDIC) announced Monday it has extended the bidding process for the troubled Silicon Valley Bank's (SVB) entities. The extended bidding process includes Silicon Valley Bridge Bank, which was established to temporarily take… Read More
Partial award for T-bills after rates rise
March 20, 2023, 8:36 pm
MANILA – The Bureau of the Treasury (BTr) partially awarded on Monday Treasury bills (T-bills) across-the-board due to rate upticks. It offered each tenor for PHP5 billion but only awarded PHP2.531 billion worth of 91-day paper, PHP3.7 billion for the 182-day T-bill and PHP4.405 billion for the… Read More
PSEi slips, peso almost flat on concerns over US banking sector
March 20, 2023, 8:35 pm
MANILA – The local stock barometer declined in this week’s first trading day as collapse of two United States banks and concerns on the world’s largest economy’s banking sector continued, but the peso managed to finish the day sideways against the greenback. The Philippine Stock Exchange… Read More
BSP: PH banks way stronger than US counterparts
March 20, 2023, 8:12 pm
MANILA – The Bangko Sentral ng Pilipinas (BSP) on Monday said domestic banks remain strong amidst the increased challenges brought by the collapse of two United States-based banks, citing their lower market risk exposure and diversified lending base. In its Notes for the President regarding the… Read More
BSP seen to raise rates by 25 basis points
March 20, 2023, 7:30 pm
MANILA – The Bangko Sentral ng PIlipinas (BSP) is expected to raise its key rates by 25 basis points this week as domestic inflation remains elevated and both the supply and demand side risks still high. In its economic preview for the week covering March 20-24, Moody’s Analytics said the… Read More
New check format implementation deferred to May 2024
March 20, 2023, 6:39 pm
MANILA – The implementation of the issuance of a new check format and specifications has been postponed to May 1, 2024 instead of May 2, 2023. In its operating memorandum (OM) issued on Jan. 25, the Philippine Clearing House Corporation (PCHC) said the change in the implementation date was based… Read More
Public Service Act IRR takes effect April 4
March 20, 2023, 5:16 pm
MANILA – The implementing rules and regulations (IRR) of Republic Act No. 11659 or the Amendments to the Public Service Act (PSA) will take effect this April 4 following the approval of an inter-agency group, including the National Economic and Development Authority (NEDA). The NEDA on Monday… Read More
Another big-time oil price rollback set March 21
March 20, 2023, 2:29 pm
MANILA – Oil companies have announced another price rollback effective Tuesday. In separate advisories, Caltex, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil and Shell said they will slash gasoline prices by PHP1.20 per liter and PHP1.85 per liter for diesel. Caltex, Seaoil and Shell will also… Read More
DOE eyes 11,160 MW green energy auction by 2026
March 20, 2023, 2:05 pm
MANILA – The Department of Energy (DOE) is eyeing 11,160 megawatts (MW) of renewable energy (RE) under the Green Energy Auction Program (GEAP) from 2024 to 2026, Undersecretary Rowena Cristina Guevara said Monday. During the opening of the Philippine electric power industry forum organized by… Read More
Marcos admin focuses on infra for economic growth
March 19, 2023, 11:35 am
MANILA – Finance Secretary Benjamin Diokno shared with the American Chamber of Commerce of the Philippines (AmCham) the Marcos Jr. administration’s infrastructure development agenda through the National Economic and Development Authority (NEDA) Board’s recent approved list of Infrastructure… Read More
PH financial sector unscathed by US banking crisis: analysts
March 17, 2023, 8:08 pm
MANILA – Private sector economists and markets analysts on Friday agreed that the Philippine financial sector has been relatively unscathed by the series of bank collapses in the United States, which has sent ripples across bourses worldwide. The reactions came after three American banks with… Read More
PH stocks index, peso end week with gains amid volatile trading
March 17, 2023, 6:21 pm
MANILA – The local bourse’s main index rebounded on Friday after investors noted efforts to address the collapse of two US-based financial institution and the financial issues of Credit Suisse and this also benefited the peso. After a negative close on Thursday, the Philippine Stock Exchange… Read More
BSP sees lower deficit in BOP for 2023 at $1.6B
March 17, 2023, 5:46 pm
MANILA – Philippine monetary authorities forecast lower deficit for the 2023 balance of payment (BOP) position on account of expected narrower trade gap and better services exports and imports, among others. In a virtual briefing on Friday, Bangko Sentral ng Pilipinas (BSP) officer-in-charge… Read More
Fed aggressive rate hikes shock financial system
March 17, 2023, 4:39 pm
TOKYO – As the shocking collapse of the United States Silicon Valley Bank (SVB) triggered turmoil in global financial markets, Japanese media and experts blamed the US Federal Reserve's continued aggressive interest rate hikes for the upheaval in the well-regarded lender. The Fed's emergency… Read More
Qatar’s largest dairy firm eyes partners for 4 projects in PH
March 17, 2023, 4:27 pm
MANILA – Qatar’s largest livestock and dairy producer, the Baladna Qatar Public Shareholding Company, is looking for business partners for its ventures in the Philippines. The Philippine Chamber of Commerce and Industry (PCCI) newsletter released on Friday said Baladna is searching for… Read More
Medalla: PH banks still safe and sound
March 17, 2023, 4:25 pm
MANILA – Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla on Friday assured the public that the country’s “banking system remains safe and sound” amid the challenges being faced by banks overseas. “We have shown our resilience through the pandemic, and we continue to be strong… Read More
DOE eyes 2.45M EVs, 65K charging hubs during Marcos term
March 17, 2023, 4:22 pm
MANILA – The Department of Energy (DOE) said it targets to roll out more than 2.45 million electric vehicles (EVs) and 65,000 EV charging stations between 2023 and 2028. In a statement Friday, the DOE said this is part of the government’s target to double EV fleet adoption to 10 percent from… Read More
28-day BSP bill rate up
March 17, 2023, 3:47 pm
MANILA – Expectations for another increase in the Bangko Sentral ng Pilipinas’ (BSP) key rates next week resulted to the uptick of the central bank’s 28-day securities rate Friday. Data released by the BSP showed that average rate of the debt paper rose to 6.6633 percent from 6.6150… Read More
Chinese billionaire with Trump ties charged with $1B fraud
March 17, 2023, 12:58 pm
HOUSTON, US – A Chinese billionaire with ties to former US President Donald Trump's administration was arrested Wednesday on charges of defrauding investors out of $1 billion to support a lavish lifestyle for himself. Guo Wengui – who is also known as Ho Wan Kwok and Miles Guo -- was taken… Read More
