Business
Oil increases as fresh China data signals demand rebound
March 1, 2023, 8:58 pm
ANKARA – Oil prices rebounded on Wednesday after better-than-expected industrial data from China, the world's largest oil-importing country, while looming demand issues, including a build in United States crude oil inventories and growing fears of further US interest rate hikes, weighed on… Read More
Reform measures, economic reopening benefit gov't fiscal health
March 1, 2023, 8:16 pm
MANILA – An economist has cited the improvement in the government’s budget gap in 2022 and the implementation of more financial reform measures can boost government revenues. On Wednesday, the Bureau of the Treasury (BTr) reported the 2.2 percent drop of the government’s budget deficit to… Read More
APEC: Asia-Pacific region posts lower economic growth in 2022
March 1, 2023, 8:13 pm
JAKARTA – The Asia-Pacific’s economy grew 2.6 percent in 2022, plummeting from the 6.1-percent growth recorded in 2021, according to a new report published by the Asia-Pacific Economic Cooperation (APEC) Policy Support Unit. The region’s economy is expected to pick up in the short term, with… Read More
Business sector calls for measures to soften inflation
March 1, 2023, 7:34 pm
MANILA – Manufacturers and retailers of key commodities are calling for the institution of creative new measures to ease price pressures as the Bangko Sentral ng Pilipinas expects last month’s inflation to likely hover around the 8.5 to 9.3 percent range. In an interview Wednesday, Steven Cua,… Read More
Earnings optimism boosts PH stocks; peso up
March 1, 2023, 7:31 pm
MANILA – The local bourse recovered on Wednesday despite the negative close of United States equities while the peso sustained its gain against the US dollar. After several days of decline, the Philippine Stock Exchange index (PSEi) rose by 0.78 percent, or 50.93 points, to 6,607.13 points. All… Read More
DTI chief hopeful about GSP+ renewal
March 1, 2023, 7:27 pm
MANILA – Department of Trade and Industry (DTI) Secretary Alfredo Pascual is optimistic about the possible renewal of the Generalized System of Preference Plus (GSP+) trade agreement with the European Union (EU) following a recent meeting with EU lawmakers. In an interview with journalists on… Read More
BCDA eyes tapping New Clark City’s potentials for C. Luzon dev't
February 28, 2023, 8:22 pm
CLARK FREEPORT, Pampanga – The Bases Conversion and Development Authority (BCDA) is seeking to harness the potential of the New Clark City into a smart, sustainable and inclusive one that could help in accelerating growth in Central Luzon. This is anchored on the economic agenda and the Build… Read More
BSP eyes February inflation at 8.5%-9.3%
February 28, 2023, 8:07 pm
MANILA – The Bangko Sentral ng Pilipinas (BSP) forecasts February 2023 inflation rate at range of 8.5 to 9.3 percent, citing the upside risks from higher prices of cooking gas. In a statement on Tuesday, the central bank said elevated prices of key food items, such as pork, fish, egg and sugar,… Read More
BTr fully awards 7-year T-bond
February 28, 2023, 8:05 pm
MANILA – The Bureau of the Treasury (BTr) on Tuesday fully awarded the seven-year Treasury bond (T-bond) after it fetched a lower rate. The average rate of the debt paper declined to 6.172 percent compared to the 6.588 percent it fetched when it was auctioned in September last year. In a… Read More
Manila Water net income soars 61% to P5.9B in 2022
February 28, 2023, 8:03 pm
MANILA – Manila Water Company (Manila Water) posted consolidated earnings of PHP5.9 billion in 2022, up by a whopping 61 percent from previous year’s PHP3.7 billion, as customers demand recovered with the improved mobility and resumption of economic activities in its service areas. On a… Read More
Peso strengthens, PSEi slips as investors await US economic data
February 28, 2023, 7:59 pm
MANILA – The local bourse ended the month in the negative territory as investors looked forward to more economic data releases from the United States but the peso regained its footing against the greenback. For the fourth consecutive day, the Philippine Stock Exchange index (PSEi) slipped and… Read More
BSP official urges LGUs to support Paleng-QR PH Plus program
February 28, 2023, 6:54 pm
LAPU-LAPU CITY, Cebu – A ranking official of the Bangko Sentral ng Pilipinas (BSP) on Tuesday encouraged all local government units (LGU) in the country to adopt the "Paleng-QR PH Plus" program to promote full cashless payment system in the markets and smaller transport utilities. BSP Deputy… Read More
PH's 1st carrier-neutral regional data center eyes expansion
February 27, 2023, 8:58 pm
MANILA – Officials of the country’s largest carrier-neutral and regional data center in the country are already studying options for a second site ahead of the opening of a joint venture firm's first center, Narra 1, on Tuesday. In a briefing on Monday, Digital Edge chief product officer… Read More
BCDA remits P7.53 billion to nat'l gov't in 2022
February 27, 2023, 6:59 pm
MANILA – The Bases Conversion and Development Authority's (BCDA) remittance to the national government (NG) rose 64 percent to PHP7.53 billion last year from PHP4.59 billion in 2021. In a press conference Monday, BCDA chief executive officer Aileen Zosa said the nearly PHP3 billion increase in… Read More
Stocks down, peso weaker on hawkish Fed signals
February 27, 2023, 6:56 pm
MANILA – The decline in United States’ equity markets last week, along with hawkish signals from Federal Reserve officials, resulted in the negative close of the local bourse’s main index on Monday and the weakening of the peso. The Philippine Stock Exchange index (PSEi) shed 1.29 percent,… Read More
PCC offers incentives to onion cartel whistleblowers
February 27, 2023, 6:37 pm
MANILA – The Philippine Competition Commission (PCC) is offering incentives to individuals with knowledge related to possible anti-competitive behavior amid the unusual surge in onion prices. In a press conference Monday, PCC chairman Michael Aguinaldo said the commission has leniency program… Read More
BTr fully awards 182-day, 364-day T-bills
February 27, 2023, 6:26 pm
MANILA – The Bureau of the Treasury (BTr) fully awarded the six-month and one-year Treasury bills (T-bills) on Monday despite the rise in rates but rejected all bids for the three-month paper due to lack of demand. The average rate of the 182-day T-bill inched up to 5.177 percent and the… Read More
Oil price rollback set Feb. 28
February 27, 2023, 4:55 pm
MANILA – Oil companies will implement rollbacks on fuel prices on the last day of the month. In separate advisories, Caltex, Cleanfuel, Jetti, Petro Gazz, Phoenix Petroleum, Seaoil, Shell and Unioil will cut gasoline prices by PHP0.70 per liter and diesel prices by PHP1.30 per liter. Caltex,… Read More
Green lanes to help realize investment pledges from PBBM’s trips
February 27, 2023, 2:04 pm
MANILA – The country’s major investment promotion agencies (IPAs), the Board of Investments (BOI) and the Philippine Economic Zone Authority (PEZA) have welcomed the issuance of the Executive Order (EO) No. 18 or the creation of green lanes for strategic investments. In a statement Monday,… Read More
Alternergy bags new offshore wind service contracts
February 27, 2023, 1:19 pm
MANILA – Alternergy Holdings Corp., a pioneer in renewable energy in the country, has secured three service contracts for its offshore wind projects over Tablas Strait which is separating Mindoro and Antique. In a statement sent to reporters over the weekend, Alternergy said the Department of… Read More
