Business
Oil prices up with positive China demand outlook
February 16, 2023, 8:05 pm
ANKARA – Oil prices increased on Thursday on expectations of a surge in oil demand in China, the world's largest oil importer. International benchmark Brent crude traded at $85.85 per barrel at 09:46 a.m. local time (0646 GMT), up 0.55 percent from the closing price of $85.38 a barrel in the… Read More
Investment approvals hit P478 billion in Q4 2022
February 16, 2023, 7:46 pm
MANILA – The Philippine Statistics Authority (PSA) on Thursday reported that registered investments both from local and foreign sources in investment promotion agencies (IPAs) improved by 17 percent to PHP478.16 billion in the fourth quarter of 2022 from PHP408.54 billion in the same quarter the… Read More
Economists see further increases in BSP rates
February 16, 2023, 7:27 pm
MANILA – The path of the Federal Reserve’s key rates, the domestic inflation and the peso’s performance are expected factors on the future adjustments in the Bangko Sentral ng Pilipinas’ (BSP) key rates. On Thursday, the central bank’s policy-making Monetary Board (MB) hiked the BSP’s… Read More
DTI urges Mitsubishi to bring Xpander production to PH
February 16, 2023, 7:13 pm
MANILA – The Department of Trade and Industry (DTI) is luring Japanese carmaker Mitsubishi Motors Corp. to assemble its multipurpose vehicle Xpander in the Philippines, according to a trade official. This, as Mitsubishi committed to infuse investments in its manufacturing operation here during… Read More
PSEi, peso end sideways on US retail sales report
February 16, 2023, 6:49 pm
MANILA – Both the local bourse’s main index and the peso ended Thursday sideways amidst the higher-than-expected January retail sales report in the United States. The Philippine Stock Exchange index (PSEi) shed by 0.09 percent, or 6.18 points, to 6,815.91 points. All Shares rose by 0.08… Read More
BSP hikes rates by 50 bps as inflation remains elevated
February 16, 2023, 6:34 pm
MANILA – Elevated domestic inflation rate continues to remain as a main factor for the upward adjustments in the Bangko Sentral ng Pilipinas’ (BSP) key rates, which were hiked by 50 basis points on Thursday. In a briefing, BSP Governor Felipe Medalla said the rate uptick will take effect this… Read More
PCC to probe possible cartel amid high onion prices
February 16, 2023, 5:49 pm
MANILA – The Philippine Competition Commission (PCC) wants to determine the root cause of high retail prices of onions by investigating possible anti-competitive behavior. The PCC has started its probe for “possible cartel or abuse of dominance conduct” consistent with the House Resolution… Read More
DTI chief urged European biz to invest in PH defense
February 16, 2023, 5:46 pm
MANILA – Department of Trade and Industry (DTI) Secretary Alfredo Pascual has encouraged European businesses to explore investment opportunities in the country’s defense sector. In a luncheon meeting with the European Chamber of Commerce of the Philippines (ECCP) at Dusit Thani Hotel in… Read More
Hospitality, retail to drive PH property sector in 2023
February 16, 2023, 5:06 pm
MANILA – Real estate services firm Santos Knight Frank (SKF) is optimistic about the outlook for the Philippine property sector this year, driven by the hospitality and retail sectors. In a virtual briefing Thursday, SKF chairman and chief executive officer Rick Santos said retails and hotels… Read More
BTr raises P283.7B from retail treasury bond sale
February 15, 2023, 8:36 pm
MANILA – The Bureau of the Treasury (BTr) has raised around PHP283.711 billion worth of 5.5-year retail treasury bond (RTB) after the one-week offer period, National Treasurer Rosalia de Leon said. In a Viber message to journalists on Wednesday, de Leon said PHP31.671 billion of the amount is… Read More
Stocks recover, peso slips ahead of BSP rate decision
February 15, 2023, 8:34 pm
MANILA – The local stock barometer recovered on Thursday amid the rise in the United States consumer price index (CPI) for January 2023 while the peso slipped against the US dollar. After sliding for several days, the Philippine Stock Exchange index (PSEi) rose by 0.45 percent, or 30.85 points,… Read More
PH gas outlook bullish but RE policies pose downside risks
February 15, 2023, 8:31 pm
MANILA – Fitch Solutions said the Philippines’ gas consumption outlook remains bullish but the administration’s aggressive push for renewable energy (RE) poses downside risks to natural gas consumption in the power sector. In a commentary released to the media on Wednesday, Fitch Solutions… Read More
BSP’s term deposit facility up ahead of MB meeting
February 15, 2023, 7:01 pm
MANILA – The rates of the Bangko Sentral ng Pilipinas’ (BSP) term deposit facility (TDF) rose on Wednesday, with preference for the shorter-dated tenor, ahead of the policy rate setting meeting of the central bank’s Monetary Board (MB). The average rate of the seven-day facility inched up to… Read More
Reopening of more economies boosts OFWs remittance growth
February 15, 2023, 6:33 pm
MANILA – Total inflows from overseas Filipino workers (OFWs) posted a fresh monthly record-high of USD3.49 billion in December 2022, bringing the full-year figure to an all-time high of USD36.14 billion, up by 3.6 percent. Data released by the Bangko Sentral ng Pilipinas (BSP) on Wednesday… Read More
OECD jobless rate at record low for 6th consecutive month
February 15, 2023, 5:46 pm
ANKARA – The unemployment rate in the Organization for Economic Cooperation and Development (OECD) area was stable at a record low of 4.9 percent for the sixth consecutive month in December. The number of unemployed dropped to 33.9 million in the OECD area last year, the lowest annual level, the… Read More
PH bananas want to regain market share in Japan
February 15, 2023, 4:46 pm
MANILA – The Philippine government is asking Japan to set the next general review of its free trade agreement (FTA) as the country has offensive interests in agriculture. In an interview with trade reporters, Special Trade Representative Dita Angara-Mathay said tropical fruit growers in Mindanao… Read More
OPEC revises 2023 world oil demand growth
February 15, 2023, 1:27 pm
ISTANBUL – The Organization of Petroleum Exporting Countries (OPEC) has revised its global oil demand for 2023. According to OPEC's most recent monthly oil market report, published Tuesday, oil demand will increase by 2.32 million barrels per day (bpd) in 2023 to reach 101.87 million bpd, with… Read More
Stocks slip on risk-off sentiments, peso ends sideways
February 14, 2023, 8:52 pm
MANILA – Risk-off sentiments resulted in another negative close of the local bourse’s main index on Tuesday while the local currency ended sideways against the US dollar. The Philippine Stock Exchange index (PSEi) shed 0.69 percent or 47.52 points, to 6,791.24 points. All Shares slipped by… Read More
Landbank eyes growth for agri loans
February 14, 2023, 8:34 pm
MANILA – State-owned Land Bank of the Philippines (Landbank) intends to increase the number of small farmers and fishers it has assisted up to 3.6 million this year in line with the government’s bid to further uplift the agriculture sector. In an interview after the official inauguration of… Read More
Revival of Toyota’s Tamaraw in PH to back auto industry growth
February 14, 2023, 7:14 pm
MANILA – Department of Trade and Industry (DTI) Secretary Alfredo Pascual has welcomed the public announcement of Japanese carmaker Toyota to revive the assembly of its utility vehicle model Tamaraw in the Philippines. In an interview with a local radio-television network Tuesday, Pascual said… Read More
