Business
Oil prices fall over US crude reserve release plan
February 14, 2023, 6:43 pm
ANKARA – Oil prices fell on Tuesday over expectations of another release from the Strategic Petroleum Reserves (SPR) in the United States, which offset market supply concerns. International benchmark Brent crude traded at $86.31 per barrel at 9:46 a.m. local time (0646 GMT), down 0.3 percent… Read More
21 deals from PBBM’s Japan trip to materialize in 1-3 yrs: DTI
February 14, 2023, 5:39 pm
MANILA – A trade official said 21 out of the 33 business deals during the official working visit to Japan of President Ferdinand R. Marcos Jr. will materialize within one to three years. During the Laging Handa public briefing Tuesday, Department of Trade and Industry (DTI) Assistant Secretary… Read More
Oil prices fall ahead of crucial upcoming US inflation data
February 13, 2023, 7:58 pm
ANKARA – Oil prices fell on Monday ahead of the release of critical United States inflation data due later this week, sparking recession fears in the country. International benchmark Brent crude traded at $85.56 per barrel at 09:55 a.m. local time (0655 GMT), down 0.96 percent from the closing… Read More
LEDAC execom to endorse 10 priority bills to PBBM
February 13, 2023, 7:55 pm
MANILA – The executive committee of the Legislative-Executive Development Advisory Council (LEDAC) will recommend 10 bills to President Ferdinand R. Marcos Jr. to be tagged as priority legislations for the current session of the Congress. "The LEDAC met to agree on the criteria for… Read More
Stocks slip, peso weakens ahead of BSP rate setting meet
February 13, 2023, 7:50 pm
MANILA – The local bourse’s main index ended Monday in the negative territory ahead of the rate setting meeting of the Bangko Sentral ng Pilipinas (BSP) later in the week, while the peso weakened against the United States dollar. The Philippine Stock Exchange index (PSEi) shed 0.55 percent, or… Read More
BTr fully awards 3-month, 1-year T-bills
February 13, 2023, 6:59 pm
MANILA – The Bureau of the Treasury (BTr) fully awarded the 91-day and 364-day Treasury bills (T-bills) on Monday but partially awarded the 182-day after its rate surpassed that in the secondary market. The average rate of the three-month paper rose to 4.230 percent, the 182-day paper to 4.949… Read More
Local vehicle sales kick off 2023 with 42% growth
February 13, 2023, 5:33 pm
MANILA – The Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA) reported on Monday that their combined vehicle sales at the start of the year increased by 42.1 percent to 29,499 units. This translates to an increase of 8,734 units… Read More
SEC roadshow to pitch capital market as MSME funding source
February 13, 2023, 4:11 pm
MANILA – The Securities and Exchange Commission (SEC) is launching a nationwide roadshow that aims to highlight easy and accessible funding options for micro, small and medium enterprises (MSMEs) in the capital market this week. The commission will kick off the SEC Roadshow on Capital Market… Read More
Lower fuel prices this week
February 13, 2023, 3:54 pm
MANILA – Oil firms will reduce prices of diesel and kerosene on Tuesday. In separate advisories, Caltex, Cleanfuel, Jetti, Petro Gazz, Seaoil and Shell said they will slash diesel prices by PHP2.20 per liter. Caltex, Seaoil and Shell will also cut kerosene prices by PHP2.50 per liter. On the… Read More
Citicore to diversify renewable energy projects by 2030
February 13, 2023, 2:40 pm
MANILA – Citicore Renewable Energy Corp. (CREC) is diversifying its renewable energy projects to support the country’s 2030 energy targets. CREC president and chief executive officer Oliver Tan told reporters over the weekend that the company targets to operate solar power projects,… Read More
Moody's Analytics eyes 50 bps hike in BSP rates this week
February 13, 2023, 2:24 pm
MANILA – Sustained acceleration of domestic inflation rate is expected as a main factor for a possible 50 basis points increase in the Bangko Sentral ng Pilipinas’ (BSP) key rates this week, Moody’s Analytics said. “Bangko Sentral ng Pilipinas will increase the policy rate by 50 basis… Read More
Energy firm ramps up solar power targets
February 12, 2023, 5:01 pm
MANILA – As the government turns aggressive in luring renewable energy investments, Citicore Renewable Energy Corp. (CREC) is ramping up its solar energy targets for the next five years. The firm plans to launch 5,000 megawatts (MW) of solar power projects in the next five years from its initial… Read More
PSEi up on PBBM's fruitful trip to Japan, peso ends sideways
February 10, 2023, 7:02 pm
MANILA – The stock market reacted positively following the fruitful official working visit of President Ferdinand R. Marcos Jr. to Japan this week, while the peso ended the week sideways. The Philippine Stock Exchange index (PSEi) rose Friday by 0.50 percent or 35 points to 6,876.79. All shares… Read More
AboitizPower signs energy MOU during PBBM's Tokyo visit
February 10, 2023, 6:12 pm
MANILA – President Ferdinand R. Marcos Jr. has witnessed the signing of memorandum of understanding (MOU) on clean technology between Aboitiz Power Corp. and Japan's largest power generation firm, JERA Co., Inc., during his official visit in Japan. In a disclosure to the Philippine Stock… Read More
PH nets $793-M FDIs in November 2022
February 10, 2023, 6:09 pm
MANILA – Net foreign direct investments (FDIs) in November 2022 stood at USD793 million, the Bangko Sentral ng Pilipinas (BSP) reported Friday. The central bank said net FDI inflows last November declined by 43.6 percent from USD1.4 billion net inflows in the same month in 2021. "This resulted… Read More
Meralco cuts power rates in February
February 10, 2023, 3:06 pm
MANILA – The Manila Electric Company (Meralco) will slash power rates this month due to lower generation and transmission charges. In a media briefing Friday, Meralco spokesperson Joe Zaldarriaga said the distribution utility firm will reduce power rates by PHP0.0106 per kilowatt hour (kWh).… Read More
DOF lauds SC decision affirming constitutionality of TRAIN Act
February 9, 2023, 9:01 pm
MANILA – The Department of Finance (DOF) has welcomed the decision of the Supreme Court (SC) affirming the constitutionality of the Tax Reform for Acceleration and Inclusion (TRAIN) Act amid petitions claiming the law to be “anti-poor” and unlawful. The SC dismissed the petitioners’… Read More
PSEi down on profit-taking, peso strengthens vs. dollar
February 9, 2023, 8:26 pm
MANILA – Local shares fell on Thursday as investors engaged in profit taking, expecting a hawkish statement from the United States Federal Reserve System and softer growth of the country’s manufacturing sector. The Philippine Stock Exchange index (PSEi) declined by 1.16 percent, or 80.29… Read More
Production volume, value continue to grow in December 2022
February 9, 2023, 6:53 pm
MANILA – Factories continued to register growth in December 2022, the Philippine Statistics Authority’s (PSA) Monthly Integrated Survey of Selected Industries (MISSI) reported Thursday. The Volume of Production Index (VoPI) last December increased by 4.8 percent year on year, growing for six… Read More
SC 76 operator finds prospective oil, gas deposits in Palawan
February 9, 2023, 5:41 pm
MANILA – The Department of Energy (DOE) bared Thursday that Israeli firm Ratio Petroleum, the operator of Service Contract (SC) 76, has found prospective oil and gas deposits in the north part of East Palawan Basin as a result of its exploration within the block. “Ratio Petroleum, the… Read More
