Business
January 2023 inflation hits 8.7%
February 7, 2023, 1:03 pm
MANILA – The country’s headline inflation rate in January 2023 increased to 8.7 percent from 8.1 percent in December 2022, Philippine Statistics Authority (PSA) Undersecretary Dennis Mapa reported Tuesday. Mapa said the rate of price increments of goods and services in January this year is… Read More
T-bill rates lower vs. secondaries
February 6, 2023, 8:43 pm
MANILA – The Bureau of the Treasury (BTr) fully awarded on Monday the 91-, 182- and 364-day Treasury bills (T-bills) after these fetched lower rates compared to those in the secondary market. However, relative to the T-bill auction last Jan. 30, rates of the debt papers after the auction this… Read More
Stocks, peso slip ahead of January inflation report
February 6, 2023, 7:25 pm
MANILA – The local bourse’s main index closed lower Monday ahead of the release of the January 2023 inflation report while the peso slipped to 54-level, which has been traced to correction against the United States dollar. After rising several days last week, the Philippine Stock Exchange… Read More
Oil up over positive demand expectations in China
February 6, 2023, 6:50 pm
ANKARA – Oil prices increased marginally on Monday over positive demand projections in the world's largest oil importer, China. International benchmark Brent crude traded at USD80.15 per barrel at 09.41 a.m. local time (0641 GMT), up 0.3 percent from the closing price of USD79.94 a barrel in… Read More
DTI vows to continue monitoring onion despite declining prices
February 6, 2023, 6:46 pm
MANILA – The Department of Trade and Industry (DTI) has vowed to continue helping the Department of Agriculture (DA) in monitoring the prices of onion in the markets even as the price of the commodity continue to decline. DTI Undersecretary Ruth Castelo made the statement during the Laging Handa… Read More
Big-time oil price rollback set Feb. 7
February 6, 2023, 2:25 pm
MANILA – After three straight weeks of price increases, oil companies will slash pump prices starting 12:01 a.m. Tuesday. In separate advisories, Caltex, Clean Fuel, Petro Gazz, Seaoil and Shell announced gasoline price rollback by PHP2.10 per liter and PHP3 per liter on diesel. Caltex, Seaoil… Read More
Global food prices drop for 10th straight month in January
February 3, 2023, 9:15 pm
ANKARA – Global food prices fell for the 10th consecutive month in January, the UN Food and Agriculture Organization (FAO) reported on Friday. The FAO Food Price Index averaged 131.2 points in January, down 0.8 percent from the previous month. The decline in the main reading was led by decreases… Read More
Oil down amid Fed rate hike decision, pending China data release
February 3, 2023, 9:00 pm
ANKARA – Oil prices fell steadily on Friday due to demand concerns, with the United States Federal Reserve (Fed) signaling further rate hikes after raising its benchmark interest rate by 25 basis points while investors await the release of China's industry data. International benchmark Brent… Read More
PH debt-to-GDP ratio still not at alarming level
February 3, 2023, 8:26 pm
MANILA – The share of the country’s total liabilities to gross domestic product (GDP) has declined to 60.9 percent by end-2022 but it is not considered to be an alarming level given the strong economic fundamentals, Deputy Treasurer Erwin Sta. Ana said Friday. In an interview during the Laging… Read More
Peso strengthens, PSEi up on positive earnings reports
February 3, 2023, 8:07 pm
MANILA – Positive earnings reports of listed firms here and in the United States helped boost the local bourse’s main index on Friday while the peso strengthened further against the US dollar. The Philippine Stock Exchange index (PSEi) gained by 0.59 percent, or 41.19 points, to 7,027.38… Read More
Apple posts largest decline in sales since 2019
February 3, 2023, 7:48 pm
ANKARA – Apple’s overall sales decreased 5 percent year-on-year during the first fiscal quarter, which ended Dec. 31, 2022, the largest decline since 2019. According to a report on quarterly earnings from the US-based global tech giant on Thursday, Apple's revenue decreased to USD117.2… Read More
DOE to achieve renewable energy goals via reforms
February 3, 2023, 5:58 pm
MANILA – The Department of Energy (DOE) is optimistic that the country will be able to achieve its long-term renewable energy (RE) goals through the policy reforms of the Marcos administration. During the Laging Handa public briefing Friday, DOE Undersecretary Rowena Guevara said President… Read More
28-day BSP securities rate up on strong demand
February 3, 2023, 4:38 pm
MANILA – Strong demand for the Bangko Sentral ng Pilipinas’ (BSP) 28-day bill resulted in the rise of the debt paper's interest rate on Friday. Auction results released by the central bank showed that the average rate of the bill rose to 6.3584 percent from 6.3545 percent during the auction… Read More
Peso strengthens to 53-level after Fed rate hike; PSEi slips
February 2, 2023, 8:52 pm
MANILA – The widely expected 25 basis point increase in the Federal Reserve’s key rates resulted in the negative close of the local bourse’s main index on Thursday but the peso improved against the United States dollar. The Philippine Stock Exchange index (PSEi) shed 0.70 percent, or 49.57… Read More
Gov’t 2022 debt down on peso appreciation, economic recovery
February 2, 2023, 8:08 pm
MANILA – The continued recovery of the domestic economy, along with the strengthening of the Philippine peso against the US dollar, helped reduce the peso value of the national government’s (NG) total liabilities by end-2022 to PHP13.42 trillion compared to the previous month’s. The… Read More
Cambodia offers cheaper rice to PH
February 2, 2023, 7:24 pm
MANILA – Cambodia is exploring opportunities to directly export rice to the Philippines, offering an alternative and cheaper source of rice for the country. Department of Trade and Industry (DTI) Secretary Alfredo Pascual met with a Cambodian delegation on Thursday, led by chief executive… Read More
CA nod cements Pascual’s commitment in DTI
February 2, 2023, 6:47 pm
MANILA – Department of Trade and Industry (DTI) Secretary Alfredo Pascual said his confirmation by the Commission on Appointments (CA) has cemented his commitment to serve and make significant reforms in the agency to help in sustaining the country’s economic growth. In a media roundtable… Read More
Multi-format retailer posts record profit as economy normalizes
February 2, 2023, 4:52 pm
MANILA – The continued reopening of the economy benefited Robinsons Retail Holdings, Inc. (RRHI) which reported on Thursday a 26.7-percent year-on-year jump in net income to PHP5.7 billion. In a statement, RRHI dubbed 2022 as “a stellar year” for the company after noting that the rise in… Read More
OPEC+ agrees to stick to current production scheme
February 2, 2023, 4:49 pm
ANKARA – Organization of the Petroleum Exporting Countries (OPEC) and allies, known as OPEC+, agreed on Wednesday to adhere to its current production policy. The decision came at the group’s 47th Joint Ministerial Monitoring Committee (JMMC) videoconference meeting. The ministers of… Read More
US Fed hikes interest rates by 25 basis points
February 2, 2023, 4:10 pm
ISTANBUL – The United States Federal Reserve on Wednesday raised its benchmark interest rate by 25 basis points as part of its fight against inflation. The Federal Open Market Committee (FOMC) unanimously decided to raise the target range for the federal funds rate to between 4.5 percent and… Read More
