Business
Oil declines as uncertainty floods markets ahead of OPEC+ meeting
January 30, 2023, 7:27 pm
ANKARA – Oil prices fell on Monday over uncertainty ahead of an expected meeting of major oil producing countries of the OPEC+ group and US Federal Reserve (Fed). International benchmark Brent crude traded at USD85.93 per barrel at 09.56 a.m. local time (0656 GMT), a 0.54 percent decrease from… Read More
DTI aids furniture, guitar makers in Pampanga
January 30, 2023, 6:48 pm
CITY OF SAN FERNANDO, Pampanga – The Department of Trade and Industry (DTI) provincial office here on Monday awarded livelihood kits to micro, small, and medium enterprises (MSMEs) engaged in the furniture and guitar manufacturing industries in this province. The move is under the DTI’s… Read More
PH equities index slips but peso finishes Monday sideways
January 30, 2023, 6:02 pm
MANILA – Wait-and-see stance on the Federal Reserve’s rate decision later this week resulted to the negative close of the local bourse’s main index on Monday while the peso ended sideways against the US dollar. The Philippine Stock Exchange index (PSEi) shed by 1.15 percent, or 81.19 points,… Read More
Healthcare BPO firm expands 8-fold during pandemic
January 30, 2023, 6:01 pm
MANILA – Carelon Global Solutions Philippines, formerly Legato Health Technologies Philippines, Inc., has expanded aggressively during the pandemic, its executive said. Speaking on the sidelines of the rebranding event in Taguig City on Monday, Carelon Philippines country head Nora Terrado said… Read More
PH T-bill rates decline
January 30, 2023, 5:13 pm
MANILA – Bureau of the Treasury (BTr) fully-awarded Treasury bills (T-bills) across-the-board on Monday due to strong demand and drop in rates. It offered all tenors for PHP5 billion each and tenders for the 91-day paper reached PHP16.58 billion. Also, bids for the 182-day paper amounted to… Read More
China's economy stands out in global arena
January 30, 2023, 4:25 pm
BEIJING – In its three-year-long fight against Covid-19, China posted outstanding results in economic development and epidemic control, reinforcing its status as a leading engine for the global economy. Yuan Da, director of the Department of National Economy of the National Development and… Read More
Pump prices up for third consecutive week
January 30, 2023, 4:18 pm
MANILA – Motorists would have to pay more for fuel as pump prices would increase for the third consecutive week effective Tuesday. In separate advisories on Monday, Clatex, Cleanfuel, Jetti, Seaoil, and Shell said they will increase PHP1.30 per liter on gasoline prices and PHP1 per liter on… Read More
BSP vows sustained rate hikes to address 2nd-round effects
January 28, 2023, 10:00 am
MANILA – The Bangko Sentral ng Pilipinas (BSP) has vowed to continue hiking its key policy rates “as necessary” to help prevent a further increase in the second-round effects of the elevated inflation rate. In an Open Letter to President Ferdinand R. Marcos Jr., dated Jan. 24, 2023, BSP… Read More
Oil up as strong US economic data lifts up market sentiment
January 27, 2023, 8:30 pm
ANKARA – Oil prices increased on Friday over demand optimism after better-than-expected economic data in the United States and hopes that the Chinese economy will recover from the wounds of coronavirus disease 2019 (Covid-19) pandemic. International benchmark Brent crude traded at $87.82 per… Read More
Logistics groups cite possible impacts of PPA order
January 27, 2023, 8:27 pm
MANILA – Several groups in the logistics sector have cited the possible impacts of the Philippine Ports Authority (PPA) Administrative Order No. 04-2021 prescribing the policy on the registration and monitoring of containers. In a press conference at the World Trade Center in Makati City Friday,… Read More
Rates up, bids lower for BSP's 28-day securities
January 27, 2023, 7:01 pm
MANILA – The Bangko Sentral ng Pilipinas’ (BSP) 28-day bills registered undersubscription on Friday, with rates ending higher this week. Data released by the central bank showed that bids submitted during the securities auction only amounted to PHP106.495 billion, a little more than half of… Read More
PSEi up on higher-than-expected GDP report, peso ends sideways
January 27, 2023, 5:51 pm
MANILA – The higher-than-expected expansion of the domestic economy and the United States last year lifted sentiments and helped the local bourse’s main index to finish the week higher, while the peso closed sideways against the US dollar. The Philippine Stock Exchange index (PSEi) gained 0.13… Read More
Software firms IBM, SAP to cut thousands of jobs
January 27, 2023, 3:44 pm
ISTANBUL – American and German software companies IBM and SAP announced Thursday they will cut thousands of jobs as they become the latest tech firms reducing workforce due to dwindling income amid slowdown in global economy. US-based multinational tech major IBM will reduce around 3,900 jobs,… Read More
Fitch Solutions sees PH GDP to grow 5.9% in 2023
January 27, 2023, 3:41 pm
MANILA – Fitch Solutions said Philippine economic growth is expected to ease this year to 5.9 percent from 7.6 percent in 2022. The research arm of Fitch Rating attributed this year’s projected slower growth of the country’s gross domestic product (GDP) mainly to inflation, monetary… Read More
DOE gives green light to $67-M LNG project in Bataan
January 27, 2023, 2:50 pm
MANILA – The Department of Energy (DOE) said on Friday that it issued a notice to proceed (NTP) for the UD67-million liquefied natural gas (LNG) terminal project of Samat LNG Corp. in Barangay Sisiman in Mariveles, Bataan to supply the country's increasing power demand. The DOE said Secretary… Read More
Proposed wealth fund another infra funding source: DOF chief
January 27, 2023, 10:27 am
MANILA – The proposed sovereign wealth fund of the Philippines is another option to help finance the government’s infrastructure requirements, Finance Secretary Benjamin Diokno said Thursday. During the Philippine economic briefing attended by economic managers, officials of financial… Read More
Oil prices rise slightly with less than expected US inventory
January 26, 2023, 7:42 pm
ANKARA – Oil prices showed a slight increase on Thursday after United States crude inventory rose less than expected, supporting demand optimism. International benchmark Brent crude traded at $86.25 per barrel at 9:24 a.m. local time (0624 GMT), a 0.15 percent increase from the closing price of… Read More
PH stocks down on earnings reports, peso strengthens
January 26, 2023, 5:58 pm
MANILA – The local stock barometer ended Thursday down as investors monitored corporate earnings reports of listed firms both here and in the United States while the peso gained against the US dollar. The Philippine Stock Exchange index (PSEi) shed 0.55 percent, or 38.66 points, to 7,042.70… Read More
Normalization of economic activities, lower taxes to fuel GDP
January 26, 2023, 4:55 pm
MANILA – The continued normalization of the Philippine economy, along with the impact of lower individual income tax, reform measures and demographic dividends, among others, are expected to fuel domestic growth this year. In a report on Thursday, Rizal Commercial Banking Corporation (RCBC)… Read More
Global economic growth seen to slow to 1.9% in 2023: UN report
January 26, 2023, 3:35 pm
UNITED NATIONS – Global economic growth is projected to decline from an estimated 3 percent in 2022 to 1.9 percent in 2023, marking one of the lowest growth rates in recent decades, according to a United Nations report released Wednesday. The World Economic Situation and Prospects report said a… Read More
