Business
PH economy expands to 7.6% in 2022
January 26, 2023, 2:20 pm
MANILA – The Philippine economy expanded by 7.2 percent in the last quarter of 2022, bringing full-year growth to 7.6 percent, driven by increased economic activity mainly from pent-up demand as it fully reopened amid elevated inflation rate. National Economic and Development Authority (NEDA)… Read More
Meralco to increase sourcing of power from WESM
January 25, 2023, 8:09 pm
MANILA – As the 300-megawatt emergency power supply agreement (EPSA) between Manila Electric Co. (Meralco) and Aboitiz-led GNPower Dinginin Ltd. expired Wednesday, Meralco said it will be supplying the needed power from the Wholesale Electricity Spot Market (WESM). In a statement, Meralco said… Read More
BSP term deposit facility rates post mixed results
January 25, 2023, 8:00 pm
MANILA – Investors preferred the 14-day term deposit facility (TDF) of the Bangko Sentral ng Pilipinas (BSP) over the shorter tenor on Wednesday, which resulted in the mixed directions of its rates. Data released by the central bank showed that the two-week facility was offered for PHP140… Read More
PH stocks up on positive US earnings reports, peso slips
January 25, 2023, 7:56 pm
MANILA – The local stock barometer recovered on Wednesday on positive earnings report from the United States but the peso weakened against the US dollar. The Philippine Stock Exchange index (PSEi) rose by 0.57 percent, or 39.86 points, to 7,081.36 points. All Shares followed with an increase… Read More
PH brings initial investment pledges of P1.3B from Swiss firms
January 25, 2023, 7:13 pm
MANILA – The Board of Investments (BOI) said Wednesday the Philippines has secured initial investment commitments from Swiss companies, amounting USD24.7 million (PHP1.3 billion) during the country’s investment mission to Switzerland from Jan. 9 to 13. These potential investments were… Read More
Iran ranks 4th among top oil suppliers in OPEC
January 25, 2023, 5:52 pm
TEHRAN – The International Energy Agency estimated Iran’s oil production in December 2022 at 2.72 million barrels per day (bpd), announcing that Iran’s rank upgraded to the fourth among top oil suppliers of the Organization of the Petroleum Exporting Countries (OPEC). In its latest monthly… Read More
DTI reminds of price freeze in areas under state of calamity
January 25, 2023, 4:25 pm
MANILA – The Department of Trade and Industry (DTI) on Wednesday reminded business establishments and consumers in areas declared under state of calamity to observe price freeze. The DTI listed that at least 22 barangays, 16 municipalities, four cities and three provinces in six regions… Read More
SEC releases draft IRR of financial consumer protection law
January 25, 2023, 3:37 pm
MANILA – The Securities and Exchange Commission (SEC) has released the draft implementing rules and regulations (IRR) of Republic Act 11765, or the Financial Products and Services Consumer Protection Act (FCPA), for public comment. The draft IRR will operationalize the newly signed law that… Read More
IMF to push credit solutions for indebted nations
January 25, 2023, 2:12 pm Updated on January 25, 2023, 2:13 pm
LUSAKA, Zambia – The International Monetary Fund (IMF) will urgently convene a new round-table with creditors to speed up debt negotiations for indebted countries, its head said on Tuesday. IMF head Kristalina Georgieva said during her visit to the Zambian capital Lusaka on Tuesday the Southern… Read More
Eurozone manufacturing PMI rises to 5-month high in Jan
January 25, 2023, 1:38 pm
ANKARA – Euro area manufacturing purchasing managers' index (PMI) rose to 48.8 in January, hitting a five-month high, a US-based financial services provider revealed in a preliminary flash reading on Tuesday. S&P Global said the figure was up from 47.8 in December 2022 and was still below the 50… Read More
Japan's manufacturing PMI signals major deterioration
January 25, 2023, 12:11 pm
ISTANBUL – Japan's manufacturing sector's purchasing managers index (PMI) is expected to be at 48.9 -- unchanged from the end of 2022. According to S&P Global's provisional data, the figure signaled the joint-strongest deterioration in the health of the Japanese manufacturing sector since… Read More
Islamic banking is for everyone: BSP exec
January 25, 2023, 9:24 am
MANILA – Islamic banking is not exclusive to Muslims as it provides alternative financial products outside the conventional financial institutions, a ranking central bank official said. Speaking during Tuesday's Laging Handa briefing, Bangko Sentral ng Pilipinas (BSP) Assistant Governor Arifa… Read More
10-year T-bond rate declines
January 24, 2023, 8:22 pm
MANILA – The rate of 10-year Treasury bond (T-bond) declined on Tuesday, with demand remaining strong. The average rate of the debt paper slipped to 5.913 percent from 7.344 percent previously. The Bureau of the Treasury (BTr) offered the securities for PHP35 billion and the auction committee… Read More
Peso strengthens, PSEi slips ahead of GDP report
January 24, 2023, 7:26 pm
MANILA – Signs of slowing United States economy resulted in a slip of the local stock barometer on Tuesday but the peso posted an improvement against the US dollar. The Philippine Stock Exchange index (PSEi) shed 0.40 percent, or 28.18 points, to 7,041.50 points. All Shares trailed with a drop… Read More
PH-US trade in 2022 exceeds $33B: envoy
January 24, 2023, 5:09 pm
MANILA – United States Ambassador to the Philippines MaryKay Carlson said bilateral trade between the Philippines and the United States last year surpassed the USD33-billion level. In a forum of the Makati Business Club (MBC) Tuesday, Carlson said 2022 was a banner year for the bilateral trade… Read More
US stock market rallies to close at 1-month high
January 24, 2023, 1:13 pm
ISTANBUL – Major US stock market indexes rallied Monday to close at their highest levels in a month. The Dow Jones Industrial Average rose 254.07 points, or 0.76 percent, to finish at 33,629.56. The S&P 500 added 47.20 points, or 1.19 percent to 4,019.81. The tech-heavy Nasdaq jumped almost… Read More
PH on its way towards inflation target path: Medalla
January 23, 2023, 9:26 pm
MANILA – Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla on Monday told foreign investors the Philippines’ inflation rate is on its way back within target in the second half of 2023. During the Philippine economic briefing held in Frankfurt, Germany that was streamed live through the… Read More
Diokno: PH economy resilient to face post-pandemic world
January 23, 2023, 8:54 pm
MANILA – Finance Secretary Benjamin Diokno on Monday told foreign investors and business leaders that the Philippine economy is resilient enough and that the government is doing its best to address post-pandemic challenges. Diokno made the remarks during the Philippine economic briefing attended… Read More
Commodity prices seen to ease by mid-2023
January 23, 2023, 6:59 pm
MANILA – Go Negosyo founder Joey Concepcion, also Private Sector Advisory Council (PSAC) jobs group lead, said commodity prices are seen to ease by middle of this year and inflation rate will slow down towards the end of 2023. During the Laging Handa public briefing Monday, Concepcion said… Read More
PH stocks index up, peso ends flat vs. US dollar
January 23, 2023, 6:44 pm
MANILA – The local bourse managed to end higher in the week’s first trading day amidst the suspension of trading in Asia due to the Chinese New Year, while the peso kept its footing against the US dollar. The Philippine Stock Exchange index (PSEi) rose by 0.19 percent, or 13.06 points, to… Read More
