Business
FMIC sees 6% growth for PH economy in 2023
January 11, 2023, 8:59 pm
MANILA – The investment banking arm of the Metrobank Group expects the Philippine economy expanding by 6 percent in 2023 which continued to be fueled by strong domestic demand amid further economic reopening. In a virtual briefing on Wednesday, First Metro Investment Corporation (FMIC) president… Read More
Oil down over expected hefty rise in US stocks
January 11, 2023, 8:58 pm
ANKARA – Oil prices declined on Wednesday over the double whammy of an expected rise in United States crude oil inventories and growing fears about further interest rate hikes in the US. International benchmark Brent crude traded at $79.64 per barrel at 9:48 a.m. local time (0648GMT), a 0.57… Read More
BSP’s term deposit facility rates post mixed results
January 11, 2023, 8:55 pm
MANILA – Rates of the Bangko Sentral ng Pilipinas’ (BSP) term deposit facility (TDF) registered mixed results on Wednesday, with the shorter tenor attracting lower bids. Data released by the central bank showed that the average rate of the one-week TDF rose to 6.3553 percent from 6.3322… Read More
World Bank downgrades 2023 global growth forecast to 1.7%
January 11, 2023, 7:50 pm
WASHINGTON – Global economic growth is projected to slow to 1.7 percent in 2023, 1.3 percentage points below the forecast made in June last year, marking its third-weakest pace in nearly three decades, the World Bank Group said in its latest Global Economic Prospects released Tuesday. Given such… Read More
PSEi slips on Fed rate hike expectations, peso keeps footing
January 11, 2023, 7:47 pm
MANILA – Expectations for further hikes in the Federal Reserve’s key rates resulted in the continued drop of the local main equities index on Wednesday but the peso kept its footing against the greenback. The Philippine Stock Exchange index (PSEi) shed 0.70 percent, or 47.35 points, to… Read More
Vehicle assemblers surpass PH car industry target for 2022
January 11, 2023, 6:58 pm
MANILA – The Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA) reported that their combined sales in 2022 stood at 352,596 units from 268,488 vehicles sold in 2021, increasing by 31.3 percent. In a statement Wednesday, CAMPI… Read More
HSBC economist eyes 75 bps hike in BSP rates in H1
January 11, 2023, 6:55 pm
MANILA – An economist of HSBC forecasts a 75 basis points hike in the Bangko Sentral ng Pilipinas’ (BSP) key policy rates within the first half of this year even as the domestic inflation rate is projected to have peaked last December. In a virtual briefing on Wednesday, HSBC economist for… Read More
5-year program to boost SME digitization launched
January 11, 2023, 5:54 pm
MANILA – The Philippine government and the United States Agency for International Development (USAID) launched Wednesday a five-year program that will accelerate and boost digitalization among Filipino small and medium enterprises (SMEs). The USAID-funded Strengthening Private Enterprise for… Read More
World Bank slashes global growth forecast for 2023 to 1.7%
January 11, 2023, 3:21 pm
ANKARA – The World Bank on Tuesday trimmed its global growth forecast for 2023 from 3 percent to 1.7 percent. The decrease is due to monetary policy tightening to tame elevated inflation, reduced investment, and disruptions caused by the Ukraine war, the bank said in a report. “This would mark… Read More
PH issues $3-B multi-tranche global bonds
January 10, 2023, 8:50 pm
MANILA – The Philippines on Tuesday sold a total of USD3 billion worth of 5.5-year, 10.5-year and 25-year US dollar-denominated global bonds, with the latter a part of the Sustainable Finance Framework, the biggest for the government so far. This is the second global bond offer under the Marcos… Read More
Oil declines with demand concerns in US, strong dollar
January 10, 2023, 8:42 pm
ANKARA – Oil prices slid on Tuesday over concerns about economic growth and oil demand in the United States, the world's largest oil consumer, and as weaker US dollar increases traders' appetite for cheaper dollar-indexed crude oil. International benchmark Brent crude traded at $79.32 per barrel… Read More
PH gets 1-year extension to get out of FATF’s gray list
January 10, 2023, 8:26 pm
MANILA – The Philippines has been given another year, or until January 2024, to meet the requirements that will help it exit the Financial Action Task Force’s (FATF) gray list. Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla on Tuesday told journalists that they missed the first… Read More
PH external trade eases in November
January 10, 2023, 8:23 pm
MANILA – The country’s external trade in November 2022 eased on month-on-month basis, but trade deficit slightly went up. The Philippine Statistics Authority (PSA) reported Tuesday that the country’s total trade in November amounted to USD17.88 billion, lower by 4.5 percent from the previous… Read More
Inflation in Central Luzon climbs to 9.0% in Dec. 2022
January 10, 2023, 7:47 pm
CITY OF SAN FERNANDO, Pampanga – The inflation rate in Central Luzon continued to accelerate to 9.0 percent in December 2022 from 8.8 November 2022, based on the latest report of the Philippine Statistics Authority-Regional Statistical Services Office (PSA-RSSO) III. This is the highest… Read More
PSEi tracks US market decline, peso strengthens to 54 vs. dollar
January 10, 2023, 7:19 pm
MANILA – The main equities index tracked the decline of most of its United States (US) counterparts but the peso gained to its lowest in over six months. The Philippine Stock Exchange index (PSEi) shed 0.49 percent, or 33.55 points, to 6,756.69 points. All Shares followed with a drop of 0.27… Read More
Medalla discounts another huge rate hike as dollar weakens
January 10, 2023, 7:15 pm
MANILA – Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla discounted the high possibility of another 75 basis points increase in the central bank’s key rates given the same projections for the Federal Reserve funds rates and the weakening United States dollar. In an interview by… Read More
BSP chief eyes over 6% growth for PH economy this year
January 10, 2023, 5:45 pm
MANILA – Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla is optimistic of an above 6 percent growth for the domestic economy this 2023 amidst projected slower global output. During the Tuesday Club event in Mandaluyong City, Medalla said pent up demand in the tourism sector and car… Read More
Meralco rates up in January
January 10, 2023, 3:28 pm
MANILA – Households in franchise areas of Manila Electric Company (Meralco) that consume 200 kilowatt-hour (KWh) per month can expect increase of PHP125 in their January electricity bill. In a press briefing Tuesday, Meralco vice president and head of corporate communications Joe Zaldarriaga… Read More
No red alerts seen in Luzon grid in 2023: DOE
January 9, 2023, 7:15 pm
MANILA – Department of Energy’s (DOE) power outlook for this year sees no red alert for the Luzon grid despite the scheduled maintenance at Malampaya next month. In a briefing Monday, DOE Undersecretary Rowena Guevara said the Luzon grid is expected to experience yellow alerts in the months of… Read More
PH stocks close over 1-month high, peso follows
January 9, 2023, 5:49 pm
MANILA – Risk on sentiments returned to the local bourse on Monday, lifting the main index while the peso ended on positive note against the United States dollar. The Philippine Stock Exchange index (PSEi) rose by 1.83 percent, or 122.27 points, to 6,790.24 points. All Shares followed with a… Read More
