Business
Moody's Analytics projects PH economic growth at 6.3% in Q2
August 5, 2024, 4:17 pm
MANILA – The Philippine economy likely grew at a faster pace in the second quarter of the year, Moody's Analytics said on Monday. In its Economic Review for Asia Pacific, Moody's Analytics projected the country's gross domestic product (GDP) to have grown by 6.3 percent, higher than the 5.7… Read More
Korea kimchi exports in H1 surpass 2023 record
August 4, 2024, 7:42 pm
SEOUL – South Korea's exports of kimchi hit a fresh record high in the first half of this year, driven by the growing global popularity of Korean cuisine, particularly in North America and Europe, data showed Sunday. Outbound shipments of kimchi, a traditional Korean side dish typically made… Read More
Local bourse down; peso appreciates
August 2, 2024, 7:55 pm
MANILA – The local stock barometer declined on Friday following negative cues from Wall Street, while the peso closed stronger against the dollar. The Philippine Stock Exchange index (PSEi) shed 88.53 points, closing at 6,605.30, while All Shares fell 32.28 points to 3,596.90. "Along with our… Read More
Apple posts record 2nd-quarter sales with gains in iPad, services
August 2, 2024, 7:49 pm
ISTANBUL – Apple posted record second-quarter sales, with strong gains for the iPad and services, according to its financial results statement released Thursday. The US-based tech firm posted total net sales of almost USD85.8 billion in its fiscal 2024 third quarter ended June 29, which… Read More
URC to fully cease operation in China by 2025
August 2, 2024, 6:39 pm
MANILA – Listed food manufacturer Universal Robina Corporation (URC) announced Friday that it ceased manufacturing and sales operation in China, targeting to fully exit the Chinese market next year. In a disclosure to the Philippine Stock Exchange, URC said its exit from the Chinese market is a… Read More
PCC to transfer office to UP Diliman
August 2, 2024, 5:39 pm
MANILA – The Philippine Competition Commission (PCC) and the University of the Philippines (UP) have signed a memorandum of understanding (MOU) for the former to establish its office inside the UP Diliman campus. PCC Chairperson Michael Aguinaldo and UP President lawyer Angelo Jimenez led the… Read More
DOE eyes reserve market resumption on Aug. 5
August 2, 2024, 4:36 pm
MANILA – The Department of Energy (DOE) is set to restart the reserve market early this month. In a statement Friday, the agency said it directed the Independent Electricity Market Operator of the Philippines (IEMOP) to coordinate with the Energy Regulatory Commission (ERC) and the National Grid… Read More
Economy grew 6% in Q2
August 2, 2024, 4:22 pm
MANILA – The Philippine economy likely grew at 6 percent in the second quarter of the year, an economist said on Friday. In a Viber message, Rizal Commercial Banking Corporation chief economist Michael Ricafort said drivers of growth include the higher consumer and government spending. "Faster… Read More
Cooling coal prices drag PH largest coal miner's H1 '24 net income
August 2, 2024, 4:08 pm
MANILA – Net income of the country’s largest coal producer, Semirara Mining and Power Corp. (SMPC), declined in the first half of the year by 34 percent, to PHP12.6 billion from PHP19.2 billion in the same period in 2023, due to weaker coal prices and higher coal production costs. In a… Read More
Innovation Council OKs initiatives to develop PH ecosystem
August 2, 2024, 12:53 pm
MANILA – The National Innovation Council (NIC) recently approved several critical initiatives to enhance the country's innovation ecosystem and address critical barriers to development. In a statement on Friday, the National Economic and Development Authority (NEDA) said the initiatives were… Read More
BOI investment approvals surge 65% to P1.16-T in Jan-July
August 2, 2024, 11:45 am
MANILA – The Board of Investments (BOI) approved PHP1.15 trillion worth of investments from January to July this year, 65 percent higher than the PHP699 billion pledges registered in the same period in 2023. BOI reported Friday that these investment approvals will create 27,207 jobs once the… Read More
BIR gets nationwide ISO certification, unveils new logo, portal
August 1, 2024, 6:40 pm
MANILA – The Bureau of Internal Revenue (BIR) recently received a 100-percent nationwide International Organization for Standardization or ISO certification on several of its services, BIR Commissioner Romeo Lumagui Jr. said on Thursday. Lumagui, during the 120th-anniversary celebration held at… Read More
PH manufacturing index posts growth in July
August 1, 2024, 5:29 pm
MANILA – The S&P Global Manufacturing Purchasing Managers’ Index (PMI) reported Thursday that Philippine factories recorded growth in July 2024. Philippine manufacturing PMI last month stood at 51.2, slightly lower from the 51.3 score in June this year. As long as the score is above 50, the… Read More
PSEi up for 2 straight days; peso stays flat
August 1, 2024, 5:08 pm
MANILA – The Philippine Stock Exchange index (PSEi) improved for the second consecutive day, while the peso barely moved. Taking cues from Wall Street overnight, the local index increased by 1.13 percent to 6,693.83, with All Shares gaining 0.88 percent to 3,629.18. All counters ended in the… Read More
PH to be one of faster-growing economies in Southeast Asia
August 1, 2024, 3:47 pm
MANILA – The Philippines is expected to be the second fastest-growing economy among the Southeast Asia (SEA) 6 countries, seen to expand by more than 6 percent in the next 10 years. In the Southeast Asia Outlook 2024-2034 report released on Thursday, the Angsana Council, US consultancy Bain &… Read More
Pascual leaving DTI with pipeline of investments for Marcos admin
August 1, 2024, 3:43 pm
MANILA – Outgoing Department of Trade and Industry (DTI) Secretary Alfredo Pascual said he considers the investment leads pursued by his office as one of his legacies as the agency’s chief in the past two years. Pascual, who submitted his resignation to President Ferdinand R. Marcos Jr.… Read More
PH hot money records net outflow in June
August 1, 2024, 9:45 am
MANILA – Foreign portfolio investments registered with the Bangko Sentral ng Pilipinas (BSP) through authorized banks recorded net outflows of USD27 million in June this year. Data released by the BSP late Wednesday showed that the net outflows resulted from the USD1.1 billion gross outflows and… Read More
From Ayala to New Clark City: InterContinental hotel returns to PH
July 31, 2024, 8:24 pm
MANILA – After ceasing its operations in Makati in 2015, the InterContinental Hotels & Resorts is returning to the country but to a new location. IHG Hotels & Resorts (IHG) and Hann Philippines, Inc. announced Wednesday their franchise agreement to bring back the world’s first and largest… Read More
PSEi tracks Asian peers, peso finishes strong
July 31, 2024, 7:26 pm
MANILA – The local bourse and currency both closed mid-week trading stronger. On Wednesday, the Philippine Stock Exchange index (PSEi) halted a two-day decline and closed at 6,619.09, or 0.19 percent higher than Tuesday’s finish, following the performance of Asian stock markets. All Shares,… Read More
P44-M uncertified appliances seized in Bulacan
July 31, 2024, 6:22 pm
MANILA – Department of Trade and Industry (DTI) Secretary Alfredo Pascual said Wednesday the agency has confiscated PHP44 million worth of uncertified household appliances in Plaridel, Bulacan. This is so far the biggest haul of uncertified products by the DTI’s Task Force Kalasag, a task… Read More
