Business
PEZA: Global pharma firms' interest to set up in PH grows
July 31, 2024, 6:10 pm
MANILA – The Philippine Economic Zone Authority (PEZA) said the country is gaining interest from global pharmaceutical companies and related industries to set up their facilities here as the ease of doing business improves and with the construction of the first ecozone exclusive for healthcare… Read More
Starbucks' sales decline for 2nd consecutive quarter
July 31, 2024, 4:06 pm
ISTANBUL – US-based coffeehouse chain Starbucks saw its sales decrease for the second consecutive quarter, according to its financial results statement released Tuesday. "Global comparable store sales declined 3 percent, driven by a 5 percent decline in comparable transactions, partially offset… Read More
BSP sees July inflation to settle between 4-4.8%
July 31, 2024, 2:55 pm
MANILA – The Bangko Sentral ng Pilipinas (BSP) forecast that inflation rate in July 2024 will settle between 4 and 4.8 percent. The inflation rate projection is higher than last month’s 3.7 percent. “Higher electricity rates along with the increased prices for agricultural commodities like… Read More
Luzon grid under yellow alert as 2 power plants trip
July 31, 2024, 2:46 pm
MANILA – The National Grid Corporation of the Philippines (NGCP) placed the Luzon grid on Wednesday under yellow alert amid the limited power supply. This, as the Sual Unit 2 and the GNPower Dinginin Unit 2 tripped due to a boiler tube lead, the NGCP said. The yellow alert over the Luzon grid… Read More
3D seismic surveys in Palawan for oil, gas resources completed
July 30, 2024, 6:03 pm
MANILA — The Department of Energy (DOE) said Tuesday two seismic surveys in the Palawan basins were completed as part of the country’s exploration for indigenous oil and gas resources. Israeli firm Ratio Petroleum Ltd., the operator of Service Contract (SC) No. 76, completed its survey in the… Read More
Over 220M coins deposited in BSP machines
July 30, 2024, 5:48 pm
MANILA – The Bangko Sentral ng Pilipinas (BSP) said PHP831.77 million worth of coins have been deposited through its coin deposit machines (CoDM) as of July 15. In a Facebook post on Tuesday, the BSP said the amount is equivalent to 223.02 million pieces of coins from 202,110… Read More
BTr fully awards re-issued 20-year T-bonds
July 30, 2024, 5:09 pm
MANILA – The Bureau of the Treasury (BTr) on Tuesday fully awarded the re-issued 20-year Treasury bonds (T-bonds). With a remaining term of three years and one month, the re-issued T-bonds fetched an average rate of 6.009 percent, which is lower than the prevailing secondary market three-year… Read More
Recto: GOCCs' idle funds to be used for projects accelerating growth
July 30, 2024, 4:58 pm
MANILA – Finance Secretary Ralph Recto on Tuesday said the unutilized government subsidies will be used exclusively to fund the list of projects identified under the unprogrammed appropriations as mandated by the 2024 General Appropriations Act (GAA). Recto, during the Senate Committee on… Read More
Next GEA to include integrated RE, storage system; LNG inclusion eyed
July 30, 2024, 3:32 pm
MANILA — The Department of Energy (DOE) on Tuesday announced that it will conduct the fourth round of Green Energy Auction (GEA-4) in the last quarter of the year. The DOE said the GEA-4 will cover an integrated renewable energy and energy storage system (IRESS), a comprehensive energy solution… Read More
Producer price index continues to decline in June
July 30, 2024, 2:37 pm
MANILA – The producer price index (PPI) for manufacturing continued to decline in June this year but at a slower pace than the recorded contraction in May, the Philippine Statistics Authority (PSA) said. Data released by the PSA on Tuesday showed the PPI last month declined by 0.1 percent from… Read More
McDonald's sales fall 1st time in almost 4 years
July 30, 2024, 2:07 pm
ISTANBUL – McDonald's saw its sales decline in the second quarter of this year for the first time in almost four years, according to its financial results statement released Monday. "Global comparable sales decreased 1.0 percent, reflecting negative comparable sales across all segments," it… Read More
PH must diversify nuke energy tech to meet 1,200 MW goal by 2032
July 30, 2024, 12:32 pm
MANILA – As the country races towards its target of generating 1,200 megawatts of nuclear energy by 2032, executives from Manila Electric Company (Meralco) raised the urgent need to diversify technology beyond micro modular reactors (MMRs) to hit its energy goals. Meralco executive vice… Read More
PSEi, peso decline on Monday’s trading
July 29, 2024, 6:48 pm
MANILA – Both the local stock market and currency declined on the first day of trading this week. The Philippine Stock Exchange index (PSEi) fell by 1.14 percent to 6,649.23 points, while All Shares also decreased by 0.68 percent to 3,605.33. Among sectoral indices, only the Industrial counter… Read More
Japanese tire firm delivers P3.5-B investment commitment to PH
July 29, 2024, 6:27 pm
MANILA – Another foreign firm that expressed its investment commitment to President Ferdinand R. Marcos Jr. during his official trip to Japan has delivered its pledge. On Monday, Yokohama Tire Philippines, Inc. (YTPI) started the construction of its PHP3.5-billion manufacturing plant at Clark… Read More
UAE’s leading tour operator makes PH 1st hub in SEA
July 29, 2024, 4:40 pm
MANILA – Holiday Factory, the leading tour operator in the United Arab Emirates (UAE), has launched its services for affordable tour packages in the Philippines. On the sidelines of the Holiday Factory launch in Pasig City Monday, its business development director for international markets… Read More
BTr raises PHP20-B from T-bills auction
July 29, 2024, 4:04 pm
MANILA – The Bureau of the Treasury (BTr) raised PHP20 billion from the Treasury bills (T-bills) auction on Monday. The BTr fully accepted bids for the T-bills. The 91-, 182-, and 364-day T-bills fetched average rates of 5.779 percent, 6.014 percent, and 6.108 percent, respectively. The PHP… Read More
Economist: BSP rate cut still possible in August
July 29, 2024, 2:48 pm
MANILA – A 25 basis points (bps) interest rate cut next month is still possible despite the projected slight uptick in consumer prices due to the effects of Super Typhoon Carina and enhanced southwest monsoon, an economist said Monday. "Realistically, there may be some temporary pick up in… Read More
Less than P1 oil price cut set Tuesday
July 29, 2024, 2:03 pm
MANILA – Local pump prices are set to decrease by less than PHP1 on Tuesday morning. In separate advisories, Caltex, Cleanfuel, Petro Gazz, PTT, Seaoil, and Shell announced a 75-centavo per liter rollback on gasoline prices and an 85-centavo price cut per liter on diesel products. Caltex,… Read More
Solar PV power plant project to be built in NegOcc
July 26, 2024, 8:27 pm
MANILA – A Chinese solar power company has joined the Philippine government’s efforts to boost supply capacity of renewable energy by constructing a photovoltaic (PV) power project in Bacolod City, Negros Oriental. The China Energy Engineering Group Shanxi Electric Power Engineering Co., Ltd.… Read More
BOI, Mizuho Bank renew partnership to lure Japanese investments
July 26, 2024, 7:37 pm
MANILA – The Department of Trade and Industry (DTI), through the Board of Investments (BOI), and Mizuho Bank, Ltd. recently signed a memorandum of understanding (MOU) to continue bolstering cooperation in promoting investments in the Philippines to Japanese investors. In a statement on Friday,… Read More
