Business
Looming energy crisis dominates Europe’s agenda
October 13, 2022, 5:59 pm
ANKARA – A looming energy crisis following the Russian war in Ukraine continues to dominate Europe’s agenda. France Fuel sales restrictions were imposed by another French regional administration on Wednesday, joining several others amid continued labor strikes at oil refineries, local… Read More
DTI bats for quality goods, services via PQA regionalization
October 13, 2022, 5:52 pm
MANILA – The Department of Trade and Industry (DTI) aims to encourage organizations across the country to attain excellence in quality in production of goods and delivery of services. During the 25th anniversary of Philippine Quality Award (PQA) at the Philippine International Convention Center… Read More
Bias for local industries seen amid peso depreciation
October 13, 2022, 3:37 pm
MANILA – The Federation of Philippine Industries (FPI) sees an opportunity for local industries amid the weaker peso. “The falling value of the peso could also help local industries, as more consumers will now buy local products,” said FPI chairperson Jesus Lim Arranza in a statement… Read More
DOE, BOC clarify valuation on imported coal
October 12, 2022, 7:59 pm
MANILA – The Department of Energy (DOE) and the Bureau of Customs (BOC) clarified on Wednesday the implementation of valuation on imported coal. In a virtual press briefing, DOE Undersecretary Sharon Garin said the BOC has to use the transactional value, not reference value, for collecting… Read More
PH stocks flat, peso down ahead of US inflation report
October 12, 2022, 7:56 pm
MANILA — Local shares ended Wednesday almost flat ahead of the release of the United States inflation rate for September but the peso weakened against the greenback. The Philippine Stock Exchange index (PSEi) gained 0.11 percent, or 6.26 points, to 5,853.63 points. All Shares followed with a… Read More
IMF downgrades 2023 global growth forecast to 2.7%
October 12, 2022, 7:06 pm
WASHINGTON – The International Monetary Fund (IMF) on Tuesday projected the global economy to grow by 3.2 percent this year and 2.7 percent in 2023, with a downward 0.2-percentage-point revision for 2023 from the July forecast, according to the latest World Economic Outlook (WEO) report. The… Read More
TDF posts undersubscription, rates up
October 12, 2022, 6:19 pm
MANILA — The upward trend for the Bangko Sentral ng Pilipinas’ (BSP) term deposit facility (TDF) rates continued on Wednesday and undersubscription was also posted. Data released by the central bank showed that the average rate of the seven-day facility rose to 4.6119 percent from last… Read More
$72-M investments seen in Palawan drilling
October 12, 2022, 5:50 pm
MANILA — Some USD72 million worth of investments are expected in the two drilling activities of Nido Petroleum Philippines Pty. Ltd. in northwest Palawan, an official of the Department of Energy (DOE) said Wednesday. In a virtual press conference, DOE Undersecretary Alessandro Sales said Nido… Read More
BAP vows close coordination with BSP vs. speculative activities
October 12, 2022, 4:12 pm
MANILA – The banking industry is in close coordination with the Bangko Sentral ng Pilipinas (BSP) to ensure orderly functioning fixed-income and foreign exchange markets, an industry group said. In a statement on Wednesday, the Bankers Association of the Philippines (BAP) said it appreciates… Read More
Hospital network eyes accessible healthcare for Pinoys
October 12, 2022, 4:03 pm
MANILA – The Metro Pacific Health (MPH), formerly Metro Pacific Hospital Holdings, Inc. (MPHHI), is aiming to bring accessible and affordable healthcare services for Filipinos by expanding its network of healthcare care facilities in the country. During the brand equity launch in Makati City… Read More
BTr partially awards 7-year T-bond as rate rises
October 11, 2022, 7:45 pm
MANILA – The Bureau of the Treasury (BTr) on Tuesday partially awarded the seven-year Treasury bond (T-bond) as rates continued to increase. The rate of the debt paper rose to 6.943 percent from 6.428 percent previously. The BTr offered the T-bond for PHP35 billion and bids reached PHP54.105… Read More
New normal prompts Filipinos to buy insurance coverage
October 11, 2022, 7:17 pm
MANILA — The pandemic has increased interest to have insurance coverage, according to an official of Manulife Philippines who said the “new normal” encouraged more Filipinos to buy insurance products online. In a briefing on Tuesday, Manulife Philippines chief marketing officer Melissa… Read More
PH stocks, peso gain ground amid possibility of US recession
October 11, 2022, 6:25 pm
MANILA — The local stock barometer recovered on Tuesday while the peso followed after a negative start for both this week. The Philippine Stock Exchange index (PSEi) gained 0.25 percent, or 14.79 points, to 5,847.37 points. All Shares trailed with an increase of 0.11 percent, or 3.34 points,… Read More
Vehicle sales jump 64% in September
October 11, 2022, 5:11 pm
MANILA – Automotive vehicles sales in September 2022 jumped by 64.2 percent to 35,282 units from 21,493 units in the same month last year, the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) reported Tuesday. Sales of passenger cars… Read More
OPEC+ actual oil output fall to be lower than quota cuts: Fitch
October 11, 2022, 4:28 pm
ANKARA – The decision by the Organization of Petroleum Exporting Countries (OPEC) and allies, known as OPEC+, to cut oil production by 2 million barrels per day (bpd) starting in November will have a muted impact on global oil market since the actual output cuts will be smaller, Fitch Ratings… Read More
Stocks, peso down on more rate hikes expectations
October 10, 2022, 7:23 pm
MANILA – All counters in the local bourse ended Monday in the negative territory while the peso again ended to its record-low close against the United States dollar of 59.00 on expectations for additional hikes in the Federal Reserve’s key rates. The Philippine Stock Exchange index (PSEi) shed… Read More
BTr makes partial award as T-bill rates sustain climb
October 10, 2022, 7:11 pm
MANILA – The Bureau of the Treasury (BTr) partially awarded the 91- and 182-day Treasury bills (T-bills) on Monday but fully rejected bids for the one-year paper as rates continued to rise. The average rate of the three-month paper rose to 3.819 percent and the six-month’s to 4.415 percent.… Read More
Economist eyes recovery of FDIs to PH
October 10, 2022, 5:36 pm
MANlLA – An economist remains optimistic of foreign direct investments (FDIs) to the Philippines amid the decline last July, citing gains from fiscal reform measures and the economic policies of the Marcos administration. The Bangko Sentral ng Pilipinas (BSP) on Monday reported the 64.4 percent… Read More
Big-time oil price hike set on Oct. 11
October 10, 2022, 4:47 pm
MANILA – Oil companies will implement price hikes on petroleum products, with increases higher than the Department of Energy's (DOE) outlook. In separate statements, Caltex, Cleanfuel, Jetti, Petro Gazz, Phoenix Petroleum, PTT Philippines, Seaoil and Shell said they will increase gasoline prices… Read More
PPP Act eyed to boost public-private projects
October 10, 2022, 2:46 pm
MANILA – Public-Private Partnership (PPP) Center Executive Director Ma. Cynthia Hernandez said the government aims to pass a PPP Law that will polish the current Build-Operate-Transfer (BOT) Law to boost PPP projects across the country. During the infrastructure forum hosted by the Economic… Read More
