Business
OECD sees slowdown in global growth
September 27, 2022, 6:04 pm
PARIS – The Organization for Economic Cooperation and Development (OECD) said on Monday that global economic growth is projected to remain subdued in the second half of 2022, before slowing further in 2023 to an annual growth of just 2.2 percent. "A key factor slowing global growth is the… Read More
BTr rejects anew bids for 91, 364-day T-bills
September 27, 2022, 5:05 pm
MANILA – The Bureau of the Treasury (BTr) again rejected bids for the 91-day and 364-day Treasury bills (T-bills) on Tuesday but partially awarded the 182-day tenor after investors asked for high yields. The average rate of the six-month paper rose to 3.958 percent from 3.810 percent during the… Read More
Oil slips to 9-month low
September 26, 2022, 8:55 pm
ANKARA – Oil prices continued to plunge on Monday to nine-month lows as several countries opted to increase interest rates to tame rising inflation amid recession concerns, triggering anxiety over weak demand. International benchmark Brent crude traded at $84.07 per barrel at 10:22 a.m. local… Read More
IMF slashes 2022 growth forecast for PH
September 26, 2022, 8:52 pm
MANILA – The International Monetary Fund (IMF) slashed its 2022 growth forecast for the Philippines from 6.7 percent to 6.5 percent after noting the impact of global economic slowdown. In a briefing on Monday after the debt lender’s annual Article IV Consultation, Mission chief Cheng Hoon Lim… Read More
OECD cuts 2023 global growth outlook to 2.2%
September 26, 2022, 8:43 pm
TOKYO – The global economy will likely grow 2.2 percent in 2023, slower than the 2.8 percent projected earlier, weighed down by monetary tightening in advanced economies to fight inflation, the Organization for Economic Cooperation and Development (OECD) said Monday. Japan will see growth of… Read More
Metrobank clients in Karding-hit areas urged to go online
September 26, 2022, 6:37 pm
MANILA – Metropolitan Bank & Trust Co. (Metrobank) said its platforms remain online even as operations of branches in areas affected by Typhoon “Karding” have been suspended on Monday. In an advisory, the bank said its internet banking platform Metrobank online, the Metrobank mobile app,… Read More
Fitch Solutions eyes add’l 75 bps hike in BSP rates
September 26, 2022, 6:29 pm
MANILA – Elevated domestic inflation, weakening of the peso, and expected additional hikes in the Federal Reserve funds rate are factors expected to push the Bangko Sentral ng Pilipinas’ (BSP) key rates higher to 5 percent by end-2022. Fitch Solutions, in a report dated Sept. 23 and released… Read More
Another oil price rollback set this week
September 26, 2022, 5:22 pm
MANILA – Oil companies have announced they will slash anew their pump prices on Tuesday. In separate advisories Monday, Caltex, Cleanfuel, Eastern Petroleum, Petro Gazz, PTT Philippines, Seaoil, Shell, and Unioil said they will cut gasoline prices by PHP1.65 per liter and diesel prices by… Read More
Landbank warns clients, public vs. phishing scam using Google Ads
September 23, 2022, 8:42 pm
MANILA – State-owned Land Bank of the Philippines (Landbank) has urged its clients and the general public to be wary of an online scam using Google Ads that is linked to a fake Landbank website. “Landbank has not placed any ads on Google. The Bank is currently working with Google to bring… Read More
BSP’s 28-day bills rate up anew
September 23, 2022, 8:34 pm
MANILA – The rate of the Bangko Sentral ng Pilipinas’ (BSP) 28-day bills rose on Friday, tracking the path of the central bank’s key policy rates. The average rate of the debt securities rose to 4.4203 percent from 4.2224 percent during the auction last Sept. 16. The BSP kept the offer… Read More
PH peso posts another record-low, stocks gauge slips anew
September 23, 2022, 8:30 pm
MANILA – Recession worries resulted in the local main stocks index ending the week below 6,300-level while the peso registered another record-low against the US dollar despite its sideways close on Friday. The local currency again slipped to its new record low after closing the week at 58.5,… Read More
Inflation hits biz, consumer confidence in Q3
September 23, 2022, 6:05 pm
MANILA – The faster pace of increase in prices of goods and services has been the major reason for the decline in confidence among businesses and consumers in the third quarter of the year. The Bangko Sentral ng Pilipinas (BSP) reported Friday that overall confidence index (CI) among businesses… Read More
NEDA chief cites agri, mining as PH growth drivers
September 23, 2022, 5:19 pm
MANILA – Socioeconomic Planning Secretary Arsenio Balisacan on Thursday cited agriculture as a vital growth driver for the country, while mining industry should be further explored to increase its contribution to the economy. "We have to reinvigorate agriculture, thus that the high price of… Read More
Peso hits new record low, stocks slip anew
September 22, 2022, 8:23 pm
MANILA – Both the Philippine peso and the main equities index finished Thursday down, with the local unit registering a fresh all-time low, following the widely expected 75 basis points increase in the Federal Reserve’s key rates. The local currency posted another record-low against the US… Read More
Peso still market-determined amid BSP intervention
September 22, 2022, 7:51 pm
MANILA -- The latest increase in the Bangko Sentral ng Pilipinas’ (BSP) key rates is expected to help address the peso’s depreciation but a monetary official said they do not target a level for the local currency. “This adjustment shall help alleviate some pressures on the peso, which… Read More
Lower inflation requires below-trend economic growth: Fed chair
September 22, 2022, 7:47 pm
ANKARA -- The Federal Reserve Chair Jerome Powell said Wednesday that reducing the record-high inflation in the United States will require a below-trend growth in the American economy for some time. "Reducing inflation is likely to require a sustained period of below-trend (economic) growth, and… Read More
BSP hikes rates anew by 50 bps
September 22, 2022, 6:01 pm
MANILA -- The Bangko Sentral ng Pilipinas’ (BPS) key rates were hiked by another 50 basis points on Thursday, the second of similar rate increase so far this year after monetary authorities noted the broadening price pressures. Effective on Sept. 23, the BSP’s overnight reverse repurchase… Read More
DOE completes Natural Gas Development Plan
September 22, 2022, 5:55 pm
MANILA – The Department of Energy (DOE) and the University of the Philippines Statistical Center Research Foundation, Inc. (UPSCRFI) have completed the Natural Gas Development Plan (NGDP) that aims to attract investments in the country’s downstream natural gas industry. The NGDP, which is the… Read More
Individuals, groups urged to pay SSS contributions of JOs, OFWs
September 22, 2022, 2:39 pm
MANILA – The state-run Social Security System on Thursday urged individuals and groups to subsidize the monthly contributions of members from the informal sector, job order workers and land-based overseas Filipino workers (OFWs). In a statement, SSS President and Chief Executive Officer Michael… Read More
US Fed raises interest rates 75 bp for 3rd straight time
September 22, 2022, 2:17 pm
ANKARA -- The United States Federal Reserve raised its benchmark interest rate Wednesday by 75 basis points for the third consecutive time to fight record inflation. The Federal Open Market Committee (FOMC) unanimously decided to raise the target range for the federal funds rate to the 3.00… Read More
