Business
BSP revises 2022, 2023 BOP assumptions
September 17, 2022, 9:49 am
MANILA – Philippine monetary authorities have projected a larger deficit in the country’s balance of payment (BOP) position this 2022 at around USD8.4 billion from the previous USD6.3 billion. However, the 2023 forecast improved from a USD2.6 billion deficit to USD2.5 billion. BSP Department… Read More
Peso hits new all-time low of 57.43, stocks slip
September 16, 2022, 7:58 pm
MANILA – Risk-off sentiments reigned in both the local bourse and the foreign currency market on Friday, with the peso posting another all-time low against the US dollar, ahead of the Federal Reserve meeting next week. The peso posted another all-time low against the US dollar at 57.43 from… Read More
BOT Law Review Committee approves amendments to IRR
September 16, 2022, 7:15 pm
MANILA – The Cabinet-level Committee on the Build-Operate-Transfer (BOT) Implementing Rules and Regulations (IRR) has approved the proposed amendments to the 2022 IRR of the BOT Law during its meeting held on Sept. 15. During the meeting presided over by National Economic and Development… Read More
Global economy could face recession with monetary tightening: WB
September 16, 2022, 7:08 pm
ANKARA – The global economy could soon face a recession due to central banks' monetary tightening and rising interest rates, the World Bank said in a report on Thursday. "Experience from earlier recessions suggests that at least two developments --which either have already materialized in recent… Read More
BSP's 28-day securities rate rise ahead of MB meet
September 16, 2022, 7:05 pm
MANILA – Uptick in the rate of the Bangko Sentral ng Pilipinas’ (BSP) 28-day securities resumed on Friday, and demand continued to remain strong, from the decline in the previous week. Data released by the central bank showed the average rate of the 28-day bill rose to 4.2224 percent from… Read More
Oil up as traders cash in on declining prices
September 16, 2022, 7:02 pm
ANKARA – Oil prices edged higher on Friday after traders availed of profit-taking from Thursday’s low prices, although gains were limited by global recession fears and weak oil demand. International benchmark Brent crude traded at $91.74 per barrel at 10:07 a.m. local time (1007GMT) for a 0.99… Read More
PCC sets new thresholds for mergers, acquisitions notification
September 16, 2022, 5:54 pm
MANILA – The Philippine Competition Commission (PCC) has set provisional thresholds for merger and acquisition (M&A) notification at PHP6.1 billion for Size of Party (SoP) and PHP2.5 billion for Size of Transaction (SoT). The provisional threshold is effective Sept. 16, after the Bayanihan to… Read More
BIR exceeds August collection goal
September 16, 2022, 5:14 pm
MANILA – The Bureau of Internal Revenue (BIR) on Friday announced it collected PHP228.938 billion for the month of August, surpassing its target by 4.46 percent. In a statement, the BIR, which is tasked to collect around 70 percent of revenues for the government, said its August collection is… Read More
Another off-cycle BSP rate hike possible: economist
September 16, 2022, 7:57 am
MANILA – An economist is open to another off-cycle rate increase from the Bangko Sentral ng Pilipinas (BSP) as the United States' August 2022 inflation surpassed expectations despite a deceleration to 8.3 percent. The US consumer price index (CPI) slowed from 8.5 percent to 8.3 percent last… Read More
Economic recovery to boost remittance growth: economist
September 15, 2022, 8:25 pm
MANILA – The continued recovery of economies hosting overseas Filipino workers (OFWs) is expected to further support expansion of remittances, one of the strong pillars of domestic growth. The Bangko Sentral ng Pilipinas (BSP) on Thursday reported the 2.3 percent year-on-year increase in… Read More
PESONet, InstaPay transactions sustain rise
September 15, 2022, 7:13 pm
MANILA – State-run pension disbursements, along with wider usage of electronic money (e-money) and Internet banking, boosted the growth of both PESONet and InstaPay transactions as of the end of July 2022. The Bangko Sentral ng Pilipinas (BSP) said Thursday the value of transactions under… Read More
PSEi up slightly, peso almost unchanged ahead of US economic data
September 15, 2022, 6:14 pm
MANILA – Risk-off sentiments continue to dampen investors’ appetite, resulting in another negative close for the local bourses’ main index but the peso continues to keep its footing against the US dollar. The Philippine Stock Exchange index (PSEi) shed 0.11 percent, or 7.19 points, to… Read More
DTI cites benefits of joining US Indo-Pacific economic plan
September 15, 2022, 5:00 pm
MANILA – The Department of Trade and Industry (DTI) on Thursday highlighted the benefits for the Philippines from joining the United States-led Indo-Pacific Economic Framework (IPEF), such as cooperation with the US in renewable energy and green metals. In a statement, the DTI said a US firm… Read More
POGO expansion boosts demand for Eton office spaces
September 14, 2022, 9:08 pm
MANILA – Expansion moves by Philippine offshore gaming operators (POGO), along with strong client relations, boosted office space development of Eton Properties in the second half of the year. In a statement on Wednesday, the property developer said it inked a deal with one of Southeast… Read More
BSP term deposit facility rates up anew
September 14, 2022, 7:52 pm
MANILA – The rate of the Bangko Sentral ng Pilipinas’ (BSP) term deposit facility (TDF) rose anew on Wednesday in line with the path of domestic interest rates. Data released by the central bank showed that the average rate of the seven-day facility increased to 3.8543 percent and the 14-day… Read More
PH stocks, peso slip on higher-than-expected US inflation
September 14, 2022, 6:43 pm
MANILA – The United States’ higher-than-expected consumer price index (CPI) for August 2022 at 8.3 percent resulted in across-the-board decline in the local bourse on Wednesday, which was mirrored by the peso. The Philippine Stock Exchange index (PSEi) lost 1.77 percent, or 118.95 points, to… Read More
Car sales jump 90% in August
September 14, 2022, 6:07 pm
MANILA – Sales of automotive vehicles in August 2022 jumped by 90.5 percent to 30,185 units from 15,847 units in August last year, the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and Truck Manufacturers Association (TMA) reported Wednesday. “The recovery of the… Read More
Rising interest rate has no instant effect on insurance products
September 14, 2022, 6:01 pm
MANILA – An official of London-based Prudential Plc is optimistic that the rising interest rate will not have any immediate hit on the pricing of their insurance products as authorities are now addressing the issue. In a briefing on Wednesday, Prudential chief health officer Andrew Wong said… Read More
Include unplanned outages trend in power forecast: PEMC
September 14, 2022, 5:52 pm
MANILA – The Philippine Electricity Market Corporation (PEMC) has called for a “realistic forecast” of power supply that would include the trend of forced outages of power generation plants to secure reliable electricity sources throughout the years. In a hearing of the Senate Committee on… Read More
Europe takes new measures vs. energy crisis
September 13, 2022, 8:23 pm
BRUSSELS – European countries are taking various measures such as limiting energy prices, reducing taxes, helping needy people, and lowering the temperatures in public buildings against the rapidly increasing natural gas and electricity prices. Russia's interruption of natural gas supplies to… Read More
