Business
EU looks to curb energy firms' profits to rein in soaring prices
September 8, 2022, 5:28 pm
BRUSSELS – EU Commission chief Ursula von der Leyen on Wednesday unveiled a proposal to curb revenues of energy companies as part of a set of new measures to tackle “astronomic energy prices.” Ahead of Friday’s emergency meeting of EU energy ministers, she announced a package of five key… Read More
High oil prices, weak peso push Meralco rates upward
September 8, 2022, 2:50 pm
MANILA – Power rates in franchise areas of the country’s largest distribution utility, Manila Electric Co. (Meralco), will increase in September mainly due to higher fuel cost and peso depreciation. On Tuesday, Meralco announced that it will increase electricity rates by PHP0.3907 per… Read More
HSBC launches new product on positive PH growth prospects
September 7, 2022, 9:05 pm
MANILA — Longer-term growth prospects of the domestic economy made HSBC officials optimistic on launching a new product that would help secure the future of Filipinos amidst the continuing threat of the pandemic. In a briefing on Wednesday, HSBC president and chief executive officer Sandeep… Read More
Oil prices decline to 7-month lows
September 7, 2022, 7:58 pm
ANKARA — Oil prices declined to seven-month lows on Wednesday as fears of a global economic recession and ongoing lockdowns in the world’s largest oil-consuming country China weighed on market sentiment, increasing demand concerns. International benchmark Brent crude traded at USD91.77 per… Read More
Peso hits new all-time low of 57.13; PSEi tracks Wall St.’s drop
September 7, 2022, 6:58 pm
MANILA — Fears on the impact of the Federal Reserve’s tightening moves again hurt the local bourse on Wednesday, resulting in the negative close of the main index and the further weakening of the peso. The Philippine Stock Exchange index (PSEi) slid by 2.32 percent, or 155.52 points, to… Read More
SEC approves ACEN Corporation’s Asean green bonds
September 7, 2022, 5:24 pm
MANILA — The Securities and Exchange Commission (SEC) has considered favorably the shelf registration of ACEN Corporation for Asean green bonds worth PHP30 billion. In its Sept. 6 meeting, the commission en banc resolved to render effective the registration statement of ACEN covering up to… Read More
Yen dips to 144 zone vs. dollar for 1st time in 24 years
September 7, 2022, 4:05 pm
TOKYO — The yen weakened to the 144 zone against the United States dollar on Wednesday, hitting a new 24-year low, as investors continued to sell the Japanese currency in anticipation of higher interest rates in the US. Tokyo stocks fell in the morning as investors grew concerned over a… Read More
Oil mixed over clashing supply, demand fears as OPEC+ cuts output
September 6, 2022, 8:09 pm
ANKARA — Oil prices were mixed in early trading on Tuesday after oil producers in the OPEC+ group agreed to slightly cut production for October and amid fears of weak demand in the world’s second-largest oil consumer China from its ongoing strict pandemic restrictions. International benchmark… Read More
Digital bank exec eyes 10M active clients in 5 years
September 6, 2022, 8:05 pm
MANILA — An official of GoTyme Bank, one of the six digital banks allowed by the Bangko Sentral ng Pilipinas (BSP) to operate in the country, aims to have 10 million active customers in five years. In an interview at the sidelines of the launch of the partnership between GoTyme Bank, Visa, and… Read More
Stocks recover, peso ends sideways at 57-level
September 6, 2022, 7:34 pm
MANILA — Local shares recovered on Tuesday but the peso moved sideways closing at the 57-level against the US dollar, the third consecutive day of depreciation. The Philippine Stock Exchange index (PSEi) gained 0.26 percent or 9.24 points, to 3,550.95 points. However, All Shares declined by… Read More
BTr rejects bids for 3.5-year T-bonds
September 6, 2022, 6:24 pm
MANILA — Investors’ demand for high yield resulted in the full rejection of bids for the 3.5-year Treasury bond (T-bond) offered by the Bureau of the Treasury (BTr) on Tuesday. Had the auction committee fully awarded the debt paper, its key rate would have risen to 5.592 percent from 5.153… Read More
SEC approves Cebu Landmasters shelf offering
September 6, 2022, 4:04 pm
MANILA – The Securities and Exchange Commission (SEC) has considered favorably the debt securities program of Cebu Landmasters, Inc., which looks to raise as much as PHP8 billion from the first tranche. In its Sept. 6 meeting, the commission en banc resolved to render effective the… Read More
BSP cites broadening price pressures in PH
September 6, 2022, 1:19 pm
MANILA – Supply-side factors continue to drive the country’s inflation rate, which decelerated to 6.3 percent last August after a five-month rise, as the Bangko Sentral ng Pilipinas (BSP) cited broadening price pressures. Last month’s inflation rate slowed from the previous month’s 6.4… Read More
Targeted subsidies, agri to ease global inflationary pressures
September 6, 2022, 1:15 pm
MANILA – The National Economic and Development Authority (NEDA) highlights the government’s subsidy programs and its interventions to transform the country’s farming and food systems to ease the impact of global inflationary pressures and protect the purchasing power of Filipinos. The… Read More
More BSP rate hikes possible as peso weakens: economist
September 5, 2022, 8:46 pm
MANILA – Depreciation of the Philippine peso, which touched the 57-level mid-trade and closed at its lowest-ever against the United States dollar, is expected to make monetary authorities sustain their aggressive rate hikes. The local currency again slipped against the greenback and finished… Read More
80% of Cordillera MSMEs have adopted online systems: DTI
September 5, 2022, 8:29 pm
BAGUIO CITY – The Department of Trade and Industry (DTI) in the Cordillera Administrative Region (CAR) bared that more than 80 percent of the over 20,000 micro, small and medium enterprises (MSMEs) in the region have adopted online systems in their operations and are visible on the internet. … Read More
Oil up with supply fears ahead of OPEC+ meeting
September 5, 2022, 8:13 pm
ANKARA – Oil prices increased on Monday as investors expect that the world’s biggest oil producers will likely agree on a production cut for October during the OPEC+ meeting later in the day. International benchmark Brent crude traded at $95.08 per barrel at 09:13 a.m. local time (0613 GMT)… Read More
DTI-NegOr trains coffee farmers on harvesting, sorting, grading
September 5, 2022, 6:57 pm
DUMAGUETE CITY – Coffee farmers in Negros Oriental are starting to recover from the effects of the Covid-19 pandemic with a series of training provided by the Department of Trade and Industry (DTI) in the province, an official said on Monday. Maribel Sumanoy, focal person for the coffee cluster… Read More
Peso touches 57-level, stocks down on lack of leads
September 5, 2022, 6:54 pm
MANILA – The local stock barometer declined Monday after a good finish last week as trading for the week was greeted by United States Labor Day, while the peso touched the 57-level against the US dollar. The Philippine Stock Exchange index (PSEi) declined by 0.25 percent, or 16.61 points, to… Read More
BTr partially awards 91-day, 182-day T-bills
September 5, 2022, 6:27 pm
MANILA – The Bureau of the Treasury (BTr) partially awarded 91- and 182-day Treasury bills (T-bills) on Monday due to rate uptick but fully rejected bids for the 364-day tenor. It offered all tenors for PHP5 billion each but awarded PHP4.543 billion worth of three-month paper and PHP2.525… Read More
