Business
BSP accelerates digitalization via QR Ph P2M
July 27, 2022, 3:44 pm
MANILA – The QR Ph Person-to-Merchant (P2M) payment facility, now fully implemented, is expected to further enhance financial consumers’ access to safe, efficient and reliable digital payments, according to the Bangko Sentral ng Pilipinas (BSP). Launched in October 2021, QR Ph P2M enables… Read More
Gov't needs catch-up plan to meet spending program: Diokno
July 26, 2022, 9:14 pm
MANILA – The government needs to implement a program that will allow it to meet programmed spending and hit its growth target for the year. “They have to have a catch-up plan,” Finance Secretary Benjamin Diokno said during an interview at the sidelines of the post-SONA economic briefing at… Read More
Gov't to review funding options for several major infra projects
July 26, 2022, 9:08 pm
MANILA – The government will review funding proposals and options for several infrastructure projects previously eyed to be financed by China. “We will revisit. At saka (and we will) we will resubmit it to NEDA (National Economic and Development Authority) just in case,” Finance Secretary… Read More
PH stocks up ahead of Fed policy rate decision; peso strengthens
July 26, 2022, 8:49 pm
MANILA – Local shares recovered on Tuesday amid the wait-and-see mode ahead of the Federal Reserve’s policy rate decision announcement, while the peso improved against the US dollar. The Philippine Stock Exchange index (PSEi) gained 0.22 percent, or 13.47 points, to 6,223.00 points. All… Read More
Past admin’s tax reforms give gov’t fiscal space to boost economy
July 26, 2022, 8:42 pm
MANILA – Finance Secretary Benjamin Diokno said on Tuesday tax reforms of the past administration provide the current government the fiscal space that will allow it to further expand the domestic economy capacity. During the post-State of the Nation Address (SONA) economic briefing of Cabinet… Read More
Sustained growth most viable way to cut poverty, says Balisacan
July 26, 2022, 8:42 pm
MANILA – The Philippines can join the ranks of upper middle income economies by 2024 provided the economy sustains current growth and even accelerates this and next year, Socioeconomic Planning Secretary Arsenio Balisacan said Tuesday. “At the rate we are growing and assuming we will achieve… Read More
Marcos admin to focus on reducing energy cost: DOE execs
July 26, 2022, 6:37 pm
MANILA – Officials from the Department of Energy (DOE) said on Tuesday one of the agenda in the energy sector of the Marcos administration is to reduce the cost of fuel and power in the country. DOE director Mario Marasigan said since the country is dependent on imported petroleum products, the… Read More
BOC-Port of Clark exceeds July target collection
July 26, 2022, 6:01 pm
CITY OF SAN FERNANDO, Pampanga – The Bureau of Customs (BOC)-Port of Clark has surpassed its collection target for seven straight months. A report from the Collection Division showed that BOC-Port of Clark exceeded its target with a collection of PHP258.21 million as early as July 25 as compared… Read More
DTI chief cites PPP, infra in addressing logistics constraints
July 26, 2022, 4:57 pm
MANILA – Constraints in the logistics sector is one of the challenges that the country should address to attract more investors into the country and to develop local industries, Department of Trade and Industry (DTI) Secretary Alfredo Pascual said. During the post-State of the Nation Address… Read More
BSP chief discounts another off-cycle rate hike
July 26, 2022, 1:04 pm
MANILA – Any further changes in the Bangko Sentral ng Pilipinas’ (BSP) key policy rates will not be made off-cycle again, BSP Governor Felipe Medalla said. During the post-State of the Nation Address (SONA) economic briefing of the Cabinet at the Philippine International Convention Center… Read More
Economist backs reopening of economy to sustain growth
July 25, 2022, 8:45 pm
MANILA – Additional measures to reopen the economy, which was reiterated during the President’s first State of the Nation Address (SONA), will continue to back economic recovery and help address challenges brought by the pandemic. Rizal Commercial Banking Corporation (RCBC) chief economist… Read More
Peso performance to be major factor in BSP rate adjustments
July 25, 2022, 8:32 pm
MANILA – Any rate adjustment decision by the Bangko Sentral ng Pilipinas (BSP) will depend not only on the rising inflation rate but the peso’s performance, an economist said. BSP’s policy-making Monetary Board (MB) made an off-cycle 75 basis points increase in the central bank’s key rates… Read More
PH stocks slip ahead of Fed meet; peso improves
July 25, 2022, 7:39 pm
MANILA – The wait-and-see stance for the Federal Reserve’s rate decision this week mainly resulted in the negative close of the local stock barometer on Monday but the peso improved against the US dollar. The Philippine Stock Exchange index (PSEi) shed 0.86 percent, or 53.86 points, to… Read More
Oil down over demand woes ahead of Fed meeting
July 25, 2022, 7:36 pm
ANKARA – Oil prices extended losses from last week on Monday over demand concerns ahead of the US Federal Reserve's two-day meeting to agree on an interest rate hike to tame record-high inflation. International benchmark Brent crude was trading at USD97.38 per barrel at 10:05 a.m. local time… Read More
PBBM eyes tax admin reforms to boost revenue collection
July 25, 2022, 4:15 pm
#PBBMSONA2022MANILA – President Ferdinand “Bongbong” Marcos Jr. in his Monday’s State of the Nation Address (SONA) said tax administration reforms will be in place to increase revenue collection as the economy is expected the grow by 6.5 to 7.5 percent this year. “Expenditure priorities… Read More
BSP keeps market-determined forex policy despite depreciation
July 25, 2022, 10:03 am
#PBBMSONA2022MANILA – Monetary authorities maintain that a market-determined exchange rate policy is still good for the Philippine peso despite its depreciation. To date, the peso is trading at 56-level against the greenback, a far cry from its 53-level at the start of the year. The local unit… Read More
PSEi recovers amid slump in oil prices; peso on sideways path
July 22, 2022, 8:51 pm
MANILA – The local stock barometer recovered on Friday after slipping in the past days while the peso sustained its sideways finish against the US dollar. The Philippine Stock Exchange index (PSEi) rose by 0.12 percent, or 7.22 points, to 6,263.39 points. All Shares, meanwhile, ended flat with a… Read More
Oil prices rise on strengthening demand
July 22, 2022, 7:42 pm
ANKARA – The uptick in global oil demand pushed oil prices higher on Friday. International benchmark Brent crude was trading at $105.32 per barrel at 9:50 a.m. local time (0650 GMT) for a 1.41-percent increase after the previous session closed at $103.86 a barrel. American benchmark West Texas… Read More
Euro inflation to remain 'undesirably high' for some time
July 22, 2022, 7:15 pm
ANKARA – Eurozone inflation will remain "undesirably high" for some time owing to continued pressure from energy and food prices, European Central Bank (ECB) chief Christine Lagarde said on Thursday. The bank hiked rates Thursday for the first time in over a decade after eurozone inflation hit… Read More
BSP 28-day bill rises
July 22, 2022, 6:33 pm
MANILA – The rate of the central bank’s 28-day securities rose on Friday but demand remained high, which a ranking Bangko Sentral ng Pilipinas (BSP) executive attributed to ample liquidity in the economy. BSP data show that the average rate of the debt paper, which is among the central… Read More
