Business
SEC approves Megawide bond offering
July 22, 2022, 4:25 pm
MANILA – The Securities and Exchange Commission (SEC) has considered favorably the public offering of Megawide Construction Corporation for up to PHP4 billion worth of fixed-rate bonds. In its meeting on July 21, the commission en banc resolved to render effective the registration statement for… Read More
Biotech innovator eyes over P500-M contribution to PH economy
July 22, 2022, 3:27 pm
MANILA – InterVenn Biosciences Philippines sees more than PHP500-million contribution to the Philippine economy this year, according to its founder and chief executive officer Aldo Carrascoso. This, as the biotechnology innovator strengthens its presence in the Philippines and Southeast Asia by… Read More
European Central Bank seen to hike rates for 1st time in decade
July 21, 2022, 9:04 pm
ANKARA – All eyes are on the European Central Bank's interest rate decision on Thursday, with economists expecting a 25-basis-point rise in eurozone borrowing costs. The bank is expected to raise rates for the first time in more than 10 years as eurozone inflation hit 8.6 percent in… Read More
PH banks seen to remain robust vs. recession, rate hike shocks
July 21, 2022, 8:40 pm
MANILA – Philippine banks remain generally strong to the impact of the rising interest rates and a possible recession but smaller ones need policy support due to their vulnerability to shocks, the Asean+3 Macroeconomic Research Office (AMRO) said. In a commentary issued on Thursday, the… Read More
PSEi slips as market consolidates; peso nearly unchanged
July 21, 2022, 7:14 pm
MANILA – Risk-off sentiments resulted in another negative close of the local bourse’s main index on Wednesday while the peso still finished sideways against the US dollar. The Philippine Stock Exchange index (PSEi) slipped by 0.30 percent, or 18.63 points, to 6,256.17 points. All Shares… Read More
Veteran banker Wick Veloso elected as GSIS chief
July 21, 2022, 3:53 pm
MANILA – With 36 years of banking experience under his belt, Jose Arnulfo “Wick” Veloso has been elected president and general manager of the Government Service Insurance System (GSIS) by its Board of Trustees during a special board meeting Thursday. “After three decades of working in… Read More
New Clark City poised to be next top tourist haven in Luzon
July 21, 2022, 3:33 pm
MANILA – The Bases Conversion and Development Authority (BCDA) is inviting investors to look into opportunities in New Clark City as the agency’s biggest land development is positioned to be the next top tourist destination in Luzon. In a statement Thursday, BCDA senior vice president Joshua… Read More
ADB raises 2022 growth forecast for PH
July 21, 2022, 1:55 pm
MANILA – The Philippine economy is forecast to grow faster than initially expected this year, following the relaxation of coronavirus disease 2019 (Covid-19) mobility restrictions in the country, the expansion of the coronavirus vaccination program, and a rebound in investment and household… Read More
PH stocks slip ahead of US earnings reports; peso almost flat
July 20, 2022, 8:26 pm
MANILA – The wait-and-see stance on corporate earnings reports in the US resulted in the slip of the local stock barometer on Wednesday but the local currency again ended sideways against the US dollar. After a two-day rally, the Philippine Stock Exchange index (PSEi) declined by 0.18… Read More
TDF rates up after recent BSP rate hike
July 20, 2022, 8:22 pm
MANILA – The rate of the Bangko Sentral ng Pilipinas’ (BSP) term deposit facility (TDF) rose on Wednesday following the off-cycle 75 basis points increase in the central bank’s key rates last week. The average rate of the seven-day facility jumped to 3.2459 percent and the 14-day’s to… Read More
BSP rates seen rising 4%
July 20, 2022, 8:18 pm
MANILA – The Bangko Sentral ng Pilipinas (BSP) is expected to raise its key rates to about 4 percent in line with ongoing normalization of monetary policy around the world due in part to accelerating inflation rate. The Asean+3 Macroeconomic Research Office (AMRO) forecasts domestic inflation… Read More
PH firm to launch all Filipino-owned eCommerce platform
July 20, 2022, 5:12 pm
MANILA – The first ever all Filipino-owned eCommerce platform will be launched around the second quarter of 2023. The technology is currently being developed by LB TEKSystems, also an all-Filipino IT company operating locally. “We are hoping to build a platform that would help online buyers… Read More
Euro area annual inflation surges to new record in June
July 19, 2022, 8:34 pm
ANKARA -- Euro area annual inflation spiked to 8.6 percent in June, the highest level on record, the European Union’s statistics office reported on Tuesday. The figure marked a significant jump from 8.1 percent in May and 1.9 percent in June 2021. “In June, the highest contribution to the… Read More
Science, tech, innovation key to driving economic growth: NEDA
July 19, 2022, 8:10 pm
MANILA – The interdisciplinary coordination of Science, Technology and Innovation (STI) will act as a catalyst in driving economic growth and addressing global risks and challenges, the National Economic and Development Authority (NEDA) said. During the 44th Annual Scientific Meeting (ASM)… Read More
Diokno to SEC: Expand PH capital market through digitalization
July 19, 2022, 8:05 pm
MANILA – Finance Secretary Benjamin Diokno has urged the Securities and Exchange Commission (SEC) to continue expanding the country’s capital market through digitalization to support economic growth. “My marching order to you now is to make the Philippine capital market more broad-based and… Read More
S. Korea, US agree to supply FX liquidity if needed
July 19, 2022, 8:00 pm
SEOUL – South Korea and the United States agreed Tuesday to implement liquidity facilities if needed, as part of efforts to cooperate in stabilizing the foreign exchange market. Seoul also expressed its "intent" to join a proposed price cap on Russian oil, after Finance Minister Choo Kyung-ho… Read More
Stocks, peso sustain rise as investors return to PH market
July 19, 2022, 7:44 pm
MANILA – The recovery of the main stocks index continued Tuesday, defying counterparts in the region, and it was mirrored by the local currency. The Philippine Stock Exchange index (PSEi) gained 0.28 percent, or 17.46 points, to 6,286.24 points. All Shares rose by 0.34 percent, or 11.30… Read More
10-year T-bond rate drops on strong appetite
July 19, 2022, 6:15 pm
MANILA – The appetite for long-tenors boosted demand for the 10-year Treasury bond (T-bond), which registered a lower rate on Tuesday. The average rate of the debt paper went down to 6.865 percent from 7.145 percent previously. The Bureau of the Treasury (BTr) offered the T-bond for PHP35… Read More
Demand for retail space returning to pre-Covid level
July 19, 2022, 4:02 pm
MANILA – Demand for commercial space is supporting the growth of the country’s property market with the easing of travel restrictions and recovery from the pandemic. Real estate services company Santos Knight Frank reported Tuesday that vacancy rate in the commercial sector for the second… Read More
T-bill rates up after BSP rate hike
July 18, 2022, 8:42 pm
MANILA – The rates of Treasury bills (T-bills) rose on Monday following the surprise rate hike in the Bangko Sentral ng Pilipinas’ (BSP) key rates last week. The average rate of 91-day T-bill inched up to 2.323 percent, the 182-day’s to 3.083 percent, and the 364-day’s to 3.258 percent.… Read More
