Business
Diokno to G20: PH to be world leader in climate action
July 18, 2022, 8:36 pm
MANILA – Finance Secretary Benjamin Diokno said President Ferdinand “Bongbong” Marcos Jr. will continue pursuing a whole-of-nation approach in mitigating climate risks, as the Philippines commits to be at the forefront of global climate action. “The Philippines is one of the countries at… Read More
NegOr exec convenes dev't council for synchronized MSME aid
July 18, 2022, 8:16 pm
DUMAGUETE CITY – Negros Oriental Gov. Pryde Henry Teves is convening the Provincial Micro, Small and Medium Enterprises (MSMEs) Development Council (Provincial MSMED Council) in a bid to synchronize the government assistance programs for small businesses. Krystle Jade Bato, information officer… Read More
Stocks, peso start week with gains
July 18, 2022, 8:11 pm
MANILA – The main equities index recovered on Monday while the peso gained against the greenback due partly to positive economic news from the United States. After sliding for most of last week, the Philippine Stock Exchange index (PSEi) gained by 1.19 percent, or 73.52 points, to 6,268.78… Read More
Oil up as cheap dollar boosts investor sentiment
July 18, 2022, 8:04 pm
ANKARA – Oil prices edged up on Monday, supported by a weaker dollar, as investors weighed tight supplies and the impact on fuel demand from the coronavirus disease 2019 (Covid-19) pandemic after China reimposed several restrictions. International benchmark Brent crude was trading at USD102.68… Read More
Another ‘big-time’ oil price rollback set this week
July 18, 2022, 5:58 pm
MANILA – Oil firms will implement another price rollback effective Tuesday. In separate advisories, Seaoil, Petro Gazz, PTT Philippines, and Petron said price of their gasoline products will be slashed off PHP5 per liter while price of diesel will be reduced by PHP2 per liter. The same amount… Read More
Cordillera products on sale at Baguio trade fair
July 18, 2022, 2:47 pm
BAGUIO CITY – The Department of Trade and Industry (DTI) in the Cordillera Administrative Region (CAR) is urging the public to "take a trip around the region" through the featured products of the different provinces at the "Impakabsat" trade fair in SM-Baguio mall. In an interview on Monday,… Read More
Economic recovery to boost demand for insurance coverage
July 16, 2022, 10:24 am
MANILA – The importance of protecting one’s health and having health insurance coverage got a big boost during the pandemic, hence, the outlook for the continued robust growth of the bancassurance business of a local firm. Citing results of surveys conducted by the company and its partners,… Read More
Stocks, peso end week down on rate hike concerns
July 15, 2022, 8:25 pm
MANILA – Worries on further tightening of monetary policies contributed to the negative close of the local bourse’s main index on Friday and the slide of the peso against the US dollar. The Philippine Stock Exchange index (PSEi) slipped by 0.85 percent, or 52.87 points, to 6,195.26… Read More
PH growth to remain strong amid challenges
July 15, 2022, 8:18 pm
MANILA – Growth in the second quarter and the rest of 2022 is expected to remain strong amid the threats of inflation and other external events. Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort forecasts second quarter economic growth of at least 8 percent,… Read More
US Treasury chief says inflation 'unacceptably high'
July 15, 2022, 8:00 pm
ANKARA – US Treasury Secretary Janet Yellen said Thursday the country’s inflation is "unacceptably high" and the administration’s top economic priority is to bring it down. "President (Joe) Biden and I agree that we will be stronger in responding to the immense global challenges we face… Read More
PH ready for risks and challenges to economic recovery
July 15, 2022, 5:23 pm
MANILA – The Philippines is fully prepared to address risks and challenges that threaten its economic recovery, Finance Secretary Benjamin Diokno said. “We have a comprehensive set of interventions to effectively balance the need to sustain growth momentum while containing inflationary… Read More
BSP 28-day bills' rate rises after BSP rate hike
July 15, 2022, 4:21 pm
MANILA – The rate of the Bangko Sentral ng Pilipinas’ (BSP) 28-day bills rose on Monday but the central bank said demand for the paper remained strong. The average rate of the debt paper, which is among the BSP’s tools to mop up excess liquidity from the financial system, inched up to… Read More
Economic Watch: All eyes on Fed as US inflation surges
July 14, 2022, 9:35 pm
WASHINGTON – United States consumer prices exploded upwards last month, marking the latest high in surging inflation. All eyes are now on the US Federal Reserve, as the bank could continue its aggressive rate path on the news. "Today's shockingly high consumer price inflation number does not… Read More
Stocks index almost flat, peso strengthens after BSP rate hike
July 14, 2022, 8:56 pm
MANILA – The surprise 75 basis points increase in the Bangko Sentral ng Pilipinas’ (BSP) key rates on Thursday allowed the local bourse’s main index to finish almost flat while the peso strengthened to 55-level mid-trade. The Philippine Stock Exchange index (PSEi) declined by 0.12 percent,… Read More
2023 national budget needs efficient balancing act: DBM chief
July 14, 2022, 8:03 pm
MANILA – The current government will “balance everything” despite the small increase in the programmed budget for 2023 at PHP5.27 trillion, Budget and Management Secretary Amenah Pangandaman said. “After the number crunching, it’s really PHP5.2 trillion so we really have to work on that… Read More
PESONet, InstaPay designated as prominently impt payment systems
July 14, 2022, 4:42 pm
MANILA – The Monetary Board approved the designation of PESONet and InstaPay as prominently important payment systems (PIPS) pursuant to the National Payment Systems Act (NPSA). Under the Payment System Oversight Framework, PIPS refers to a payment system which may not trigger or transmit… Read More
PH economy, robust to absorb impact of BSP rate hikes: Diokno
July 14, 2022, 3:55 pm
MANILA – The continued recovery of the Philippine economy provides it the resiliency to absorb further increases in the Bangko Sentral ng Pilipinas’ (BSP) key rates, Finance Secretary Benjamin Diokno said Thursday. Diokno told journalists that the BSP’s monetary policy normalization is among… Read More
BSP announces off-cycle 75 bps rate hike
July 14, 2022, 2:32 pm
MANILA – Bangko Sentral ng Pilipinas’ (BSP) key rates were hiked by 75 basis points on Thursday to address increasing inflationary risks and anchor inflation expectations, BSP Governor Felipe Medalla said. The decision was made during a regular meeting of the policy-making Monetary Board and… Read More
Oil trades below $100 amid fears of global recession
July 13, 2022, 8:46 pm
ANKARA – Oil prices fell on Wednesday as markets worry that aggressive interest rate hikes to stem the inflation will spur an economic downturn, further curbing the oil demand. International benchmark Brent crude was trading at USD99.34 per barrel at 9.10 a.m. local time (0610GMT) for a 0.15… Read More
FMIC eyes 6-7% growth for PH economy in 2022
July 13, 2022, 8:45 pm
MANILA – First Metro Investment Corporation (FMIC) forecasts the economy growing between 6 to 7 percent this year and likely outperform regional peers. In a virtual briefing on Wednesday, FMIC president Jose Patricio Dumlao said there were unexpected events in the first six months of this… Read More
