Business
Global oil supply up in June: International Energy Agency
July 13, 2022, 8:38 pm
ANKARA – Global oil supply in June increased by 690,000 barrels per day (bpd) to around 99.5 million bpd, the International Energy Agency (IEA) said in its monthly oil market report on Wednesday. The IEA said Russia’s resilience despite international sanctions bolstered the world oil supply… Read More
BSP’s term deposit facility rates decline amid ample liquidity
July 13, 2022, 8:35 pm
MANILA – The rates of the Bangko Sentral ng Pilipinas’ (BSP) term deposit facility (TDF) declined on Wednesday which a ranking central bank official attributed to strong demand given the ample domestic liquidity situation. The average rate of the seven-day TDF, which is among the central… Read More
PSEi slips ahead of US inflation data; peso takes breather
July 13, 2022, 7:29 pm
MANILA – Risk-off sentiments reigned in the local bourse on Wednesday, resulting in the negative close of the main equities index, but the peso managed to close sideways against the US dollar. The Philippine Stock Exchange index (PSEi) shed 1.49 percent, or 94.57 points, to 6,255.37… Read More
DBM supports rightsizing of gov’t agencies, personnel
July 13, 2022, 6:57 pm
MANILA – Department of Budget and Management (DBM) Secretary Amenah Pangandaman said Wednesday the department supports the thrust of the Marcos administration for a lean, efficient, and responsive government workforce. In an interview over DZBB, Pangandaman revealed that a proposal to rightsize… Read More
Give TRAIN, CREATE laws more time to see gains: DOF chief
July 13, 2022, 6:52 pm
MANILA – Department of Finance (DOF) Secretary Benjamin Diokno discounts the need to introduce further reforms in both the personal and corporate income tax systems, noting these have been amended a few years back. “We just amended both PIT (personal income tax) and CIT (corporate income… Read More
World in major energy crisis: International Energy Agency head
July 12, 2022, 8:26 pm
ANKARA -- The world has never witnessed such a major energy crisis in terms of its depth and its complexity, Fatih Birol, the executive director of the International Energy Agency (IEA), said on Tuesday. Birol, speaking at a global energy forum in Sydney, said the world is in the middle of the… Read More
Euro falls to fresh 20-year low level vs. US dollar
July 12, 2022, 8:14 pm
ANKARA – The Euro declined to a fresh 20-year low level against the US dollar on Monday, with the US Federal Reserve's monetary tightening and Russia's war on Ukraine which threatens the energy supply for Europe. The euro against the dollar fell to as low as $1.0053 at 9.49 a.m. EDT… Read More
PH stocks gauge down, peso slips to nearly 18-year low
July 12, 2022, 7:23 pm
MANILA – Risk-off sentiments ahead of the release of the United States June 2022 inflation report weakened both the local stock barometer and the peso which closed to its nearly 18-year low on Tuesday. The Philippine Stock Exchange index (PSEi) shed 0.61 percent, or 38.7 points, to 6,349.94… Read More
BSP continues to make progress in sustainable finance
July 12, 2022, 6:07 pm
MANILA – The Bangko Sentral ng Pilipinas (BSP) continues to make progress in sustainable finance as it releases the third phase of regulations aimed at fostering wider adoption of sustainability principles in the domestic financial system. "The BSP recognizes the urgency of promoting the… Read More
PLDT's new 'Jupiter' cable system to boost PH int'l data capacity
July 12, 2022, 5:02 pm
MANILA – The new ‘Jupiter’ cable system is seen to boost the international data transfer capacity of the Philippines and is now the fastest cable system between the Philippines and the United States. In a statement on Tuesday, PLDT-Smart FVP and head of Enterprise Group Jojo Gendrano said… Read More
Digitalization improves gov't efficiency, boosts economy
July 12, 2022, 5:01 pm
MANILA – The government's overall efficiency would get a boost with the digitalization of its processes, eventually reinvigorating the country’s economy, a Globe Telecom Inc. (Globe) executive said Tuesday. Globe president and CEO Ernest Cu welcomed the proposed e-governance bill, a new… Read More
7-year T-bond rate rises
July 12, 2022, 4:32 pm
MANILA – The rate of re-issued seven-year Treasury bond (T-bond) rose on Tuesday but demand for the debt paper remained strong thus, it was fully awarded. The average rate of the debt paper increased to 6.760 percent from 6.740 percent previously. The Bureau of the Treasury (BTr) offered… Read More
SEC revokes Wellcons’ corporate registration
July 12, 2022, 1:46 pm
MANILA – The Securities and Exchange Commission (SEC) has revoked the corporate registration of Wellcons Unlimited Systems Inc. for employing a “double-your-money” scheme to illegally solicit investments from the public. In an order dated July 5, the SEC Enforcement and Investor Protection… Read More
Folded banknotes can be accepted for payments: BSP
July 12, 2022, 12:56 pm
MANILA – Folded banknotes, whether paper or polymer, can still be accepted for payments, the Bangko Sentral ng Pilipinas (BSP) said, advising the public to go to banks to check the authenticity of their banknotes. In a statement Monday night, the central bank said “retailers and banks… Read More
US near-term inflation expectations hit record high: survey
July 12, 2022, 12:27 pm
ANKARA – Near-term inflation expectations in the US hit a record high level in June, according to the Federal Reserve Bank of New York's Survey of Consumer Expectations released on Monday. The expectation for the median inflation one year ahead increased to 6.8 percent in June, up 0.2 percentage… Read More
Fitch upgrades US’ outlook to 'stable' from 'negative'
July 11, 2022, 9:10 pm
ANKARA – Global ratings agency Fitch has raised the US' outlook to "stable" from "negative," saying the revision reflects the government’s improved debt dynamics and increased revenues, which Fitch said it expects to expand by 19 percent in 2022. "Fitch now forecasts a decline in the general… Read More
T-bill rates post mixed results
July 11, 2022, 8:42 pm
MANILA – The rate of Treasury bills (T-bills) ended mixed on Monday which National Treasurer Rosalia de Leon traced partly to the path of the central bank’s key rates. The average rate of the 91-day T-bill declined to 1.876 percent but those of 182-day rose to 2.907 percent and the 364-day to… Read More
Risk-on sentiments boost stocks; peso nearly flat
July 11, 2022, 8:01 pm
MANILA – Risk-on sentiments following the positive jobs report from the United States resulted in a positive close of the local bourse’s main index on Monday while the peso finished the day sideway against the greenback. The Philippine Stock Exchange index (PSEi) rose by 0.42 percent, or 26.82… Read More
Oil firms announce price cuts
July 11, 2022, 7:31 pm
MANILA – Domestic fuel prices will drop for the second consecutive week on Tuesday, tracking the same path of oil prices in the international market. In separate advisories, Petron Corporation, PTT Philippines, and Seaoil said the price of their respective gasoline products will be reduced by… Read More
PAL eyes expansion of Hong Kong services
July 11, 2022, 1:21 pm
MANILA – Flag carrier Philippine Airlines (PAL) is looking at expanding its services to and from Hong Kong as the special administrative region eases its Covid-19 restrictions. Pre-pandemic, PAL used to operate six daily flights to/from Hong Kong. Currently, services to Hong Kong are only once… Read More
