Business
Elon Musk pulling out of $44B Twitter deal
July 10, 2022, 12:12 pm
HOUSTON, Texas – Tesla CEO Elon Musk announced Friday that he is pulling out of his USD44 billion deal to buy Twitter. “Mr. Musk is terminating the Merger Agreement because Twitter is in material breach of multiple provisions of that Agreement,” Musk’s attorney Mike Ringler said in a… Read More
Ex-BSP exec sees 5.5% average inflation in 2022
July 9, 2022, 1:54 pm
MANILA – A former central banker on Friday projected the domestic inflation rate for this and next year to reach 5.5 percent and 4.5 percent, respectively, citing volatilities in oil prices, among others. At a forum streamed through the Facebook page of the Foundation for Economic Freedom (FEF),… Read More
Eco managers adjust targets vis-a-vis latest dev’ts
July 9, 2022, 1:51 pm
MANILA – Economic managers have lowered the government’s growth target for 2022 after taking into consideration the impact of the latest external developments. In a briefing on Friday, Department of Budget and Management (DBM) Secretary Amenah Pangandaman said the latest gross domestic product… Read More
PH stocks gauge, peso finish the week up
July 8, 2022, 8:01 pm
MANILA – The Philippines’ main stocks index recovered on Friday and the peso recovered to the 55-level against the US dollar partly on the decline of commodity prices in the international market. The Philippine Stock Exchange index (PSEi) reversed its path and rose by 0.15 percent, or 9.50… Read More
Demand for BSP's 28-day paper remains strong, rate declines
July 8, 2022, 6:51 pm
MANILA – The ample domestic liquidity situation continues to back demand for the Bangko Sentral ng Pilipinas’ (BSP) 28-day Bills, which posted a lower rate on Friday. Data released by the central bank showed that the average rate of the debt securities declined to 2.8635 percent from 2.8849… Read More
Chinese EV, battery producers invited to invest in PH
July 8, 2022, 4:13 pm
MANILA – The Department of Trade and Industry (DTI) on Friday said the agency has promoted the Philippines to Chinese manufacturers of batteries and electric vehicles as their next destination for their investments. This as the DTI participated in the 2022 International Summit on Lithium Battery… Read More
Cement firm sees ‘softer’ industry recovery in 2022
July 8, 2022, 2:45 pm
MANILA – A leading cement manufacturer expects a "softer" recovery for the industry this year amid global economic challenges such as oil price hikes and increasing commodity prices. Holcim Philippines president and chief executive officer Horia Adrain told the Philippine News Agency (PNA) that… Read More
Medalla open to 50 bps hike in key rates in August
July 8, 2022, 9:50 am
MANILA – Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla is open to a 50 basis point increase in the central bank’s key rates in August to help address the accelerating inflation rate and the Federal Reserve’s rate hikes. In a Viber message to journalists on Thursday, Medalla said… Read More
PH stocks index slips; peso closes at 56-level vs. US dollar
July 7, 2022, 8:12 pm
MANILA – A more hawkish stance from the Federal Reserve, as shown by the minutes of the Federal Open Market Committee’s (FOMC) meeting last June, ended the local bourse’s main index’s rally on Thursday and further weakened the peso. After rising for several days, the Philippine Stock… Read More
Bank taps BSP for rediscounting loans amounting to P11.6-B
July 7, 2022, 7:30 pm
MANILA – A universal bank was the only financial institution that tapped the Bangko Sentral ng Pilipinas’ (BSP) peso rediscount facility in the first half of 2022 and availed a total of PHP11.6 billion worth of loans. BSP, in a press release on Thursday, said the loans were secured by the… Read More
Fitch Solutions eyes further weakening of PH peso in '22, '23
July 7, 2022, 6:45 pm
MANILA – Expectations for the further widening of the Philippines’ current account (CA) deficit made Fitch Solutions Country Risk and Industry Research forecast for the continued weakening of the local currency for this and next year. In a commentary released to journalists on Thursday, Fitch… Read More
DTI chief urges retailers to accelerate digital transformation
July 7, 2022, 6:07 pm
MANILA – Department of Trade and Industry (DTI) Secretary Alfredo Pascual on Thursday urged retailers to accelerate the adoption of digital technology in their operations for them to thrive on the challenging path to recovery. During the Philippine Retailers Association (PRA) general membership… Read More
PH pioneers Holcim Circular Explorer to help in Manila Bay rehab
July 7, 2022, 5:39 pm
MANILA – The Philippines was chosen by cement manufacturer Holcim to launch its first Circular Explorer, a pioneering solar-powered catamaran designed to help in cleaning coastal areas in the country. Holcim’s Circular Explorer is a prototype of catamaran created to recover and recycle plastic… Read More
Cold storage firm raising funds for expansion via IPO
July 7, 2022, 11:59 am
MANILA – ORCA Cold Chain Solutions, a pioneering cold storage company in the Philippines, is listing with the Philippine Stock Exchange to raise funds for its expansion program as it aims to seize opportunities in the growing industry. In a statement Thursday, ORCA said it plans to sell… Read More
Digital payments breach 30% in 2021
July 6, 2022, 8:48 pm
MANILA – The share of digital payments to total retail payments volume in the Philippines rose to 30.3 percent in 2021 from 20.1 percent in 2020, according to the latest e-payments data of the Bangko Sentral ng Pilipinas (BSP). The value of digital payments in the country, meanwhile,… Read More
PSEi breaches 6,400-level as US stocks rally; peso weakens
July 6, 2022, 8:44 pm
MANILA – The rally of United States stocks overnight boosted the local stock barometer on Wednesday, but the peso depreciated against the US dollar. The Philippine Stock Exchange index (PSEi) rose by 2.14 percent, or 135.02 points, to 6,445.01 points. All Shares followed with a jump of… Read More
Diokno eyes double-digit GDP growth in Q2
July 6, 2022, 8:15 pm
MANILA – Finance Secretary Benjamin Diokno is optimistic about a double-digit growth for the domestic economy in the second quarter of 2022 following the 8.3-percent expansion in the first three months this year. “Q2 2022 will hit double-digit growth. That’s my bet,” he told journalists… Read More
Targeted fuel subsidies to continue: Diokno
July 6, 2022, 7:38 pm
MANILA – Sectors currently receiving fuel subsidies from the government will continue to get respite from the sustained increase of fuel prices, Finance Secretary Benjamin Diokno said. “We will continue the grant of the fuel subsidies to the affected parties like the drivers, the farmers,… Read More
Global economic outlook deteriorates, warns Bank of England
July 6, 2022, 3:59 pm
ANKARA – The Bank of England on Tuesday said the economic outlook for the UK and the world has deteriorated significantly as war-driven hikes in energy and other commodity prices have exacerbated inflationary pressures arising from the pandemic. The bank warned that there are a number of… Read More
IPOPHL hopes for sustained push on IP with new DTI chief
July 6, 2022, 3:02 pm
MANILA – With the new leader at the helm of the Department of Trade and Industry (DTI), its mother agency, the Intellectual Property (IP) Office of the Philippines (IPOPHL), is optimistic that the country's momentum in harnessing IP for economic recovery and growth will be sustained. Director… Read More
