Business
May 2022 nat’l gov’t fiscal deficit down to P146.8-B
June 23, 2022, 8:39 pm
MANILA – The national government (NG) registered a budget deficit of PHP146.8 billion in May, down by 26.72 percent from PHP200.3 billion recorded a year ago due to double-digit revenue growth alongside the 1.10-percent contraction in government expenditures. The resulting year-to-date (YTD)… Read More
PH stocks, peso weaken anew on more rate hike signals
June 23, 2022, 8:17 pm
MANILA – Monetary authorities’ statements for continued tightening of policy rates both here and in the US resulted in further decline of both the Philippines’ main equities index and the peso on Thursday. All the counters in the local bourse again closed the day in the negative territory,… Read More
C. Luzon fisheries production slightly up in Q1
June 23, 2022, 7:50 pm
CITY OF SAN FERNANDO, Pampanga – The total volume of fisheries production in Central Luzon increased by 1.8 percent in the first quarter of this year. Based on the latest data from the Philippine Statistics Authority-Regional Statistical Services Office-Central Luzon (PSA-RSSO 3), the region’s… Read More
BSP hikes rates anew by 25 bps as inflation pressures mount
June 23, 2022, 7:42 pm
MANILA – Another 25 basis points increase has been announced for the Bangko Sentral ng Pilipinas’ (BSP) key rates on Thursday after monetary authorities noted price pressures extending further to 2023. In a virtual briefing on Thursday, BSP Governor Benjamin Diokno said higher global non-oil… Read More
Peso's performance vs. US dollar still within gov't assumptions
June 23, 2022, 7:39 pm
MANILA – The peso has been depreciating for days now but a ranking Bangko Sentral ng Pilipinas (BSP) said its level remains within the government’s assumptions and traced this development to general strengthening of the greenback. The local currency finished Thursday at 54.7 against the US… Read More
PRRD adviser to form health, economy advisory group
June 23, 2022, 6:39 pm
MANILA – Presidential Adviser for Entrepreneurship and Go Negosyo founder Joey Concepcion has initiated an advisory group composed of health and economy experts that will help the private sector on "possible pathways" to transition to normalcy. In a statement Thursday, Concepcion said he will be… Read More
Global consulting firm expands in PH amid strong fundamentals
June 23, 2022, 2:36 pm
MANILA – A global consulting firm believes that the Philippines still offers huge opportunities for companies despite global economic challenges. Bain & Company on Thursday officially launched its first physical office in the country, which is located in Bonifacio Global City in Taguig. In a… Read More
PEZA, DENR identify 7 new lands for ecozone dev’t
June 23, 2022, 1:56 pm
MANILA – The Philippine Economic Zone Authority (PEZA) and the Department of Environment and Natural Resources have identified at least seven new locations in Mindanao as viable lands for economic zone development. In a statement Thursday, PEZA said these lands viable for agro-industrial,… Read More
PH withdraws from global initiative on extractives transparency
June 22, 2022, 8:06 pm
MANILA – The Philippines has withdrawn from the Extractive Industries Transparency Initiative (EITI) on the back of questionable metrics and procedures for assessing the compliance of implementing-countries with the international organization’s transparency requirements. In a June 20, 2022… Read More
PH stocks, peso slip ahead of Powell testimony, BSP meeting
June 22, 2022, 7:49 pm
MANILA – The main equities index fell on Wednesday and the peso slipped to its over 16-year low ahead of Federal Reserve Chair Jerome Powell’s testimony before US’ Congress Wednesday night (Manila time). The Philippine Stock Exchange index (PSEi) lost 1.86 percent, or 117.19 points, to… Read More
Startups urged to look beyond profit, contribute to society
June 22, 2022, 7:33 pm
MANILA – Brian Cu, former country head of Grab Philippines and co-founder of Zalora, has urged startups to go beyond value and profit, and find how their ventures can contribute to the betterment of society. Cu said establishing a startup just to be one of the billion-dollar earners is a… Read More
Fitch Solutions cuts budget gap forecasts for PH
June 22, 2022, 7:13 pm
MANILA – Fitch Solutions has revised downwards its budget gap forecasts for the Philippines for this and next year, citing the likely continuation of fiscal consolidation and improvement in government revenues. In a report dated June 21 and released on Wednesday, the unit of Fitch Group now… Read More
Airline eyes to bring back headcount to 4K by 2023
June 22, 2022, 5:16 pm
MANILA – Cebu Pacific Air Inc. chief executive officer Lance Gokongwei said on Wednesday the reopening of the economy has allowed the airline company to start rehiring, bullish on the outlook for the industry. At the sidelines of an event in Ortigas, Pasig City, Gokongwei said they are aiming… Read More
ARTA aims to triple budget in next admin
June 22, 2022, 4:10 pm
MANILA – The Anti-Red Tape Authority (ARTA) wants a three-fold increase in its budget in the next administration to at least PHP800 million. ARTA director Rabindranath Quilala said on Tuesday that the agency would need a higher budget to establish more field offices across the country. Quilala… Read More
Barter to help market farmers' products in Iloilo town
June 21, 2022, 8:55 pm
ILOILO CITY – Barter trading will be one of the features of the June 29-July 1, 2002 Lambunao Nights Version 2.0 that will provide a venue for micro, small and medium entrepreneurs (MSMEs), government-assisted livelihood projects, farmers' groups and other local producers to display and sell… Read More
Stocks index, peso slip anew on rate hike expectations
June 21, 2022, 7:49 pm
MANILA – Anticipations for additional hikes in the Federal Reserve’s key rates and the correction in US Treasury yields mainly pulled down the main equities index and the peso on Tuesday. After managing to keep its footing on Monday, the Philippine Stock Exchange index (PSEi) shed 0.77… Read More
BTr partially awards 10-year T-bond after rate increase
June 21, 2022, 7:44 pm
MANILA – The Bureau of the Treasury (BTr) on Tuesday partially awarded the 10-year Treasury bond (T-bond) after investors continued to ask for a higher yield. It offered the debt paper for PHP35 billion and the auction committee awarded PHP 34.892 billion. Total bids reached PHP67.294… Read More
Local fintechs to benefit from digital firm's mentorship program
June 21, 2022, 6:49 pm
MANILA – Local financial technology (fintech) firms are set to benefit from a mentorship program that aims to help start-up companies in their digitalization bid to expand their operations. In a virtual briefing on Tuesday, Alibaba Cloud country manager for the Philippines Allen Gou said the … Read More
P1.1-T investments, $4.3-B FDIs in manufacturing OK'd in 6 years
June 21, 2022, 5:26 pm
MANILA – Department of Trade and Industry (DTI) Secretary Ramon Lopez said the Duterte administration has created a vibrant business environment in the last six years that helped in attracting investments in the manufacturing sector. During the 7th Manufacturing Summit in Makati City Tuesday,… Read More
DTI eyes refinement in gov't procurement law
June 21, 2022, 5:23 pm
MANILA – Department of Trade and Industry (DTI) Secretary Ramon Lopez is proposing to the next administration to tweak Republic Act 9184, or the Government Procurement Reform Act, to adopt some provisions that will favor local manufacturers in government bidding. During the 7th Manufacturing… Read More
