Business
Gov't to pay in advance funding boost from BSP: Diokno
May 19, 2022, 7:10 pm
MANILA – The government will pay in advance the PHP300-billion bridge financing extended to it by the Bangko Sentral ng Pilipinas (BSP) in January 2022. “The National Government will fully settle these loans tomorrow, 20 May 2022, ahead of the maturity schedule of 11 June 2022,” BSP Governor… Read More
Auto industry backs zero-duty on e-vehicles
May 19, 2022, 5:07 pm
MANILA – The Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) has welcomed the proposal to suspend the most-favored-nation (MFN) tariff on completely built-up electric vehicles, as this will help the growth and adoption of e-vehicles in the country. In a statement, CAMPI said… Read More
Stocks up anew ahead of BSP meeting; peso ends sideways
May 18, 2022, 8:42 pm
MANILA – The local stock barometer sustained its rally on Wednesday while the peso closed sideways against the US dollar ahead of the policy meeting of Bangko Sentral ng Pilipinas’ (BSP) Monetary Board (MB) on Thursday. The Philippine Stock Exchange index (PSEi) jumped further by 2.02… Read More
TDF rates up as domestic liquidity still high
May 18, 2022, 8:33 pm
MANILA – The rate of the Bangko Sentral ng Pilipinas’ (BSP) term deposit facility (TDF) rose on Wednesday as domestic liquidity remains high. Central bank data show that average rate of the seven-day facility inched up to 1.9823 percent from the 1.9599 percent last May 11. The rate of… Read More
UK's annual consumer inflation rises by 9% in April
May 18, 2022, 8:30 pm
ANKARA -- The United Kingdom's annual consumer inflation rose by 9 percent in April, compared to the same month of last year, marking its largest annual gain in 25 years, according to official data released on Wednesday. "The Consumer Prices Index (CPI) rose by 9.0 percent in the 12 months to… Read More
Russia-Ukraine war shrinks global growth forecasts
May 18, 2022, 7:54 pm
ANKARA – International financial bodies have cut their global growth estimates one after another due to new uncertainties caused by the Russia-Ukraine war, while the world economy is still trying to recover from the coronavirus pandemic. The war has had a negative impact on energy, food and… Read More
Follow SRP to help consumers, DTI-7 appeals to retailers
May 18, 2022, 7:45 pm
CEBU CITY – The Department of Trade and Industry (DTI) in Central Visayas has appealed to the retailers to follow the suggested retail price (SRP) on basic commodities to help cushion the impact of inflation brought by the pandemic and the ongoing war in Ukraine. Maria Elena Arbon, DTI-7… Read More
Non-monetary policy aid still best vs. war's impact on inflation
May 18, 2022, 7:27 pm
MANILA – Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno maintains that non-monetary policy measures remain the appropriate solution to address the impact of the ongoing Russia-Ukraine conflict on the domestic economy. In a virtual briefing on Wednesday, Diokno said the primary… Read More
SEC stops Astrazion Group’s fraudulent investment scheme
May 18, 2022, 7:24 pm
MANILA – The Securities and Exchange Commission (SEC) has ordered Astrazion Noble Task Community Foundation, Astrazion Global Holdings Philippines Inc., and Astrazion International to stop offering their supposed digital currency through an illegal multi-level marketing platform. In an order… Read More
BIR task force inspects incentivized biz with back-to-office work
May 18, 2022, 2:12 pm
MANILA – The Bureau of Internal Revenue (BIR) has created a task force to ensure that registered business enterprises (RBEs) in the information technology-business process management (IT-BPM) sector currently enjoying tax incentives are complying with the requirement under the law for them to do… Read More
Samsung Electronics reigns as best-run firm in S. Korea in 2021
May 18, 2022, 1:28 pm
SEOUL – Global tech behemoth Samsung Electronics Co. was ranked as the best-managed company among South Korea's top 500 businesses in 2021 to retain the top spot for three years running, a corporate tracker said Wednesday. Samsung, the world's top memory chip and smartphone maker, obtained 766.9… Read More
BTr partially awards 7-year T-bond
May 17, 2022, 8:19 pm
MANILA – The Bureau of the Treasury (BTr) partially awarded a fresh issuance of a seven-year Treasury bond (T-bond) auctioned on Tuesday after investors asked for high yield. The coupon rate of the debt paper is at 6.5 percent while its average rate stood at 6.428 percent, way higher than the… Read More
Bargain hunting lifts stocks index, peso finishes sideways
May 17, 2022, 8:14 pm
MANILA – Bargain hunting again lifted the main equities gauge on Tuesday while the peso continued with its sideways close against the US dollar. The Philippine Stock Exchange index (PSEi) rose by 1.42 percent, or 92.54 points, to 6,594.66 points. All Shares followed with a jump of 0.78… Read More
Japan loans $100-M to Ukraine amid war with Russia
May 17, 2022, 8:06 pm
ANKARA – Ukraine has inked a 13 billion yen (USD100 million) loan agreement with Japan amid the ongoing war with Russia. The deal was signed by Ukrainian Finance Minister Sergii Marchenko and Akihiko Tanaka, president of the Japan International Cooperation Agency (JICA). The loan is the first… Read More
2 major banks hike GDP forecast for PH
May 17, 2022, 7:50 pm
MANILA – Two major global banks hiked their 2022 growth forecast for the Philippine economy following the higher-than-expected expansion in the first quarter, which is also the reason for the projected hikes in the central bank rates. In its global research released Tuesday, HSBC revised… Read More
Ukraine opposes EU sanction lacking ban on Russian oil exports
May 17, 2022, 6:46 pm
BRUSSELS – Ukraine’s foreign minister said Monday that Kyiv expects the European Union’s sixth sanction package against Russia to include a ban on Russian oil exports. Dmytro Kuleba’s remarks came after an European Union (EU) foreign ministers’ meeting in Brussels. Noting that it was… Read More
SEC clears North Star Meat Merchants IPO
May 17, 2022, 4:39 pm
MANILA – The Securities and Exchange Commission (SEC) has considered favorably the initial public offering (IPO) of meat vendor and supplier North Star Meat Merchants Inc. worth up to PHP4.5 billion. In its meeting on May 17, the SEC en banc resolved to render effective the registration… Read More
Local fiber provider posts 52.5% subscriber growth in 1Q 2022
May 16, 2022, 9:17 pm
MANILA – Local fiber broadband provider Converge has seen over a 50 percent increase in its residential subscribers in the first quarter of 2022 compared to March last year, with its network now able to reach more than 12.2 million homes nationwide. In Converge’s first-quarter results briefing… Read More
McDonald's to sell Russian business for permanent exit
May 16, 2022, 8:51 pm
ISTANBUL – American fast food giant McDonald’s on Monday said it has started selling its business in Russia after more than 30 years in the country. The announcement of a permanent exit came after the company suspended operations in Russia on March 8 due to the Ukraine war. “The humanitarian… Read More
Economist eyes further robust growth of OFW remittances
May 16, 2022, 8:38 pm
MANILA – Cash remittances sent by overseas Filipino workers (OFWs) grew by 3.2 percent year-on-year last March to USD2.594 billion, and an economist forecast continued growth in inflows as more economies reopen. Data released by the Bangko Sentral ng Pilipinas (BSP) on Monday showed that cash… Read More
