Business
PH GDP surpasses pre-pandemic level with 8.3% Q1 growth
May 12, 2022, 3:49 pm
MANILA – The country’s gross domestic product (GDP) expanded by 8.3 percent in the first quarter of 2022, surpassing pre-pandemic levels, as the full reopening of the economy further perked up consumer spending and business activities. This is a significant reversal from the 3.8-percent… Read More
Local mart keeps PH food firm biz afloat
May 12, 2022, 2:50 pm
MANILA – Filipino food manufacturer Monde Nissin Corporation has kept its business afloat despite increasing prices of raw materials brought by developments outside the country. In a media briefing, Monde Nissin chief financial officer Jesse Teo said supply bottlenecks and rapid increase in… Read More
Fitch sees smooth transition, continued focus on infra dev’t
May 11, 2022, 9:20 pm
MANILA – Fitch Solutions Country Risk and Industry Research sees a smooth transition to the next administration that will likely continue focusing on infrastructure development. “We expect a smooth transition to the Marcos administration from the outgoing Duterte administration, with… Read More
Stocks slip ahead of GDP report; peso strengthens
May 11, 2022, 8:27 pm
MANILA – The main equities index slipped anew on Wednesday ahead of the release of the first-quarter domestic economic growth, but the peso gained against the US dollar. The Philippine Stock Exchange index (PSEi) shed 1.27 percent, or 85.07 points, to 6,635.86 points. All Shares followed… Read More
Oil up over supply uncertainties due to EU ban on Russian oil
May 11, 2022, 8:16 pm
ANKARA – Oil prices increased on Wednesday over supply uncertainties with the European Union plan to ban Russian oil and a warning from oil-producing countries of serious supply concerns once demand fully recovers from the coronavirus disease 2019 (Covid-19) slump. International benchmark Brent… Read More
US rates hike, market uncertainties impact bourse’s performance
May 11, 2022, 7:57 pm
MANILA – National Economic and Development Authority (NEDA) Undersecretary Rosemarie Edillon said on Wednesday the interest rates hike in the United States and the uncertainties in the market brought by the upcoming change in administration mainly affect the performance of the local stock… Read More
External factors continue to dampen local bourse: economist
May 11, 2022, 7:38 pm
MANILA – Volatility on account of external developments continues to largely dampen sentiments in the local financial markets, an analyst said. Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort, in a reply to e-mailed questions from the Philippine News Agency (PNA),… Read More
DTI still hopeful for RCEP concurrence this month
May 11, 2022, 6:19 pm
MANILA – The Department of Trade and Industry (DTI) remains hopeful that the Senate will concur with the Regional Comprehensive Economic Partnership (RCEP), the Asean-led free trade deal with its five free trade partners, this month. This, as Congress is expected to resume its session on May… Read More
TDF rates mixed amid strong demand
May 11, 2022, 6:14 pm
MANILA – The Bangko Sentral ng Pilipinas (BSP) lowered the offer volume for the two-week term deposit facility (TDF) on Wednesday, citing “reduced system liquidity” but both tenors were oversubscribed and yields were mixed. Offer volume for the seven-day TDF was kept at PHP100 billion… Read More
FTAs secure consistent trade policy for PH: DTI
May 11, 2022, 4:56 pm
MANILA – As the Philippines transitions to a new administration by June, the Department of Trade and Industry (DTI) said the country’s bilateral and regional trade deals secure consistent trade and investment policy for the government. In a webinar of the Economic Journalists Association of… Read More
Oil prices fall with demand fears in China, strong dollar
May 10, 2022, 8:37 pm
ANKARA – Oil prices declined on Tuesday, dropping to the lowest level of the past two weeks with demand concerns due to ongoing coronavirus restrictions in the world’s second-largest oil consumer China, coupled with a rise in the US dollar index that is making dollar-priced oil more expensive… Read More
Ukraine war, inflation, pandemic pose risk to US economy: Fed
May 10, 2022, 8:33 pm
ANKARA – Russia's war on Ukraine, high inflation, and the coronavirus pandemic continue to create uncertainty and pose risk to US economic activity and financial conditions, the Federal Reserve said Monday in a report. “Implications of the war in Ukraine for American and global economies are… Read More
Landbank Q1 digital transactions top P567-B
May 10, 2022, 8:13 pm
MANILA – The Land Bank of the Philippines (Landbank) facilitated a total of 39.14 million transactions amounting to PHP567.61 billion from its major digital banking channels in the first three months of 2022, translating to a 36 percent and 22 percent year-on-year growth in volume of… Read More
BTr awards 91-day T-bills
May 10, 2022, 8:00 pm
MANILA – The Bureau of the Treasury’s (BTr) auction committee awarded in full the 91-day Treasury bill (T-bills) on Tuesday but rejected bids for the 182-day and 364-day T-bills due to rate upticks. The rate of three-month paper rose to 1.531 percent. Had the auction committee awarded the… Read More
PSEi slips with Asian peers as Wall Street drops; peso gains
May 10, 2022, 7:15 pm
MANILA – The local bourse’s main index started the shortened workweek on Tuesday in the negative territory, similar to its counterparts in the region, on fears about stagflation but the peso gained against the US dollar. The Philippine Stock Exchange index (PSEi) shed 0.58 percent, or 38.97… Read More
Duterte admin provides ‘sound take off point’ for next leadership
May 10, 2022, 5:32 pm
MANILA – The Philippine Chamber of Commerce and Industry (PCCI) said the Duterte administration has provided a strong economic foundation for the next leadership. In a statement Tuesday, PCCI president George Barcelon said the next administration will be faced with the same financial challenges… Read More
4 data centers eye to sign up with PEZA
May 10, 2022, 3:22 pm
MANILA – The Philippine Economic Zone Authority (PEZA) said at least four hyperscalers are looking into investing in the country through the investment promotion agency. In an interview Tuesday, PEZA deputy director general Tereso Panga said the capacity of these data center operators ranges… Read More
FIRB approves tax perks for Hanjin shipyard rehab
May 10, 2022, 2:44 pm
MANILA – The Fiscal Incentives Review Board (FIRB), upon the endorsement of the Subic Bay Metropolitan Authority (SBMA), has approved the grant of tax incentives to Project AGILA for the redevelopment and operations of the Hanjin shipyard in the Subic Bay freeport zone. Finance Secretary… Read More
Over P4 hike on fuel prices set this week
May 9, 2022, 7:40 pm
MANILA – After a minimal price rollback last week, oil firms will implement big-time price hikes on petroleum prices after election day. In separate advisories on Monday, Caltex, Cleanfuel, Flying V, Petro Gazz, Petron, Phoenix Petroleum, Seaoil, Shell, and Unioil said they will increase both… Read More
EVIDA passage to make PH more attractive to hi-tech investments
May 8, 2022, 6:34 pm
MANILA – The Department of Trade and Industry (DTI) welcomes the enactment of Republic Act 11697, otherwise known as the Electric Vehicle Industry Development Act (EVIDA), which provides for a national policy framework to develop the electric vehicle industry in the Philippines. DTI Secretary… Read More
