Business
NEDA lauds enactment of amendments to Public Service Act
March 22, 2022, 3:47 pm
MANILA – The National Economic and Development Authority (NEDA) lauds the enactment of Republic Act No. 11659 or the amendments to the Public Service Act (PSA), which President Rodrigo Roa Duterte signed into law Monday. The amendments to the PSA limit the coverage of public utilities and… Read More
DOF extensive review of PPP contracts abates gov’t fiscal risks
March 22, 2022, 3:23 pm
MANILA – Pursuant to the directive of President Rodrigo Duterte to review all contracts "with the end in view of abrogating or revising the provisions that are prejudicial and onerous to the Filipino people," the Department of Finance (DOF) has conducted a thorough review of about a dozen… Read More
American Chamber lauds signing of law amending Public Service Act
March 22, 2022, 12:32 pm
MANILA – The American Chamber of Commerce of the Philippines (AmCham) has lauded the enactment into law of a measure amending the 85-year-old Public Service Act (PSA), which is expected to be a “game-changing” law for the country’s investment horizon. In a statement Monday evening, AmCham… Read More
Moody's Analytics eyes steady BSP rates this week
March 21, 2022, 8:08 pm
MANILA – Moody’s Analytics forecasts steady policy rate for the Bangko Sentral ng Pilipinas (BSP) on Thursday given the deceleration of domestic inflation rate but projects a policy hike in the third quarter of this year. “Bangko Sentral ng Pilipinas has some added breathing space to keep… Read More
PH stocks down on offshore dev’ts; peso keeps footing
March 21, 2022, 8:04 pm
MANILA – Investors again turned cautious, resulting in the negative close of the local stock barometer after prices of oil in the international market rose anew, but the peso ended the day sideways against the US dollar. The Philippine Stock Exchange index (PSEi) shed 0.73 percent, or 51.03… Read More
Return to workplaces to pump-prime economy: Big biz groups
March 21, 2022, 7:39 pm
MANILA – Some of the country’s biggest business groups and companies have expressed their support to the government’s push for employees to return to their workplaces as this will pump-prime the economy, which has yet to get back from the pre-pandemic level. “We now look forward to… Read More
T-bills up on expectations of steady BSP rates this week
March 21, 2022, 6:35 pm
MANILA – The rates of Treasury bills (T-bills) rose across-the-board on Monday, which resulted in the partial award for the 91-day and 364-day tenors. The average rate of 91-day T-bill inched up to 1.536 percent, the 182-day to 1.607 percent, and the 364-day to 1.792 percent. These were at… Read More
PCC flags Grab for unreleased P19.3-M refund to users
March 21, 2022, 6:23 pm
MANILA – The Philippine Competition Commission (PCC) on Monday said transportation network firm Grab has not yet released some PHP19.3 million worth of refund to eligible subscribers as a form of penalty due to its previous competition violations. The PCC said of the total PHP25.45 million… Read More
Tuesday’s rollback ends 11-week successive oil price hikes
March 21, 2022, 4:13 pm
MANILA – After 11 straight weeks of fuel price hikes and with significant increments in the past weeks, oil companies finally announced big-time rollbacks for petroleum products. Starting Tuesday morning, Caltex, Cleanfuel, Jetti, Petro Gazz, PTT Philippines, Total, Seaoil, and Shell said they… Read More
Cebu trade fair showcases local products from 24 ‘womenpreneurs’
March 21, 2022, 4:05 pm
CEBU CITY – The Department of Trade and Industry (DTI) in Cebu has showcased 24 women-led micro, small and medium enterprises (MSMEs) at the ‘Womenpreneur’ (women entrepreneur) Trade Fair 2022 here. The trade fair showcases a variety of products manufactured and distributed by these women… Read More
Ukraine-Russia conflict has little direct impact on PH trade: BSP
March 19, 2022, 12:21 pm
MANILA – The Ukraine-Russia conflict is expected to have a limited direct impact on the Philippines’ trade sector, a Bangko Sentral ng Pilipinas (BSP) official said Friday. The Philippines’ total exports to Russia in 2021 amounted to about USD120 million, or about 0.2 percent of its total… Read More
Russia-Ukraine war threatens to hamper post-pandemic recovery
March 18, 2022, 7:44 pm
ANKARA – Russia's war on Ukraine will hamper the post-pandemic recovery around the world, and the collective response to this crisis is underway, three global financial bodies said in a joint statement late Thursday. "We are horrified and deeply concerned about the Russian invasion of Ukraine… Read More
Stocks, peso decline on Fed rate hike, Russia-Ukraine conflict
March 18, 2022, 7:38 pm
MANILA – The main equities index and the peso ended the week in the negative Friday due partly to the hike in the Federal Reserve’s key rates and the ongoing conflict between Ukraine and Russia. After a three-day rally, the Philippine Stock Exchange index (PSEi) shed 1.61 percent, or 114.82… Read More
Shift to Alert Level 1, in-person classes to boost employment
March 18, 2022, 6:24 pm
MANILA – While the unemployment rate declined, fewer Filipinos were able to work amid the Omicron surge in January 2022, the National Economic and Development Authority (NEDA) said. As reported by the Philippine Statistics Authority on Friday, the unemployment rate improved from 6.6 percent… Read More
APEC finance officials focus on sustainability, digital economy
March 18, 2022, 4:30 pm
JAKARTA – Finance and central bank deputies from the Asia-Pacific region convened to deliberate on policy recommendations to support the transition to sustainable finance and commit to more sustainable economic growth and digital economy. Under the 2022 Finance Ministers’ Process theme of… Read More
Hydropower plant project in Ifugao gets BOI nod
March 18, 2022, 4:08 pm
MANILA – The Board of Investments (BOI) has approved the Likud 2 Hydroelectric Power Project of First Ifugao Renewable Energy Corp. that will augment supply of clean energy in Luzon. In a statement Friday, BOI said the company is investing PHP185 million to put up the 0.56-megawatt hydropower… Read More
DTI lists over 16K delivery riders for fuel subsidy
March 18, 2022, 4:05 pm
MANILA – Some 16,233 delivery riders from four last-mile delivery service (LMDS) platforms are qualified for the fuel subsidy provided by the government to ease the impact of soaring oil prices. Department of Trade and Industry (DTI) chief of staff and Undersecretary Ireneo Vizmonte said the… Read More
Container Covid-19 testing labs eyed in PH
March 18, 2022, 11:42 am
MANILA – Shenzhen, China-based MGI Tech Co., Ltd. is eyeing to put up container laboratories in the Philippines for coronavirus disease 2019 (Covid-19) screening to enhance the country’s testing capacity. In a statement on Friday, MGI said this is part of the company’s expansion in Southeast… Read More
BSP guv optimistic of increase in PERA investors
March 18, 2022, 11:41 am
MANILA – Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno is confident of the continued increase of investments under the Personal Equity and Retirement Account (PERA) amid the challenges such as the impact of the coronavirus pandemic. The government aims to have five million PERA… Read More
Stocks rise, peso strengthens on Fed rate hike
March 17, 2022, 8:33 pm
MANILA – Risk-on sentiments buoyed the local stock barometer on Thursday and this benefited the local currency. The Philippine Stock Exchange index (PSEi) rose by 1.37 percent, or 96 points, to 7,122.45 points. All Shares gained 1.25 percent, or 46.28 points, to 3,759.96 points. Most of the… Read More
