Business
28-day BSP bill rate falls anew
February 11, 2022, 8:28 pm
MANILA – The Bangko Sentral ng Pilipinas’ (BSP) 28-day bill rate declined to 1.6699 percent on Friday. Central bank data showed that the average rate of the debt paper stood at 1.6723 percent during the auction on February 4. The BSP again offered the paper for PHP120 billion, and tenders… Read More
Equities index, peso fall on 4-decade high US CPI
February 11, 2022, 8:26 pm
MANILA – The acceleration of United States’ consumer price index (CPI) to 7.5 percent in January 2022 – the highest since 1982 – hurt both the Philippine Stock Exchange index and the peso on Friday. The main equities index shed 2.18 percent, or 162.26 points, to 7,270.36 points. All Shares… Read More
Nat’l oil reserve seen to mitigate impact of high fuel prices
February 11, 2022, 6:37 pm
MANILA – UniTeam senatorial candidate Gilbert “Gibo” Teodoro has expressed support to the establishment of a national oil reserve to mitigate the country’s vulnerability from disruptions in the global oil market. In a statement Friday, the former defense secretary said the government… Read More
PH urged to maximize benefits of trade deals with Europe
February 11, 2022, 6:36 pm
MANILA – Philippine-based enterprises are urged to take advantage of the benefits from trade arrangements with Europe such as the European Union (EU) Generalised Scheme of Preferences Plus (GSP+) and the free trade deal with the European Free Trade Association (EFTA). In a briefing Friday, Swiss… Read More
Omicron surge hits vehicle sales at start of 2022
February 11, 2022, 5:43 pm
MANILA – The surge in coronavirus disease 2019 (Covid-19) cases and mobility restrictions due to the fast-spreading Omicron variant has hit the performance of local vehicle manufacturers at the start of the year. The Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the… Read More
European biz see FDI growth in PH with econ bills passage
February 11, 2022, 5:37 pm
MANILA – European businesses are optimistic that the Philippines’ foreign direct investments (FDIs) will rise with the passage of key economic legislations such as the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law and the amendments to Retail Trade Liberalization Act,… Read More
FDIs to PH seen to rise further after 96% jump
February 10, 2022, 8:33 pm
MANILA – An economist forecasts sustained expansion of foreign direct investments (FDIs) to the Philippines given the continued improvement of domestic fundamentals. The Bangko Sentral ng Pilipinas (BSP) on Thursday reported that FDIs to the country rose by 96 percent year-on-year to USD1.1… Read More
Equities index slips on profit taking; peso strengthens
February 10, 2022, 7:45 pm
MANILA – Profit taking resulted in the negative close of the main equities index on Thursday but the local currency gained against the US dollar. The Philippine Stock Exchange index (PSEi) shed 0.93 percent, or 69.86 points, to 7,432.62 points. All Shares followed with a drop of 0.68… Read More
Largest PEZA zone in PH to rise in Quezon province
February 10, 2022, 7:18 pm
MANILA – The Philippine Economic Zone Authority (PEZA) said Thursday it approved the registration for the PHP125-billion Quezon Techno-Industrial Special Economic Zone (QTISEZ) project, which will be the largest economic zone in the country. Achievement Realty Corp. (ARC) will be developing the… Read More
Financial conglomerates-focused supervisory college starts in Q2
February 10, 2022, 6:45 pm
MANILA – An inter-agency cross-sectoral supervisory college for financial conglomerates is scheduled to start its pilot run in the second quarter of 2022 as regulators bid for closer collaboration and further align supervisory practices with international standards. In a virtual briefing on… Read More
PH should be ready for transition, focus on economic momentum
February 10, 2022, 5:40 pm
MANILA – Presidential Adviser for Entrepreneurship Joey Concepcion said the country should put its focus on continuing the upward trend of the economy as OCTA Research Group sees “smooth sailing” conditions in the first six months of 2022. “...So we should sail while the sun is shining.… Read More
PEZA wants WFH setup for IT-BPO locators until September
February 10, 2022, 5:03 pm
MANILA – The Philippine Economic Zone Authority (PEZA) is requesting the Fiscal Incentives Review Board (FIRB) to extend the work-from-home (WFH) arrangement for information technology business process outsourcing (IT-BPO) locators until September 12 this year. The PEZA said it recommended to… Read More
DBP to fund seedbank for native tree species
February 10, 2022, 4:41 pm
MANILA – State-owned Development Bank of the Philippines (DBP) has signed a memorandum of agreement with the Bureau of Plant Industry (BPI) to launch the DBP Seedbank Project, a corporate social responsibility initiative that seeks to preserve the genetic diversity of Philippine native trees, a… Read More
DTI cites Pampanga as 7th most competitive province
February 10, 2022, 4:04 pm
CITY OF SAN FERNANDO, Pampanga – Pampanga was recognized on Thursday as the seventh among the country's most competitive provinces. The Department of Trade and Industry (DTI) formally bestowed the award during the Central Luzon Regional Competitiveness Summit held via Zoom. “Maganda po ang… Read More
Employment creation remains strong as economy further reopens
February 10, 2022, 1:37 pm
MANILA – The country’s net employment creation in December 2021 signals that the economy is on the right track to recovery, the National Economic and Development Authority (NEDA) said. The Philippine Statistics Authority reported Thursday that unemployment slightly increased to 6.6 percent… Read More
BSP term deposit facility rates decline on strong demand
February 9, 2022, 8:02 pm
MANILA – The rates of the Bangko Sentral ng Pilipinas’ (BSP) term deposit facility (TDF) declined on Wednesday, with both tenors attracting large bids. Data released by the central bank show that the average rate of the seven-day facility, which is among the BSP’s excess liquidity mopping… Read More
Oil prices up after unexpected drop in US stocks
February 9, 2022, 7:35 pm
ANKARA – Oil prices increased on Wednesday, spurred by data showing a decline in United States oil stocks. International benchmark Brent crude was trading at $90.94 per barrel at 0615 GMT with a 0.18-percent gain after closing the previous session at $90.78 a barrel. American benchmark West… Read More
SBMA reports P3.47-B revenues in 2021
February 9, 2022, 7:19 pm
SUBIC BAY FREEPORT – Amid the challenges brought by the coronavirus disease 2019 (Covid-19) pandemic to investors, the Subic Bay Metropolitan Authority (SBMA) managed to generate some PHP3.47 billion in revenues last year, which indicates an 8 percent growth in income, and other major… Read More
Stocks index up on bargain hunting, peso follows
February 9, 2022, 6:52 pm
MANILA – The main equities index rose anew on Wednesday on bargain hunting while the peso mirrored the gains after several days of depreciation. The Philippine Stock Exchange index (PSEi) gained 0.59 percent, or 44.25 points, to 7,502.48 points. All Shares increased by 0.57 percent, or… Read More
SEC sets deadlines for submission of annual reports
February 9, 2022, 5:10 pm
MANILA – The Securities and Exchange Commission (SEC) has set the deadlines for the submission of the audited financial statements (AFS) and general information sheet (GIS) of corporations through the electronic filing and submission tool (eFAST). The Commission on February 8 issued SEC… Read More
