Business
Pump prices rise for 4th week in a row
September 20, 2021, 4:07 pm
MANILA – Oil companies will raise pump prices starting Tuesday, marking the fourth consecutive week of an increase. In separate advisories, Caltex, Petro Gazz, Seaoil, Shell, and Total will hike prices of diesel and gasoline by PHP0.80 per liter. Cleanfuel will also increase prices of… Read More
Uptrend in energy demand seen as economy recovers
September 20, 2021, 3:30 pm
CEBU CITY – Power demand is now showing signs of improvement, an indication of the country’s continued economic recovery amid the coronavirus disease 2019 (Covid-19) pandemic, a top official of Aboitiz Power Corp. said on Monday. “Power is picking up this year coming from a lean demand last… Read More
Tobacco excise tax collections grow 31% to P83B in Jan-July
September 20, 2021, 2:40 pm
MANILA – Excise tax collections of the Bureau of Internal Revenue (BIR) from cigarettes rose by 31 percent to PHP83 billion in the first seven months of 2021 compared with the PHP63 billion collected during the same period last year. An analysis done by the Department of Finance (DOF) based… Read More
Moody's Analytics eyes steady policy rate for BSP
September 20, 2021, 2:34 pm
MANILA – Moody’s Analytics forecasts steady policy rates for the Bangko Sentral ng Pilipinas (BSP) during the rate setting meeting of the Monetary Board (MB) on Thursday. In its Asia Pacific economic preview released on Monday, the financial and economic research and non-credit… Read More
Aboitiz, Hedcor commit P7.8M-worth of projects in Mindanao
September 17, 2021, 6:36 pm
DAVAO CITY – The Aboitiz Foundation Inc., together with Hedcor, committed PHP7.8 million worth of projects in its host communities in Mindanao as they inked a memorandum of agreement (MOA) with its partners from this city, Davao del Sur, and Bukidnon, a statement said Friday. Among the listed… Read More
BSP cuts BOP surplus projection for 2021, 2022
September 17, 2021, 5:40 pm
MANILA – The Philippines’ balance of payments (BOP) is projected to remain in surplus for this year and next year but monetary authorities slashed the target for both years given the impact of global economic developments. In a briefing streamed through the Bangko Sentral ng Pilipinas’ (BSP)… Read More
PH stocks index reverses gains, peso keeps footing vs. dollar
September 17, 2021, 5:31 pm
MANILA – The Philippine main equities index ended weaker on Friday, a day after it recovered on risk-off sentiments but the peso managed to remain firm against the US dollar. The Philippine Stock Exchange index (PSEi) lost 0.80 percent, or 55.58 points, to 6,912.85 points. All Shares declined by… Read More
Fitch lowers world GDP growth to 6% for 2021
September 17, 2021, 4:49 pm
ANKARA – Fitch Ratings expects world gross domestic product (GDP) will grow by 6% in 2021, according to its Global Economic Outlook report for September. The new figure is down from the global rating agency's 6.3 percent world GDP growth forecast made in June. "Supply constraints are limiting… Read More
PH's financial sector regulations boost startups expansion
September 16, 2021, 8:02 pm
MANILA – Forward-thinking policies of Philippine regulators made a Southeast Asian payments infrastructure start-up decide to further expand its domestic operations, especially after getting a capital boost from several investors. Xendit recently received a USD150 million Series C funding, a… Read More
Ilocos Norte offers zero-interest loan to small biz
September 16, 2021, 7:00 pm
LAOAG CITY – The Ilocos Norte government continues to boost its economic recovery program focusing this time on small businesses. As part of its coronavirus disease 2019 (Covid-19) business rehabilitation projects, the micro, small and medium enterprise office (MSMEO) of the provincial… Read More
Banks urged to ready for shift from LIBOR to alternative rates
September 16, 2021, 6:24 pm
MANILA – Universal and commercial banks (U/KBs) and their subsidiaries are now required to submit quarterly reports on their remaining exposures to London Inter-Bank Offered Rate (LIBOR). “The regular reporting of exposures will help the BSP and the banks themselves in gauging banks’… Read More
PSEi recovers on risk-on sentiments; peso weakens
September 16, 2021, 6:18 pm
MANILA – The Philippine Stock Exchange index gained on Thursday on risk-on sentiments following recent slides, but the peso weakened against the US dollar and even touched the 50-level. The main equities index rose by 1.28 percent, or 88.23 points, to 6,968.43 points. All Shares followed with… Read More
Goal to have 70% of adult Filipinos with bank accounts doable
September 16, 2021, 6:14 pm
MANILA – Doing financial transactions amid the pandemic-related movement restrictions boosts opportunities for the central bank to hit its 70-percent target in the number of adult Filipinos with bank accounts by 2023. In a virtual briefing on Thursday, Bangko Sentral ng Pilipinas (BSP) Governor… Read More
NEDA launches PH water supply, sanitation master plan
September 16, 2021, 3:30 pm
MANILA – Establishing effective water supply and sanitation (WSS) sector institutions and strengthening the regulatory environment are needed to address the future increase in water consumption and address gaps in sanitation services, the National Economic and Development Authority (NEDA)… Read More
Smarter MSMEs key to post-pandemic recovery: Lopez
September 16, 2021, 1:37 pm
MANILA – Innovation-driven and creativity-packed owners of micro, small and medium enterprises (MSMEs) are expected to help fuel the recovery of the sector from the pandemic. In his speech during the virtual launch of Project Match on Thursday, Department of Trade and Industry (DTI) Secretary… Read More
Global growth to hit 5.3%, fastest in 5 decades: UN report
September 16, 2021, 12:49 pm
ANKARA – Global economic growth is estimated to hit 5.3 percent this year with the recovery from the pandemic, its fastest rate in nearly five decades, according to a UN report released Wednesday. "The recovery, however, is uneven across geographical, income and sectoral lines," the United… Read More
Excess liquidity pushes TDF rates down anew
September 15, 2021, 8:01 pm
MANILA – Banks have continued to place funds in the Bangko Sentral ng Pilipinas’ (BSP) term deposit facility (TDF), which registered a lower interest rate this week as domestic liquidity remained high. The rate of the seven-day TDF declined to 1.7083 percent from 1.7143 percent during the… Read More
NPC, finance group condemn lending apps’ privacy violations
September 15, 2021, 7:54 pm
MANILA – The National Privacy Commission (NPC) and finance groups on Wednesday “strongly” condemned the harvesting of excessive information of some online lending platforms such as saving their users’ contact lists and photo galleries. In a joint statement, the NPC, Fintech Alliance.PH,… Read More
Investing in retail dollar bonds ‘win-win proposition’: DOF chief
September 15, 2021, 7:51 pm
MANILA – Department of Finance (DOF) Secretary Carlos Dominguez III urged Wednesday small investors to invest in the Philippines’ first-ever onshore retail dollar bond (RDBs) offering, as this income opportunity is a “win-win proposition” that will promote financial inclusion while raising… Read More
OFW remittances seen to rise as more economies reopen
September 15, 2021, 7:46 pm
MANILA – Gains in the vaccination program of countries where overseas Filipino workers (OFWs) are, along with economic recovery around the world, are expected to further boost remittance growth in the Philippines. The Bangko Sentral ng Pilipinas (BSP) on Wednesday reported a 2.6-percent… Read More
