Business
Contribution hike to benefit SSS members: Ignacio
January 5, 2021, 3:32 pm
MANILA – Social Security System’s (SSS) contribution rate hike starting January 2021 will benefit its members since claims will be based on their contributions, SSS president and chief executive officer Aurora Ignacio said. During the Laging Handa briefing aired over state-owned PTV-4… Read More
Shakey’s Pizza set to open in Singapore
January 5, 2021, 3:26 pm
MANILA – Shakey’s Pizza Asia Ventures Inc., the country’s leading chained full-service restaurant, has signed a franchising agreement to open its first store in Singapore following a seven-year deal with Brenrich Pte. Ltd. “We are thrilled to restart our international franchise journey in… Read More
Diokno expects within-target inflation amid December uptick
January 5, 2021, 1:40 pm
MANILA – The rate of price increases in the country posted a further uptick to 3.5 percent in December 2020 but Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said this remains transitory given the recent weather disturbances. Last month’s inflation print is higher than the… Read More
Inflation hits 3.5% in December; 2020 average settles at 2.6%
January 5, 2021, 1:23 pm
MANILA – The country’s inflation rate soared to 3.5 percent in December 2020, bringing the full-year figure to 2.6 percent, as food prices rose amid the seasonal spike in demand due to the holiday season and possibly the spillover effects of typhoons, the Philippine Statistics Authority (PSA)… Read More
Oil prices up ahead of OPEC+ meeting
January 4, 2021, 8:03 pm
ANKARA – Oil prices increased on Monday ahead of an OPEC+ meeting, as the world’s biggest oil producers are expected to keep the production quota in February unchanged amid weak oil demand caused by the global pandemic crisis. International benchmark Brent crude was trading at USD53 per… Read More
Further quarantine easing, Covid-19 vaccine to boost PH growth
January 4, 2021, 7:57 pm
MANILA – Continued easing of quarantine measures, along with the deployment of coronavirus disease 2019 (Covid-19) vaccines, are expected to boost domestic growth to within-target levels this year. In a report Monday, Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort… Read More
Stocks end 2021 first trading up; peso flat vs. dollar
January 4, 2021, 7:10 pm
MANILA – The local stock barometer ended the new year’s first trading day higher, mirroring counterparts in the US, while the peso remained firm against the greenback. The Philippine Stock Exchange index (PSEi) gained by 0.81 percent, or 57.79 points, to 7,197.50 points. All Shares followed… Read More
DTI to impose safeguard duty on auto vehicles
January 4, 2021, 6:39 pm
MANILA – The Department of Trade and Industry (DTI) will impose provisional safeguard duties on imported passenger cars and light commercial vehicles after its preliminary determination found that there was an influx of importation of automotive vehicles that caused serious injury to the… Read More
T-bill rates slip on hopes for slower Dec. '20 inflation
January 4, 2021, 4:25 pm
MANILA – Expectations for a slower domestic inflation rate last December resulted in the across-the-board decline of Treasury bill (T-bill) rates Monday. Average rate of the 91-day paper slid to 0.987 percent, the 182-day to 1.369 percent, and the 364-day to 1.614 percent. These were at… Read More
Oil prices to increase Jan. 5
January 4, 2021, 3:57 pm
MANILA – Fuel costs are set to increase Tuesday morning, greeting consumers with a new year price hike. In separate advisories, Cleanfuel, Petro Gazz, Seaoil, and Shell announced they will hike diesel prices by PHP0.30 per liter, and PHP0.45 per liter for gasoline products. Seaoil and Shell… Read More
Manufacturing index slides in December but biz confidence up
January 4, 2021, 3:00 pm
MANILA – The country’s manufacturing purchasing managers’ index (PMI) shed in the last month of 2020, but business confidence was the highest in 10 months, IHS Markit reported Monday. Philippines manufacturing PMI in December 2020 declined to 49.2 from 49.9 in November 2020. “Firms… Read More
Public opposition seen slowing coal power growth rate
January 4, 2021, 2:57 pm
MANILA – A Fitch Group unit sees a slower growth rate for coal-fired power projects in the Philippines post-2026 amid the increasing public call to shift away from coal dependence for power generation that led to the government’s issuance of a moratorium on endorsements for greenfield coal… Read More
Landbank releases P231.7-B loans to 2.6M farmers, fisherfolk
January 4, 2021, 1:31 pm
MANILA – The Land Bank of the Philippines (Landbank) released an additional PHP1.44 billion in loans for the agriculture sector in November 2020, bringing the total credit extended to farmers, agribusiness enterprises, and other beneficiaries as of that month to PHP231.67 billion. In a… Read More
Lower biz tax rate if CREATE enacted into law this month
January 4, 2021, 10:21 am
MANILA – Businesses would pay lower corporate income tax (CIT) once the proposed Corporate Recovery and Tax Incentives for Enterprises (CREATE) is enacted into law this month, an official of the Department of Trade and Industry said. In a recent interview with reporters, DTI Undersecretary… Read More
DTI adjusts cement safeguard duty in 2021
January 1, 2021, 4:06 pm
MANILA – The Department of Trade and Industry (DTI) is adjusting safeguard duty for imported cement this 2021 for the second year of the imposition of the trade remedy. In an interview with reporters, DTI-Bureau of Import Services director Luis Catibayan said safeguard duty this year is being… Read More
LPG prices up on New Year's Day
January 1, 2021, 12:12 pm
MANILA – Oil companies and distributors have a surprise for consumers with a big increase in the prices of liquefied petroleum gas (LPG) products at the start of a new year. Petron hiked LPG prices by PHP4.16 per kilogram and its AutoLPG increased by PHP2.33 per liter. Likewise, Phoenix LPG… Read More
BSP, DOF amid the pandemic
December 31, 2020, 6:03 pm
MANILA – Real interest rates in the Philippines are in negative territory after monetary officials aggressively cut the central bank’s key policy rates by 200 basis points to spur lending and cushion the impact of the pandemic. To date, the Bangko Sentral ng Pilipinas’ (BSP) overnight… Read More
Avisado assures proper usage of P838-B for Covid-19 programs
December 31, 2020, 3:14 pm
MANILA – Budget and Management Secretary Wendel Avisado on Thursday assured the public that the PHP838-billion budget allocated for the fight against the coronavirus disease 2019 (Covid-19) will be used properly. “Maliwanag po ang instruction at direktiba ng Pangulo -- siguraduhin na yung pera… Read More
DBP inks P416-M credit deal with local iron ore mining giant
December 30, 2020, 7:47 pm
MANILA – State-owned Development Bank of the Philippines (DBP) has granted a PHP416-million credit line to the country’s first large-scale offshore mining company to augment its working capital requirements in its export production of iron ore, a top official said. DBP President and Chief… Read More
EU members approve Brexit trade deal
December 30, 2020, 3:43 pm
ANKARA – The European Council announced Tuesday that it has adopted by written procedure the decision on the signing of the EU-UK trade deal. The agreement will be signed by the two parties Wednesday. European Council President Charles Michel and European Commission President Ursula von der… Read More
