Business
BSP eyes Dec ’20 inflation rate between 2.9, 3.7%
December 29, 2020, 9:22 pm
MANILA – Rate of price increases for December 2020 is seen to remain manageable, with the range seen between 2.9 and 3.7 percent, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said. In a Viber message to journalists Tuesday, Diokno said upticks in domestic oil prices along with key… Read More
PH stocks, peso end year on positive note
December 29, 2020, 7:33 pm
MANILA – The Philippines’ main equities index ended 2020 on a positive note partly on the latest stimulus package of the US government and the peso followed, due also to the timely signing of the 2021 national budget. Philippine Stock Exchange index (PSEi) inched up by 0.25 percent, or 17.46… Read More
PH targets to ratify RCEP next year
December 29, 2020, 7:22 pm
MANILA – The Department of Trade and Industry (DTI) eyes the country’s ratification of the Regional Comprehensive Economic Partnership (RCEP) next year before politicians get busy for the national elections in 2022. DTI Assistant Secretary Allan Gepty told reporters last week that the RCEP… Read More
PNB, PSBank extend fee waiver for digital banking transactions
December 29, 2020, 7:21 pm
MANILA – Both the Philippine National Bank (PNB) and the Philippines Savings Bank (PSBank) have decided to extend their fee waiver for InstaPay and PesoNet transactions to encourage more clients to use digital banking channels. In a statement Tuesday, the Lucio Tan-led PNB said it is extending… Read More
Economist sees further jumps in PH’s BOP surplus
December 28, 2020, 8:48 pm
MANILA – An economist forecasts further jumps in the Philippines’ balance of payments (BOP) surplus partly due to recovery in foreign direct investments (FDIs), foreign portfolio investments, and remittance inflows. This, after the Bangko Sentral ng Pilipinas (BSP) on Monday reported the… Read More
PH to restart study in joining Trans-Pacific trade pact
December 28, 2020, 8:30 pm
MANILA – The Department of Trade and Industry (DTI) will re-explore the opportunities for the Philippines to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a senior trade official told reporters. In a virtual briefing with trade reporters last week, DTI… Read More
PH shares slip, peso stays firm vs. USD
December 28, 2020, 5:58 pm
MANILA – Philippine shares ended Monday on the red partly on investors’ wait-and-see stance regarding developments on US’s new relief package but the peso ended the trade sideways after the Christmas break. Philippine Stock Exchange index (PSEi) lost 1.14 percent, or 82.13 points, to… Read More
Rollback for diesel, kerosene after 7 straight price hikes
December 28, 2020, 12:58 pm
MANILA – After seven straight weeks of price hikes, oil firms will slash prices of diesel and kerosene effective Tuesday morning. In separate advisories, Seaoil and Shell will cut diesel prices by PHP0.05 per liter. Shell will also decrease kerosene prices by PHP0.25 per liter. Other oil players… Read More
Russian gov't considers $45-$55 a barrel oil price range optimum
December 25, 2020, 5:26 pm
MOSCOW – Russia’s government considers the oil price range of USD45 to USD55 per barrel optimum in the current market situation, which allows preventing the market from overheating and supporting producers, Deputy Prime Minister Alexander Novak told reporters. "The range of prices of USD45 to… Read More
Oil price correction, remittances to further spur peso: Economist
December 25, 2020, 3:48 pm
MANILA – Correction in prices of oil in the international market, along with the seasonal inflows of remittances during the Christmas holidays, are expected to further back the Philippine peso. The local currency ended the trade at 48.07 against the US dollar Wednesday, sideways from its 48.095… Read More
Oil prices climb as US oil inventories fall
December 24, 2020, 7:42 pm
ANKARA – Oil prices increased on Thursday over a fall in US oil stocks and a decline in the US first-time jobless claims, as both signal a possible oil demand and economic rebound. International benchmark Brent crude traded at USD51.42 per barrel at 0642 GMT for a 0.35-percent increase after… Read More
Security Bank, UnionBank set holiday schedules
December 24, 2020, 6:35 pm
MANILA – Select branches of Security Bank of the Philippines and Union Bank of the Philippines will remain open even during Rizal Day (December 30) and on the last weekend of this year. In an advisory, Security Bank said all its branches will be closed on December 25 and December 31, 2020 and on… Read More
Residential property demand in Cebu seen to rebound in 2021
December 24, 2020, 6:03 pm
CEBU CITY – Global property consultancy firm Colliers International sees a rebound in residential property demand in Cebu next year, saying the metro remains a major investment hub outside of Metro Manila. “Colliers projects a potential rebound in residential demand in 2021 and thus sees a… Read More
Fitch Solutions revises '20, '21 average PH peso forecasts
December 24, 2020, 3:24 pm
MANILA – Fitch Solutions revised its average 2020-2021 Philippine peso forecasts as the unit continues to outperform in the region but a possible weakening is projected in the long-term partly on current account improvement reversal. In a report dated Dec. 23, the unit of Fitch Group’s new… Read More
Oil prices down over pandemic-driven demand fears
December 24, 2020, 1:39 pm
ANKARA – Oil prices fell on Wednesday with the new strain of coronavirus disease 2019 (Covid-19) virus in the United Kingdom (UK) casting doubts over prompt oil demand recovery, while an estimated rise in US crude stocks also fuels these doubts. International benchmark Brent crude was trading… Read More
P88-B projects get PEZA nod in Jan-Nov ‘20
December 24, 2020, 1:34 pm
MANILA – The Philippine Economic Zone Authority (PEZA) has approved some PHP15.74 billion worth of projects in November, bringing the total investment approvals to PHP88.34 billion in the first 11 months of the year. PEZA reported Thursday that the investments came from 318 applications for new… Read More
Local shares up; peso ends flat
December 23, 2020, 6:42 pm
MANILA – The Philippine Stock Exchange index (PSEi) closed stronger ahead of the long holidays while the local currency ended flat Wednesday. PSEi gained 0.03 percent, or 1.99 points to end trading at 7,204.38 points. All shares increased by 0.10 percent or 4.31 points to 4,294.45 points. Most… Read More
BOI approvals nearly hit P1-T for 2020
December 23, 2020, 6:18 pm
MANILA – The Board of Investments (BOI) has approved PHP905 billion worth of projects as of December 18, Trade Undersecretary and BOI managing head Ceferino Rodolfo said Tuesday night. In a media interview, Rodolfo said the Board of Directors of the investment promotion agency will have their… Read More
Higher gov’t spending hikes budget gap in Jan-Nov ‘20
December 23, 2020, 6:13 pm
MANILA – The Bureau of the Treasury (BTr) reported Wednesday that the national government’s budget deficit for the first 11 months of the year reached PHP1.069 trillion due to higher government spending while revenue collection was lower than last year. Budget gap from January to November… Read More
SSS on contribution hike: We need to implement the law
December 23, 2020, 3:24 pm
MANILA – Social Security System (SSS) officials said on Wednesday they have listened to the clamor of employers and some business groups to defer the contribution hike in the state-run pension fund, but the scheduled increase in contribution rate is mandated by law. “As much that the SSS… Read More
