Business
Oil prices down amid fresh coronavirus restrictions
December 7, 2020, 7:52 pm
ANKARA – Oil prices were down on Monday as vaccine hopes were overshadowed by a worldwide surge in new coronavirus disease 2019 (Covid-19) cases amid fresh lockdowns in the US, Europe and Asia, which raised concerns over the outlook for crude demand. International benchmark Brent crude was… Read More
Reduced power cost to boost competitiveness: Cebu biz group
December 7, 2020, 7:39 pm
CEBU CITY – The Cebu Chamber of Commerce and Industry (CCCI) has asked the Regional Development Council’s (RDC) intervention to address the high cost of power in Cebu and boost competitiveness. During the RDC-7 fourth-quarter virtual meeting on Monday, Economic Development Committee… Read More
Stocks rise; peso nearly unchanged vs. dollar
December 7, 2020, 6:43 pm
MANILA – The Philippine Stock Exchange index (PSEi) rose Monday partly on positioning ahead for the new year while the peso ended sideways against the US dollar. The main equities index gained 0.97 percent, or 69.11 points, to 7,203.67 points. All the other counters also finished the day with… Read More
PH T-bill rates rise
December 7, 2020, 6:30 pm
MANILA – The rates of treasury bills (T-bills) rose across-the-board Monday but National Treasurer Rosalia de Leon said interest rates remain low amidst the uptick. The average rate of benchmark 91-day paper rose to 1.015 percent, the 182-day to 1.399 percent, and the 364-day to 1.695… Read More
Strong property demand seen in Q3 2020
December 7, 2020, 6:26 pm
MANILA – Latest report from Lamudi, an online marketplace for properties, showed real estate demand in major regions in the country has remained strong in the third quarter of the year. “The easing of quarantine protocols have benefitted the property sector. Construction initiatives were able… Read More
Customs sub-port in Dumaguete earns ISO certification
December 7, 2020, 6:01 pm
DUMAGUETE CITY – The Bureau of Customs (BOC) Sub-port of Dumaguete has earned the distinction of being the agency’s first among the 39 sub-ports in the entire country to be granted the ISO (International Organization for Standardization) 9001:2015 certification. This, after the sub-port here… Read More
Oil firms set new round of price hikes
December 7, 2020, 3:30 pm
MANILA – Oil firms will increase their prices effective Tuesday morning. In separate advisories, Cleanfuel, Petro Gazz, Seaoil, and Shell said they will hike gasoline prices by PHP0.25 per liter and PHP0.40 per liter on diesel. Seaoil and Shell will also raise kerosene prices by PHP0.60 per… Read More
Oil price rebounds; will hit $60 per barrel in 2021
December 7, 2020, 1:31 pm
MOSCOW – The price of Brent crude, which fell to USD47 per barrel ahead of the OPEC+ meeting, rose to almost USD50 per barrel, rebounding on positive news about the decision reached by the participants to the oil production cut agreement. Now, this is the maximum price and it is unlikely to… Read More
PH executives continue investing in digital transformation
December 4, 2020, 6:56 pm
MANILA – An IBM study showed top executives of Philippine-based firms will continue investing in digital technology in the next two years, accelerating their digital transformation amid the pandemic. In a virtual media roundtable Friday, IBM Philippines president and country general manager… Read More
Oil up as OPEC+ agrees on higher output next year
December 4, 2020, 6:49 pm
ANKARA – Crude oil prices rose on Friday after OPEC+ countries agreed to ease oil cuts next year by more than market expectations. International benchmark Brent crude was trading at USD49.48 per barrel at 0647GMT, up 1.58 percent after closing Thursday at USD48.71 a barrel. American benchmark… Read More
BSP's securities rate falls
December 4, 2020, 6:46 pm
MANILA – The rate of the Bangko Sentral ng Pilipinas’ (BSP) 28-day securities fell anew Friday as demand for the debt paper remained. Data released by the central bank showed the average rate of the securities slipped to 1.6985 percent from 1.7053 percent during the auction last Nov. 27. The… Read More
Economist sees sustained slower M3 growth
December 4, 2020, 6:42 pm
MANILA – An economist forecasts further deceleration of domestic liquidity (M3) growth in the coming months partly due to the Bangko Sentral ng Pilipinas’ (BSP) excess liquidity siphoning activities. Preliminary data released by the central bank Thursday showed a slower M3 growth last October… Read More
Stocks end 3-day rally; peso stays firm
December 4, 2020, 6:36 pm
MANILA – The main equities index ended its three-day rally partly on profit-taking but the peso ended almost unchanged against the US dollar. The Philippine Stock Exchange index (PSEi) shed 0.83 percent, or 59.57 points, to 7,134.56 points. All Shares followed with a decline of 0.53 percent,… Read More
Consumer education widens acceptance of digital payments
December 4, 2020, 5:40 pm
MANILA – Consumer education on digital payments and fund transfers needs to be strengthened for more people to embrace this system, which registered strong uptake after Luzon was placed under lockdown in the first half of 2020. In a virtual briefing Friday, Xendit Philippines Managing Director… Read More
November '20 inflation uptick transitory: Diokno
December 4, 2020, 1:12 pm
MANILA – The rate of domestic price increases posted its 17-month high of 3.3 percent last November, exceeding expectations, but Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno believes this development to be transitory. Last November’s inflation figure is higher than the previous… Read More
DOE receives 14 applications for oil, gas exploration
December 4, 2020, 1:00 pm
MANILA – Department of Energy (DOE) Secretary Alfonso Cusi said the agency has received 14 applications for oil and gas exploration activities to search for untapped energy resources in the country. Speaking at the virtual 16th Energy Investment Forum on Friday, Cusi said the DOE will be… Read More
No need for Bayanihan 3: DOF chief
December 4, 2020, 10:17 am
MANILA – Finance Secretary Carlos Dominguez III discounted the need for another stimulus measure, citing the plan to use unused Bayanihan to Recover as One Act and national budget allocations. During the virtual briefing of the inter-agency Development Budget Coordination Committee (DBCC)… Read More
Republic Cement eyes more partners for co-processing of waste
December 4, 2020, 9:57 am
MANILA – Republic Cement president and chief executive officer Nabil Francis said the cement firm aims to partner with more companies and communities for co-processing to address the waste management crisis in the country through its co-processing arm, “ecoloop”. “We would like to commit… Read More
Latest ROP bonds issuance 'plus' for economic recovery
December 4, 2020, 9:54 am
MANILA – An economist is optimistic that the government will have greater leeway to fund economic recovery programs after successfully selling USD2.75-billion (around PHP132 billion) worth of 10.5-year and 25-year US dollar-denominated bonds on Thursday. Rizal Commercial Banking Corporation… Read More
Risk aversion deters banks from cutting rates: Diokno
December 4, 2020, 9:46 am
MANILA – The continued reduction in the Bangko Sentral ng Pilipinas’ (BSP) key policy rates is aimed at encouraging banks to lend more to their clients to help spur economic activities and address the slump caused by the pandemic. Banks, however, remain cautious and have not even reduced their… Read More
