Business
Oil prices may remain below $50 a barrel until 2023
October 14, 2020, 8:30 pm
MOSCOW – Oil prices may remain below USD50 per barrel until 2023, according to the October report the International Energy Agency (IEA) submitted to TASS. "The uncertain outlook that could see the drawdown of stocks falter is reflected in the fact that physical prices have weakened and this has… Read More
High time for PH to revive domestic industrialization
October 14, 2020, 7:39 pm
MANILA – A former dean at the University of the Philippines (UP) on Wednesday backed the move of the Department of Trade and Industry (DTI) to strengthen domestic industries and push for product localization. At the virtual roundtable @ Lido, former UP School of Labor and Industrial Relations… Read More
DOF awaits details of MSME workers' 13th month pay subsidy plan
October 14, 2020, 7:34 pm
MANILA – The Department of Finance (DOF) has yet to commit to the proposal for the government to subsidize the 13th month pay of workers of micro, small and medium enterprises (MSMEs) greatly affected by the pandemic. “I have asked Sec. (Silvestre) Bello (III) for the details of his proposal… Read More
Imported car sales rebound in Q3
October 14, 2020, 6:45 pm
MANILA – Sales of imported vehicles in the country rebounded in the third quarter of the year compared to the previous quarter. The Association of Vehicle Importers and Distributors (AVID) reported Wednesday that third-quarter sales grew triple digit by 212 percent to 15,471 units from second… Read More
Term deposit rates end mixed
October 14, 2020, 6:16 pm
MANILA – The rates of the term deposit facility (TDF) ended mixed on Wednesday even after the Bangko Sentral ng Pilipinas (BSP) excluded the 28-day facility from the auction. The rate of the seven-day facility rose to 1.8466 percent but the rate of the 14-day TDF declined to 1.8426… Read More
DTI chief sees no need to defer 13th-month pay
October 14, 2020, 4:50 pm
MANILA – Department of Trade and Industry (DTI) Secretary Ramon Lopez sees no need to defer the 13th month pay for this year as the government stands ready to support distressed micro and small enterprises amid the pandemic. “No official discussion on deferment because companies needing funds… Read More
PSE index ends flat; peso down
October 14, 2020, 3:59 pm
MANILA – The main equities index recovered Wednesday but the peso weakened against the US dollar, still on worries on the possible coronavirus disease 2019 (Covid-19) vaccine and the US stimulus program. The Philippine Stock Exchange index (PSEi) rose by 0.03 percent, or 2.07 points, to… Read More
NegOcc aids NFA in palay procurement process
October 14, 2020, 3:49 pm
BACOLOD CITY – The Negros Occidental provincial government’s Rice Processing Center in Bago City is providing farmers free space to dry their fresh palay (unhusked rice) to enable them to sell their produce to the National Food Authority (NFA). The assistance is among the programs being… Read More
Solon wants more access to credit for small borrowers
October 14, 2020, 3:43 pm
MANILA – A lawmaker at the House of Representatives on Wednesday pushed for more formal bank financing to be accessed by small borrowers, such as microbusinesses and farmers, by making credit standards fairer and more inclusive. In filing House Bill No. 7863, Albay Rep. Joey Salceda said… Read More
Converge ICT IPO in full swing
October 14, 2020, 3:02 pm
MANILA – Converge Information and Communications Technology Solutions Inc. (Converge ICT) moves forward with its initial public offering after earning the nod of the Philippine Stock Exchange (PSE) and receiving the permit to sell from the Securities and Exchange Commission. Converge ICT will… Read More
Commercial borrowings priority over BSP credit line: DOF chief
October 14, 2020, 1:54 pm
MANILA – The government considers the credit line provided by the Bangko Sentral ng Pilipinas (BSP) as among its reserved funding options since commercial borrowing remains the priority. “We believe that our current borrowing program and our current revenue flow, which incidentally is 8… Read More
IMF cuts 2020 growth forecast for PH; hikes 2021 projection
October 13, 2020, 8:35 pm
MANILA – Deeper contraction in the second quarter of 2020 made the International Monetary Fund (IMF) slash its growth forecast for the Philippines this year to -8.3 percent but it hiked its 2021 forecast to 7.4 percent. The lender’s latest growth projection for the country this year is a… Read More
APEC should enhance resilience in food systems: report
October 13, 2020, 8:26 pm
JAKARTA – Asia-Pacific Economic Cooperation (APEC) member economies should stay vigilant and proactive to build greater food system resilience and address obstacles in connectivity and supply chains in trading of agricultural products, APEC Policy Support Unit’s new policy report said. "APEC… Read More
Gov't proposes P838.35-B for Covid-19 programs
October 13, 2020, 8:05 pm
MANILA – Projects related to coronavirus disease 2019 (Covid-19) included in the proposed 2021 national budget amount to around PHP838.35 billion, Budget and Management Secretary Wendel Avisado said. This is nearly 20 percent of the proposed PHP4.5-trillion budget for next year. During the… Read More
Stocks, peso slip on anxiety over nat'l budget, US polls
October 13, 2020, 6:50 pm
MANILA – The main equities gauge and the peso slipped Tuesday ahead of the US polls and some geo-political issues overseas. The Philippine Stock Exchange index (PSE) shed 0.23 percent, or 13.82 points, to 5,923.23 points. All Shares followed with a drop of 0.08 percent, or 2.68 points, to… Read More
DOE issues notices to proceed to 4 LNG terminal projects
October 13, 2020, 6:39 pm
MANILA – The Department of Energy (DOE) has issued notices to proceed to four companies eyeing to build liquefied natural gas (LNG) terminal projects, as it intensifies efforts to ensure energy security with the depleting reserves in the Malampaya gas field. DOE Secretary Alfonso Cusi said… Read More
C. Luzon MSMEs urged to tap digital marketing tools
October 13, 2020, 5:00 pm
CITY OF SAN FERNANDO, Pampanga – The Department of Trade and Industry (DTI) on Tuesday urged the micro, small and medium enterprises (MSMEs) in Central Luzon to explore online platforms to grow their businesses. DTI Regional Operations Group Undersecretary Blesilda Lantayona, in her message… Read More
Diokno cites thrift banks' performance amid pandemic
October 13, 2020, 3:04 pm
MANILA – Philippines’ thrift banking industry continues to show resilience from the pandemic as shown by the rise of their assets that allowed them to also help small businesses. Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said the thrift banking industry doubled its resources… Read More
SMC completes Skyway 3 ahead of schedule
October 13, 2020, 2:58 pm
MANILA – San Miguel Corporation (SMC) president and chief operating officer Ramon Ang has announced that the construction of the entire 17.93-kilometer stretch of the much-awaited Skyway 3 project linking Southern and Northern Luzon seamlessly has been finally completed. This was done ahead of… Read More
Fitch affirms ratings of 5 PH banks
October 13, 2020, 11:56 am
MANILA – Fitch Ratings affirmed five Philippine private banks’ long-term issuer default ratings after noting the government’s readiness to support the sector from the impact of the pandemic. These banks are the Sy-led BDO Unibank, Inc. (BDO) at BBB- with stable outlook; Ayala-led Bank of the… Read More
