Business
BSP survey shows higher agri loans and services in 2022
May 3, 2024, 8:44 pm
MANILA – The share of agriculture loans and services went up to 18.1 percent in 2022 from 17.6 percent in 2021, results of a survey released by the Bangko Sentral ng Pilipinas (BSP) on Friday showed. The 2022 Countryside Bank Survey (CBS) report showed that the increase was mainly observed in… Read More
DA sees lower rice prices starting June
May 3, 2024, 7:30 pm
MANILA – Department of Agriculture (DA) Secretary Francisco Tiu Laurel Jr. said on Friday rice prices will likely decline starting next month. Laurel at the sidelines of the Horticulture and Urban Agriculture Summit in Makati City said prices of rice in the international market declined for the… Read More
DOE urges power distributors to tap Landbank’s anti-bill shock loan
May 3, 2024, 7:00 pm
MANILA – The Department of Energy (DOE) and the Energy Regulatory Commission (ERC) urged private distribution utilities (DUs) and electric cooperatives (ECs) to tap the "Anti-Bill Shock" Lending Program of the Land Bank of the Philippines. In a news release Friday, the DOE said Landbank’s… Read More
Gov't nurtures economic potentials of horticulture, urban agriculture
May 3, 2024, 6:29 pm
MANILA – The Philippines has a huge potential to be a bigger player in the global horticulture market, Department of Agriculture (DA) Secretary Francisco Tiu Laurel Jr. said on Friday, noting that the government will ramp up efforts to increase production. Laurel said he sees a promising future… Read More
PSEi extends shedding, peso nearly flat
May 3, 2024, 6:20 pm
MANILA — The local bourse extended its losses for the third straight day, while the peso closed the week almost flat on Friday. The Philippine Stock Exchange index (PSEi) went down by 0.47 percent to 6,615.55, with All Shares also losing 0.18 percent, closing at 3,498.17 level. Philstock… Read More
PH, Cambodia finalize draft of double taxation agreement
May 3, 2024, 6:14 pm
MANILA – The Philippines and Cambodia recently finalized the draft of the double taxation agreement (DTA) which aims to protect Filipinos’ taxing rights and increase trade and investment across economic borders. A new release from the Department of Finance (DOF) on Friday said the DTA draft… Read More
Naver Q1 net income soars 1,171.9% on growth of major businesses
May 3, 2024, 1:47 pm
SEOUL – South Korean tech giant Naver Corp. said Friday its first-quarter net profit soared 1,171.9 percent from a year earlier on the overall growth of its major businesses, including its search platform and e-commerce. Its net profit reached 555.8 billion won (USD404 million) in the… Read More
Shares down on inflation expectation, peso rebounds
May 2, 2024, 7:07 pm
MANILA – The local stock barometer finished in the red territory for two trading days ahead of the April inflation report, while the Philippine peso gained strength in Thursday’s trade. The Philippine Stock Exchange index (PSEi) fell 0.81 percent to 6,646.55, while All Shares declined by 0.61… Read More
PH debt declines by 1.67% in March
May 2, 2024, 7:05 pm
MANILA – The national government's total outstanding debt decreased by 1.67 percent to PHP14.93 trillion as of end-March this year due to the net redemption of domestic government securities. In a statement on Thursday, the Bureau of the Treasury (BTr) said of the total debt stock, 68.86 percent… Read More
PBBM's order for a wage review reaffirms RTWPBs' role - ECOP
May 2, 2024, 6:05 pm
MANILA – The leadership of the Employers’ Confederation of the Philippines (ECOP) said that by ordering wage boards to immediately initiate the process leading to the next wage hike, President Ferdinand R. Marcos, Jr. has clearly shown his support for the legally-mandated system for… Read More
DOF, JICA to execute $1.5-B projects for 2024-2025
May 2, 2024, 4:55 pm
MANILA – The Department of Finance (DOF) said on Thursday it is set to execute around USD1.5 billion worth of pipeline projects with the Japan International Cooperation Agency (JICA) for 2024 to 2025. The DOF and JICA are also working toward executing four major loan agreements within the year.… Read More
BIR files raps vs. firm over fake receipts
May 2, 2024, 3:10 pm
MANILA – The Bureau of Internal Revenue (BIR) on Thursday filed criminal cases before the Department of Justice (DOJ) against the corporate officers and accountant of a trading company for using more than PHP200 million worth of fake receipts. In a statement, the BIR said the company used these… Read More
Growth in new orders, output boost manufacturing score in April
May 2, 2024, 11:22 am
MANILA – The S&P Global Philippines Manufacturing Purchasing Managers’ Index (PMI) reported on Thursday that the condition of the sector further improved in April 2024. The country’s manufacturing PMI, a gauge of the sector’s performance, increased to 52.2 in April from a modest score of… Read More
Retail sector sees continued price stability in consumer goods
May 1, 2024, 7:55 pm
MANILA – A supermarket industry leader said it is unlikely that consumers will see a significant change in the prices of most basic commodities this month as long as there are no unforeseen additions to the costs of manufacturers and retailers. In an interview on Wednesday, Steven Cua,… Read More
Recto: No need to revise revenue target for now
May 1, 2024, 3:16 pm
MANILA – Finance Secretary Ralph Recto said the government is sticking to its revenue collection target for now, adding that he is hopeful that the double-digit growth in the Bureau of Internal Revenue's (BIR) collections will be sustained until the end of the year. "No need to revise it yet. So… Read More
Hot money inflows hit $377-M in Q1
May 1, 2024, 10:48 am
MANILA – Foreign portfolio investments or hot money registered with the Bangko Sentral ng Pilipinas (BSP) through authorized banks, recorded net inflows of USD377 million in the first quarter of the year. Data released by the BSP on Wednesday showed that the net inflows during the month resulted… Read More
US to start programming CHIPS Act funds for PH
April 30, 2024, 7:05 pm
MANILA – The United States will be soon programming specific funding allocations for the "Creating Helpful Incentives to Produce Semiconductors" or CHIPS Act for the Philippines with the ongoing study of the Organization for Economic Cooperation and Development (OECD), visiting US Department of… Read More
PSEi snaps 6-day rally on profit-taking, peso on sideways
April 30, 2024, 7:02 pm
MANILA – The Philippine Stock Exchange index (PSEi) ended its six-day rally on profit-taking, while the peso closed sideways Tuesday. The PSEi finished in the red territory, shedding 0.16 percent at 6,759.01, with All Shares inching up by 0.01 percent to 3,543.49. “Investors booked gains ahead… Read More
BTr partially awards Treasury bonds
April 30, 2024, 6:25 pm
MANILA – The Bureau of the Treasury (BTr) on Tuesday partially awarded the re-issued 20-year Treasury bonds (T-bonds). With a remaining term of seven years and two months, the re-issued T-bonds were awarded at an average rate of 7.058 percent. "The 7-year Treasury bond average auction yield… Read More
IMF: PH one of sources of repeated growth surprise
April 30, 2024, 4:05 pm
MANILA – The International Monetary Fund (IMF) on Monday said the Philippines is one of the resilient economies in the region, with growth mostly supported by domestic demand. "India and the Philippines have been the source of repeated positive growth surprises, supported by resilient domestic… Read More
