Business
Profit taking seen for PH stocks
March 26, 2020, 2:03 pm
MANILA – Some local stocks are expected to remain prone to profit-taking Thursday following the rally in US markets overnight. Regina Capital Managing Director Luis Limlingan said the 2-percent rise in oil futures extends gains as optimism over US stimulus lifts markets. Limlingan said Brent… Read More
World Bank, IMF seek debt relief for poor countries
March 26, 2020, 1:40 pm
ISTANBUL – The World Bank Group (WBG) and the International Monetary Fund (IMF) on Wednesday urged creditors to suspend debt payments of the world’s poorest countries in the wake of the coronavirus disease (Covid-19) pandemic. In a joint statement on the eve of the G20 virtual summit on… Read More
Cebu Pacific charters more GenSan-Manila cargo flights
March 25, 2020, 9:31 pm
GENERAL SANTOS CITY – Cebu Pacific Air has chartered more cargo flights to facilitate the shipment of food products, including tuna, from the city and the neighboring areas to Manila.Edgardo Cueto, manager of the Civil Aviation Authority of the Philippines (CAAP), said Wednesday the airline has… Read More
PH has ‘ammunition’ to combat Covid-19, exec says
March 25, 2020, 8:50 pm
MANILA – The country’s sound macroeconomic policies provided “ammunition” to the Philippine government in its fight against the coronavirus disease 2019 (Covid-19) pandemic, an executive of a business consultancy firm said. Gregory Wyatt, PSA Philippines Consultancy, Inc. Director for… Read More
Strong PH economic fundamentals can address Covid-19 challenge
March 25, 2020, 8:38 pm
MANILA – The government’s budget deficit and spending will exceed the program this year because of the need to address the impact of the coronavirus disease 2019 (Covid-19), but Finance Secretary Carlos Dominguez said domestic fundamentals remain strong and can address this challenge. In an… Read More
Stocks sustain gains, peso weakens
March 25, 2020, 6:51 pm
MANILA – The Philippine Stock Exchange index (PSEi) rose for the second consecutive day Wednesday on investors’ hope that US Congress will approve the proposed stimulus measure, but the peso weakened against the greenback. The main stocks gauge rose to 5,027.76 points, up by 5.31 percent or… Read More
PLDT offers free communications tools to enterprise customers
March 25, 2020, 6:42 pm
MANILA – Telecommunications giant PLDT offers free trial access to multiple business-grade digital communications tools to select customers amid the enhanced community quarantine in Luzon due to the coronavirus disease 2019 (Covid-19) pandemic. In a statement on Wednesday, PLDT said the tools… Read More
Intellectual property filings up nearly 10% in 2019
March 25, 2020, 6:19 pm
MANILA — The Intellectual Property Office of the Philippines (IPOPHL) received a record-high in annual filings for intellectual property protection totaling 47,282 last year, a nearly 10-percent rise from the 43,300 applications in 2018. In a statement Wednesday, IPOPHL said filings for… Read More
BSP seen to tap other policy tools more than key rates
March 24, 2020, 9:18 pm
MANILA – Fitch Solutions forecasts the Bangko Sentral ng Pilipinas (BSP) to further utilize other policy tools more than the key rates this year to address the economic impact of the coronavirus disease 2019 (Covid-19). In a report, the unit of Fitch Group forecasts an additional 50-basis-point… Read More
BTr rejects bids for 7-year T-bond
March 24, 2020, 8:05 pm
MANILA – Investors’ demand for high yields prompted the Bureau of the Treasury’s (BTr) auction committee to fully-reject bids for a seven-year Treasury bond (T-bond) Tuesday. “(We) rejected all bids. Submission (is) too high from our internal estimates and BVAL,” National Treasurer… Read More
Fiscal stimulus, more than monetary stimulus, needed vs. Covid-19
March 24, 2020, 8:01 pm
MANILA – Economists said monetary policy measures can only do so much thus, the need for additional fiscal measures to buoy the Philippine economy from the effect of the coronavirus disease 2019 (Covid-19), now a global pandemic. To date, the Bangko Sentral ng Pilipinas’ (BSP) policy-making… Read More
Lockdowns costing global economy up to $30 trillion
March 24, 2020, 7:57 pm
MANILA – The lockdown measure adopted by some countries around the world to suppress the spread of coronavirus disease 2019 (Covid-19) is costing the global economy USD25 trillion to USD30 trillion, Juwai IQI chief economist Shan Saeed said. “Presently, 127 countries are partially or fully… Read More
Stocks, peso recover
March 24, 2020, 7:53 pm
MANILA – Both the Philippines’ main stock index and the peso recovered Tuesday partly on central banks’ stimulus packages. The Philippine Stock Exchange index (PSEi) gained 0.65 percent, or 30.90 points, to 4,774.27 points. All Shares also improved after it rose 0.72 percent, or 20.93… Read More
SB Corp. opens P1-B loan for MSMEs affected by lockdown
March 24, 2020, 5:14 pm
MANILA -- To support micro and small businesses affected and cushion the economic impact of the spread of coronavirus disease 2019 (Covid-19) virus in the country, the Small Business Corporation is setting up a PHP1-billion Enterprise Rehabilitation Financing facility under the Pondo sa Pagbabago… Read More
G20 finance officials mull joint plan in response to Covid-19
March 24, 2020, 5:02 pm
RIYADH — The G20 finance ministers and central bank governors agreed on Monday during a televised meeting to develop a joint G20 Action Plan in response to the Covid-19, said a statement by the G20 Saudi secretariat. Saudi Finance Minister Mohammed Al-Jadaan opened the meeting by stressing the… Read More
Lending, financing firms urged to extend debt relief to borrowers
March 24, 2020, 4:59 pm
MANILA – The Securities and Exchange Commission (SEC) is encouraging all lending and financing companies to adopt measures that will help borrowers cope with the impact and challenges brought about by the coronavirus disease 2019 (Covid-19) pandemic. In a notice dated March 23, the SEC… Read More
BSP cuts PH big banks’ reserve requirement by 200 bps
March 24, 2020, 4:54 pm
MANILA – Reserve requirement ratio (RRR) of Philippines’ universal and commercial banks (U/KBs) will be lower by 200 basis points starting March 30, 2020 to ensure adequate liquidity and address weaker economic activity despite the global pandemic. This reduction is half of the up to 400… Read More
PH auto sales seen to grow by 0.4% amid Covid-19 crisis
March 24, 2020, 4:51 pm
MANILA – Fitch Solutions forecasted the country’s automotive industry to grow by 0.4 percent this year to 371,345 units, lower from its previous projection of 7.4 percent, due to negative impacts of the Covid-19 outbreak. As the government placed Luzon under enhanced community quarantine due… Read More
Comprehensive plan needed to mitigate impact of Covid-19: NEDA
March 24, 2020, 4:45 pm
MANILA – Well-coordinated measures guided by a comprehensive plan are crucial to contain the spread of the coronavirus disease 2019 (Covid-19) and to mitigate its social and economic impact, the National Economic and Development Authority (NEDA) said on Tuesday. “This public health… Read More
Fitch Solutions slashes ‘20 growth forecast for PH
March 23, 2020, 9:12 pm
MANILA – Economic impact of the coronavirus disease 2019 (Covid-19) on the Philippine economy is expected to slow down domestic expansion, with Fitch Solutions cutting its 2020 growth projection from 6 percent to 4 percent. In a report dated March 20, 2020, the unit of Fitch Group said its… Read More
