Business
ANZ Research eyes add'l easing from BSP to buoy growth
March 20, 2020, 8:43 am
MANILA – ANZ Research forecasts more easing measures from the Bangko Sentral ng Pilipinas (BSP) in the coming months following the 50 basis points reduction in key rates Thursday, citing the need to ensure growth stability. In a report dated March 19, the economic and financial markets research… Read More
Higher rediscounting facility availments needed: economist
March 20, 2020, 8:40 am
MANILA – An economist of Ayala-led Bank of the Philippine Islands (BPI) said on Thursday banks need to tap the Bangko Sentral ng Pilipinas’ (BSP) rediscounting facility more to have additional funds to lend to their clients. This came after the BSP’s policy-making Monetary Board (MB) eased… Read More
IPOPHL goes online; postpones hearings, deadlines
March 19, 2020, 10:15 pm
MANILA -- The Intellectual Property Office of the Philippines (IPOPHL) has issued a memorandum circular suspending the manual filing for protection of intellectual property until April 14, due to the enhanced community quarantine measures in Luzon. The office, however, assured that its workers,… Read More
Economist hopes for more fiscal measures vs. Covid-19 impact
March 19, 2020, 10:05 pm
MANILA – An economist of ING Bank Manila said on Thursday more fiscal measures are needed even after the Bangko Sentral ng Pilipinas’ (BSP) announced monetary stimulus that will take effect on Friday. In a research not, ING senior economist Nicholas Mapa said the 50-basis-point slash in the… Read More
UnionBank economist sees more cuts in BSP rates
March 19, 2020, 10:01 pm
MANILA – An economist of Union Bank of the Philippines (UnionBank) forecasts an additional 50 basis points cut in the Bangko Sentral ng Pilipinas (BSP) key rates this year after a total of 75 basis points reduction to date. “I do expect the BSP to continue rate cuts to help calm the domestic… Read More
SEC approves PSE offsite trading protocols amid quarantine
March 19, 2020, 9:55 pm
MANILA -- The Securities and Exchange Commission (SEC) has approved the offsite trading protocols that the Philippine Stock Exchange (PSE) will adopt while Luzon remains under enhanced community quarantine to contain the new coronavirus disease 2019 (Covid-19). The SEC convened an en banc meeting… Read More
DTI sets limit in buying food, non-food products
March 19, 2020, 8:27 pm
MANILA – The Department of Trade and Industry (DTI) issued a Memorandum Circular (MC) on Thursday setting a limit in buying food and non-food products to avoid hoarding and panic buying amid the enhanced community quarantine in Luzon. The MC No. 20-07 also aims to prevent unreasonable price… Read More
Groups push for easier payment schemes for businesses
March 19, 2020, 8:26 pm
DAVAO CITY – The European Chamber of Commerce of the Philippines Southern Mindanao Business Council (ECCP-SMBC) is working closely with the Davao City Chamber of Commerce and Industrie Inc. (DCCCII) in pushing for a moratorium on payments for certain businesses.ECCP-SMBC chair Antonio Peralta… Read More
Peso ends sideways; stocks index falls anew
March 19, 2020, 7:49 pm
MANILA – The Philippine peso ended on Thursday sideways against the US dollar but the main stocks gauge fell to the 4,600-level still on anxieties on the coronavirus disease 2019 (Covid-19). The local currency finished the day at 51.1 from 51.05 a day ago. It opened sideways at 51.3 compared… Read More
BSP cuts key rates by 50 basis points
March 19, 2020, 7:41 pm
MANILA – Philippine monetary officials on Thursday slashed by 50 basis points the central bank’s key policy rates, echoing aggressive policy actions by other central banks aimed at supporting economic growth from threats of health pandemic and trade issues. In a message sent to journalists… Read More
DTI to online shopping firms: Refuse overpriced hygiene items
March 19, 2020, 7:38 pm
MANILA – The Department of Trade and Industry (DTI) will run after sellers who overprice hygiene products, such as alcohol and sanitizer, amid the coronavirus disease 2019 (Covid-19) pandemic. In a radio interview on Thursday, DTI Undersecretary Ruth Castelo said the department had an… Read More
Zambo biz group seeks ease on truck ban amid Covid-19 threat
March 19, 2020, 5:34 pm
ZAMBOANGA CITY – The Zamboanga Chamber of Commerce and Industry Foundation Incorporated (ZCCIFI) has called on the task force on coronavirus disease 2019 (Covid-19) to lift the existing truck ban to ensure food security here.Pedro Rufo Soliven, ZCCIFI president, said on Thursday the lifting of… Read More
DTI asks quarantine-exempted factories to further limit movements
March 19, 2020, 5:21 pm
MANILA – Manufacturing facilities allowed to operate during the enhanced community quarantine in Luzon are encouraged to shut down their factories to further limit the movement of people. In a press briefing in Malacañang Palace Wednesday evening, Trade Secretary Ramon Lopez appealed to… Read More
Jollibee sets P1-B emergency fund for employees amid Covid-19
March 19, 2020, 5:14 pm
MANILA – Jollibee Foods Corporation (JFC) has allocated an emergency response fund amounting to PHP1 billion to provide its employees with the needed financial support to cope with the enhanced community quarantine being implemented in the whole of Luzon due to coronavirus disease 2019… Read More
ITR deadline extension won’t impact gov’t spending: Dominguez
March 19, 2020, 2:27 pm
MANILA – The government’s spending plan remains intact despite the decision to delay by a month the deadline of income tax return (ITR) filing and payment to May 15 after Luzon was placed under an enhanced community quarantine. “No impact,” Finance Secretary Carlos Dominguez III told… Read More
PH expects economic recovery after Covid-19
March 19, 2020, 8:30 am
MANILA – The Philippine economy would recover from the coronavirus disease 2019 (Covid-19) pandemic, Trade Secretary Ramon Lopez said on Wednesday. Lopez made the statement, as he admitted that the rising number of Covid-19 cases in the country harms the country's economic growth. “Initially,… Read More
Peso improves vs. USD despite Luzon-wide community quarantine
March 18, 2020, 9:10 pm
MANILA – The Philippine peso ended Wednesday better than the US dollar after a one-day trading suspension amid worries on the rising cases of coronavirus disease 2019 (Covid-19). The local currency finished the day at 51.05 from its 51.5 close on Monday. Financial market platforms suspended… Read More
ADB announces $6.5-B initial response to Covid-19 pandemic
March 18, 2020, 9:06 pm
MANILA – The Asian Development Bank (ADB) Wednesday announced a USD6.5-billion initial package to address the immediate needs of its developing member countries (DMCs) as they respond to the coronavirus disease 2019 (Covid-19) pandemic. "This pandemic has become a major global crisis. It… Read More
BSP chief tests negative for coronavirus
March 18, 2020, 8:37 pm
MANILA – Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno will be attending the policy-making Monetary Board’s (MB) second rate-setting meet for the year on Thursday after he tested negative for coronavirus disease 2019 (Covid-19). Asked by the Philippine News Agency (PNA) for… Read More
Biz group seeks lower holiday pay for April amid quarantine
March 18, 2020, 5:20 pm
MANILA – The country’s largest business group is pushing for the lowering of holiday pay next month amid enhanced community quarantine in Luzon. In a statement Wednesday, the Philippine Chamber of Commerce and Industry (PCCI) said this would help businesses that have incurred losses as they… Read More
