Business
ADB: PH to post higher growth in 2024 and 2025
April 11, 2024, 4:02 pm
MANILA – The Philippines will continue to be among the fastest-growing economies in Southeast Asia this year and in 2025, Manila-based lender Asian Development Bank (ADB) said on Thursday. In its Asian Development Outlook (ADO) April 2024 report, the ADB projected the Philippine economy to grow… Read More
Fed wants to see more 'confidence' to begin lowering rates
April 11, 2024, 3:35 pm
ISTANBUL – The US Federal Reserve wants to see more "confidence" that inflation is moving closer to its 2 percent target before cutting interest rates, minutes of the recent Federal Open Market Committee (FOMC) meeting showed. "Participants noted indicators pointing to strong economic momentum… Read More
Unemployment rate falls to 3.5% in February
April 11, 2024, 1:39 pm
MANILA – Unemployment rate fell to 3.5 percent in February this year from 4.5 percent in January, the Philippine Statistics Authority (PSA) reported on Thursday. In a briefing, National Statistician Dennis Mapa said based on the time series, the unemployment rate during the month was the second… Read More
ECB interest rate decision to focus on wage developments
April 11, 2024, 1:25 pm
ISTANBUL – Wage developments will be the key factor for whether or not the European Central Bank (ECB) decides to cut interest rates, economists told Anadolu ahead of the bank's meeting next Thursday. Pointing to lower-than-expected March inflation figures, Peter Vanden Houte, chief economist at… Read More
Global trade expected to return to growth in 2024
April 11, 2024, 12:39 pm
ANKARA – Global merchandise trade is expected to return to growth this year following a steeper than expected contraction due to high energy prices and inflation in 2023, according to a World Trade Organization (WTO) report released on Wednesday. World merchandise trade volume will grow 2.6… Read More
GoNegosyo taps mentors to teach Bataan youth business
April 10, 2024, 5:02 pm
MANILA – GoNegosyo is bringing its mentorship program for students and youth in Bataan after a successful leg in Pasig on April 8, its founder Joey Concepcion said Wednesday. Concepcion, who also serves as the country’s Private Sector Lead for Jobs, said GoNegosyo is committed to helping the… Read More
FDI net inflows up in Feb 2024
April 10, 2024, 2:14 pm
MANILA – Foreign direct investments (FDI) net inflow went up by 89.9 percent in February this year. Data released by the Bangko Sentral ng Pilipinas (BSP) on Wednesday showed that FDI net inflows during the month amounted to USD907 million, up from the USD478 million recorded in January 2023.… Read More
Oil prices rise with Middle East tensions
April 9, 2024, 7:04 pm
ANKARA – Oil prices rose on Tuesday after hopes fell that negotiations between Israel and Hamas would lead to a ceasefire in Gaza amid concerns the lingering conflict could disrupt supplies from the Middle East, a key oil-producing region. International benchmark Brent crude traded at USD90.93… Read More
BMI: PH budget deficit projected to narrow in 2024
April 9, 2024, 3:07 pm
MANILA – The country's budget deficit is projected to decline this year as revenue collection will likely exceed target, a unit of Fitch Solutions said on Tuesday. In a report released on Tuesday, BMI Research said the Philippine budget deficit will likely narrow to 5.5 percent of gross domestic… Read More
BSP: Banks’ reserve requirement ratio cut still possible
April 9, 2024, 2:09 pm
MANILA – A further cut in banks' reserve requirement ratio (RRR) is still possible, the Bangko Sentral ng Pilipinas (BSP) said. "We want to eventually reduce the reserve requirement, but we're trying to figure out the right timing. We will raise it at the Monetary Board meeting at some point… Read More
Looking for business? Rice retailing offers ROI in 8-10 months
April 9, 2024, 1:48 pm
MANILA – A local franchisor is urging Filipinos to go into the business of rice retailing as payback could be seen within eight to 10 months. Goldmine Farm to Market president and founder Orlando Manuntag said rice retailing is a viable business in the country that offers early… Read More
RE augments PH power supply toward clean energy transition
April 8, 2024, 9:21 pm
ILOILO CITY – Additional capacity from renewable energy (RE) power plants is augmenting the country’s supply to meet rising needs. During the recent Philippine Electric Power Industry Forum 2024 at the Iloilo Convention Center, Aboitiz Renewables Inc. president Jimmy Villaroman said they are… Read More
Security Bank, Mitsubishi Motors forge joint venture
April 8, 2024, 8:58 pm
MANILA – Security Bank Corporation and Mitsubishi Motors Corporation agreed to a joint venture agreement that will establish Mitsubishi Motors Finance Philippines Inc. and offer financing services to Mitsubishi Motors’ customers in the Philippines. In a disclosure to the stock exchange on… Read More
Gold extends record rally on Monday
April 8, 2024, 8:40 pm
WORLD CAPITALS – Gold prices extended their record rally on Monday as spot gold increased by 0.3 percent, reaching USD2,335.73 per ounce, as of 0646 GMT, after hitting a record high of USD2,353.79 earlier in the session. According to Reuters, US gold futures gained 0.4 percent to USD2,354.50.… Read More
PSEi drops on shortened trading this week, peso nearly flat
April 8, 2024, 8:36 pm
MANILA – The local stock barometer declined for the fifth consecutive trading day on Monday, while the peso closed nearly flat. The Philippine Stock Exchange index (PSEi) slipped 0.06 percent, or 4.39 points, to 6,741.07, while All Shares increased 0.12 percent, or 4.41 points, to… Read More
BSP maintains policy rates
April 8, 2024, 7:33 pm
MANILA – The Monetary Board of the Bangko Sentral ng Pilipinas (BSP) kept policy rates steady for the fourth consecutive meeting, noting that while inflation is expected to remain within target, the latest inflation path "has shifted slightly higher." In a briefing, BSP Governor Eli Remolona Jr.… Read More
Mixed results mark Monday's Treasury auction
April 8, 2024, 6:08 pm
MANILA – Results were mixed during Monday's auction as the Bureau of the Treasury (BTr) fully awarded bills for Treasury bills (T-bills) while partially awarding the re-issued 10-year Treasury bonds (T-bonds). The 90-, 181-, and 364-day T-bills fetched average rates of 5.772 percent, 5.885… Read More
Meralco rates down by nearly P1/kWh in April
April 8, 2024, 5:40 pm
MANILA – The Manila Electric Company (Meralco) announced Monday that electricity rates in its franchise areas declined by nearly PHP1 per kilowatt hour (kWh) in April 2024. Meralco spokesperson and head of corporate communications Joe Zaldarriaga said in a press briefing in Pasay City that the… Read More
AMRO: PH to grow by over 6% in 2024 and 2025
April 8, 2024, 4:57 pm
MANILA – The Philippines is projected to grow by over 6 percent this year and in 2025, making the country one of the fastest growing economies in the region, the ASEAN+3 Macroeconomic Research Office (AMRO) said. In its ASEAN+3 Regional Economic Outlook 2024 report released on Monday, AMRO… Read More
BIR raids 3 Cavite warehouses, confiscates P5.4-B illicit cigarettes
April 8, 2024, 1:43 pm
MANILA – The Bureau of Internal Revenue (BIR) said it conducted a large-scale raid in three warehouses of illicit cigarettes in Indang and Dasmariñas, Cavite last March 21. In a statement on Monday, the BIR said the total tax liability is estimated at PHP5.4 billion, making the operation one of… Read More
