Business
DOE, DOST partner for renewables research, dev't
April 3, 2024, 5:13 pm
MANILA – The Department of Energy (DOE) and the Department of Science and Technology (DOST) are partnering for research and development (R&D) in the renewables sector using the Renewable Energy Trust Fund (RETF). This, as DOE Secretary Raphael Lotilla and DOST Secretary Renato Solidum Jr. led… Read More
World Bank: Streamlining VAT exemptions can raise tax collections
April 3, 2024, 3:09 pm
MANILA – The World Bank on Wednesday recommended studying the country's value-added tax (VAT) exemptions as a way to enhance collection efficiency. In a press briefing, World Bank lead economist Gonzalo Varela said the Philippines can increase tax collection through better tax administration and… Read More
BIR seizes P151-M vape products in Manila, Rizal
April 3, 2024, 2:15 pm
MANILA – The Bureau of Internal Revenue (BIR) said 63,139 vape products with an estimated total tax liability of PHP151.1 million were seized from three warehouses in Manila and Rizal province. In a statement on Wednesday, BIR Commissioner Romeo Lumagui Jr. said the warehouses with illicit vape… Read More
First Gen exploring RE projects in Nueva Ecija
April 2, 2024, 5:53 pm
MANILA – First Gen Corp. is exploring to develop renewable energy (RE) projects near its hydroelectric power plant (HEPP) complex in Pantabangan, Nueva Ecija, including solar and wind farms as well as a battery energy storage system (BESS). In a statement Tuesday, First Gen vice president Ricky… Read More
RE investments dominate P1.9-T green lane projects
April 2, 2024, 4:32 pm
MANILA – Department of Trade and Industry (DTI) Secretary Alfredo Pascual said Tuesday 51 out of 59 projects endorsed for green lane treatment are in the renewables sector. During the awarding of Green Lane Certificate to Prime Infrastructure Inc. in Parañaque City, Pascual said the One-Stop… Read More
PAL sets $450-M capex for 2024
April 2, 2024, 4:27 pm
MANILA – Philippine Airlines (PAL) has earmarked USD450 million (PHP25.4 billion) for its capital expenditure (capex) this year. In a media conference in Manila on Tuesday, PAL senior vice president and chief financial officer Anna Isabel Bengzon said 80 percent of the capex this year will be… Read More
BTr fully awards reissued Treasury bonds
April 2, 2024, 4:22 pm
MANILA – The Bureau of the Treasury (BTr) fully awarded the reissued seven-year Treasury bonds (T-bonds) during Tuesday's auction. With a remaining term of six years and nine months, the reissued bonds fetched an average rate of 6.299 percent, higher than the comparable seven-year PHP Bloomberg… Read More
LandBank sees rise in online investors
April 2, 2024, 4:02 pm
MANILA – State-run Land Bank of the Philippines (LandBank) said more Filipino retail investors have utilized digital investment platforms to invest in retail treasury bonds (RTBs). In a statement on Tuesday, LandBank said it sold significantly more online placements in the recently concluded… Read More
Producer price index for manufacturing declines in Feb
April 2, 2024, 1:36 pm
MANILA – The producer price index (PPI) for manufacturing declined at a faster pace in February this year, the Philippine Statistics Authority (PSA) said on Tuesday. In a report, the PSA said the PPI for manufacturing declined by 1.2 percent in February, slightly faster than the 1.1 percent… Read More
Local shares up on improved regional sentiment; peso closes sideways
April 1, 2024, 8:51 pm
MANILA – The Philippine Stock Exchange index (PSEi) returned from the long Holy Week break recording new highs, while the peso closed sideways Monday. The PSEi finished the day at 6,979.81, or 1.11 percent higher than the last trading on March 26. All Shares also increased 0.80 percent to… Read More
PH hits record-high goods, services exports in 2023 at $104B
April 1, 2024, 8:19 pm
MANILA – Despite global trade challenges, Philippine exports surpassed the USD100-billion mark in 2023, an all-time high revenue for the country’s outbound trade. The Department of Trade and Industry (DTI) said in a statement Monday that based on the balance of payments (BOP) from the Bangko… Read More
Boutique airline transfers hub from NAIA to Clark
April 1, 2024, 7:47 pm
CLARK, Pampanga – Boutique airline Sunlight Air has officially made Clark International Airport (CRK) its new hub with an inaugural flight to Coron on Monday afternoon. Sunlight Air transferred its hub from the Ninoy Aquino International Airport (NAIA) to redefine its services and provide the… Read More
Worries over tighter oil supply drive price rise
April 1, 2024, 7:45 pm
ANKARA (AA) – Oil prices increased on Monday with worries over tighter oil supply from tension in the Middle East and the Russia-Ukraine war. International benchmark Brent crude traded at USD87.24 per barrel at 9:31 a.m. local time (0631 GMT), a 32 percent rise from the closing price of… Read More
PH investment climate improving – lawmaker
April 1, 2024, 7:18 pm
MANILA – A House leader on Monday said the overall investment climate in the Philippines is improving especially with the administration's efforts to shore up the economy under the Bagong Pilipinas brand of governance. House Deputy Majority Leader and Iloilo 1st District Rep. Janette Garin made… Read More
BTr fully awards T-bills
April 1, 2024, 6:50 pm
MANILA – The Bureau of the Treasury (BTr) on Monday fully awarded bids for Treasury bills (T-bills). The 91-, 182-, and 364-day T-bills fetched average rates of 5.704 percent, 5.865 percent, and 5.965 percent, respectively, all lower than previous auction and prevailing secondary market rates.… Read More
Benipayo is new Light Rail Manila Corp. general manager
April 1, 2024, 5:10 pm
MANILA – The Light Rail Manila Corporation (LRMC) --the private operator of the Light Rail Transit Line 1 (LRT-1)-- welcomed its former chief operating officer Enrico Benipayo as its new general manager. In a statement on Monday, the LRMC said Benipayo will lead the company’s day-to-day… Read More
Oil price adjustments set April 2
April 1, 2024, 4:38 pm
MANILA – Oil firms will adjust prices of petroleum products starting 12:01 a.m. on Tuesday, April 2. In separate announcements, Caltex, Cleanfuel, Jetti, Petro Gazz, PTT, Seaoil, and Shell said they will increase gasoline prices by PHP0.45 per liter and slash diesel prices by PHP0.60 per liter.… Read More
BSP sees inflation between 3.4 to 4.2%
April 1, 2024, 4:38 pm
MANILA – The Bangko Sentral ng Pilipinas (BSP) expects March 2024 headline inflation to settle within 3.4 to 4.2 percent. "Continued price increases of rice and meat along with higher domestic oil prices and electricity rates are the primary sources of upward price pressures for the month," the… Read More
PH to be one of fastest-growing economies in East Asia and Pacific
April 1, 2024, 3:58 pm
MANILA – The World Bank on Monday retained its 2024 Philippine economic growth forecast at 5.8 percent and expects the country to be the second fastest-growing economy in East Asia and the Pacific. In its April 2024 East Asia and Pacific Economic Update report, it also revised upward its 2025… Read More
South Korea exports rise for 6th straight month in March
April 1, 2024, 3:07 pm
SEOUL – South Korea's exports moved up for the sixth consecutive month in March on the back of the robust performance of chips, data showed Monday. Outbound shipments gained 3.1 percent on-year to USD56.5 billion last month, according to the data compiled by the Ministry of Trade, Industry and… Read More