Business
Stocks, peso weaken on lingering trade issues
October 1, 2019, 7:59 pm
MANILA -- Risk-off sentiments in the financial market related to trade events in the US resulted in the weakness of both the Philippine Stock Exchange index (PSEi) and the peso Tuesday. The main equities gauge fell 0.50 percent, or 39.21 points, to 7,739.86 points, which BPI Research traced to… Read More
No need to import sugar for now: SRA
October 1, 2019, 7:24 pm
MANILA -- Sugar Regulatory Administration (SRA) Administrator Hermenegildo Serafica said Tuesday there is no need for additional importation of sugar for now given the arrival of about 138,600 metric tons (MT) this October and the release of 150,000 MT in the domestic market. "It (importation) is… Read More
DA, PCC vow cooperation in rice price probe
October 1, 2019, 6:37 pm
MANILA -- The Department of Agriculture (DA) and the Philippine Competition Commission (PCC) on Tuesday sealed a partnership for strengthened coordination and mutual advisory assistance on competition concerns given the agriculture sector’s primary importance on consumer welfare and inclusive… Read More
UnionBank eyes Q3 ’19 GDP at 6.1%, full-year at 5.9%
October 1, 2019, 5:21 pm
MANILA -- The Union Bank of the Philippines (UnionBank) forecasts Philippine economic growth to accelerate to 6.1 percent in the third quarter this year to help bring the full-year output to 5.9 percent. In a report, UnionBank chief economist Ruben Carlo Asuncion said forecasts “are largely… Read More
BIR lifts closure order vs. POGO service provider
October 1, 2019, 5:19 pm
MANILA -- Almost a week after padlocking Great Empire Gaming and Amusement Corporation offices, the Bureau of Internal Revenue (BIR) lifted the closure order after the Philippine offshore gaming operator (POGO) service provider agreed to pay tax liabilities amounting to about PHP1.3 billion. In a… Read More
DTI opens 16th Negosyo Center in Bulacan
September 30, 2019, 9:08 pm
CITY OF MALOLOS, Bulacan -- The Department of Trade and Industry (DTI) Bulacan Provincial Office continues to reach and assist micro small and medium enterprises (MSMEs) throughout the province with the establishment of more Negosyo Centers. Mary Grace Sta-Ana Reyes, DTI Bulacan information… Read More
Megaworld to build P1.8-B mall in Pampanga
September 30, 2019, 8:45 pm
CITY OF SAN FERNANDO, Pampanga -- Township developer Megaworld is allocating PHP1.8 billion to build its first full-scale mall development in Central Luzon, the Capital Mall, inside the 35.6-hectare Capital Town in the City of San Fernando, Pampanga. To be completed in 2022, the Capital Mall will… Read More
BSP to auction P70-B TDF this week
September 30, 2019, 8:14 pm
MANILA -- The Bangko Sentral ng Pilipinas (BSP) has reduced the term deposit facility (TDF) offering for the October 2 auction to PHP70 billion from PHP90 billion last week. In an advisory, the central bank said the seven-day facility will be offered for PHP30 billion, similar to the September 23… Read More
Peso slightly firms up, stocks slip anew
September 30, 2019, 8:12 pm
MANILA -- The Philippine peso remained firm against the greenback Monday while the main equities gauge slipped anew on US-China trade concerns. The local currency closed the week’s first trading day at 51.83 from 51.875 Friday last week. BPI Research traced the local unit’s strength to strong… Read More
BSP eyes September '19 inflation between 0.6%-1.4%
September 30, 2019, 7:31 pm
MANILA -- The Bangko Sentral ng Pilipinas (BSP) has a forecast range of 0.6 percent to 1.4 percent for September inflation given the sustained drop in domestic rice prices and power rates. In a statement Monday, the central bank said its Department of Economic Research (DER), however, projects the… Read More
Oil companies to roll back prices on Tuesday
September 30, 2019, 3:50 pm
MANILA -- Several oil companies will cut prices of their products effective 6 a.m. on Tuesday. In an advisory, Petron announced price rollbacks at PHP1.45 per liter for gasoline, PHP0.60 for diesel, and PHP1.00 for kerosene. Petro Gazz said it will slash gasoline price by PHP1.55 per liter and… Read More
FPI lauds signing of new deals to lower power generation charges
September 28, 2019, 5:03 pm
MANILA -- The Federation of Philippine Industries (FPI) on Saturday lauded the successful Power Supply Agreements (PSA) signing for contracts to supply Meralco 1,200 MW and 500 MW of capacity effective December 26, 2019. FPI chairman Jesus L. Arranza praised the signing of the additional contract… Read More
Fitch Solutions sees another BSP rate cut this year
September 28, 2019, 9:49 am
MANILA -- Fitch Solutions still sees the Bangko Sentral ng Pilipinas’ (BSP) overnight reverse repurchase (RRP) rate at 4 percent by end-2019 but is open to the possibility for another cut before yearend due to the trade tensions overseas, among others. In a report released Friday, the unit of… Read More
RCBC economist eyes possible add’l cuts in BSP rates, RRR
September 28, 2019, 9:11 am
MANILA -- Additional cuts on Bangko Sentral ng Pilipinas’ (BSP) key rates or banks’ reserve requirements cannot be discounted before 2019 ends in line with the Federal Reserve’s future decisions, as well as the domestic output. The BSP’s policy-making Monetary Board (MB) on Thursday… Read More
Peso rises to 51-level vs. US$; PSEi falls
September 27, 2019, 8:00 pm
MANILA – The Philippine peso improved to 51-level against the greenback on Friday following the additional 25 basis points cut in the Bangko Sentral ng Pilipinas’ (BSP) Thursday but the main equities index fell after a three-day rally. The local currency finished Friday’s trade at 51.875,… Read More
DTI, e-payment providers partner to ease biz registrations
September 27, 2019, 7:23 pm
MANILA -- Now it‘s easier and more convenient for Filipinos to register and renew business names as the Department of Trade and Industry (DTI) partners with digital payment service providers. "(Now), there is no need (for the entrepreneurs) to take a leave of absence, or to commute just to pay… Read More
BSP cuts RRR anew by 100 bps
September 27, 2019, 7:12 pm
MANILA – Bangko Sentral ng Pilipinas’ (BSP) policy-making Monetary Board (MB) on Friday announced another cut in banks’ reserve requirement ratio (RRR) by 100 basis points effective in the first week of November. This brought the RRR of universal and commercial banks (U/KBs) to 15 percent,… Read More
Dar wants stronger measures for fisheries sector
September 27, 2019, 6:49 pm
MANILA -- Agriculture Secretary William Dar on Friday underscored the need for stronger measures on the conservation and management of the fisheries sector. "Now that the DA is more emphatic on fully implementing laws and making fisheries management more efficient and effective, we recognize the… Read More
Farm mechanization seen to boost other cropping systems
September 27, 2019, 5:21 pm
MANILA -- The implementation of the mechanization component of the Rice Competitiveness Enhancement Program (RCEP) would also benefit other cropping systems even if the main intention of the program is to make the country’s rice industry more competitive vis-à-vis its Southeast Asian neighbors.… Read More
DOF exec cites need to impose tariff on sugar imports
September 27, 2019, 4:27 pm
MANILA – The Philippine government’s quantitative restriction (QR) on sugar needs to be replaced by tariffs to make the industry competitive and make it grow at par with that of other members of the Association of Southeast Asian Nation (Asean). In an economic bulletin, Department of Finance… Read More
