Business
BSP cuts 2019-2020 inflation forecasts
August 8, 2019, 7:17 pm
MANILA – Bangko Sentral ng Pilipinas’ (BSP) policy-making Monetary Board (MB) on Thursday cut the average inflation forecast for 2019 and 2020, taking into account the further slowdown of inflation. In a briefing, BSP Deputy Governor Francisco Dakila Jr. said the 2.7 percent forecast for this… Read More
BSP cuts rates by 25 bps anew
August 8, 2019, 7:03 pm
MANILA – Philippine monetary officials on Thursday slashed by an additional 25 basis points the Bangko Sentral ng Pilipinas’ (BSP) key policy rates, a follow up to its move last May, as inflation slows and growth remains firm. Effective August 9, 2019, the central bank’s overnight reverse… Read More
NEDA sees 6 to 6.5% GDP growth in 2019
August 8, 2019, 7:00 pm
MANILA -- Socioeconomic Planning Secretary Ernesto Pernia on Thursday called for the fast-tracking of infrastructure projects and passage of investment-oriented laws after the economy expanded at a slower pace of 5.5 percent in the second quarter. In a press briefing, Pernia attributed the weak… Read More
Investors on the lookout for GDP boost after another slip in Q2
August 8, 2019, 5:54 pm
MANILA -- The lower-than-expected growth of the Philippine economy in the second quarter this year should not dampen investors’ risk appetite but all eyes will be focused on how the government addresses this. This was stressed by Regina Capital Managing Director Luis Limlingan, who noted that… Read More
BIR collects P356-M tax liabilities from POGOs
August 8, 2019, 4:39 pm
MANILA -- The Bureau of Internal Revenue (BIR) has collected an initial PHP186 million in withholding taxes from Philippine Offshore Gaming Operators (POGOs) and is getting another PHP170 million this month in tax payments from these businesses employing foreign nationals. Citing BIR data, Finance… Read More
PH economy expands 5.5% in Q2
August 8, 2019, 1:17 pm
MANILA -- The country's economy expanded by 5.5 percent in the second quarter of 2019 but slower than the 6.2 percent growth during the same period last year. The Philippine Statistics Authority (PSA) said services had the fastest growth with 7.1 percent, followed by industry with 3.7 percent,… Read More
D&L Industries optimistic for H2
August 7, 2019, 8:51 pm
MANILA -- Food and plastic input manufacturer D&L Industries is optimistic about the second half of the year given its initiative to boost exports. This, after the company posted a 7.5-percent decline in net income in January to June to PHP1.41 billion, from PHP1.53 billion during the same period… Read More
Local stocks recover, peso weakens in midweek session
August 7, 2019, 8:25 pm
MANILA -- The Philippine Stock Exchange index (PSEi) bounced back on Wednesday after a two-day slide but the peso continued to lose ground against the greenback. The main equities gauge gained 1.94 percent, or 150.64 points, to 7,917.39 points, which Regina Capital Managing Director Luis Limlingan… Read More
AboitizPower, SM Prime ink 110MW RES deal
August 7, 2019, 7:55 pm
MANILA -- Officials of AboitizPower and SM Prime Holdings, Inc. (SM Prime) on Wednesday formalized a three-year retail electricity supply (RES) contract of up to 110 megawatts (MW). In a briefing, AboitizPower president and chief executive officer Emmanuel Rubio said they agree to provide 50MW on… Read More
New DA chief targets 3-4% agri output up to 2022
August 7, 2019, 7:17 pm
MANILA -- Newly appointed Agriculture Secretary William Dar is targeting a 3-4 percent growth in the farming sector until 2022. This comes amid a decline in agricultural output in the second quarter of the year, which was recorded at -1.27 percent, as compared to 0.12 percent in the same period… Read More
PH needs to boost domestic demand, exports' competitiveness
August 7, 2019, 4:34 pm
MANILA -- With global growth likely to remain sluggish for the remainder of 2019, the government must exert all efforts in boosting domestic demand and exports’ competitiveness to improve the Philippines’ trade performance, the National Economic and Development Authority said in a statement on… Read More
TDF rates fall despite strong demand
August 7, 2019, 4:14 pm
MANILA -- The rates of Bangko Sentral ng Pilipinas’ (BSP) Term Deposit Facility (TDF) fell across-the-board Wednesday even as the bid coverage ratio improved due to healthy demand. Data released by the central bank showed that average rate of the seven-day facility declined to 4.5844 percent… Read More
Enhanced MOA on ease of doing business signed
August 7, 2019, 2:23 pm
MANILA -- Finance Secretary Carlos Dominguez III, along with high-ranking officials of four other government agencies, signed Wednesday a new and enhanced memorandum of agreement (MOA) aimed at improving the ease of doing business in the country by facilitating the early resolution of complaints… Read More
Local markets fall as risk aversion takes over trading
August 6, 2019, 9:45 pm
MANILA – Trade concerns triggered risk aversion in the local bourse causing the Philippine Stock Exchange index (PSEi) to nosedive and bring the peso down to the 52-level against the greenback. After declining to the 7,700-territory on Monday, the main index dropped further by 1.56 percent, or… Read More
DTI sees e-commerce share to GDP rising to 50% by 2022
August 6, 2019, 9:43 pm
MANILA -- The Department of Trade and Industry (DTI) is seeking to double, or to raise to 50 percent, the contribution of electronic commerce to the country’s economy by 2022, as more micro, small and medium enterprises (MSMEs) and internet users engage in e-commerce. DTI Secretary Ramon Lopez… Read More
Economists forecast at least 25 bps cut in BSP rates
August 6, 2019, 8:44 pm
MANILA – Economists are expecting at least a 25 basis point cut in the Bangko Sentral ng Pilipinas’ (BSP) key rates on Thursday on the back of slower inflation in July 2019. The Philippine Statistics Authority (PSA) on Tuesday reported that rate of price increases decelerated anew to 2.4… Read More
NEDA sees 2019 inflation settling within gov’t target
August 6, 2019, 8:43 pm
MANILA -- The National Economic and Development Authority (NEDA) expects inflation to settle within the government’s target of 2 to 4 percent this year after hitting another low, but remains on the lookout for potential price pressures. The Philippine Statistics Authority (PSA) reported Tuesday… Read More
Improved business environment to boost manufacturing growth
August 6, 2019, 8:36 pm
MANILA -- The National Economic and Development Authority said in a statement on Tuesday that efforts to improve the business environment should be ramped up to help manufacturing grow, which is on a declining trend in 2019. The Philippine Statistics Authority (PSA), in its Monthly Integrated… Read More
DA chief eyes 'new thinking' strategy to attain food security
August 6, 2019, 4:25 pm
MANILA -- To attain food security, the vision of President Rodrigo Duterte, newly appointed Agriculture Secretary Dr. William Dar has proposed a strategy of "new thinking" to advance the agriculture sector. "The new thinking's vision is to have a food secure Philippines with prosperous farmers and… Read More
Palace confident disinflation will continue as it eases to 2.4%
August 6, 2019, 4:10 pm
MANILA -- Malacañang expressed confidence that disinflation will continue after the country’s inflation rate further eased to a 31-month low at 2.4 percent in July. “Inflation continues to drop. The Palace welcomes this positive development with inflation further easing to 2.4 percent in July… Read More
