Business
Stocks down amid reports of BSP's fewer rate cuts, peso closes flat
June 18, 2024, 6:15 pm
MANILA – Local shares declined on Tuesday amid reports that the Bangko Sentral ng Pilipinas (BSP) will have fewer interest rate cuts this year, while the peso closed almost flat against the dollar. The Philippine Stock Exchange index (PSEi) declined by 14.90 points to 6,368.80 while the broader… Read More
BTr fully awards Treasury bills
June 18, 2024, 4:37 pm
MANILA – The Bureau of the Treasury (BTr) on Tuesday fully awarded bids for Treasury bills (T-bills). The 91-, 182-, and 364-day T-bills fetched average rates of 5.666 percent, 5.914 percent, and 6.046 percent, respectively – all lower than the prevailing secondary market rates. The… Read More
Tourism posts highest growth in 2023, contributes 8.6% to PH economy
June 18, 2024, 3:09 pm
MANILA – The share of the tourism sector to the country's economy reached more than 8 percent last year, the Philippine Statistics Authority (PSA) said. Data released by the PSA on Tuesday showed that based on the Philippine Tourism Satellite Account, the share of Tourism Direct Gross Value… Read More
BSP: Remittances from overseas Filipinos hit US$2.86-B in April
June 17, 2024, 11:41 am
MANILA – Personal remittances of overseas Filipinos (OFs) increased by 3.1 percent to USD2.86 billion in April this year from USD2.77 billion recorded the same month last year, according to the Bangko Sentral ng Pilipinas (BSP) on Monday. Personal remittances cover cash sent through banks and… Read More
Marcos foreign trips boost BOI pledges to P640-B from Jan-May
June 17, 2024, 11:15 am
MANILA – The Board of Investments (BOI) registered a total of PHP640.22 billion worth of projects in the first five months of the year, attributing the figure to the investment pledges bagged by President Ferdinand R. Marcos Jr. in his official foreign missions. BOI said the investment approvals… Read More
NDC, TRB seal deals to acquire land for Skyway 3
June 16, 2024, 1:20 pm
MANILA – The National Development Company (NDC) and the Toll Regulatory Board (TRB) have signed a Memorandum of Agreement and Deeds of Absolute Sale to acquire a land in Pandacan, Manila that is affected by the Metro Manila Skyway Stage 3 Project. NDC General Manager Anton Mauricio and TRB… Read More
Stocks slip amid interest rate cut uncertainty; peso moves sideways
June 14, 2024, 6:35 pm
MANILA – The Philippine Stock Exchange index (PSEi) on Friday closed in the negative territory as investors took gains ahead of the long weekend and uncertainties over policy rate cut, while the peso ended sideways against the US dollar. "The local bourse dropped by 7.13 points (0.11 percent) to… Read More
Grab, BYD join forces on use of e-vehicles for TNVS pilot study
June 14, 2024, 6:06 pm
MANILA – Ride-hailing and delivery service Grab Philippines (Grab) and electric vehicle (e-vehicle) manufacturer BYD on Friday announced their partnership for a pilot study that aims to test the feasibility of using e-vehicles for transport network vehicle service (TNVS). In a statement, Grab… Read More
DOE simplifies renewable energy application process
June 14, 2024, 5:26 pm
MANILA – The Department of Energy (DOE) has simplified the renewable energy (RE) application process to improve the ease of doing business and meet national RE goals. In a virtual press briefing Friday, DOE Secretary Raphael Lotilla said the new guidelines allow RE developers to start permit… Read More
BSP revises BOP projections for 2024, 2025
June 14, 2024, 4:13 pm
MANILA – The Monetary Board of the Bangko Sentral ng Pilipinas (BSP) recently revised the balance of payments (BOP) projections for 2024 and 2025, noting that surpluses are now expected for both years. The BOP is a summary of the economic transactions of a country with the rest of the world for… Read More
Gov't agencies meet to discuss digitalized border protection system
June 14, 2024, 2:42 pm
MANILA – The government is ramping up efforts to operationalize the country's digitalized border protection system to put an end to smuggling, misdeclaration, and undervaluation. In a statement on Friday, the Department of Finance (DOF) said Secretary Ralph Recto recently convened the inaugural… Read More
Economic czar wants right-of-way law to fast-track infra projects
June 14, 2024, 11:10 am
MANILA – Special Assistant to the President for Investment and Economic Affairs Secretary Frederick Go emphasized the urgent need for a right-of-way law to fast-track critical infrastructure projects in the country. The Marcos administration’s economic czar told reporters on the sidelines of… Read More
IBPAP awards outstanding firms, gov’t partners
June 14, 2024, 11:05 am
MANILA – The Information Technology and Business Process Association of the Philippines (IBPAP) has recognized outstanding companies and government partners that helped the sector grow in the past decades. IBPAP held its inaugural awarding ceremony “Solaia” in Taguig City on Thursday night… Read More
Gov't finalizing Public Financial Management Reforms Roadmap
June 13, 2024, 7:20 pm
MANILA – The government is finalizing the Philippine Public Financial Management (PFM) Reforms Roadmap 2024-2028, which seeks to make government service delivery more efficient and effective. In a statement on Thursday, the Department of Finance said PFM Committee Principals Secretary Ralph… Read More
PSEi closes below 6,400; peso rebounds
June 13, 2024, 6:57 pm
MANILA – The local bourse sustained its shedding for the third trading day, going down below the 6,400-level on Thursday, following the latest trade deficit data and the statement of the Chief Executive on inflation. The Philippine Stock Exchange index (PSEi) declined by 0.30 percent, or 19.24… Read More
Tarlac LGUs backs BCDA to convert landfill into industrial zone
June 13, 2024, 4:59 pm
MANILA – The Bases Conversion and Development Authority (BCDA) said on Thursday it has secured the support of the local government units (LGUs) in Tarlac to convert the Kalangitan sanitary landfill in Capas into an industrial zone as part of the development of the New Clark City (NCC). In a… Read More
BIR to hold more roadshows for Ease of Paying Taxes Act
June 13, 2024, 4:48 pm
MANILA – The Bureau of Internal Revenue (BIR) will hold more roadshows in the coming weeks to boost its Taxpayer Education drive, following the passage of the Ease of Paying Taxes (EOPT) Law, BIR Commissioner Romeo Lumagui Jr. said on Thursday. "Ito pong ginagawa po nating roadshow, ang layunin… Read More
Apple briefly overtakes Microsoft as world's most valuable company
June 13, 2024, 2:28 pm
ISTANBUL – Apple briefly overtook Microsoft as the world's most valuable company on Wednesday as its shares hit a new all-time high before retreating. The US-based technology company's stock price hit an all-time high of USD220.20 per share around 3:15 p.m. (local time). The company's market… Read More
Meralco rates up anew
June 13, 2024, 2:25 pm
MANILA – For the second straight month, the Manila Electric Company (Meralco) has increased its electricity price as the June rate went up by PHP0.6436 per kilowatt hour (kWh). Meralco announced Thursday that the electricity rate in June stood at PHP12.0575 per kWh from PHP11.4139 per kWh in… Read More
PH, Malaysia eye enhanced trade, investment
June 13, 2024, 2:10 pm
MANILA – Finance Secretary Ralph Recto and the Ambassador of Malaysia to the Philippines recently met to discuss how to further enhance the two countries' economic partnership even as they agreed to work together in identifying key areas where they can synergize. In a social post on Thursday,… Read More
