Business
New SSS pension scheme to boost Filipinos' financial security –Recto
June 12, 2024, 3:13 pm
MANILA – The newly-launched pension scheme of the Social Security System (SSS) will help boost the financial security of Filipinos, Department of Finance (DOF) Secretary and SSS Chairperson Ralph Recto said. In a statement on Wednesday, Recto said the MySSS Pension Booster, which was launched on… Read More
PH banks' assets up 12% in April
June 12, 2024, 2:40 pm
MANILA – The total assets of the country's banking sector rose by 12 percent as of end-April this year. Latest data from the Bangko Sentral ng Pilipinas (BSP) showed that the total assets of the Philippine banking sector went up to PHP25.48 trillion from PHP22.75 trillion in April last year. The… Read More
Economist: Rice tariff cut to ease inflation
June 12, 2024, 11:57 am
MANILA – The rice tariff cut will help reduce headline inflation by at least 0.36 percent, an economist said. "The reduction of rice import tariff rate to 15% from 35% would mean a 20% discount on imported rice, which accounts for about 20% of total rice in the country," Rizal Commercial Banking… Read More
DTI gets backing of Bosch for Industry 4.0 Pilot Factory
June 11, 2024, 7:26 pm
MANILA – The Department of Trade and Industry (DTI) has gained the support of another German company for its Industry 4.0 Pilot Factory. The DTI said on Tuesday that Secretary Alfredo Pascual signed a memorandum of understanding (MOU) with Bosch at the Bosch Rexroth Regional Training Center in… Read More
Peso appreciates, stocks down on Tuesday
June 11, 2024, 7:06 pm
MANILA – The peso closed stronger against the dollar on Tuesday while the local stock market continued to decline, following the International Monetary Fund's lower Philippine economic growth projection for this year. The peso closed stronger against the dollar at 58.68 from the 58.79 finish on… Read More
BTr partially awards re-issued Treasury bonds
June 11, 2024, 7:04 pm
MANILA – The Bureau of the Treasury (BTr) partially awarded the re-issued 10-year Treasury bond at Tuesday's auction. With a remaining term of nine years and seven months, the re-issued bond was awarded at an average rate of 6.754 percent. "The latest 10-year Treasury bond average auction yield… Read More
IMF: PH fiscal consolidation to continue over medium term
June 11, 2024, 6:00 pm
MANILA – The Philippines' fiscal consolidation is set to continue over the medium term but at a slower pace than initially anticipated, an official of the International Monetary Fund (IMF) said. "The latest Medium-Term Fiscal Program presents a more pro-growth fiscal stance anchored around… Read More
$2.7-B data center in Tarlac to put PH in global hyperscale map
June 11, 2024, 4:56 pm
MANILA – ENDECGROUP, a Manila-based construction and engineering company, is investing USD2.7 billion (PHP158 billion) in a data center facility in Tarlac, which it said would put the Philippines in the global hyperscale map. On Tuesday, ENDECGROUP and Narra Technology Park Development Inc.… Read More
Improved supply chain sustains auto sales growth in May ’24
June 11, 2024, 4:32 pm
MANILA – The improvements in the global supply chain for the automotive vehicle industry have helped the local sector sustain its growth in May this year. The joint report of the Chamber of Automotive Manufacturers Association of the Philippines Inc. (CAMPI) and the Truck Manufacturers… Read More
Ilocos inflation rate slows down to 2.3% in May
June 11, 2024, 4:21 pm
MALASIQUI, Pangasinan – The inflation rate in the Ilocos Region slightly slowed down to 2.3 percent in May this year from 2.4 percent in April, according to the Philippine Statistics Authority (PSA). The decrease was influenced by the drop in the prices of food and non-alcoholic beverages… Read More
PCC begins Phase 2 review on telco tower firms’ joint venture
June 11, 2024, 3:50 pm
MANILA – The Philippine Competition Commission (PCC) on Tuesday said it expanded its review of the proposed joint venture of tower companies in the country to further assess if the transaction will have an anti-competitive impact in the local market..The transaction involves the acquisition of… Read More
Manila startup ecosystem now stands at $6.4B
June 11, 2024, 3:45 pm
MANILA – The country’s startup ecosystem has remained robust, according to the 2024 Global Startup Ecosystem Report (GSER). The 2024 GSER reported that Manila’s startup ecosystem, now valued at USD6.4 billion from July 1, 2021 to Dec. 31, 2023, was driven by the economic impact of exits and… Read More
PH secures P25-B loan from Japan to buy 5 maritime vessels
June 11, 2024, 3:22 pm
MANILA – The Philippines and the Japan International Cooperation Agency (JICA) recently signed a PHP24.5-billion loan agreement for the procurement of new maritime vessels for the Philippine Coast Guard (PCG). In a statement on Tuesday, the Department of Finance said the financing agreement for… Read More
Trade deficit declines in April
June 11, 2024, 2:26 pm
MANILA – The country's trade deficit declined by 1.5 percent in April this year, the Philippine Statistics Authority (PSA) said. Data released by the PSA on Tuesday showed the balance of trade in goods or the difference between the value of exports and imports posted a deficit of USD4.7 billion… Read More
Balisacan: Rice tariff cut to ensure affordability of rice prices
June 10, 2024, 8:59 pm
MANILA – National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan on Monday defended the board's move to cut the tariff rate on imported rice, noting the move aims to ensure that Filipinos have access to nutritious and affordable food, particularly rice, while managing… Read More
IMF: PH economy to grow 6% in 2024
June 10, 2024, 7:32 pm
MANILA – The Philippine economy has performed well despite external challenges and tightened monetary policy, an International Monetary Fund (IMF) official said, adding that growth is expected to accelerate this year. In a briefing at the Bangko Sentral ng Pilipinas Office in Manila, IMF Mission… Read More
PSEi, peso weak on stronger-than-expected US jobs data
June 10, 2024, 7:08 pm
MANILA – Both local stock barometer and currency closed weak on Monday following the stronger-than-expected jobs data in the United States that led to higher US Treasury yields and reduced the odds of Fed rate cuts later this year. The Philippine Stock Exchange index (PSEi) fell 0.92 percent to… Read More
Bureau of the Treasury fully awards T-bills
June 10, 2024, 7:06 pm
MANILA – The Bureau of the Treasury (BTr) fully awarded bills for Treasury bills (T-bills) on Monday. The 92-, 183-, and 365-day T-bills fetched average rates of 5.667 percent, 5.908 percent, and 6.039 percent, respectively. The BTr said these are all lower than the prevailing secondary market… Read More
LandBank mobile app transactions surge in Q1 2024
June 10, 2024, 6:14 pm
MANILA – More transactions were carried through the Mobile Banking App (MBA) of Land Bank of the Philippines in the first three months of the year, the state-owned bank reported on Monday. In a statement, LandBank said transactions coursed through its MBA reached to 20.9 million in the first… Read More
Affirmation of PH's ‘BBB’ rating signals medium-term growth momentum
June 10, 2024, 5:21 pm
MANILA – Finance Secretary Ralph Recto on Monday said Fitch Ratings' recent affirmation of the Philippines’ "BBB" credit rating with stable outlook, signals the country's strong growth momentum in the medium term. “This affirmation is highly encouraging as it shows a strong vote of… Read More
