Business
ADB OKs $2.1-B financing for Bataan-Cavite Interlink bridge
December 12, 2023, 5:50 pm
MANILA – The Asian Development Bank (ADB) has approved a USD2.1-billion financing for the construction of a 32.15-kilometer bridge that will connect Bataan and Cavite. In a statement on Tuesday, the ADB said the Bataan–Cavite Interlink Bridge (BCIB) Project will complete the transport loop… Read More
Trade deficit up 26% in October
December 12, 2023, 1:48 pm
MANILA – The country's trade deficit went up by 26 percent in October this year, data from the Philippine Statistics Authority (PSA) showed. In a report released on Tuesday, the PSA said trade deficit during the month amounted to USD4.174 billion, higher than last year's USD3.313 billion. Total… Read More
Shares, peso close weak Monday
December 11, 2023, 7:24 pm
MANILA – Both local shares and the currency finished the first trading day of the week with losses on domestic and foreign economic development. The Philippine Stock Exchange index shed 6.48 points to 6,228.29, with the broader All Shares also falling 1.93 points to 3,327.65. Philstock… Read More
Gov't spent 98% of over P5.2-T 2023 budget, says DBM
December 11, 2023, 7:15 pm
ILOILO CITY – The national government has spent roughly 98 percent of its PHP5.268 trillion budget for this year, according to Budget Secretary Amenah Pangandaman. At the final leg of this year's Philippine Economic Briefing held at the Courtyard by Marriott Hotel here on Monday, Pangandaman… Read More
Gov't collects P801-B from fuel marking
December 11, 2023, 6:47 pm
MANILA – The government has so far collected more than PHP800 billion from its fuel-marking program, data released by the Bureau of Customs (BOC) showed. BOC Commissioner Bienvenido Rubio said revenues from the fuel-marking program amounted to PHP801.55 billion, which is equivalent to 70.48… Read More
Big-time oil price rollback set Dec. 12
December 11, 2023, 6:21 pm
MANILA – Oil companies will slash pump prices by more than PHP1 per liter starting 12:01 a.m. Tuesday. In separate advisories, Caltex, Cleanfuel, Jetti Petro Gazz, Phoenix Petroleum, PTT, Seaoil and Shell announced a gasoline price rollback by PHP1.60 per liter and PHP1.85 per liter on diesel.… Read More
Meralco cuts electricity rates for December
December 11, 2023, 5:02 pm
MANILA – After three months of increasing power rates, the Manila Electric Company (Meralco) will finally slash electricity charges for December. In a statement Monday, the distribution utility said power rates dropped by PHP0.7961 per kilowatt hour (kWh), bringing down electricity charges to… Read More
Strong revenues earn GSIS P80B in Jan.-Oct '23
December 11, 2023, 2:53 pm
MANILA – The Government Service Insurance System (GSIS) announced it has earned PHP80 billion in the first 10 months of the year which is 117 percent higher than the same period last year. In a news release on Sunday, GSIS president and general manager Wick Veloso said the improved… Read More
BOC hopeful on hitting 2024 collection goal
December 10, 2023, 9:00 pm
MANILA – The Bureau of Customs (BOC) is hopeful that it will meet its collection target next year. Under the proposed Budget of Expenditures and Sources of Financing (BESF) for 2024, the BOC is tasked to collect more than PHP1 trillion. Commissioner Bienvenido Rubio said he is banking on… Read More
Biz groups eye creation of over 1M new jobs in 2024
December 8, 2023, 8:32 pm
MANILA – The Employers Confederation of the Philippines (ECOP) and affiliated business organizations are targeting to create over a million additional jobs in 2024 as part of their joint commitment to support the Marcos administration’s employment agenda. ECOP president Sergio Ortiz-Luis, Jr.… Read More
ADB OKs $200-M loan for climate-resilient PH infra
December 8, 2023, 1:46 pm
MANILA – The Asian Development Bank (ADB) has approved a USD200 million loan to help the Philippines build high-quality, inclusive, climate-resilient, and low-carbon infrastructure. In a statement on Friday, the ADB said the second additional financing for the Infrastructure Preparation and… Read More
Bicol inflation rate eases to 4.5% in November
December 7, 2023, 8:54 pm
LEGAZPI CITY – The Philippine Statistics Authority (PSA) 5 (Bicol) reported on Thursday that the inflation rate in the region slowed down from 4.7 percent in October to 4.5 percent in November. In a press conference, Danilo Luceño, PSA-5 statistical operations and coordination division chief,… Read More
Shares shed on profit-taking, peso ends sideways ahead of long weekend
December 7, 2023, 8:13 pm
MANILA – Ending the shortened trading week, local shares shed on profit-taking while the peso closed sideways on Thursday. The Philippine Stock Exchange index (PSEi) finished all counters in the red, with the overall index down by 71.08 points to the 6,234.77 level, with All Shares also… Read More
Internet Transactions Law to boost consumer confidence in e-commerce
December 7, 2023, 4:47 pm
MANILA – The Department of Trade and Industry (DTI) is confident that the newly enacted Internet Transactions Act (ITA) will drive activities in the digital economy as the law provides more protection to consumers when transacting online. DTI Secretary Alfredo Pascual expressed confidence that… Read More
BOC seizes P42.4-B smuggled goods
December 7, 2023, 4:45 pm
MANILA – The Bureau of Customs (BOC) has seized PHP42.4 billion worth of smuggled goods from January to Nov. 24 this year. In a briefing on Wednesday, BOC Commissioner Bienvenido Rubio said this is double the more-than-PHP20 billion worth of smuggled goods seized in the same period last year.… Read More
Manufacturing sector grows in October
December 7, 2023, 3:40 pm
MANILA – Factory output both in volume and value continued to grow in October, but at a slower pace than the recorded expansion in September, data from the Philippine Statistics Authority (PSA) showed. Results of the latest Monthly Integrated Survey of Industries (MISSI) released on Thursday… Read More
Rates of employment highest, unemployment lowest since April 2005
December 7, 2023, 12:45 pm
MANILA – The country's unemployment rate in October this year fell to its lowest, while employment rose to its highest since April 2005. Results of the Philippine Statistics Authority's (PSA) latest Labor Force Survey showed that the 4.2-percent unemployment rate during the month was down from… Read More
PSEi, peso almost flat Wednesday
December 6, 2023, 7:52 pm
MANILA – Both the local bourse and currency closed almost flat on Wednesday. The benchmark Philippine Stock Exchange index (PSEi) ended the day slipping by 0.05 percent, or 3.10 points, to the 6,305.85 level. The broader All Shares also slipped by 0.01 percent, or 0.36 points, to 3,351.66… Read More
ADB OKs $450-M loan to boost PH Universal Healthcare Program
December 6, 2023, 7:50 pm
MANILA – The Asian Development Bank (ADB) on Wednesday approved a USD450-million policy-based loan to help the Philippines strengthen its health policy reforms. In a statement, the ADB said the amount will also be used to further improve Filipinos’ access to medicines and health services,… Read More
Filipinos favor excellent customer service over low prices
December 6, 2023, 7:01 pm
MANILA – More Filipinos are considering excellent customer service as a bigger factor to purchase goods and services, than cheaper prices, the 2024 Qualtrics Consumer Trends Report showed. Qualtrics reported that quality products and service (70 percent of the surveyed respondents) and customer… Read More
