Business
PH, UAE agree to construct 500-MW capacity data centers
December 1, 2023, 6:18 pm
MANILA – The Philippines and the United Arab Emirates (UAE) target to put up data centers here with around 500 megawatts of capacity as the two countries signed a memorandum of understanding (MOU) to boost the digital infrastructure. In a statement Friday, the Department of Trade and Industry… Read More
PSEi up as investors buy bargain stocks; peso moves sideways
December 1, 2023, 5:30 pm
MANILA – The local stock market ended the last trading day of the week on a positive note while the peso moved sideways on Friday. The Philippine Stock Exchange index (PSEi) gained 21.45 points to close at 6,245.18 while All Shares also went up by 4.39 points to 3,332.22. Almost all sectors… Read More
PEZA drafts guidelines for halal ecozones
December 1, 2023, 4:30 pm
MANILA – The Philippine Economic Zone Authority (PEZA) is currently drafting guidelines to incentivize activities related to the halal industry. PEZA Ecozone Development Department Manager Ludwig Daza recently told the Philippine News Agency that the investment promotion agency (IPA) aims to… Read More
OPEC+ countries announce daily voluntary output cuts by 2.2M barrels
December 1, 2023, 4:28 pm
ANKARA – Several OPEC+ countries announced Thursday that they have agreed to voluntarily cut oil production by a total of 2.2 million barrels per day (bpd) in the first quarter of 2024. The additional voluntary cuts announced by the Organization of the Petroleum Exporting Countries (OPEC) and… Read More
DA promoting sheep raising as alternative livelihood for coco farmers
December 1, 2023, 3:59 pm
MANILA – The Department of Agriculture (DA) targets to establish a domestic sheep-raising industry while simultaneously supplementing the often meager income of coconut farmers. In an interview on Friday, DA Undersecretary Deogracias Victor Savellano said raising small ruminants -- sheep, in… Read More
Farmgate price of palay up in Oct.
December 1, 2023, 3:40 pm
MANILA – The average farmgate price of palay at the national level went up by 18.1 percent in October this year, the Philippine Statistics Authority (PSA) said. In a report on Friday, the PSA said the average farmgate price of palay at the national level during the month was at PHP20.60 per… Read More
PH records best manufacturing condition in ASEAN in Nov 2023
December 1, 2023, 3:24 pm
MANILA -- The Philippine manufacturing sector’s performance in November was better than its ASEAN neighbors, the S&P Global Manufacturing Purchasing Managers’ Index (PMI) reported Friday. The Philippines' manufacturing PMI in November 2023 stood at 52.7, higher than the 52.4 index in October… Read More
BSP eyes November inflation rate between 4% and 4.8%
December 1, 2023, 9:17 am
MANILA – Higher prices of some agricultural items, along with power and tolls rates, are seen to contribute to the projected 4 percent to 4.8 percent domestic inflation rate for November, slower than October’s 4.9 percent. In a statement Thursday night, the Bangko Sentral ng Pilipinas (BSP)… Read More
Analyst: Steady credit ratings on PH show economic mgt ‘done right'
November 30, 2023, 8:34 pm
MANILA – Stalwarts of the Philippine Stock Exchange (PSE) on Thursday welcomed Standard & Poor’s (S&P) Global Ratings’ affirmation of the country’s “BBB+” long-term and “A-2” short-term sovereign credit ratings, calling the move “a flicker of light” amid a gloomy world economy.… Read More
First e-commerce platform for collectibles taps $5-B PH market
November 30, 2023, 7:49 pm
MANILA – Toki, the first social commerce platform for collectibles, has seen the Philippines as a lucrative market as approximately 40 percent of its population are collectors. In a statement Thursday, Toki said it targets to tap the USD5 billion collectibles market in the Philippines. Toki is… Read More
Stocks down for 2 days on profit-taking, peso weak
November 30, 2023, 7:06 pm
MANILA – For two consecutive trading days, the local bourse declined on profit-taking while the local currency closed weak at the end of month. The Philippine Stock Exchange index (PSEi) finished November’s trading down by 40.26 points to 6,224.88 level, with All Shares also closed lower by… Read More
PH raises $1B from Sukuk bond sale
November 30, 2023, 6:50 pm
MANILA – The Philippine government on Thursday successfully raised USD1 billion from the sale of its maiden Sukuk bonds or Islamic bonds. "The maiden issue was met with strong demand, with the order book’s oversubscription peaking at 4.90 [times]," said the Bureau of the Treasury (BTr) in a… Read More
Meralco opens bid for 1,200 MW power supply
November 30, 2023, 5:35 pm
MANILA – The Manila Electric Company (Meralco) announced on Thursday that it opened the bidding for 1,200 megawatts (MW) baseload requirement through a 15-year Power Supply Agreement/s (PSA/s). Earlier, the Department of Energy (DOE) issued a Certificate of Conformity on the Terms of Reference… Read More
Taxpayers can now avail of digital TIN ID
November 30, 2023, 2:11 pm
MANILA – The Bureau of Internal Revenue (BIR) said taxpayers will no longer need to line up in Revenue District Offices to get their Tax Identification Number (TIN) ID. In a statement on Thursday, BIR Commissioner Romeo Lumagui Jr. said Memorandum Circular 120-123 issued on Nov. 29, mandates the… Read More
BTr fully awards reissued Treasury bonds
November 29, 2023, 6:48 pm
MANILA – The Bureau of the Treasury (BTr) on Wednesday fully awarded the reissued seven-year Treasury bonds (T-bonds). With a remaining term of five years and 10 months, the reissued bond fetched an average rate of 6.099 percent – lower than when it was last reissued in August as well as the… Read More
Stocks down on profit-taking, peso up slightly
November 29, 2023, 6:45 pm
MANILA – The local stock market ended the day in the negative territory while the peso closed slightly higher against the dollar on Wednesday. The Philippine Stock Exchange index (PSEi) declined by 44.43 points to close at 6,265.14, while the broader All Shares also went down by 19.02 points to… Read More
S&P affirms PH's credit rating, cites sustained economic recovery
November 29, 2023, 5:37 pm
MANILA – United States-based S&P Global Ratings on Wednesday affirmed the Philippines' ‘BBB+’ long-term and ‘A-2’ short-term sovereign credit ratings, citing the country's sustained economic recovery due to the government’s ongoing efforts to address infrastructure gaps and… Read More
Budget deficit down to P34B in October
November 29, 2023, 3:17 pm
MANILA – The national government's budget deficit declined by 65.2 percent in October this year due to higher revenue collections, the Bureau of the Treasury (BTr) said Wednesday. The government incurs a budget deficit when spending exceeds its revenues. "The National Government’s fiscal… Read More
Investment forum generates over P1-B in pledges for Iloilo City
November 28, 2023, 8:31 pm
ILOILO CITY – This city has received over PHP1 billion worth of committed investments from the recent business forum coordinated by the Iloilo Economic Development Foundation (ILEDF), in partnership with the Metro Iloilo-Guimaras Economic Development Council (MIGEDC). Mayor Jerry Treñas said… Read More
Stocks up on lower oil prices, peso nearly flat
November 28, 2023, 7:26 pm
MANILA – The Philippine Stock Exchange index (PSEi) rallied on Tuesday backed by lower oil prices, but the peso closed almost unchanged against the United States dollar. "The local bourse gained by 40.07 points (0.64 percent) to 6,309.57 thanks to the easing of oil prices amid the temporary… Read More
