Business
PSEi records losses for 2 straight days as peso closes flat Tuesday
November 14, 2023, 8:00 pm
MANILA – Moody’s downward revision outlook on the United States’ credit rating has weighed on investors’ sentiment on Tuesday reflecting the losses in the local index, while the Philippine peso closed flat against the US dollar. The benchmark Philippine Stock Exchange index (PSEi) finished… Read More
Batangas eyed as PH's next major logistics hub
November 14, 2023, 7:31 pm
BATANGAS CITY – The provincial government is leveraging Batangas’ geographical advantages and the growing interest of corporate locators in its economic zones to launch this province as a major logistics hub in the country, next to the highly congested Port of Manila and those at Subic-Clark… Read More
PH seen to hit 2% to 4% inflation target by 2024
November 14, 2023, 7:16 pm
MANILA – BMI, a Fitch Solutions unit, on Tuesday forecast the Philippines to hit its inflation target of 2 to 4 percent by 2024, which will support the country’s economic growth next year. In a commentary, BMI said its inflation projection for the country this year will reach 4.7 percent… Read More
Airlines see continued rise in demand through Q4
November 14, 2023, 6:50 pm
MANILA – Two airline companies have expressed optimism that the rise in demand for travel would continue until the fourth quarter and that their pre-pandemic levels could be surpassed by 2024. South Korea's flag carrier Korean Air (KAL) on Tuesday reported that its passenger business revenue… Read More
ADB OKs $400-M loan to boost PH revenue mobilization
November 14, 2023, 6:24 pm
MANILA – The Asian Development Bank (ADB) approved a USD400-million loan to help the Philippines achieve its medium-term fiscal strategy and finance its post-pandemic economic recovery through revenue mobilization, modernizing tax administration, systems and processes. In a statement on Tuesday,… Read More
Foreign investment pledges up in Q3
November 14, 2023, 5:46 pm
MANILA – Total foreign investment pledges approved in the third quarter of the year increased by 109.3 percent, data released by the Philippine Statistics Authority (PSA) showed. In a report released on Tuesday, the PSA said investment pledges during the period amounted to PHP27.30 billion, up… Read More
BTr fully awards re-issued Treasury bonds
November 14, 2023, 5:45 pm
MANILA – The Bureau of the Treasury (BTr) fully awarded the re-issued 10-year Treasury bonds at Tuesday's auction. With a remaining term of nine years and nine months, the re-issued bond fetched an average rate of 6.781 percent. Total tenders reached PHP65.9 billion. The BTr raised the full… Read More
BIR seizes illicit cigarettes in Davao
November 14, 2023, 4:18 pm
MANILA – The Bureau of Internal Revenue (BIR) said 717 master cases or 358,500 packs of illicit cigarettes with an estimated PHP252 million in tax liabilities were confiscated in Davao City last week. In a belated report on Tuesday, the BIR said the cigarettes were seized through a joint… Read More
Stocks, peso weaken as investors take ‘wait-and-see’ stance
November 13, 2023, 7:22 pm
MANILA – The wait-and-see mode among investors pulled down both local stock market and the local currency at the start of the week. "The local bourse fell on Monday, losing 45.75 points (0.74 percent) to 6,116.14 as investors were in a wait-and-see mode, anticipating key events such as the US… Read More
Cebu Pacific flies 1.3M passengers in Q3, up 228%
November 13, 2023, 6:39 pm
MANILA – Low-cost carrier Cebu Pacific (CEB) announced Monday a sharp increase in demand for travel in the third quarter of 2023, with the Gokongwei-led airline having flown 1.3 million international passengers -- up 228 percent compared to the same period in 2022. The notable increase was… Read More
Up to P3/liter rollback on oil price Nov. 14
November 13, 2023, 4:47 pm
MANILA – Motorists and consumers can expect up to PHP3 per liter reduction on petroleum prices starting Nov. 14. In separate advisories, Caltex, Cleanfuel, Jetti, Petro Gazz, Phoenix Petroleum, PTT, Seaoil, Shell and Unioil announced they will slash gasoline prices by PHP0.70 per liter and a… Read More
BTr fully awards Treasury bills
November 13, 2023, 4:19 pm
MANILA – The Bureau of the Treasury (BTr) on Monday fully awarded bids for Treasury bills (T-bills). The 91-, 182- and 364-day T-bills fetched average rates of 6.123 percent, 6.513 percent and 6.560 percent, respectively. "The Treasury bill average auction yields corrected lower week-on-week… Read More
DOF: Fitch Ratings sees PH's strong macroeconomic fundamentals
November 13, 2023, 10:41 am
MANILA – Fitch Ratings' recent move to affirm the country's investment grade rating at “BBB” shows the agency's confidence in the country’s strong macroeconomic fundamentals, the Department of Finance (DOF) said Monday. Fitch recognized the country’s growth prospects, forecasting the… Read More
DOF backs Maharlika's revised IRR
November 13, 2023, 9:33 am
MANILA – The Department of Finance (DOF) on Monday expressed support for the revised Implementing Rules and Regulations (IRR) of the Maharlika Investment Fund (MIF) Act, noting that the enhancements are within the bounds of the law. The DOF said the IRR ensures the independence of the Board of… Read More
National government debt payments up in September
November 12, 2023, 11:28 am
MANILA – The national government's (NG) debt payments went up by 15 percent in September this year, data from the Bureau of the Treasury (BTr) showed. In a report, the BTr said the debt service bill during the month amounted to PHP238.9 billion, up from last year's PHP206.9 billion. More… Read More
Fitch affirms PH credit rating of ‘BBB’
November 11, 2023, 8:53 pm
MANILA –Fitch Ratings kept the Philippines’ investment grade rating at “BBB” after noting the economy’s strong medium-term growth prospects, declining liabilities, macroeconomic stability, and sound economic rules. Fitch forecasts growth, as measured by gross domestic product (GDP), to… Read More
PH tracks most Asian indices, peso ends sideways
November 10, 2023, 6:06 pm
MANILA – The local bourse has tracked most of the Asian markets, which closed the week’s trading in the red territory, while the Philippine peso ended sideways but still within the 55 level. The Philippine Stock Exchange index (PSEi) slashed 26.33 points to 6,161.89, with All Shares also down… Read More
Economist sees continued growth in manufacturing
November 10, 2023, 4:52 pm
MANILA – The country's manufacturing sector could post a double-digit growth if inflation further eases, an economist said on Friday. "Manufacturing growth has been lingering at single-digit levels in recent months [as] higher inflation and higher interest rates since 2022 dragged manufacturing… Read More
BSP bills’ rates post mixed results, demand up
November 10, 2023, 4:38 pm
MANILA – Rates of the Bangko Sentral ng Pilipinas’ (BSP) bills moved to different paths Friday but demand for both the 28- and 56-day tenors were strong. BSP kept the offer volume for the shorter-dated securities at PHP120 billion and the longer-dated tenor at PHP40 billion. Both were fully… Read More
Fed chair leaves door open for more rate hikes
November 10, 2023, 3:43 pm
ISTANBUL – US Federal Reserve Chair Jerome Powell left the door open Thursday for more interest rate hikes to bring down inflation. "We know that ongoing progress toward our 2 percent goal is not assured: Inflation has given us a few head fakes," he said at a policy panel at the 24th Jacques… Read More
