Business
BSP hikes policy rate by 25 basis points
October 26, 2023, 5:04 pm Updated on October 26, 2023, 6:28 pm
MANILA – In an off-cycle move on Thursday, the Bangko Sentral ng Pilipinas' (BSP) Monetary Board raised policy rates by another 25 basis points amid expectations that inflation will continue to be above target until the first half of 2024. "At its regular meeting earlier today, the Monetary… Read More
PH economic growth seen accelerating to 6% in Q3
October 26, 2023, 4:31 pm
MANILA – The Philippine economic growth likely accelerated in the third quarter of the year, driven by the growth in government spending, according to an economist. In a Viber message to the Philippine News Agency on Thursday, Rizal Commercial Banking Corporation (RCBC) chief economist Michael… Read More
4 PH provinces chosen for Australian soil management R&D
October 26, 2023, 2:56 pm
MANILA – The Australian Embassy in Manila has named four provinces in the country that will be the experiment sites for soil management cooperation between the Philippines and Australia. “Experiment sites will be continued or expanded in Agusan del Sur for rubber-based intercropping system,… Read More
DTI vows to upskill MSMEs to improve products, market access
October 26, 2023, 12:27 pm
MANILA – The Department of Trade and Industry (DTI) has committed to helping micro, small and medium enterprises (MSMEs) widen their opportunities to further improve their products and market access. Trade Secretary Alfredo Pascual made this assurance in his message read by DTI Undersecretary… Read More
60% of traders in Baguio embrace e-payments: BSP
October 25, 2023, 9:27 pm
BAGUIO CITY – Sixty percent of business owners in this city’s public market now offer digital payment options, an executive of the Bangko Sentral ng Pilipinas said Wednesday. In a press conference, BSP North Luzon Regional Office bank officer Rodora Teresa Openiano said electronic wallet… Read More
Stocks snap 5-day losing streak, peso ends sideways
October 25, 2023, 7:53 pm
MANILA – The benchmark Philippine Stock Exchange index (PSEi) rebounded on Wednesday after five straight days of losses, while the peso closed sideways. The PSEi rose by 0.25 percent or 14.78 points to 6,054.83, with broader All Shares also went up by 0.13 percent to 3,288.83. Sectoral indices… Read More
PH, EU sign 60-M euro Green Economy Program
October 25, 2023, 7:52 pm
MANILA – The European Union (EU) and the Philippines signed on Wednesday a 60-million-euro Financing Agreement for the Green Economy Program, the EU Commission and the Department of Finance (DOF) said. In a statement, the EU Commission said the agreement signed during the Global Gateway Forum in… Read More
Electronics firms maintain $49-B export target for 2023
October 25, 2023, 7:50 pm
MANILA – The Semiconductor and Electronics Industries in the Philippines Foundation, Inc. (SEIPI) on Wednesday said that while electronics exports will be flat this year, this is still "remarkable" given the slowdown in the global economy and geopolitical tensions. "The main reason is global… Read More
Addressing education issues to usher PH as first-world country by 2050
October 25, 2023, 6:25 pm
MANILA – The Philippines needs to address bottlenecks in basic education as this will usher the country to be a first-world nation by 2050. On the sidelines of the 49th Philippine Business Conference (PBC) held at the Manila Hotel on Wednesday, Philippine Chamber of Commerce and Industry (PCCI)… Read More
Nat'l deficit widens in Sept. as gov't spends more on projects
October 25, 2023, 5:03 pm
MANILA – The national government's budget deficit widened to PHP250.9 billion in September this year from PHP179.8 billion due to lower collections and higher spending on banner social protection programs. Bureau of the Treasury (BTr) data on Wednesday showed that revenues during the month… Read More
Aussie ‘deal team’ in Manila to monitor biz condition in PH
October 25, 2023, 2:58 pm
MANILA – Australian Ambassador to the Philippines Hae Kyong Yu PSM said the Investment Deal Team that will be established by the Australian government in Manila will monitor the business climate in the country for Australian firms to make sound investment decisions. Yu told the Philippine News… Read More
DOF backs CREATE amendments
October 25, 2023, 2:30 pm
MANILA – The Department of Finance (DOF) on Wednesday expressed support to the proposed amendments to the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act. “The proposed amendments to the CREATE Act will enhance the incentives, clarify the rules and policies on the grant and… Read More
First gov’t-backed startup eyes overseas footprint
October 25, 2023, 8:18 am
MANILA – Filipino startup SolX Technologies, Inc. aims to grow its footprint outside the Philippines, its chief executive officer Sergius Santos said. On Tuesday, SolX received the PHP11 million funding from National Development Company (NDC)-managed Startup Venture Fund (SVF), making it the… Read More
PSEi sheds for 5 straight days, peso ends sideways
October 24, 2023, 10:59 pm
MANILA – The Philippine Stock Exchange index (PSEi) continued to shed on Tuesday while the peso remained sideways as the market awaits a positive catalyst amid lingering concerns in the global economy. For the fifth consecutive trading day, local shares’ main index declined by 48.72 points,… Read More
Palmolein oil thumbed down as coconut oil substitute in biodiesel
October 24, 2023, 9:11 pm
MANILA – The local coconut industry’s leadership said a proposal to substitute coconut oil with palmolein oil as an additive to biodiesel is no longer cost-effective as world market prices of the latter commodity have since surged substantially. In an interview on Tuesday, Jesus Arranza,… Read More
ARTA: LGUs with eBoss system post higher tax collections, revenues
October 24, 2023, 8:25 pm
MANILA – The Anti-Red Tape Authority (ARTA) said on Tuesday local government units (LGUs) that fully implemented the electronic Business One-Stop Shop (eBOSS) system, which streamlines and automates government transactions, recorded higher tax collections and revenues between 2021 and 2022. This… Read More
PSF Board OKs P539M worth of climate adaptation projects
October 24, 2023, 7:50 pm
MANILA – The People’s Survival Fund (PSF) Board chaired by Finance Secretary Benjamin Diokno has approved PHP539 million worth of new climate adaptation projects. In a statement on Tuesday, the Finance department said the newly approved projects will be implemented in Mountain Province,… Read More
BSP: Off-cycle rate hike possible within the week
October 24, 2023, 7:45 pm
MANILA – The Monetary Board is considering an off-cycle policy rate hike this week, according to Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. on Tuesday. "We will have a meeting and we will look at the data. If the data says inflation will go up very significantly and there’s a… Read More
BTr fully awards 10-year Treasury bonds
October 24, 2023, 7:44 pm
MANILA – The Bureau of the Treasury (BTr) fully awarded the reissued 10-year Treasury bonds (T-bonds) at Tuesday's auction. With a remaining term of nine years and 10 months, the reissued bond fetched an average rate of 6.954 percent. The auction attracted PHP48.9 billion in total tenders,… Read More
BOI to incentivize modernization of plantations
October 24, 2023, 7:43 pm
MANILA – The Board of Investments (BOI) will issue a new policy to encourage projects that will modernize plantations across the country. On the sidelines of the economic dialogue between the Philippine Chamber of Commerce and Industry (PCCI) and the Japanese Chamber of Commerce and Industry… Read More
