Business
PH attracting $4-B offshore wind equipment factories
October 24, 2023, 7:13 pm
MANILA – Department of Trade and Industry (DTI) Undersecretary Ceferino Rodolfo said two Chinese companies are eyeing to put up manufacturing facility for offshore wind equipment in the country, with investments of around USD2 billion each. Rodolfo said in an event in Makati City Tuesday that… Read More
RCBC commits to sustainable financing
October 24, 2023, 7:12 pm
MANILA – Rizal Commercial Banking Corp. (RCBC) is on track to meeting its target of zero exposure to coal-fired power plant by 2031. "For more than 10 years now, we have been embracing sustainability as part of our lending strategy and operations when we established our own environmental and… Read More
Ocean economy up 21% in 2022
October 24, 2023, 4:08 pm
MANILA – Ocean-based industries grew by 21.1 percent last year and accounted for about almost 4 percent of the country's gross domestic product (GDP), the Philippine Statistics Authority (PSA) said. In a report released on Tuesday, the PSA said the ocean economy posted a gross value added of… Read More
Bicol MSMEs surpass target with P25-M earnings in Manila trade fair
October 23, 2023, 6:19 pm
LEGAZPI CITY – The Orgullo kan Bikol (OKB or Pride of Bicol) trade and travel fair surpassed its sales target, benefitting 103 micro, small, and medium enterprises (MSMEs) from the region, the Department of Trade and Industry (DTI) said Monday. The OKB Trade Fair, held Oct. 19 to 22 at a mall in… Read More
Shares slip below 6,100-level, peso ends flat
October 23, 2023, 6:10 pm
MANILA – Local shares dropped below the 6,100-mark as investors remained concerned about the conflict in the Middle East, which is now ongoing for more than two weeks. The Philippine Stock Exchange index (PSEi) shed 54.46 points to 6,088.44, with All Shares declining by 26.36 points to 3,303.06… Read More
Mixed results mark T-bills auction
October 23, 2023, 4:08 pm
MANILA – Results were mixed in Monday's Treasury bills (T-bills) auction as the Bureau of the Treasury (BTr) fully awarded bids for the 91- and 364-day T-bills while partially awarding the 182-day security. The 91- and 364-day T-bills fetched an average rate of 6.149 percent and 6.479 percent,… Read More
Pump prices to increase Oct. 24
October 23, 2023, 3:18 pm
MANILA – Oil prices at the pump will increase starting Tuesday morning after four weeks of rollbacks. In separate advisories, Caltex, Cleanfuel, Jetti, Petro Gazz, PTT, Seaoil, and Shell said they will increase gasoline prices by PHP0.95 per liter and a hefty upward adjustment of PHP1.30 per… Read More
Inflation likely eases to 5.6% in October
October 23, 2023, 2:47 pm
MANILA – Headline inflation likely eased in October as better weather conditions helped stabilize food prices, an economist said on Monday. In a Viber message, Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort told the Philippine News Agency that headline inflation… Read More
PH eyes ecozones for e-vehicle, parts manufacturing
October 22, 2023, 5:18 pm
MANILA – Department of Trade and Industry (DTI) Undersecretary Rafaelita Aldaba said the agency is eyeing economic zones solely for electric vehicles (EV) manufacturing, including parts and components. Aldaba said having ecozones and industrial parks that can host all manufacturing activities… Read More
Locally assembled vehicle sales up 9.5% in September
October 22, 2023, 1:52 pm
MANILA – Locally assembled vehicle sales in September 2023 increased by 9.5 percent to 38,628 units from 35,282 units sold a year ago, the Chamber of Automotive Manufacturers Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) reported Sunday. Sales of passenger cars propelled… Read More
LandBank net income hits all-time high
October 22, 2023, 1:47 pm
MANILA – State-run Land Bank of the Philippines (LandBank) on Sunday said its net income in the first nine months of the year reached an all-time high of PHP31.85 billion. In a statement, the bank said the profit during the period was higher by 24 percent than the PHP25.7 billion recorded last… Read More
DTI launches incentives program for local e-vehicle manufacturing
October 20, 2023, 8:00 pm
MANILA – The Department of Trade and Industry (DTI) launched the Electric Vehicle Incentives Scheme (EVIS) that aims to accelerate the development of the e-vehicle industry. At the 11th Philippine Electric Vehicle Summit in Pasay City Friday, DTI Undersecretary Rafaelita Aldaba said the EVIS… Read More
PSEi drops on inflation concern, peso ends sideways
October 20, 2023, 8:00 pm
MANILA – Both the local stock market and the currency closed Friday weaker amid concerns over prolonged high inflation rates. The Philippine Stock Exchange index (PSEi) ended the day weak with all counters in the red. The local bourse plunged 76.26 points, or 1.23 percent, to the 6,142.90 level,… Read More
Diokno pitches Maharlika Fund to biz in Gulf countries
October 20, 2023, 2:15 pm
MANILA – Department of Finance (DOF) Secretary Benjamin Diokno has pitched the Maharlika Investment Fund (MIF), the Philippines’ sovereign wealth fund, to business leaders in Saudi Arabia during a roundtable meeting with the private sector on Thursday. In a statement Thursday night, Diokno… Read More
PH gives more perks to firms using own renewable energy
October 19, 2023, 6:47 pm
MANILA – The Board of Investments (BOI) is providing more incentives to registered projects that will be supplying their own electricity by putting up their own renewable energy (RE) facility. Trade Undersecretary and BOI Managing Head Ceferino Rodolfo said at a virtual briefing Thursday that… Read More
Peso weakens, PSEi slips on Wall Street’s drop, Middle East tension
October 19, 2023, 5:44 pm
MANILA – The local stock market ended the day in the negative territory while the peso depreciated against the US dollar on Thursday. "This Thursday, the local market dropped by 49.11 points (0.78 percent) to 6,219.16 as investors took negative cues from Wall Street overnight amid the continuous… Read More
China hints at linking Belt and Road to EU’s Global Gateway strategy
October 19, 2023, 4:33 pm
ISTANBUL – China hinted Wednesday at linking its Belt and Road Initiative with the European Union’s Global Gateway strategy, accepting competition from a “positive perspective.” Chinese Foreign Minister Wang Yi, while detailing the outcome of the third Belt and Road Forum for International… Read More
E-vehicle sales in PH seen to hit 6.6M mark by 2030
October 19, 2023, 3:45 pm
MANILA – The Electric Vehicle Association of the Philippines (EVAP) on Thursday projected that cumulative sales of e-vehicle in the country would reach 6.6 million units by 2030. The EVAP announced this outlook at the opening of the 11th Philippine Electric Vehicle Summit at the SMX Convention… Read More
Concerns about rising oil prices weaken shares, peso moves sideways
October 18, 2023, 8:03 pm
MANILA – Concerns about rising oil prices in the global market amid the escalating conflict in the Middle East weakened the local stock market on Wednesday while the Philippine peso closed sideways. “Amid heightened tensions between Israel and Hamas, the local bourse declined by 12.63 points… Read More
Coco sector leaders propose changes in biodiesel additives
October 18, 2023, 7:41 pm
MANILA – Coconut industry leaders want changes in the amount and kind of additives that are mixed in locally sold diesel fuel to increase the revenues of farmers and refiners, and also to cushion the domestic impact of rising crude prices in the international market. In an interview on… Read More
