Business
LandBank remits P50-B investment for Maharlika fund
September 15, 2023, 6:41 pm
MANILA – State-owned Land Bank of the Philippines (LandBank) said Friday it has remitted to the Bureau of the Treasury (BTr) its PHP50 billion contribution to the Maharlika Investment Corporation (MIC) as mandated by Republic Act No. 11954 which establishes the Maharlika Investment Fund… Read More
PH-South Korea trade deal to save sagging banana industry
September 15, 2023, 6:08 pm
MANILA – The recently signed Philippines-Korea Free Trade Agreement (PH-KR FTA) is expected to address the declining share of banana exports. The FTA will gradually reduce tariff for banana exports, with the rate at zero level within five years once the trade pact enters into force. Pilipino… Read More
Singaporean biz urged to invest in PH strategic investment priorities
September 15, 2023, 5:46 pm
MANILA – Department of Trade and Industry (DTI) Secretary Alfredo Pascual has highlighted the country’s strategic investment priorities where Singaporean businesses can explore opportunities. Pascual made the pitch at the CEO Roundtable co-organized by the Philippine Trade and Investment… Read More
ECB raises interest rates to all-time high
September 15, 2023, 5:06 pm
FRANKFURT – The European Central Bank (ECB) on Thursday lifted key interest rates by another 0.25 percentage points, putting the rates to all-time high. With this hike, the interest rates on the main refinancing operations, on the marginal lending facility, and on the deposit facility will be… Read More
Construction materials wholesale index hits 5.7% in August
September 15, 2023, 4:00 pm
MANILA – The construction materials wholesale price index (CMWPI) in the National Capital Region (NCR) settled at 5.7 percent in August, the Philippine Statistics Authority (PSA) said. In a report released on Friday, the PSA said the CMWPI in NCR retained its July 2023 annual growth. In August… Read More
Domestic output among factors in maintaining BSP rates in August
September 15, 2023, 2:24 pm
MANILA – Domestic economic challenges were among the factors that Philippine monetary authorities looked into during their policy meeting on Aug. 17, wherein they decided to keep key rates steady. Based on the minutes of the meeting released by the Bangko Sentral ng Pilipinas (BSP) on Thursday,… Read More
BSP: No need to hike rates if there's no further supply shocks
September 14, 2023, 5:18 pm
MANILA - Despite the uptick in headline inflation in August, Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. on Thursday said there is no need to raise interest rates if there are no further supply shocks. "If it's just an uptick, food prices and oil caused the uptick, these kinds of… Read More
BSP reiterates call for banks to waive fees on small transactions
September 14, 2023, 4:04 pm
MANILA - The Bangko Sentral ng Pilipinas (BSP) is urging more banks to waive the fee for small-value transactions to encourage more Filipinos to use digital payments and further promote financial inclusion in the country. "For now, three of the major banks removed fees up to about PHP1,000, I… Read More
DA to revitalize carabao population for commercial dairy production
September 14, 2023, 3:01 pm
MANILA – The Department of Agriculture (DA) is revitalizing the cultivation of Philippine carabaos nationwide to help generate income in the countryside and to support the Marcos administration’s dairy nutrition program. In an interview on Thursday, DA Undersecretary Deogracias Victor… Read More
BSP fully awards TDF amid strong demand
September 13, 2023, 8:18 pm
MANILA – Strong demand for the Bangko Sentral ng Pilipinas’ (BSP) term deposit facility (TDF) resulted in its full award on Wednesday, with rates down from last week’s level. The BSP hiked by PHP40 billion the offer volume for both tenors, to PHP200 billion for the seven-day facility and to… Read More
PSEi tracks Asian markets lower, peso ends sideways
September 13, 2023, 7:40 pm
MANILA – Local equities dropped on Wednesday, tracking other Asian stock markets, while the peso moved sideways. The Philippine Stock Exchange index (PSEi) fell to 6,149.18 level, shedding 81.02 points. All Shares also declined by 28.62 points to 3,330.81. “PSEi slipped by 81.02 points (1.30… Read More
Core inflation decline to help hit within-target rate by Q4
September 12, 2023, 9:10 pm
MANILA – A ranking central bank official on Tuesday said the deceleration of core inflation last month provides additional impetus towards the possibility of a within-target inflation rate in the last quarter of this year. In his presentation during the Philippine Economic Briefing in Dubai,… Read More
PSEI, peso end sideways ahead of US inflation data
September 12, 2023, 7:31 pm
MANILA – The Philippine Stock Exchange index (PSEi) and the peso moved sideways on Tuesday’s trade ahead of the release of the US’ August 2023 inflation data. The benchmark PSEi slipped by 0.06 percent to 6,230.20 level, with the broader All Shares down by 0.12 percent to… Read More
Rice millers, traders commit 30K sacks for ‘Rice on Wheels’ program
September 12, 2023, 6:59 pm
MANILA – The Department of Trade and Industry (DTI) said rice millers and traders committed 30,000 sacks of 50-kilogram rice for the Rice on Wheels for Retailers program in support of Executive Order (EO) No. 39. “The Rice on Wheels for Retailers program aims to ensure the availability of… Read More
PH economic team urges Middle East bizmen to invest in infra, energy
September 12, 2023, 5:37 pm
MANILA – The Philippine economic team on Tuesday urged entrepreneurs in the Middle East to explore investment opportunities in the Philippines, especially in infrastructure and clean energy. "[There are] two areas where we need foreign investors, specifically, the Philippines being an… Read More
DTI eyes BOI to hit P1.5-T investment approvals target
September 12, 2023, 4:42 pm
MANILA – Department of Trade and Industry (DTI) Secretary Alfredo Pascual is confident that the Board of Investments (BOI) will hit, and even surpass, its 2023 investment approvals target of PHP1.5-trillion. In an interview, Pascual, who is the concurrent BOI Chairman, said the investment… Read More
Bureau of the Treasury partially awards T-bonds
September 12, 2023, 4:02 pm
MANILA – The Bureau of the Treasury (BTr) on Tuesday partially awarded the re-issued seven-year Treasury bonds (T-bonds). With a remaining term of 6 years and 10 months, the bond series was awarded at an average rate of 6.370 percent. The auction was 1.9 times oversubscribed as total submitted… Read More
BOC expects 1st int'l container line in Bicol to spur economic growth
September 12, 2023, 3:51 pm
LEGAZPI CITY – The projected opening of the first international container line in Bicol before the end of the year is expected to generate more jobs, give higher revenues, and pave the way for new businesses that will help boost the region's economic growth. Segundo Sigmundfreud Barte Jr.,… Read More
Investment firm exec: BSP likely to keep rates unchanged in 2023
September 12, 2023, 1:23 pm
MANILA – The Bangko Sentral ng Pilipinas (BSP) will likely keep the benchmark interest rate steady until mid-2024, an official of financial services firm Sun Life Investment Management and Trust Corporation's (SLIMTC) said Tuesday. "For me, the BSP has tended to be...to move in line with the… Read More
Sept. 12 oil price hike tamer than past weeks
September 11, 2023, 11:00 pm
MANILA – Oil firms will increase pump prices yet again Tuesday but increments are softer compared to the past nine weeks. In separate advisories Monday, Caltex, Cleanfuel, Jetti, Petro Gazz, Phoenix Petroleum, PTT, Seaoil, Shell, Unioil and Petron will increase prices of gasoline by PHP0.20… Read More
