Business

Global food prices drop for 10th straight month in January

ANKARA – Global food prices fell for the 10th consecutive month in January, the UN Food and Agriculture Organization (FAO) reported on Friday.The FAO Food Price Index averaged 131.2 points in January, down 0.8 percent from the previous month.The decline in the main reading was led by decreases... Read More

Oil down amid Fed rate hike decision, pending China data release

ANKARA – Oil prices fell steadily on Friday due to demand concerns, with the United States Federal Reserve (Fed) signaling further rate hikes after raising its benchmark interest rate by 25 basis points while investors await the release of China's industry data.International benchmark Brent... Read More

PH debt-to-GDP ratio still not at alarming level

MANILA – The share of the country’s total liabilities to gross domestic product (GDP) has declined to 60.9 percent by end-2022 but it is not considered to be an alarming level given the strong economic fundamentals, Deputy Treasurer Erwin Sta. Ana said Friday.In an interview during the... Read More

Peso strengthens, PSEi up on positive earnings reports

MANILA – Positive earnings reports of listed firms here and in the United States helped boost the local bourse’s main index on Friday while the peso strengthened further against the US dollar. The Philippine Stock Exchange index (PSEi) gained by 0.59 percent, or 41.19 points, to 7,027.38... Read More

Apple posts largest decline in sales since 2019

ANKARA–Apple’s overall sales decreased 5 percent year-on-year during the first fiscal quarter, which ended Dec. 31, 2022, the largest decline since 2019.According to a report on quarterly earnings from the US-based global tech giant on Thursday, Apple's revenue decreased to USD117.2... Read More

DOE to achieve renewable energy goals via reforms

MANILA – The Department of Energy (DOE) is optimistic that the country will be able to achieve its long-term renewable energy (RE) goals through the policy reforms of the Marcos administration.During the Laging Handa public briefing Friday, DOE Undersecretary Rowena Guevara said President... Read More

28-day BSP securities rate up on strong demand

MANILA – Strong demand for the Bangko Sentral ng Pilipinas’ (BSP) 28-day bill resulted in the rise of the debt paper's interest rate on Friday.Auction results released by the central bank showed that the average rate of the bill rose to 6.3584 percent from 6.3545 percent during the... Read More

Peso strengthens to 53-level after Fed rate hike; PSEi slips

MANILA – The widely expected 25 basis point increase in the Federal Reserve’s key rates resulted in the negative close of the local bourse’s main index on Thursday but the peso improved against the United States dollar.The Philippine Stock Exchange index (PSEi) shed 0.70 percent,... Read More

Gov’t 2022 debt down on peso appreciation, economic recovery

MANILA – The continued recovery of the domestic economy, along with the strengthening of the Philippine peso against the US dollar, helped reduce the peso value of the national government’s (NG) total liabilities by end-2022 to PHP13.42 trillion compared to the previous month’s.The... Read More

Cambodia offers cheaper rice to PH

MANILA – Cambodia is exploring opportunities to directly export rice to the Philippines, offering an alternative and cheaper source of rice for the country.Department of Trade and Industry (DTI) Secretary Alfredo Pascual met with a Cambodian delegation on Thursday, led by chief executive... Read More

CA nod cements Pascual’s commitment in DTI

MANILA – Department of Trade and Industry (DTI) Secretary Alfredo Pascual said his confirmation by the Commission on Appointments (CA) has cemented his commitment to serve and make significant reforms in the agency to help in sustaining the country’s economic growth.In a media roundtable... Read More

Multi-format retailer posts record profit as economy normalizes

MANILA – The continued reopening of the economy benefited Robinsons Retail Holdings, Inc. (RRHI) which reported on Thursday a 26.7-percent year-on-year jump in net income to PHP5.7 billion.In a statement, RRHI dubbed 2022 as “a stellar year” for the company after noting that the... Read More

OPEC+ agrees to stick to current production scheme

ANKARA – Organization of the Petroleum Exporting Countries (OPEC) and allies, known as OPEC+, agreed on Wednesday to adhere to its current production policy.The decision came at the group’s 47th Joint Ministerial Monitoring Committee (JMMC) videoconference meeting.The ministers of... Read More

US Fed hikes interest rates by 25 basis points

ISTANBUL – The United States Federal Reserve on Wednesday raised its benchmark interest rate by 25 basis points as part of its fight against inflation.The Federal Open Market Committee (FOMC) unanimously decided to raise the target range for the federal funds rate to between 4.5 percent and... Read More

BSP’s term deposit facility rates rise

MANILA – Banks’ decision to continue holding on to their funds resulted in the upticks in the rates of the Bangko Sentral ng Pilipinas’ (BSP) term deposit facility (TDF), as well as undersubscription for the one-week facility.BSP data show that the average rate of the seven-day TDF... Read More

Global gold demand hit decade high in 2022

ANKARA – Global gold demand hit a new decade-high of 4,741 tons in 2022, thanks to robust central bank-buying and strong retail investment during the last quarter.According to the Gold Demand Trends report from the World Gold Council on Tuesday, gold demand rose 18 percent from the previous... Read More

Int’l organization eyes ties with PH for sustainable packaging

MANILA – The World Packaging Organization (WPO) is in talks with the Packaging Institute of the Philippines (PIP) to promote circular economy processes in the domestic packaging industry.On the sidelines of ProPak Philippines at the World Trade Center in Pasay City Wednesday, WPO president... Read More

Stocks rise on positive sentiments, peso strengthens

MANILA – Risk-on sentiments returned to the local financial market on Wednesday amid inflation concerns, among others, and allowed both the main equities index and the peso to close the day with gains. After several days of slide, the Philippine Stock Exchange index (PSEi) rose by 3.57... Read More

PH manufacturing kicks off 2023 upbeat

MANILA – Philippine factories started the year on a high note, recording one of the strongest manufacturing performances in Southeast Asia in January.S&P Global reported Wednesday that Philippine manufacturing purchasing managers’ index (PMI) last month was at 53.5, higher than the... Read More

Investment pledges in PEZA surge to P6.4-B in January

MANILA – The Philippine Economic Zone Authority (PEZA) approved PHP6.39 billion worth of investment pledges in January, 84 percent higher than the PHP3.48 billion projects registered in the same month in 2022.PEZA reported on Wednesday that its board approved 19 projects last month.These... Read More