Business

BSP term deposit facility rates rise anew

MANILA – The rate of the Bangko Sentral ng Pililipinas’ (BSP) term deposit facility rose anew on Wednesday and appetite was for the shorter-dated tenor.Data released by the central bank showed that the average rate of the seven-day facility rose to 5.9346 percent from 5.7514 percent... Read More

PSEi slips, peso improves to nearly 4-month high

MANILA – The local bourse’s main index ended Wednesday in the negative territory on worries whether the Federal Reserve’s measures are working but the peso improved to its nearly four-month high against the United States dollar.The Philippine Stock Exchange index (PSEi) shed 2.24... Read More

National Treasurer backs establishment of gov’t wealth fund

MANILA — National Treasurer Rosalia de Leon backs measures to study the proposed Maharlika Wealth Fund (MWF), citing the eight safety measures included in the bill that are expected to protect public funds.“We support the calls to study the bill to ensure that risks management is in... Read More

Manufacturing output, value rise in October 2022

MANILA – The Philippine manufacturing sector logged faster growth rates in volume and value indices in October 2022, the Philippine Statistics Authority’s (PSA) Monthly Integrated Survey of Selected Industries (MISSI) reported Wednesday.Volume of production index (VoPi) in October this... Read More

PH unemployment slows down to 4.5% in October

MANILA – The country’s unemployment rate slowed down to 4.5 percent in October 2022 from 5 percent in September this year, the Philippine Statistics Authority (PSA) reported Wednesday.In a press conference, PSA chief and national statistician Undersecretary Dennis Mapa said the... Read More

NEDA confident of sustained growth with new PH dev’t plan

MANILA – The Philippine economy remains robust and will be able to sustain its growth momentum, the National Economic and Development Authority (NEDA) said.In his presentation during the House Committee on Economic Affairs briefing on Monday, NEDA Secretary Arsenio Balisacan highlighted the... Read More

PH stocks index recovers, peso ends sideways

MANILA – The Philippine Stock Exchange index (PSEi) recovered on Tuesday while the peso ended the day sideways against the United States dollar after improving to 55-level. After starting the week down, the main equities index rose by 36.1 percent, or 232.25 points, to 6,674.38 points. All... Read More

PPP in management of sovereign wealth fund pushed

MANILA – Go Negosyo founder Joey Concepcion, also Private Sector Advisory Council (PSAC) jobs group lead, said the government may partner with the big names in the business community to manage the proposed Maharlika Wealth Fund, a sovereign wealth fund.During the Laging Handa public briefing... Read More

Oil up as traders cash in on low prices over recession fears

ANKARA – Oil prices edged higher on Tuesday after traders took advantage of profit-taking from Monday’s low prices, although gains were limited by supply fears after the European Union and G7 states banned Russian oil and capped prices at $60 a barrel.International benchmark Brent crude... Read More

PBBM wants more ecozones in BARMM: PEZA

MANILA – President Ferdinand R. Marcos Jr. wants to develop more economic zones in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), a Philippine Economic Zone Authority (PEZA) official said.PEZA deputy director general Aleem Siddiqui Guiapal told the Philippine News Agency that... Read More

DTI vows continued support to MSMEs in Zambales

SUBIC BAY FREEPORT – The provincial office of the Department of Trade and Industry (DTI) in Zambales province has vowed to continue supporting local entrepreneurs in line with the government’s active involvement in regional development.DTI officer-in-charge, provincial director Enrique... Read More

PH 12-year T-bond rate falls

MANILA – The Bureau of the Treasury (BTr) fully awarded on Tuesday the 12-year Treasury bond (T-bond) due to strong demand and the decline in the debt paper’s key rate. The average rate of the securities slipped to 7.189 percent from 8.168 percent previously. The BTr offered the debt... Read More

Inflation risks seen to be balanced by 2024: BSP

MANILA – The hike of domestic inflation rate last November to 8 percent from 7.7 percent in the previous month is within the Bangko Sentral ng Pilipinas’ (BSP) expectations, and it sees risks to be balanced only by 2024 after decelerating in the coming months.“Inflation is... Read More

PH inflation rises to 8% in November

MANILA – Faster increase in prices of goods and services was reported anew in November this year, as the inflation rate rose to 8 percent from 7.7 percent in October 2022.Philippine Statistics Authority (PSA) deputy national statistician Divina Gracia del Prado reported in a press briefing... Read More

NegOr biz chamber urges creative artists to register with SEC

DUMAGUETE CITY – The head of the Negros Oriental Chamber of Commerce and Industry (NOCCI) on Monday urged creative content artists to formally organize themselves and register their businesses or groups for better mileage and other opportunities.Edward Du, NOCCI president, said many of these... Read More

PH economic managers cut '23 growth assumption

MANILA – Economic managers on Monday slashed the government’s 2023 growth assumption from 6.5-8 percent to 6-7 percent after considering the impact of external developments on the domestic economy.At a briefing, Budget and Management Secretary and chair of the inter-agency Development... Read More

Diokno eyes sovereign wealth fund institution by mid-'23

MANILA – Finance Secretary Benjamin Diokno is looking at the approval of the proposed sovereign wealth fund (SWF) by mid-2023, and cited long term gains that will benefit the economy.In an interview by journalists after the economic managers’ meeting on Monday, Diokno discounted the... Read More

Fuel prices down for 3 straight weeks

MANILA – Oil firms will implement another big-time price rollback on Dec. 6, bringing domestic fuel prices down for three consecutive weeks.Starting 12:01 a.m. Tuesday, Caltex, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, and Shell will slash gasoline prices by PHP1.95 per liter and PHP1.90... Read More

Property developer to ramp up residential projects next year

MANILA – Homebuilder and integrated property developer Vista Land & Lifescapes Inc. will ramp up the launch of residential projects in 2023 to help curb the rising housing backlog as the situation improves with the reopening of the economy.Vista Land chairman Manuel Villar Jr. told... Read More

Hồ Chí Minh City eyed as Southeast Asia’s economic hub by 2030

HÀ NỘI – The Politburo on Friday issued a resolution setting a goal that tasks Hanoi to lead the country in digitalization and to become the economic hub of Southeast Asia by 2030.At the meeting chaired by Party General Secretary Nguyễn Phú Trọng, the Politburo reviewed the... Read More