Business

TDF up anew following BSP's key rates hike

MANILA – Rates of the Bangko Sentral ng Pilipinas’ (BSP) term deposit facility (TDF) rose anew on Wednesday and the seven-day facility was undersubscribed, following the hike in the central bank’s key rates last week.Data released by the central bank showed that average rate of the... Read More

DOF execs cites importance of fiscal consolidation program

MANILA – The Department of Finance (DOF) has prepared a proposed fiscal consolidation program for the incoming administration, citing the need to increase revenues to pay for pandemic-related spending starting 2023 and sustain economic growth.In a briefing on Wednesday, Finance Secretary... Read More

Legal framework needed for gov’t to invest in nuclear power plant

MANILA – Department of Energy (DOE) Undersecretary Gerardo Erguiza Jr. said there is a need to amend the Electric Power Industry Reform Act (EPIRA) to enable the government to invest in nuclear power plants.This, as the incoming administration has expressed its support in considering a nuclear... Read More

PH stocks index slips anew; peso maintains sideways close

MANILA – Risk-off sentiments again resulted in the negative close of the Philippines' main stocks gauge but the peso again finished the day sideways against the US dollar.The Philippine Stock Exchange index (PSEi) dropped by 1.65 percent, or 110.4 points, to 6,577.45 points.All Shares followed... Read More

DBCC slashes '22 growth target to 7-8% due to external factors

MANILA – Economic managers on Tuesday slashed the government’s 2022 growth target from 7-9 percent to 7-8 percent amidst the strong output in the first quarter of the year after taking into account the impact of external developments.In a virtual briefing after the 181st meeting of the... Read More

BTr fully awards 10-year T-bond despite rate uptick

MDM08-0524BTr fully awards 10-yr T-bond despite rate uptickMANILA – The Bureau of the Treasury (BTr) fully awarded the re-issued 10-year Treasury bond (T-bond) on Tuesday amid the uptick in its interest rate.It offered the paper for PHP35 billion as total tenders reached PHP72.9... Read More

Balisacan accepts chief economist post in next admin

MANILA – Philippine Competition Commission (PCC) chairperson Arsenio Balisacan confirmed on Monday that he has accepted the position as socioeconomic planning chief of the incoming administration.“Upon the invitation of presumptive President Ferdinand Marcos Jr., I have decided to help... Read More

Online sellers urged to ready platform for senior, PWD discounts

MANILA – The Department of Trade and Industry (DTI) has urged e-commerce platforms to prepare their systems in accepting price discounts for senior citizens and persons with disability (PWD).DTI Secretary Ramon Lopez said in a radio interview Monday that those enterprises operating online... Read More

Diesel, kerosene prices down; gasoline up this week

MANILA – Oil companies will adjust petroleum prices starting at 12:01 a.m. Tuesday.In separate advisories, Caltex, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil, Shell, and Unioil said they will hike gasoline prices by PHP3.95 per liter and will reduce diesel prices by PHP2.30 per... Read More

RCEP to maximize PH’s agro-based exports

MANILA – Department of Trade and Industry (DTI) Secretary Ramon Lopez again debunked the notion that the country’s participation in the Regional Comprehensive Economic Partnership (RCEP) will weaken the agriculture sector.In a radio interview with Radyo Singko 92.3 News FM Monday, Lopez... Read More

Debt levels in advanced economies alarming

ISTANBUL – Global debts exceeded the USD300 trillion threshold as of the end of the first quarter of this year with loosening monetary policies to support the economies, while the dollar index increased by 8 percent.The record level incentives provided by governments to households and fragile... Read More

BIR branch says it has closure order authority vs. Megaworld

MANILA –Bureau of Internal Revenue (BIR) Revenue Region No. 8B-South NCR (National Capital Region) said it has jurisdiction to implement close order against Megaworld Corporation in line with the auditing on the sale of some of the company’s properties.In a statement on Friday, the BIR... Read More

BSP's 28-day rate rises

MANILA – The average rate of the Bangko Sentral ng Pilipinas’ (BSP) 28-day bills increased on Friday, the day the 25 basis points rise in the central bank’s policy rate took effect.Data released by the central bank showed that the rate of the debt securities rose to 2.3183 from... Read More

PH stocks index, peso finish week up

MANILA – The Philippines’ main equities index ended the week up, reversing its negative close on Thursday, despite growth concerns, even as the peso gained against the US dollar.The Philippine Stock Exchange index (PSEi) rose by 1.30 percent, or 86.28 points, to 6,746.33 points.All... Read More

Fintech bids support for PH startups, MSMEs

MANILA – Financial technology firm Xendit bids to further help small businesses and startups in the Philippines after raising an additional USD300-million funding.In a virtual briefing on Friday, Xendit Chief Executive Officer (CEO) and Managing Director for Philippine operations Yang Yang... Read More

Rosal to leave Legazpi City with P2-B annual income

LEGAZPI CITY – Albay governor-elect, Legazpi Mayor Noel E. Rosal, has expressed satisfaction over leaving his office with more than enough funds for the continuance of his flagship programs and sustained development of this city.Rosal, in an interview on Friday, said he felt sad about giving... Read More

Agencies have funds for night differential pay: DBM exec

MANILA – Government agencies have the funds for their employees’ night differential pay but if they lack financing this will be sourced from the national budget, an official of the Department of Budget and Management (DBM) said.DBM Organization, Position Classification, and Compensation... Read More

Next admin urged to strengthen training, education for micro biz

MANILA – The incoming administration is urged to strengthen and expand training for micro enterprises for them to grow and make their businesses stable.In a press conference Thursday, Puregold Price Club Inc. vice president for operations Antonio De Los Santos said the next administration... Read More

DITO eyes network connectivity for Camotes island folk

CEBU CITY – DITO Telecommunity Corp., the country’s third telco player, has brought up the possibility of bringing its services to Camotes islands in Cebu province, Governor Gwendolyn Garcia said on Thursday.Telco officials, led by lawyer Adel Tamano, met with Garcia on Wednesday... Read More

PH main equities index slips, peso flat vs. greenback

MANILA – The Philippines’ main equities index ended its three-day rally on Thursday similar to its counterparts in the US and in the region, which were affected by inflation worries, but the peso ended flat against the US dollar.The Philippine Stock Exchange index (PSEi) shed 1 percent,... Read More