Vehicle sales up 31% in January-July

MANILA – Sales of automotive vehicles grew by 31.1 percent in the first seven months of the year, a joint report of the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) said Tuesday.CAMPI and TMA data showed that sales of both the... Read More

PH shares down as majority of Asian markets fall, peso weakens

MANILA – Like the majority of Asian stock markets, local shares closed in the negative territory while the peso further weakened on Monday.The Philippine Stocks Exchange index (PSEi) continued to shed for three trading days in a row, losing 76.72 points to 6,329.19, its nine-month low since... Read More

BTr partially awards T-bills

MANILA – The Bureau of the Treasury (BTr) on Monday partially awarded bids for the 91-day Treasury bills (T-bills) while partially awarding the 182- and 364-day securities.The 91-day T-bills fetched an average rate of 5.704 percent.The 182- and 364-day securities were capped at 5.945 percent... Read More

Oil companies to hike prices for 5th straight week

MANILA – Oil companies will again increase pump prices on Tuesday for five consecutive weeks.In separate advisories, Caltex, Cleanfuel, Jetti, Petro Gazz, Seaoil, Shell and Unioil announced that they will hike gasoline prices by PHP1.90 per liter and diesel prices by PHP1.50 per liter.Caltex,... Read More

Group pushes use of engineered bamboo as school furniture

ANTIPOLO CITY – The Philippine Bamboo Industry Development Council (PBIDC) is ramping up efforts to promote the widespread use of engineered bamboo school desks in public learning institutions ahead of the start School Year 2023-2024 on Aug. 29.In an interview on Sunday, Butch Madarang, PBIDC... Read More

Finance chief optimistic of reaching 6% GDP growth targetĀ 

MANILA – Department of Finance (DOF) Secretary Benjamin Diokno said this year's economic growth target is within reach, citing the government's aggressive "catch-up" plans."[The] 6.0 percent gross domestic product (GDP) growth target for 2023 remains achievable," Diokno said in a Viber message... Read More

GOCC subsidies up in June

MANILA – The national government's subsidies for government-owned and controlled corporations (GOCCs) more than doubled in June.Data from the Bureau of the Treasury (BTr) obtained over the weekend showed that subsidies to GOCCs during the month amounted to PHP26.0 billion, up by more than 200... Read More

BSP bills attract below-offered bids this week

MANILA – There was low demand for the Bangko Sentral ng Pilipinas (BSP) bills this week, with both tenors attracting lower-than-offered tenders and the rates registered in mixed directions.The central bank hiked by PHP10 billion the offering for the 28-day debt paper to PHP110 billion but bids... Read More

PAL posts $250-M net income in 1H 2023, on recovery track

MANILA - The country's flag carrier is now on the recovery track, reporting a net income of USD250 million (PHP13.6 billion) and USD314 million (PHP17.4 billion) operating income for the first half of 2023, the Philippine Airlines (PAL) announced on Friday.“We are pleased to see that... Read More

PH corners P4.4-B investments from Japanese electronic parts firm

MANILA – Japanese electronic parts maker Murata Manufacturing has finalized its 11.2 billion Japanese yen expansion plans in the Philippines, the Department of Trade and Industry (DTI) said in a statement Friday.The DTI said the local unit of Murata, Philippine Manufacturing Co. of Murata,... Read More

Stocks, peso down after economic data release

MANILA — Local shares continued to fall while peso depreciated on the last day of trading this week following the release of economic data.The Philippine Stock Exchange index (PSEi) further declined on Friday by 43.75 points to 6,405.91."On the last day of trading of the week, the local bourse... Read More

Inflation rate likely to decline below target before Q4

MANILA – A ranking central bank executive on Friday raised the possibility of within-target monthly inflation level before the fourth quarter of 2023, after it sustained its deceleration until last July.The rate of price increases slowed for the sixth consecutive month last July to 4.7 percent... Read More

AC Motors, BYD partner to speed up e-vehicle adoption in PH

MANILA – Ayala Corp. subsidiary AC Motors officially announced on Friday its partnership with electric vehicle manufacturer BYD as the latter’s distributor in the Philippine market.In a media roundtable in Makati City, AC Motors head Jaime Alfonso Zobel de Ayala said being the... Read More

DOF, DTI approve amendment to CREATE IRR

MANILA – Finance Secretary Benjamin Diokno and Trade and Industry Secretary Alfredo Pascual approved the amendment to the implementing rules and regulations (IRR) of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act to resolve the value-added tax (VAT) issues raised by... Read More

Merger, acquisition deals in PH aim to improve public utilities

MANILA – PwC’s mid-year report on merger and acquisitions (M&A) shows that there were 42 M&A deals in the Philippines from January to June 2023, with total transactions amounted to USD3.4 billion mainly focusing on public utility projects.According to the PwC report, M&A... Read More

6%-7% GDP growth target still achievable -economist

MANILA – The country’s 6 to 7 percent economic growth target for this year is still attainable, an economist said on Friday."[It's] still possible," Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort told the Philippine News Agency (PNA) in a Viber message,... Read More

PH household spending seen to surpass pre-pandemic level

MANILA – Fitch Solutions unit BMI has projected that the Philippines' household spending this year will exceed the pre-pandemic level.In its commentary on consumer and retail released Thursday, BMI said real household spending this year is projected at PHP12 trillion, higher than the PHP10.9... Read More

2024 budget to help create sustainable PH economy: DOF chief

MANILA – The proposed 2024 budget will help establish a future-proof and sustainable Philippine economy, Department of Finance (DOF) Secretary Benjamin Diokno on Thursday said.The House Committee on Appropriations began its review of the PHP5.768-trillion proposed national budget for fiscal... Read More

PSEi down, peso almost flat after slower-than-expected GDP

MANILA – Local shares and currency recorded losses on Thursday after the government reported 4.3 percent gross domestic product (GDP) growth in the second quarter of the year.The Philippine Stock Exchange index (PSEi) dropped by 80.79 points to 6,449.66, with All Shares also down by 34.78... Read More

MBC still optimistic PH economy to grow 6-7% this year

MANILA – The Makati Business Club (MBC) remains optimistic that the country will achieve the 6 to 7 percent gross domestic product (GDP) growth target of the government by the end of 2023.This, as the government reported that the Philippine economy grew by 4.3 percent in April to June 2023,... Read More