Business

New PH dev't plan to address economic scarring, inflation: NEDA

MANILA – Measures to address the impact of the pandemic and the elevated inflation rate have been outlined in the recently-approved Philippine Development Plan (PDP) 2023-28, a ranking National Economic and Development Authority (NEDA) executive said.In a Laging Handa briefing Thursday, NEDA... Read More

PSEi tracks Wall Street’s rise, peso almost flat

MANILA – Local shares rose on Thursday following the improvement in Wall Street while the local currency ended almost unchanged against the United States dollar.The Philippine Stock Exchange index (PSEi) rose by 0.86 percent, or 56.14 points, to 6,576.94 points.All Shares followed with a jump... Read More

Fitch sees challenges for banks in emerging markets next year

ISTANBUL – Fitch Ratings said Wednesday it expects challenges for banks in emerging markets during 2023 due to a difficult macroeconomic environment."Slower economic growth, high inflation and weaker currencies will impair some borrowers’ repayment capacity and pressure banks’... Read More

Gov’t allots P18.5M to boost sugar production in C. Visayas

CEBU CITY – An PHP18.5-million budget is allocated to bankroll training and livelihood activities for sugar workers in Central Visayas in a bid to preserve the industry amid challenges in technology and human resource, an official said on Thursday.Lilia A. Estillore, officer-in-charge of the... Read More

BOI-approved investments up by 11%; P1 trillion eyed for 2023

MANILA – Placements in renewable energy (RE) provided a big boost to the 11 percent annual jump in Board of Investments' (BOI) approved investments so far this 2022 as they aim for PHP1 trillion worth of investments by 2023.Data released by the Department of Trade and Industry (DTI) on... Read More

Risk-on sentiments lift PH equities index, peso

MANILA – Positive earnings reports of some large United States-based firms boosted investors’ appetite in the local bourse on Wednesday, benefiting the peso as well.The Philippine Stock Exchange index (PSEi) rose by 0.97 percent, or 62.68 points, to 6,520.80 points.All Shares followed... Read More

TDF yields track uptrend in central bank's policy rates

MANILA – Demand for the Bangko Sentral ng Pilipinas’ (BSP) term deposit facility (TDF) remained strong although yields again rose on Wednesday.The average rate of the seven-day facility rose to 6.2466 percent from 6.1395 percent during the auction last Dec. 14.The average rate of the... Read More

Oil prices rise on estimated fall in US crude stocks

ANKARA–Oil prices rose on Wednesday due to an uptick in demand after statistics revealed that US crude stockpiles fell more than anticipated.International benchmark Brent crude traded at USD80.32 per barrel as of 09.46 a.m. local time (0646GMT), up 0.41 percent from the closing price of... Read More

SEC to shift payments online, off-site next year

MANILA – The Securities and Exchange Commission (SEC) is moving its payment channels online and off-site by Feb. 1, 2023 as it continues to implement a zero face-to-face transaction policy.In a notice, the commission announced that all payments will be accepted only through the Electronic... Read More

Oil up over US strategic petroleum reserve plan, weaker dollar

ANKARA – Oil prices rose Tuesday over bullish demand outlook following a United States decision to kick off replenishment of its emergency stockpiles and over the falling value of the US dollar, which makes dollar-indexed oil cheaper to buyers.International benchmark Brent crude traded at... Read More

PSEi up on bargain-hunting, peso strengthens

MANILA – Recession concerns in the United States resulted in bargain hunting in the local bourse on Tuesday that boosted the main index which also benefited the peso. After a slide in recent days, the Philippine Stock Exchange index (PSEi) rose by 0.68 percent, or 43.85 points, to 6,458.12... Read More

Cebu City bullish of dev't via tax reform measure

CEBU CITY – The city government here is confident of achieving further development similar to that of Singapore through its long-term investment programs and effort to overhaul the 20-year-old real property tax ordinance, an official said on Tuesday.Vice Mayor Raymond Alvin Garcia said the... Read More

Medalla discounts extreme rate hikes in Q1 2023

MANILA – Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla on Tuesday said hikes in the central bank’s key policy rates are still possible given that inflation remains elevated but discounts extreme increases, citing easing oil prices and the weakening of the United States... Read More

PEZA investment pledges back to pre-pandemic level

MANILA – The Philippine Economic Zone Authority (PEZA) reported Tuesday that investment pledges for 2022 are back to pre-pandemic level.In a statement, PEZA said it approved a total of PHP140.7 billion investment pledges this year, more than double from the PHP69.3 billion approvals in... Read More

Robust domestic demand to thwart recession in PH

MANILA – Elevated inflation and the expected global economic slowdown are seen to hurt economies in 2023 but an economist said domestic demand is seen to buoy the domestic economy and cushion the impact of external risks.In a virtual briefing on Monday, Manulife Investment Management Global... Read More

EO on dividend relief for DBP not linked to Maharlika fund: DOF

MANILA – Finance Secretary Benjamin Diokno discounted any link between the dividend relief for state-owned Development Bank of the Philippines (DBP) and the financial institution's possible placements in the proposed Maharlika Investment Fund (MIF).This, after House Deputy Minority Leader... Read More

PH seen to exceed GDP target for 2022: NEDA

MANILA – National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said the country’s gross domestic product (GDP) for 2022 is expected to surpass the government target, supported by a robust fourth quarter economic performance.“The first three quarters, we are... Read More

Recession worries trigger another PH equities index sli

MANILA – Recession concerns continue to dampen investors' sentiment resulting to another negative close for the local bourse’s main index Monday, but the peso strengthened against the US dollar.The Philippine Stock Exchange index (PSEi) shed 1.27 percent, or 82.23 points, to 6,414.27... Read More

‘Big-time’ price hikes on diesel, kerosene before Christmas

MANILA – Less than a week before Christmas Day, oil companies will implement big-time price hikes on diesel and kerosene products and will also increase gasoline prices starting 12:01 a.m. Tuesday.In separate advisories, Caltex, Cleanfuel, Jetti, Petro Gazz, Phoenix Petroleum, PTT Philippines,... Read More

PH dev’t plan 2023-2028 to focus on ‘transformation agenda’

MANILA – National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said the medium-term Philippine Development Plan (PDP) 2023-2028 that President Ferdinand R. Marcos Jr. has approved will focus on "transformation agenda."In a briefing Monday, Balisacan said the new PDP... Read More