Business

PSEi, peso weak on stronger-than-expected US jobs data

PSEi, peso weak on stronger-than-expected US jobs data

June 10, 2024, 7:08 pm

MANILA – Both local stock barometer and currency closed weak on Monday following the stronger-than-expected jobs data in the United States that led to higher US Treasury yields and reduced the odds of Fed rate cuts later this year. The Philippine Stock Exchange index (PSEi) fell 0.92 percent to… Read More

Bureau of the Treasury fully awards T-bills

Bureau of the Treasury fully awards T-bills

June 10, 2024, 7:06 pm

MANILA – The Bureau of the Treasury (BTr) fully awarded bills for Treasury bills (T-bills) on Monday. The 92-, 183-, and 365-day T-bills fetched average rates of 5.667 percent, 5.908 percent, and 6.039 percent, respectively. The BTr said these are all lower than the prevailing secondary market… Read More

LandBank mobile app transactions surge in Q1 2024

LandBank mobile app transactions surge in Q1 2024

June 10, 2024, 6:14 pm

MANILA – More transactions were carried through the Mobile Banking App (MBA) of Land Bank of the Philippines in the first three months of the year, the state-owned bank reported on Monday. In a statement, LandBank said transactions coursed through its MBA reached to 20.9 million in the first… Read More

Affirmation of PH's ‘BBB’ rating signals medium-term growth momentum

Affirmation of PH's ‘BBB’ rating signals medium-term growth momentum

June 10, 2024, 5:21 pm

MANILA – Finance Secretary Ralph Recto on Monday said Fitch Ratings' recent affirmation of the Philippines’ "BBB" credit rating with stable outlook, signals the country's strong growth momentum in the medium term. “This affirmation is highly encouraging as it shows a strong vote of… Read More

FDI net inflows up by 23% in March

FDI net inflows up by 23% in March

June 10, 2024, 5:17 pm

MANILA – Foreign direct investments (FDI) net inflows went up by 23.1 percent in March this year, the Bangko Sentral ng Pilipinas (BSP) said on Monday. In a report, the BSP said FDI net inflows during the month reached USD686 million from USD557 million net inflows in the same month last year.… Read More

DTI backs Bagong Pilipinas Hymn, Pledge; launches new slogan

DTI backs Bagong Pilipinas Hymn, Pledge; launches new slogan

June 10, 2024, 4:25 pm

MANILA – Department of Trade and Industry (DTI) Secretary Alfredo Pascual on Monday expressed his support to the launch of the Bagong Pilipinas Hymn and Pledge, while also unveiling the agency’s new battle cry. In his official Facebook account, Pascual said DTI backs the initiative of singing… Read More

Gov’t launches digital national ID

Gov’t launches digital national ID

June 10, 2024, 4:05 pm Updated on June 10, 2024, 4:16 pm

MANILA – The Philippine Statistics Authority (PSA) and the Department of Information and Communication (DICT) on Monday launched the digital national ID which can be used as a valid proof of identification and age that can be presented in any government or private transactions. Two… Read More

Oil firms to implement big-time price rollback Tuesday

Oil firms to implement big-time price rollback Tuesday

June 10, 2024, 3:35 pm

MANILA – Oil companies will implement rollback on petroleum prices for as much as PHP1.30 per liter starting 12:01 a.m. of June 11. In separate advisories Monday, Caltex, Cleanfuel, Jetti, Petro Gazz, PTT, Shell, Seaoil, and Unioil said they will reduce gasoline prices by PHP0.60 per liter, and… Read More

ARTA adds 6 Mindanao LGUs fully compliant with eBOSS

ARTA adds 6 Mindanao LGUs fully compliant with eBOSS

June 10, 2024, 3:31 pm

MANILA – The Anti-Red Tape Authority (ARTA) reported on Monday that six local government units (LGUs) in Mindanao are now fully compliant with the electronic Business One-Stop Shop (eBOSS). In a statement, ARTA said the additional eBOSS-compliant LGUs in Mindanao are Davao City, General Santos… Read More

PH, France sign accord on financial, dev't cooperation

PH, France sign accord on financial, dev't cooperation

June 10, 2024, 2:43 pm

MANILA – The Philippines and France have signed a government-to-government agreement on financial and development cooperation. In a statement on Monday, the Department of Finance (DOF) said the agreement on Financial and Development Cooperation (AFDC) was signed by Finance Secretary Ralph Recto… Read More

Hyundai, Kia take record share of US market through May

Hyundai, Kia take record share of US market through May

June 9, 2024, 1:34 pm

SEOUL – South Korea's top automaker Hyundai Motor Co. and its sister company Kia Corp. captured the largest share of the American market for electric vehicles (EVs) in the first five months of 2024, data showed Sunday. The two carmakers accounted for 11.2 percent, or 48,838, of the 437,246 EVs… Read More

PH seeks IPEF technical assistance to improve campaign vs. corruption

PH seeks IPEF technical assistance to improve campaign vs. corruption

June 8, 2024, 8:20 pm

MANILA – The Philippines plans to leverage the Indo-Pacific Economic Framework for Prosperity (IPEF) to intensify anti-corruption measures in the country following the signing of the Fair Economy Agreement in Singapore. In a news release on Saturday, Department of Trade and Industry (DTI)… Read More

Video game retailer GameStop posts 28% net sales fall in Q1

Video game retailer GameStop posts 28% net sales fall in Q1

June 8, 2024, 3:22 pm

ISTANBUL – American video game and consumer electronics retailer GameStop saw an estimated 28 percent decline in net sales during the first quarter of the year, according to its financial results statement released Friday. The company reported net sales of nearly USD882 million for the 13 weeks… Read More

Fitch affirms PH’s ‘BBB’ investment grade rating

Fitch affirms PH’s ‘BBB’ investment grade rating

June 8, 2024, 9:35 am

MANILA – Fitch Ratings has affirmed the Philippines' investment grade rating at “BBB” with a stable outlook after noting the country's robust medium-term growth potential and stable debt level. "The 'BBB' rating and Stable Outlook reflect the Philippines' strong medium-term growth, which… Read More

Indian e-vehicle firm eyes replacing aging PH jeepneys

Indian e-vehicle firm eyes replacing aging PH jeepneys

June 7, 2024, 8:16 pm

MANILA – An Indian electric vehicle (e-vehicle) manufacturer is in the process of setting up sales operations in the country in hopes of capturing a stake in the mass transportation market. Urban Sphere, which is headquartered in the city of Bengaluru, has been lured here by the Philippine… Read More

Stocks, peso up on Friday

Stocks, peso up on Friday

June 7, 2024, 5:53 pm

MANILA – The local stock market ended the day almost unchanged while the peso closed stronger against the dollar. The Philippine Stock Exchange index (PSEi) slightly went up by 8.90 points to 6,518.76. All Shares, meanwhile, closed at 3,491.93, up by 2.14 points. "Philippine equities ended the… Read More

Siemens, DTI sign MOU to strengthen Industry 4.0 and e-Mobility

Siemens, DTI sign MOU to strengthen Industry 4.0 and e-Mobility

June 7, 2024, 5:45 pm

MANILA – Siemens and the Department of Trade and Industry (DTI) signed on Friday a memorandum of understanding (MoU) to boost partnership in promoting Industry 4.0 and e-Mobility in the Philippines. In a statement, Siemens said the MoU aims to explore areas of cooperation to address the needs of… Read More

Manufacturing output grows in April

Manufacturing output grows in April

June 7, 2024, 3:42 pm

MANILA – The country's manufacturing output, both in volume and value, grew in April this year, a turnaround from the recorded contraction in March, data from the Philippine Statistics Authority (PSA) showed. Results of the latest Monthly Integrated Survey of Selected Industries released on… Read More

ECB cuts interest rates for 1st time in 5 years, matching forecasts

ECB cuts interest rates for 1st time in 5 years, matching forecasts

June 7, 2024, 3:07 pm

ANKARA — The European Central Bank (ECB) on Thursday lowered interest rates for the first time in five years, cutting its three key benchmarks by 25 basis points, meeting market forecasts. The interest rates on the main refinancing operations plus the marginal lending facility and the deposit… Read More

BIR to investigate Mayor Alice Guo on possible tax evasion

BIR to investigate Mayor Alice Guo on possible tax evasion

June 7, 2024, 2:11 pm Updated on June 7, 2024, 5:01 pm

MANILA – Bureau of Internal Revenue (BIR) Commissioner Romeo Lumagui Jr. ordered the BIR to look into the names and entities mentioned during the ongoing Senate inquiry against Bamban Mayor Alice Guo. "I have commanded the whole BIR to cooperate with the Senate and look into the mentioned names… Read More