Oil prices increase with new G7 sanctions on Russia

ANKARA – Oil prices surged on Tuesday amid likely sanctions on Russia by G7 countries, including a price cap on oil exports.International benchmark Brent crude was trading at USD112.62 per barrel at 0640 GMT for a 1.48 percent increase after closing the previous session at USD110.98 a... Read More

Risk-on sentiments buoy local bourse, peso

MANILA – Gains in the local bourse continued on Tuesday following the release of several economic reports in the United States while the peso kept its footing after days of depreciation against the US dollar.The Philippine Stock Exchange index (PSEi) increased by 1.71 percent, or 106.59... Read More

NEDA welcomes foreign investment negative list

MANILA – The National Economic and Development Authority (NEDA) welcomes the issuance of Executive Order (EO) No. 175 promulgating the 12th Regular Foreign Investment Negative List (RFINL).On Monday, President Rodrigo R. Duterte issued the 12th RFINL, which provides details on foreign... Read More

BTr rejects 7-yr T-bond bids on high yield demands

MANILA – High yield demands for a seven-year Treasury bond (T-bond) resulted in the rejection of bids for the paper during an auction on Tuesday.Had the auction committee awarded the securities, the average rate of the T-bond would have risen to 6.947 percent from 6.740 percent previously.The... Read More

DOF, NPC rehabilitating Agus-Pulangi power plants

MANILA – The Department of Finance (DOF) is now finetuning a proposed arrangement with the Power Sector Assets and Liabilities Management Corporation (PSALM) and National Power Corp. (NPC) on the funding rollout and implementation of the estimated PHP16.71-billion rehabilitation projects for... Read More

More legislative reforms to boost internet services in PH: PCCI

MANILA – The Philippine Chamber of Commerce and Industry (PCCI) has reiterated its call for better internet services in the country by passing more legislative reforms.In a webinar Tuesday, PCCI president George Barcelon cited that legislative measures such as the Open Access in Data... Read More

Online marketplace to bring coops’ products globally

MANILA – The Cooperative Development Authority (CDA) has launched the Co-op Biz, an online marketplace for CDA-registered cooperatives, aiming to bring local cooperatives’ products to the global is online starting Tuesday hosting 17 merchant cooperatives from different... Read More

Oil price can rise to $135/barrel in H2 2022: IHS Markit

MOSCOW – Brent oil prices may rise to USD135 per barrel in the second half of the year amid insufficient supply on the world market, the IHS Markit consulting agency (part of S&P Global) forecasts in its analytical report, which was available to TASS.Currently, Brent oil price is USD110... Read More

Stocks index sustains gains, peso recovers

MANILA – The main equities index sustained its recovery on Monday and the peso registered a correction against the greenback in line with its counterparts in the region despite touching the 55-level mid-trade.The Philippine Stock Exchange index (PSEi) gained by 0.34 percent, or 21.26 points,... Read More

BSP seen to announce more aggressive rate hikes

MANILA – Fitch Solutions Country Risk and Industry Research forecasts the Bangko Sentral ng Pilipinas (BSP) to deliver more aggressive rate hikes, eyeing the key rates to be at 3.25 percent by end-2022 from 2.75 percent previously.In a report released on Monday, the unit of Fitch Group said... Read More

Conglomerate diversifying investments into agribusiness

MANILA – From infrastructure and utilities to healthcare and real estate, the Metro Pacific Investments Corp. (MPIC) is now diversifying its investments into agribusiness, supporting the government’s goal to strengthen the agriculture sector.This, as the MPIC is investing in ice cream... Read More

BTr partially awards 6-month T-bills after rate uptick

MANILA – The rates of Treasury bills (T-bills) rose on Monday, resulting in the partial award of the six-month paper.The average rate of the 91-day securities increased to 1.855 percent, the 182-day to 2.400 percent, and the 364-day to 2.630 percent.These were at 1.759 percent, 2.132 percent,... Read More

Latest round of oil price hikes lowest in 3 weeks

MANILA – Oil companies will implement another price increase effective Tuesday morning but increments will be lower than the previous weeks.In separate advisories, Caltex, Cleanfuel, PTT Philippines, Seaoil, and Shell announced they would increase diesel prices by PHP1.65 per liter and... Read More

Conglomerates investing $20-M for AI center

MANILA – Big companies in the country will invest USD20 million (around PHP1 billion) to establish a shared hub for artificial intelligence (AI) research.Department of Trade and Industry (DTI) Secretary Ramon Lopez said in a recent interview that conglomerates are funding the National Center... Read More

Pharma, food among areas for closer PH-Bangladesh ties

MANILA – The Philippines and Bangladesh can further strengthen their 50 years of diplomatic ties by partnering in critical sectors that will address pressing challenges in both countries.In a business seminar of the Bangladesh Embassy in Makati City Friday, Bangladesh Ambassador to Manila F.M.... Read More

BSP's 28-day Bills' rate jumps anew

MANILA –Rate of the Bangko Sentral ng Pilipinas’ (BSP) 28-day bills rose on Friday in line with expectations for more rate hikes from the central bank.BSP data show that average rate of the debt securities, which is among the central bank’s excess liquidity mopping tools, jumped to... Read More

Economist weighs impact of peso deprecation vs. US dollar

MANILA –The Philippine peso is seen to weaken further against the US dollar as central banks continue to hike key rates to help address the elevated inflation rate and to withdraw pandemic-related measures.On Friday, the local currency almost touched the 55-level against the greenback when it... Read More

PH stocks index recovers, peso slips further to nearly 55-level

MANILA –The local bourse generally recovered, with the main index finishing the week up, but the peso sustained its weakness and almost touched the 45-level against the US dollar.After days of finishing the trade in the red, the Philippine Stock Exchange index (PSEi) jumped by 2.51 percent, or... Read More

Gov't ensuring adequate food supply to manage inflation

MANILA – Trade Secretary Ramon Lopez said the government's priority is to improve the supply of food in the domestic market to manage the rising prices of commodities.During the online forum of the Philippine Consulate General New York on Friday, Lopez said ensuring there is an adequate food... Read More

SEC-Bicol reminds biz owners on filing of annual reports

LEGAZPI CITY – The Securities and Exchange Commission in Bicol (SEC-5) is reminding business owners of the deadline for the filing of annual reports of corporations through the Electronic Filing and Submission Tool (eFAST).Glorei Allelu Lindio, SEC-Bicol spokesperson, in an interview on... Read More