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

PH seen to hit 1M vehicle sales before 2030

MANILA – The Philippines could hit the 1-million mark in vehicle sales within the decade, Mitsubishi Motors Philippines Corp. (MMPC) president and chief executive officer Takeshi Hara said.At the press conference of MMPC’s 60th anniversary at the World Trade Center in Pasay City... Read More

Retail group backs taxing online sellers, refund for tourists

MANILA – The Philippine Retailers Association (PRA) has expressed its full support in taxing goods and services transacted online as well as giving value-added tax (VAT) refund to purchases of non-resident tourists in the country.During the opening of the 29th National Retail Conference and... Read More

Membership retail store opens largest shop in Bacolod

BACOLOD CITY – Membership retail establishment, Landers Superstore, has further expanded in the Philippines as it opened its 11th shop, the first in Western Visayas, in this city Thursday.The largest in the country so far, Landers Bacolod stands on a 2.5-hectare site inside Megaworld’s... Read More

PH economy grows by 4.3% in Q2 2023

MANILA – The growth of the Philippine economy slowed to 4.3 percent in the second quarter of the year, from the 6.4 percent expansion in the first quarter, the Philippine Statistics Authority (PSA) reported on Thursday.In a briefing, National Statistician Dennis Mapa said the gross domestic... Read More

Local, foreign investors eye PH Islamic banking: BSP exec

MANILA – Five foreign financial institutions have indicated interest in the Philippines Islamic banking sector and foreign government agencies and embassies have offered to help in encouraging new players, a Bangko Sentral ng Pilipinas (BSP) official said.BSP Deputy Governor Francisco Dakila... Read More

2024 inflation seen to stay within target amid oil price hikes

MANILA – A ranking central bank official on Wednesday said assessments on inflation show that the 2024 level is not expected to breach the government’s 2-4 percent target band despite the rising global oil prices.During the Davao City-leg of the Philippine Economic Briefing, which was... Read More

TDF rates up, preference still for 1-week facility

MANILA – The central bank’s 14-day term deposit facility (TDF) again registered undersubscription on Wednesday, but rates of both the seven- and the 14-day tenor rose. The Bangko Sentral ng Pilipinas (BSP) hiked by PHP10 billion the volume offering for each tenor in this week’s TDF... Read More

Stocks gain ahead of GDP data, peso ends sideways

MANILA – The Philippine Stock Exchange index (PSEi) rose on Wednesday a day before the release of the second quarter 2023 gross domestic product (GDP) growth rate, while the peso closed sideways.The local bourse finished with 57.48 points increase to 6,530.45.The stock market has been trading... Read More

Agri, fishery output down in Q2

MANILA – The country's agricultural production contracted by 1.3 percent in the second quarter of the year, data from the Philippine Statistics Authority (PSA) showed.Data released by the PSA on Wednesday showed that the value of production in agriculture and fisheries at constant 2018 prices... Read More

Meralco rates down on lower generation charges

MANILA – The Manila Electric Company (Meralco) announced on Wednesday that it will cut power rates for August.In a statement, Meralco said electricity rates this month will be lower by PHP0.2908 per kilowatt hour (kWh) to PHP10.8991 per kWh from the July rate of PHP11.1899 per kWh.“For... Read More

DMCI Holdings Q2 net income down 9% to P8.2B

MANILA – Diversified engineering conglomerate DMCI Holdings recorded a 9-percent drop in consolidated net income for the second quarter from PHP9 billion to PHP8.2 billion due to lower contributions from the coal, nickel and construction businesses.Excluding a nonrecurring gain of PHP37... Read More

US senator sees PH as source of e-vehicle components

MANILA – Visiting United States Senator Tammy Duckworth has urged manufacturers of electric vehicle components to consider putting up their supply chain in the Philippines, with outputs to be exported to the US.Duckworth told reporters here Tuesday that the Philippines is a viable location for... Read More

Unemployed Filipinos down in June

MANILA – The number of unemployed Filipinos went down to 2.33 million in June from 2.99 million in the same month last year, data from the Philippine Statistics Authority (PSA) showed.Preliminary results of the June 2023 Labor Force Survey released on Wednesday showed that the unemployment... Read More

BIR, private sector sign deal for efficient tax payment

MANILA – The Bureau of Internal Revenue (BIR) on Tuesday signed a memorandum of agreement (MOA) with business groups, chambers of commerce and association of tax professionals for a more efficient tax collection and administration.The MOA was signed by the BIR, Philippine Chamber of Commerce... Read More

PSEi, peso end weak ahead of US, China economic data

MANILA – Local shares and the peso finished Tuesday weak as lower exports data ahead of the United States’ inflation report and China’s export data disappointed traders.The Philippine Stock Exchange index (PSEi) shed 34.81 points to 6,472.97, with all shares down by 12.81 points to... Read More

BSP cites banking industry’s importance in PH economy

MANILA – Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. has underscored the strong backing the economy gets from the domestic banking system, a factor for Rating and Investment Information Inc.’s (R&I) affirmation of its "BBB+” rating on the country. In a... Read More