Business
Multilateral dev’t banks urged to provide more concessional financing
October 11, 2023, 7:58 pm
MANILA – Finance Secretary Benjamin Diokno has called for reforms and increased concessionality in the financing models of multilateral development banks (MDBs) to address ongoing global challenges. In a statement, the Finance department said Diokno made the call during the Intergovernmental… Read More
Meralco rates up in October
October 11, 2023, 7:01 pm
MANILA – Electricity rates in franchise areas of Manila Electric Co. (Meralco) will be higher in October, the distribution utility (DU) announced Wednesday. Meralco said power rates in its franchise areas will increase by PHP0.4201 per kilowatt hour (kWh) to PHP11.8198 per kWh from PHP11.3997… Read More
National ID data, civil registry not affected by data breach - PSA
October 11, 2023, 6:58 pm
MANILA – The Philippine Statistics Authority (PSA) said Wednesday the national ID and the Civil Registration System (CRS) were not affected by an alleged data breach. "The PSA assures the public that the Philippine Identification System (PhilSys) and the Civil Registration System (CRS) have not… Read More
Gov't lists 2nd retail dollar bond
October 11, 2023, 6:56 pm
MANILA – The Bureau of the Treasury (BTr) on Wednesday formally listed on the Philippine Dealing and Exchange Board, the second Retail Onshore Dollar Bonds (RDB 2). The BTr said the USD1.26 billion, 5.5-year-issued RDB 2 has a coupon rate of 5.75 percent per annum wherein final withholding tax… Read More
BSP not ruling out 25 basis point rate hike
October 11, 2023, 5:57 pm
MANILA – Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. said on Wednesday that the Monetary Board is not ruling out a 25-basis point rate hike in its meeting next month. "We are considering hikes, yes. But we're going with where the data leads us," Remolona said in a press briefing.… Read More
SoKor firms urged to partner with PH for Build Better More program
October 11, 2023, 5:55 pm
MANILA – Korean firms are urged to partner with the Philippine government for the infrastructure projects under Build Better More Program. In a statement Wednesday, the Korean Embassy here said Korean construction and engineering companies can be reliable partners for the Philippine government… Read More
Nearly P100M coins stored via deposit machine
October 11, 2023, 2:46 pm
MANILA – The Bangko Sentral ng Pilipinas (BSP) said that as of September this year, a total of PHP98.8 million worth of coins have been deposited through its coin deposit machines (CoDMs). In a statement late Tuesday, the BSP said the amount is equivalent to 37.2 million pieces of coins from… Read More
Local shares, peso gain on higher PH exports
October 10, 2023, 7:32 pm
MANILA – Both local shares and currency improved on Tuesday as the government reported higher Philippine export revenues for August, brushing aside the Israel-Hamas conflict that started over the weekend. The benchmark Philippine Stock Exchange index (PSEi) increased by 11.91 points to… Read More
BTr fully awards reissued Treasury bonds
October 10, 2023, 5:26 pm
MANILA – The Bureau of the Treasury (BTr) on Tuesday fully awarded bids for the reissued 10-year Treasury bonds (T-bonds). The reissued bonds have a remaining term of five years and three months. It fetched an average rate of 6.512 percent, higher than the 6.22 percent during the previous… Read More
Trade deficit narrows in August
October 10, 2023, 2:38 pm
MANILA – The country's trade deficit declined by 31.5 percent to USD4.1 billion in August this year from USD6 billion a year ago, the Philippine Statistics Authority (PSA) said. PSA data on Tuesday showed that the trade deficit during the month was also slightly lower than the USD4.19 billion… Read More
Australia picks PH as Investment Deal Team location in ASEAN
October 10, 2023, 2:05 pm Updated on October 10, 2023, 2:41 pm
MANILA – The Australian government announced on Monday that it will establish an Investment Deal Team in the Philippines to bring Australian investments into the country. This was announced by Australian Trade and Tourism Minster Don Farrell in a press conference in Adelaide on the sidelines of… Read More
T-bills fetch higher rates for 3 straight auctions
October 9, 2023, 9:17 pm
MANILA – All tenors of Treasury bills (T-bills) on Monday fetched higher yields for three straight auctions. The PHP15-billion T-bills offering was oversubscribed at PHP22.6 billion, the Bureau of the Treasury (BTr) said. Despite the higher tenders, the auction committee only awarded PHP12.5… Read More
Aussie firms offer to build 40-MW thorium reactor in PH
October 9, 2023, 8:53 pm
MANILA – Australia-based Southern Infrastructure Pty. Ltd. and Kaizen ANZ Pty. Ltd. want to invest in a 40-megawatt (MW) thorium reactor in the Philippines, the Department of Trade and Industry (DTI) said. DTI Secretary Alfredo Pascual met with representatives of the two firms in Adelaide on… Read More
PH markets shrug off Israel crisis, for now – analysts
October 9, 2023, 8:43 pm
MANILA – The sudden outbreak of hostilities between the state of Israel and Hamas militants does not pose an immediate economic threat to the Philippines, but financial market analysts warned that a protracted conflict will eventually affect oil prices, bilateral trade and overseas Filipino… Read More
Stocks, peso slip on Middle East armed conflict
October 9, 2023, 8:29 pm
MANILA – The local bourse’s main index ended Monday in the negative territory while the peso shed against the United States dollar as investors stayed on the sidelines given the ongoing armed conflict between Israel and the Palestinian Sunni-Islamic militant Hamas. The Philippine Stock… Read More
Big-time oil price rollback set Oct. 10
October 9, 2023, 6:52 pm
MANILA – Oil companies will implement big-time rollbacks in the pump prices of petroleum products starting 12:01 a.m. Tuesday. In separate announcements, Caltex, Cleanfuel, Flying V, Jetti, Petro Gazz, Petron, Phoenix Petroleum, PTT, Seaoil, Shell and Unioil said they will slash gasoline prices… Read More
New Clark City eyes 50% lower carbon emission
October 9, 2023, 3:13 pm
MANILA – The Bases Conversion and Development Authority (BCDA) is eyeing lower carbon emissions in New Clark City in Tarlac by implementing district cooling technology in partnership with Qatar- and Japan-based companies. In a statement Monday, BCDA said it has signed a memorandum of… Read More
Gov't raises $1.26B from retail dollar bonds 2
October 9, 2023, 12:05 am
MANILA – The Philippine government has raised USD1.26 billion from the issuance of the second tranche of the Retail Dollar Bond (RDB 2). Launched on Sept. 27 and offered until Oct. 6, the RDB 2 has a tenor of 5.5 years and a gross interest rate of 5.750 percent per annum, payable every quarter… Read More
Finance execs see higher economic growth by 2H 2023
October 9, 2023, 12:00 am
MANILA – The Philippine economy’s growth will be faster in the second half of the year, according to the projections of Department of Finance (DOF) Secretary Benjamin Diokno. The Philippine economy grew by 4.2 percent in the second quarter of the year, bringing the year-to-date growth at 5.3… Read More
Australian ‘deal teams’ to bring investments to Southeast Asia
October 7, 2023, 2:23 pm
MANILA – The Australian government's plan to establish investment deal teams in Southeast Asia is a "revolutionary" move. Senior Trade and Investment Commissioner Christopher Lim of the Australian Embassy in Manila said their government generally encourages overseas companies to invest in… Read More
