US Fed hikes interest rates by 25 basis points

ISTANBUL – The United States Federal Reserve on Wednesday raised its benchmark interest rate by 25 basis points as part of its fight against inflation.The Federal Open Market Committee (FOMC) unanimously decided to raise the target range for the federal funds rate to between 4.5 percent and... Read More

BSP’s term deposit facility rates rise

MANILA – Banks’ decision to continue holding on to their funds resulted in the upticks in the rates of the Bangko Sentral ng Pilipinas’ (BSP) term deposit facility (TDF), as well as undersubscription for the one-week facility.BSP data show that the average rate of the seven-day TDF... Read More

Global gold demand hit decade high in 2022

ANKARA – Global gold demand hit a new decade-high of 4,741 tons in 2022, thanks to robust central bank-buying and strong retail investment during the last quarter.According to the Gold Demand Trends report from the World Gold Council on Tuesday, gold demand rose 18 percent from the previous... Read More

Int’l organization eyes ties with PH for sustainable packaging

MANILA – The World Packaging Organization (WPO) is in talks with the Packaging Institute of the Philippines (PIP) to promote circular economy processes in the domestic packaging industry.On the sidelines of ProPak Philippines at the World Trade Center in Pasay City Wednesday, WPO president... Read More

Stocks rise on positive sentiments, peso strengthens

MANILA – Risk-on sentiments returned to the local financial market on Wednesday amid inflation concerns, among others, and allowed both the main equities index and the peso to close the day with gains. After several days of slide, the Philippine Stock Exchange index (PSEi) rose by 3.57... Read More

PH manufacturing kicks off 2023 upbeat

MANILA – Philippine factories started the year on a high note, recording one of the strongest manufacturing performances in Southeast Asia in January.S&P Global reported Wednesday that Philippine manufacturing purchasing managers’ index (PMI) last month was at 53.5, higher than the... Read More

Investment pledges in PEZA surge to P6.4-B in January

MANILA – The Philippine Economic Zone Authority (PEZA) approved PHP6.39 billion worth of investment pledges in January, 84 percent higher than the PHP3.48 billion projects registered in the same month in 2022.PEZA reported on Wednesday that its board approved 19 projects last month.These... Read More

LPG prices higher by more than P120/tank in Feb.

MANILA – Prices of liquefied petroleum gas (LPG) will increase by more than PHP11 per kg. starting Feb. 1.Petron and Phoenix LPG have hiked their LPG prices by PHP11.20 per kg., and Solane by PHP11.18 per kg.Petron and Phoenix LPG have adjusted their AutoLPG prices upward by PHP6.25 per liter... Read More

COL Financial sees PSE index to rise to 7,500-8,250 this year

MANILA – Online stockbroker COL Financial Group expects the Philippine Stock Exchange index (PSEi) to recover to 7,500 to 8,250 level this year after reconfiguring into a corrective consolidation.In a press briefing Tuesday, COL chief technical analyst Juanis Barredo said the PSEi has seen a... Read More

Solon bats for fuel tax suspension amid fluctuating pump prices

MANILA – A lawmaker on Tuesday said the temporary provision regarding the automatic fuel tax cut under the Tax Reform for Acceleration and Inclusion (TRAIN) law should be made permanent to bring down the cost of fuel and provide instant relief to the Filipino people.In a statement, Camarines... Read More

13-year T-bond rate drops

MANILA – The rate of the Bureau of the Treasury's (BTr) 13-year Treasury bond (T-bond) declined on Tuesday, sustaining the drop in government securities yield.The average rate of the debt paper slipped to 6.197 percent from 7.182 percent during the auction last Jan. 10.The BTr offered the... Read More

PSEi, peso slip as US Fed meeting starts

MANILA – Investors stayed at the sidelines on Tuesday as the Federal Open Market Committee (FOMC) started its two-day meeting, resulting in the negative close of both the local bourse’s main index and the peso.The Philippine Stock Exchange index (PSEi) shed 2.55 percent, or 177.72... Read More

BuhaWind project in Ilocos Norte costs P360 billion

MANILA – The Board of Investments (BOI) said on Tuesday that BuhaWind Energy, an offshore wind project in Ilocos Norte, costs PHP360 billion (EUR6 billion).In a statement, BOI said the project will involve the development of offshore wind turbine generators with capacity of 15 to 20 megawatts... Read More

BPI eyes to capture at least 10% of Lazada customers via tie-up

MANILA – A ranking official of the Ayala-led Bank of the Philippine Island (BPI) is hoping to increase by 8 million its new account holders and clients following its tie-up with international electronic commerce (e-commerce) platform Lazada. In an interview at the sidelines of the partnership... Read More

Consumer spending seen to grow to 5.5% in 2023

MANILA – Household spending in the Philippines is projected to expand by 5.5 percent this year, slower than the 8.2 percent growth forecast in 2022, the research arm of Fitch Ratings said.In its report released Tuesday, Fitch Solutions said household income growth will support consumer... Read More

Standard Chartered eyes PH GDP at 5.3% in 2023

MANILA – External risks are expected to dampen the Philippine economy’s growth this year, with Standard Chartered eyeing an expansion of 5.3 percent. In a virtual briefing on Tuesday, Standard Chartered economist for Asia Jonathan Koh said base effects of last year’s robust growth,... Read More

Samsung's Q4 operating profit drops nearly 70 percent

SEOUL – Samsung Electronics Co. on Tuesday said its fourth-quarter operating profit plunged nearly 70 percent from a year ago, as the global economic slowdown hurt the sales of electronic devices and semiconductors that power them.The world's largest mobile phone and memory chip maker said its... Read More

BSP eyes January inflation between 7.5%-8.3%

MANILA – Higher electricity rates, among others, is expected to bring January 2023 domestic inflation rate to between 7.5 to 8.3 percent, the Bangko Sentral ng Pilipinas (BSP) said on Tuesday.In a statement, the central bank identified other possible drivers of the rate of price increases for... Read More

Oil prices drop as investors await OPEC+, US Fed decisions

ANKARA – Oil prices continued to decline on Tuesday over market cautiousness as investors are awaiting the outcome of OPEC+ meeting and the US Federal Reserve (Fed) interest rate decision on Wednesday.International benchmark Brent crude traded at $84.11 per barrel at 10:12 a.m. local time... Read More

Nat'l gov't vows to engage stakeholders in medium-term plan

MANILA – The national government vows to engage with stakeholders in implementing the country's medium-term economic blueprint.The National Economic Development Authority (NEDA), along with other government agencies, held on Monday the first Philippine Development Plan 2023-2028 Forum at the... Read More