Business
US Fed keeps interest rate unchanged between 5.2%-5.5%
September 21 2023, 3:35 pm
ISTANBUL – The US Federal Reserve skipped an interest rate increase Wednesday, as widely expected, and kept its federal funds rate unchanged between the 5.25 percent and 5.5 percent target range. "Recent indicators suggest that economic activity has been expanding at a solid pace," it said in a… Read More
Fed to move 'carefully' in determining monetary firming: Powell
September 21 2023, 2:49 pm
ISTANBUL – US Federal Reserve Chair Jerome Powell said Wednesday the central bank will move “carefully” in determining the extent of monetary policy tightening based on future macroeconomic data. "We will continue to make our decisions meeting by meeting, based on the totality of incoming… Read More
P19.3-B Batangas steel mill project gets ‘green lane’ certificate
September 21 2023, 11:14 am
MANILA – The Board of Investments’ (BOI) One-Stop Action Center for Strategic Investments (OSAC-SI) has awarded the ‘green lane’ certificate to the PHP19.3-billion steel mill project of SteelAsia Lemery Works Inc. in Batangas, the BOI said in a statement Thursday. The BOI said it awarded… Read More
Think tank: Movement of people may be included in PH-ROK FTA
September 21 2023, 9:24 am
SEOUL – Think tank Korean Development Institute (KDI) believes that introducing a chapter on the movement of people in the newly signed Philippines-Republic of Korea (PH-ROK) Free Trade Agreement (FTA) could be beneficial to address the changing demographics in South Korea. KDI visiting senior… Read More
Stock market, peso end weaker amid lower GDP outlook
September 20 2023, 8:41 pm
MANILA – Local shares declined for the fourth straight trading day Wednesday while the peso moved sideways after the Asian Development Bank (ADB) lowered its 2023 gross domestic product (GDP) outlook for the country. The Philippine Stock Exchange index (PSEi) slipped by 6.93 points to 6,041.04… Read More
ADB expects PH economy to grow by 5.7% in 2023
September 20 2023, 1:33 pm
MANILA – Manila-based Asian Development Bank (ADB) on Wednesday slashed its 2023 Philippine economic growth projection from 6 percent to 5.7 percent due to inflation and global headwinds. In its Asian Development Outlook (ADO) September 2023 update, the multilateral lender, however, kept its 6.2… Read More
Mining firm eyes investors for Davao de Oro copper, gold project
September 20 2023, 11:35 am
MANILA – St. Augustine Gold and Copper Ltd. chief operating officer Michael Regino has said they are currently in talks with possible foreign investors to secure funding for the King-king Copper-Gold Project in Davao de Oro. In an interview at the sidelines of the 2023 Mining Philippines… Read More
Supply constraints limit PH fruit exports to China
September 20 2023, 9:56 am
MANILA – The potential for Philippine fruit exporters in China remains high amid the huge demand from the world’s largest market but supply constraints limit the country to maximize the opportunities. Department of Trade and Industry (DTI) officials told reporters in a virtual briefing on… Read More
DENR cites need to establish more mineral processing plants
September 19 2023, 8:11 pm
MANILA – The Department of Environment and Natural Resources (DENR) raised the need to have at least one more nickel processing plant in the Philippines to maximize the value of the country's mineral resources. "Our benchmark is Indonesia, how much they can process. They are processing all their… Read More
PSEi drops to this year’s new low; peso ends strong
September 19 2023, 8:01 pm
MANILA – Rising crude prices and inflationary pressures globally fueled investors decision to pull out shares making the Philippine Stock Exchange index (PSEi) plunged to its new low for the year. The benchmark PSEi fell to 6,047.97 level, losing 76.60 points, and the broader All Shares shed… Read More
BTr fully awards reissued T-bonds
September 19 2023, 7:03 pm
MANILA – The Bureau of the Treasury (BTr) on Tuesday fully awarded the reissued 10-year Treasury bonds (T-bonds), which fetched lower yield. With remaining term of nine years and 11 months, the reissued bond fetched an average rate of 6.420 percent, lower than the original coupon rate of 6.625… Read More
Diokno: Suspending VAT, excise tax on petroleum to hurt economy
September 19 2023, 6:53 pm
MANILA – Finance Secretary Benjamin Diokno on Tuesday said suspending value-added tax (VAT) and excise tax on petroleum will hurt the economy and reduce revenues by PHP72.6 billion just in the last quarter of this year. "Any of the proposals will adversely affect our economic and fiscal… Read More
PH durian best seller commodity in China-ASEAN trade exhibit
September 19 2023, 4:30 pm
NANNING, Guangxi – The “Puyat” variety of the Philippines durian fruit was the best seller commodity during the 20th China-ASEAN (Association of Southeast Asian Nations) Expo (CAEXPO) held in Nanning, capital of the Zhuang Autonomous Region of Guangxi, China on Sept. 16-19, 2023. Department… Read More
Iloilo City bullish of economic impact of market redevelopment
September 18 2023, 8:47 pm
ILOILO CITY – The redevelopment of two major markets here will make them more accessible and convenient to vendors and buyers, and serve as destinations for tourists, thereby creating more economic activities in this city. A capsule-laying and groundbreaking ceremony was held on Monday for the… Read More
Stocks, peso down ahead of BSP policy meeting
September 18 2023, 7:00 pm
MANILA – The benchmark Philippine Stock Exchange (PSEi) shed 1.77 points to close at 6,124.57 on Monday night. Broader All Shares dropped 10.94 points to 3,309.24 level. "Philippines shares traded quietly to start the week, as investors await the main event this week, which is the Monetary… Read More
Bureau of the Treasury fully awards T-bills
September 18 2023, 5:18 pm
MANILA – The Bureau of the Treasury (BTr) on Monday fully awarded bids for Treasury bills (T-bills). The 91-, 182-, and 364-day T-bills fetched average rates of 5.552 percent, 5.939 percent, and 6.073 percent, respectively, all lower thanprevious auction results and secondary market rates. The… Read More
Consumers brace for hefty oil price hike
September 18 2023, 4:31 pm
MANILA – Motorists and consumers should brace for hefty oil price hikes on Tuesday, September 19 -- the eleventh straight week that oil firms increase pump prices. In separate advisories, Caltex, Cleanfuel, Phoenix Petroleum, Seaoil, Shell, and PTT Philippines will increase prices of gasoline by… Read More
DOE pushes for aviation transport decarbonization
September 18 2023, 3:41 pm
MANILA – The Department of Energy (DOE) said it is collaborating closely with the country’s aviation sector and international partners for the use of sustainable aviation fuel (SAF). In a statement Monday, the DOE said SAF is an environmentally sustainable and chemically identical alternative… Read More
15 MSMEs optimistic to regain lost clients at CAEXPO
September 17 2023, 7:27 pm
NANNING, GUANGXI– Philippine micro, small and medium entrepreneurs (MSMEs) participating in the four-day 20th China-Association of Southeast Asian Nations (ASEAN) Expo or CAEXPO here are optimistic about getting back the investors they lost when the coronavirus disease 2019 (Covid-19) pandemic… Read More
PEZA confident to surpass 2023 target
September 15 2023, 8:57 pm
MANILA – Philippine Economic Zone Authority (PEZA) Director General Tereso Panga is confident that the investment promotion agency (IPA) will exceed its 10 percent investment approval growth target this 2023. In a statement Friday, Panga said PEZA already achieved 72 percent of its PHP154.77… Read More
