Business

El Niño rushes shutdown of hydroelectric plants in Nueva Ecija

El Niño rushes shutdown of hydroelectric plants in Nueva Ecija

March 19, 2024, 7:46 pm

PANTABANGAN, Nueva Ecija – The impacts of the El Niño phenomenon could now be seen in the power sector as the suspension of hydroelectric power plants in Nueva Ecija could come in earlier than expected. The National Irrigation Administration (NIA) has forecast that the Pantabangan Reservoir… Read More

PSEi, peso shed on Tuesday

PSEi, peso shed on Tuesday

March 19, 2024, 6:45 pm

MANILA – Both the local shares and currency closed weaker on Tuesday. The Philippine Stock Exchange index (PSEi) shed 0.07 percent, closing at 6,848.43, while All Shares also declined by 0.12 percent to 3,566.48. Only Property and Financials recorded gains at 1.73 percent and 0.21 percent,… Read More

Blinken says CHIPS Act to bolster PH-US ties in semiconductor

Blinken says CHIPS Act to bolster PH-US ties in semiconductor

March 19, 2024, 5:58 pm

MANILA — Visiting United States Department of State Secretary Antony Blinken said the "Creating Helpful Incentives to Produce Semiconductors" or CHIPS and Science Act will fortify the already strong ties between the Philippines and the US in thevsemiconductor industry. Blinken made the statement… Read More

BTr fully awards reissued T-bonds

BTr fully awards reissued T-bonds

March 19, 2024, 4:45 pm

MANILA – The Bureau of the Treasury (BTr) on Tuesday fully awarded the reissued 20-year Treasury bonds (T-bonds). The reissued T-bonds fetched an average rate of 6.189 percent, lower than the 6.250 percent coupon set upon the original issuance and the prevailing secondary market benchmark. The… Read More

LandBank records 42% growth in digital transactions in 2023

LandBank records 42% growth in digital transactions in 2023

March 19, 2024, 3:15 pm

MANILA – State-run Land Bank of the Philippines (LandBank) recorded a 42-percent growth in the value of digital transactions last year. In a statement on Tuesday, LandBank said it facilitated a total of PHP8.8 trillion digital transactions in 2023 from PHP6.2 trillion in 2022. The total volume… Read More

PH-EU FTA negotiations to resume; FTA to boost trade by EUR6 billion

PH-EU FTA negotiations to resume; FTA to boost trade by EUR6 billion

March 18, 2024, 9:14 pm

MANILA – The Philippines and the European Union (EU) on Monday formally announced that they will resume the negotiations for the Philippines-EU Free Trade Agreement (FTA). This was announced by Department of Trade and Industry (DTI) Secretary Alfredo Pascual and European Commission (EC)… Read More

Easing inflation, awareness campaign to boost insurance coverage

Easing inflation, awareness campaign to boost insurance coverage

March 18, 2024, 9:06 pm

MANILA – Manulife Philippines is hoping that the projected easing of inflation this year and efforts to educate Filipinos about insurance costs will translate to increased availment. In a briefing in Makati City on Monday, Manulife Philippines chief marketing officer Sonali Verma said easing… Read More

PSEi rebounds on bargain-hunting, peso ends sideways

PSEi rebounds on bargain-hunting, peso ends sideways

March 18, 2024, 8:03 pm

MANILA – Bargain-hunting lifted local shares while peso closed sideways at the start of this week’s trading. The Philippine Stock Exchange index (PSEi) closed at 6,853.29, gaining 30.97 points, or 4.5 percent. However, gains for this day’s trading still failed to bring back the index to the… Read More

First Gen eyes hydro power plants in N. Ecija to hit 400MW by 2028

First Gen eyes hydro power plants in N. Ecija to hit 400MW by 2028

March 18, 2024, 5:53 pm

PANTABANGAN, Nueva Ecija – Lopez-led First Gen Corp. aims to reach generating power capacity in its hydroelectric power plants (HEPPs) in this province to around 400 megawatts by 2028. This, as the company sees the completion of the 100 to 120-megawatt (MW) Aya Pumped-Storage Project in four… Read More

NAIA deal to boost foreign investments in PH

NAIA deal to boost foreign investments in PH

March 18, 2024, 5:53 pm

MANILA – The PHP170.6-billion Public-Private Partnership (PPP) agreement for the rehabilitation of the Ninoy Aquino International Airport (NAIA) is expected to herald economic growth through better collaborations with both local and foreign investors, Transportation Secretary Jaime Bautista said… Read More

K-culture sustains demand for Korean Air flights

K-culture sustains demand for Korean Air flights

March 18, 2024, 5:38 pm

MANILA – South Korea's flag carrier Korean Air (KE) announced Monday the resumption and increase in flight frequencies to several destinations, while maintaining the three daily flights in Manila due to sustained demand. KE increased its flights via the Ninoy Aquino International Airport from… Read More

BTr fully awards T-bills

BTr fully awards T-bills

March 18, 2024, 5:19 pm

MANILA – The Bureau of the Treasury (BTr) fully awarded bids for the Treasury bills (T-bills) in Monday's auction. The 91-, 182-, and 364-day T-bills fetched average rates of 5.744 percent, 5.916 percent and 6.033 percent, respectively. The T-bills' average rates was lower compared to the 5.772… Read More

Central bank warns public vs. entities misusing BSP name, logo

Central bank warns public vs. entities misusing BSP name, logo

March 18, 2024, 4:46 pm

MANILA – The Bangko Sentral ng Pilipinas (BSP) on Monday reminded the public to carefully scrutinize individuals, groups or companies using the BSP name and logo on their websites, social media accounts and promotional materials. In an advisory, the BSP said some individuals and groups usually… Read More

Ratio Petroleum to begin 2nd phase of work program on SC 76

Ratio Petroleum to begin 2nd phase of work program on SC 76

March 18, 2024, 2:24 pm

MANILA – Israeli firm Ratio Petroleum Ltd.,the operator of Service Contract (SC) 76, will begin the second phase of its work program on the block this month, the Department of Energy (DOE) said Monday. The work program’s second phase will involve a 3D seismic survey in the East Palawan Basin,… Read More

10-centavo oil price adjustments set March 19

10-centavo oil price adjustments set March 19

March 18, 2024, 2:22 pm

MANILA – Minimal price adjustments on petroleum products are expected on Tuesday. In separate advisories, Caltex, Cleanfuel, Petro Gazz, Seaoil, and Shell said they would increase gasoline prices by 10 centavos per liter while slashing diesel prices by 10 centavos per liter. There will be no… Read More

MIC eyes investment in agro-industries

MIC eyes investment in agro-industries

March 17, 2024, 3:18 pm

MANILA – The Maharlika Investment Corporation (MIC) is currently exploring possible investments in agro-industries. "MIC is interested to invest in agro-industry. They are considering coco oil mills among others. But no details as of now. It’s a work in progress," Department of Finance (DOF)… Read More

OFW remittances up in January

OFW remittances up in January

March 16, 2024, 12:00 pm Updated on March 17, 2024, 12:11 pm

MANILA – Personal remittances from overseas Filipino workers (OFW) went up by 2.7 percent in January this year, the Bangko Sentral ng Pilipinas (said). Data released by the BSP over the weekend showed that personal remittances from overseas Filipinos amounted to USD3.15 billion in January from… Read More

PSA: 54 million national ID cards already printed

PSA: 54 million national ID cards already printed

March 15, 2024, 8:50 pm

MANILA – The government has so far completed the printing of over 60 percent of the physical copies of the national identification cards (IDs), according to the Philippine Statistics Authority (PSA). During the Bagong Pilipinas Ngayon briefing on Friday, Philippine Identification System… Read More

Gov't records budget surplus in January

Gov't records budget surplus in January

March 15, 2024, 8:17 pm

MANILA – The national government posted a budget surplus of PHP88 billion in January this year, up by more than 90 percent from a year ago's PHP45.7 billion. "The fiscal outturn was brought about by a faster 21.15% year-over-year increase in revenue collection outpacing the 10.39% expansion in… Read More

 Oil prices down with strong dollar, investor profit-taking

Oil prices down with strong dollar, investor profit-taking

March 15, 2024, 8:11 pm

ANKARA – Oil prices declined on Friday, pressured by a strong US dollar, following higher-than-expected consumer price inflation data and on fears that the US Federal Reserve (Fed) will maintain high rates for longer. International benchmark Brent crude traded at USD85.02 per barrel at 10.37… Read More