Business

BSP: Loan growth steady, domestic liquidity slows in December

BSP: Loan growth steady, domestic liquidity slows in December

February 9, 2024, 9:50 am

MANILA – Bank lending of universal and commercial banks (U/KBs) maintained its growth rate in December last year while domestic liquidity grew at a slower rate. Data released by the Bangko Sentral ng Pilipinas (BSP) late Thursday showed that U/KBs’ outstanding loans, excluding those placed in… Read More

SMC consortium ready to elevate NAIA to ‘world-class standard’

SMC consortium ready to elevate NAIA to ‘world-class standard’

February 8, 2024, 7:43 pm Updated on February 8, 2024, 8:20 pm

MANILA – San Miguel Corporation (SMC) announced its readiness to take on the modernization of the Ninoy Aquino International Airport (NAIA) after its SMC SAP & Company Consortium's financial offer was deemed the superior among three bidders during Thursday’s proceedings at the Department of… Read More

Non-performing loan ratio at 3.23% in December

Non-performing loan ratio at 3.23% in December

February 8, 2024, 7:24 pm

MANILA – The proportion of non-performing loans (NPLs) of Philippine banks to their total loans settled at 3.23 percent as of end-December last year, the Bangko Sentral ng Pilipinas (BSP) said. Data released by the BSP on Thursday showed that the NPL ratio during the month was lower than the… Read More

BIR collections up by 8% in 2023

BIR collections up by 8% in 2023

February 8, 2024, 6:50 pm

MANILA – The Bureau of Internal Revenue's (BIR) tax collections went up by 8 percent last year. BIR Commissioner Romeo Lumagui Jr., at the sidelines of the National Tax Campaign Kick-off held at the Philippine International Convention Center on Thursday, said collections last year amounted to… Read More

Strong PH, US economic boost index, peso

Strong PH, US economic boost index, peso

February 8, 2024, 6:45 pm

MANILA – Strong jobs data in the Philippines and healthy earnings for the fourth quarter of 2023 in the US markets boosted the local index and currency on Thursday’s trading. The Philippine Stock Exchange index (PSEi) completed the week’s trading with gains, with the fresh improvement of… Read More

ARTA targets 120 LGUs for eBOSS full compliance in 2024

ARTA targets 120 LGUs for eBOSS full compliance in 2024

February 8, 2024, 2:22 pm

MANILA – The Anti-Red Tape Authority (ARTA) is targeting an additional 120 local government units (LGUs) across the country to be fully compliant with the electronic Business One-Stop Shop (eBOSS) system this year. ARTA Director General Ernesto Perez said in a press conference in Quezon City… Read More

Meralco power rate up P0.57/kWh in Feb

Meralco power rate up P0.57/kWh in Feb

February 8, 2024, 2:21 pm

MANILA – The Manila Electric Company (Meralco) has again hiked the power rate in its franchise areas for February. Meralco announced Thursday that electricity charges for the month increased by PHP0.5738 per kilowatt hour to PHP11.9168 per kWh from PHP11.3430 per kWh in January. “For… Read More

PH records $103.4-B foreign reserves as of end-January

PH records $103.4-B foreign reserves as of end-January

February 8, 2024, 10:57 am

MANILA – The country's gross international reserves (GIR) amounted to USD103.4 billion as of end-January this year, slightly lower than a year ago's USD103.8 billion, the Bangko Sentral ng Pilipinas (BSP) said. In a statement late Wednesday, the BSP said the decline in GIR last month "reflected… Read More

Inflation rate in Ilocos Region slows to 1.5%

Inflation rate in Ilocos Region slows to 1.5%

February 7, 2024, 8:30 pm

LINGAYEN, Pangasinan – The rate of price increases in the Ilocos Region decelerated to 1.5 percent last January from the previous month’s 2.3 percent, driven by slower inflation rates of the food and non-alcoholic beverages. "Food index in Ilocos Region decreased to 4.7 percent in January 2024… Read More

Improved disposition toward using credit, financing to boost spending

Improved disposition toward using credit, financing to boost spending

February 7, 2024, 8:06 pm

MANILA – Personal consumption, which is one of the biggest drivers of the country’s economic growth, is expected to get a boost as more Filipinos tap financial institutions and formal lenders to borrow money, a financing company said. Home Credit Philippines (HCPH) chief marketing officer… Read More

PSEi rallies to 6,800-mark, peso strengthens to 55-level

PSEi rallies to 6,800-mark, peso strengthens to 55-level

February 7, 2024, 7:48 pm

MANILA – Both the local shares and currency strengthened on Wednesday’s trading as the government reported that the unemployment rate further eased to 3.1 percent in December 2023. In its fourth day rally, the Philippine Stock Exchange index (PSEi) hit 6,830.04, gaining 74.78 points. Rizal… Read More

Recto: ADB to support enhanced tax collection strategy

Recto: ADB to support enhanced tax collection strategy

February 7, 2024, 5:51 pm

MANILA – The Asian Development Bank (ADB) has vowed to support Finance Secretary Ralph Recto’s core enhanced tax collection strategy of using digital technologies for a more efficient and aggressive tax administration. In a statement, the Finance department said Recto recently met with senior… Read More

DTI imposes stricter rules on selling mystery boxes

DTI imposes stricter rules on selling mystery boxes

February 7, 2024, 5:50 pm

MANILA – The Department of Trade and Industry (DTI) has intensified its scrutiny of online sellers, particularly those offering mystery boxes or parcels, to ensure consumer protection and uphold fair trade practices. In an interview with Bagong Pilipinas Ngayon Wednesday, DTI Assistant Secretary… Read More

Factory output grows in December

Factory output grows in December

February 7, 2024, 1:48 pm

MANILA – Manufacturing output both in volume and value grew at a faster pace in December last year, the Philippine Statistics Authority (PSA) said. PSA data released on Wednesday showed that the value of production index (VaPI) grew by 2.6 percent, faster than the 2 percent expansion in November… Read More

ARTA, ECCP sign deal to improve ease of doing business

ARTA, ECCP sign deal to improve ease of doing business

February 6, 2024, 8:21 pm

MANILA – The Anti-Red Tape Authority (ARTA) and the European Chamber of Commerce of the Philippines (ECCP) signed on Tuesday a memorandum of understanding (MOU) to further improve the ease of doing business in the Philippines. "Basically, (in) the MOU, we recognize the ECCP as ARTA champions,… Read More

DTI flags physical, online non-compliant vape shops

DTI flags physical, online non-compliant vape shops

February 6, 2024, 7:14 pm

MANILA – The Department of Trade and Industry (DTI) has flagged physical and online stores of vapes which are not compliant with Republic Act (RA) 11900, or the Vaporized Nicotine and Non-Nicotine Products Regulation Act, and its implementing rules and regulations (IRR). In a statement Tuesday,… Read More

From groceries to revenge travel: Pinoys shift GC spending post-Covid

From groceries to revenge travel: Pinoys shift GC spending post-Covid

February 6, 2024, 5:28 pm

MANILA – Filipinos have shifted their spending behavior when it comes to gift certificates (GCs) after the coronavirus disease 2019 (Covid-19) lockdowns, according to French employee benefits and engagement partner firm Pluxee. Pluxee Philippines chief executive officer Mert Cetin said Tuesday… Read More

BTr rejects bids for Treasury bonds

BTr rejects bids for Treasury bonds

February 6, 2024, 5:05 pm

MANILA – The Bureau of the Treasury (BTr) on Tuesday rejected bids from Treasury bonds (T-bonds) due to higher bid yields. "With a remaining term of four years and 11 months, the average rate for the re-issued T-bonds reached 6.219 percent had it been awarded," the BTr said in a statement. The… Read More

Low January inflation boosts local shares, peso recovers

Low January inflation boosts local shares, peso recovers

February 6, 2024, 5:00 pm

MANILA – The significant drop in last month’s inflation rate has boosted investors to buy local shares, while the peso recovered from depreciation during the trading day. The Philippine Stock Exchange index (PSEi) rallied for the third day, increasing by 27.04 points to 6,755.26 as All Shares… Read More

DTI eyes 128K engineers as PH chosen for US CHIPS Act aid

DTI eyes 128K engineers as PH chosen for US CHIPS Act aid

February 6, 2024, 2:02 pm

MANILA – The Department of Trade and Industry (DTI) is eyeing to produce 128,000 engineers for the semiconductor industry as the Philippines and the United States partnered to develop the domestic sector. In a statement Tuesday, the DTI said the country aims to achieve this target by 2028. This… Read More