MANILA – The Department of Trade and Industry (DTI) said it has opened a total of 111 One Town, One Product (OTOP) stores nationwide as of Tuesday.The DTI told reporters in a message that 22 of these stores were established from January 2022 to February this year.“These were established... Read More
ISTANBUL – United States insurer Federal Deposit Insurance Corporation (FDIC) announced Monday it has extended the bidding process for the troubled Silicon Valley Bank's (SVB) entities.The extended bidding process includes Silicon Valley Bridge Bank, which was established to temporarily take... Read More
MANILA – The Bureau of the Treasury (BTr) partially awarded on Monday Treasury bills (T-bills) across-the-board due to rate upticks. It offered each tenor for PHP5 billion but only awarded PHP2.531 billion worth of 91-day paper, PHP3.7 billion for the 182-day T-bill and PHP4.405 billion for... Read More
MANILA – The local stock barometer declined in this week’s first trading day as collapse of two United States banks and concerns on the world’s largest economy’s banking sector continued, but the peso managed to finish the day sideways against the greenback. The Philippine... Read More
MANILA – The Bangko Sentral ng Pilipinas (BSP) on Monday said domestic banks remain strong amidst the increased challenges brought by the collapse of two United States-based banks, citing their lower market risk exposure and diversified lending base. In its Notes for the President regarding... Read More
MANILA – The Bangko Sentral ng PIlipinas (BSP) is expected to raise its key rates by 25 basis points this week as domestic inflation remains elevated and both the supply and demand side risks still high. In its economic preview for the week covering March 20-24, Moody’s Analytics said... Read More
MANILA – The implementation of the issuance of a new check format and specifications has been postponed to May 1, 2024 instead of May 2, 2023.In its operating memorandum (OM) issued on Jan. 25, the Philippine Clearing House Corporation (PCHC) said the change in the implementation date was... Read More
MANILA – The implementing rules and regulations (IRR) of Republic Act No. 11659 or the Amendments to the Public Service Act (PSA) will take effect this April 4 following the approval of an inter-agency group, including the National Economic and Development Authority (NEDA).The NEDA on Monday... Read More
MANILA – Oil companies have announced another price rollback effective Tuesday.In separate advisories, Caltex, Cleanfuel, Petro Gazz, PTT Philippines, Seaoil and Shell said they will slash gasoline prices by PHP1.20 per liter and PHP1.85 per liter for diesel.Caltex, Seaoil and Shell will also... Read More
MANILA – The Department of Energy (DOE) is eyeing 11,160 megawatts (MW) of renewable energy (RE) under the Green Energy Auction Program (GEAP) from 2024 to 2026, Undersecretary Rowena Cristina Guevara said Monday.During the opening of the Philippine electric power industry forum organized by... Read More
MANILA – Finance Secretary Benjamin Diokno shared with the American Chamber of Commerce of the Philippines (AmCham) the Marcos Jr. administration’s infrastructure development agenda through the National Economic and Development Authority (NEDA) Board’s recent approved list of... Read More
MANILA – Private sector economists and markets analysts on Friday agreed that the Philippine financial sector has been relatively unscathed by the series of bank collapses in the United States, which has sent ripples across bourses worldwide.The reactions came after three American banks with... Read More
MANILA –The local bourse’s main index rebounded on Friday after investors noted efforts to address the collapse of two US-based financial institution and the financial issues of Credit Suisse and this also benefited the peso.After a negative close on Thursday, the Philippine Stock... Read More
MANILA –Philippine monetary authorities forecast lower deficit for the 2023 balance of payment (BOP) position on account of expected narrower trade gap and better services exports and imports, among others.In a virtual briefing on Friday, Bangko Sentral ng Pilipinas (BSP) officer-in-charge for... Read More
TOKYO – As the shocking collapse of the United States Silicon Valley Bank (SVB) triggered turmoil in global financial markets, Japanese media and experts blamed the US Federal Reserve's continued aggressive interest rate hikes for the upheaval in the well-regarded lender.The Fed's emergency... Read More
MANILA – Qatar’s largest livestock and dairy producer, the Baladna Qatar Public Shareholding Company, is looking for business partners for its ventures in the Philippines.The Philippine Chamber of Commerce and Industry (PCCI) newsletter released on Friday said Baladna is searching for... Read More
MANILA –Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla on Friday assured the public that the country’s “banking system remains safe and sound” amid the challenges being faced by banks overseas.“We have shown our resilience through the pandemic, and we... Read More
MANILA – The Department of Energy (DOE) said it targets to roll out more than 2.45 million electric vehicles (EVs) and 65,000 EV charging stations between 2023 and 2028.In a statement Friday, the DOE said this is part of the government’s target to double EV fleet adoption to 10 percent... Read More
MANILA–Expectations for another increase in the Bangko Sentral ng Pilipinas’ (BSP) key rates next week resulted to the uptick of the central bank’s 28-day securities rate Friday.Data released by the BSP showed that average rate of the debt paper rose to 6.6633 percent from 6.6150... Read More
HOUSTON, US – A Chinese billionaire with ties to former US President Donald Trump's administration was arrested Wednesday on charges of defrauding investors out of $1 billion to support a lavish lifestyle for himself.Guo Wengui – who is also known as Ho Wan Kwok and Miles Guo -- was... Read More
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