PSEi slips, peso almost flat on concerns over US banking sector

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

BSP: PH banks way stronger than US counterparts

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

BSP seen to raise rates by 25 basis points

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

New check format implementation deferred to May 2024

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

Public Service Act IRR takes effect April 4

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

Another big-time oil price rollback set March 21

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

DOE eyes 11,160 MW green energy auction by 2026

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

Marcos admin focuses on infra for economic growth

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

PH financial sector unscathed by US banking crisis: analysts

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

PH stocks index, peso end week with gains amid volatile trading

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

BSP sees lower deficit in BOP for 2023 at $1.6B

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

Fed aggressive rate hikes shock financial system

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

Qatar’s largest dairy firm eyes partners for 4 projects in PH

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

Medalla: PH banks still safe and sound

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

DOE eyes 2.45M EVs, 65K charging hubs during Marcos term

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

28-day BSP bill rate up

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

Chinese billionaire with Trump ties charged with $1B fraud

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

ERC mitigates prices amid volatile power market

MANILA – The Energy Regulatory Commission (ERC) has assured the public it is implementing its mandate to promote competition and ensure a fair market in the energy sector to protect Filipino consumers from price shocks amid the volatility in electricity prices.During the Pandesal forum at... Read More

Finance firm eyes 10M customer base this year

MANILA – Officials of consumer finance company Home Credit Philippines (HCPH) are optimistic about increasing the number of its customer base to 10 million this year, as they bank on the recovery of demand from the pandemic.The company hit a milestone last year when its customer base reached... Read More

PH biz urged to sell more to Chinese market

MANILA – Filipino entrepreneurs are encouraged to tap the 1.4 billion Chinese market, the largest in the world, as China appoints its new premier tasked to reinvigorate China’s economy from the impacts of the pandemic.Executives from the Integrated Development Studies Institute (IDSI)... Read More