Business
BSP unlikely to ease policy rates in first half of 2024
January 21, 2024, 11:30 pm
TAGAYTAY – The Bangko Sentral ng Pilipinas (BSP) will not ease policy rates in the first half of the year despite the downward trend of headline inflation. At a media information session on Saturday, BSP Governor Eli Remolona Jr. said that while inflation is already on a downward trend, the… Read More
Kimchi exports hit record-high in 2023 amid K-content popularity
January 21, 2024, 4:27 pm
SEOUL – South Korea's exports of kimchi set a new record in 2023 amid the rising popularity of Korean entertainment content around the globe, data showed Sunday. Outbound shipments of kimchi, a traditional Korean side dish typically made from fermented cabbage, shot up 7.1 percent to 44,041… Read More
Assessment on resumption of talks on PH-EU trade deal eyed in Q1 2024
January 21, 2024, 3:37 pm
MANILA – The Department of Trade and Industry (DTI) is looking forward to the Philippines and the European Union (EU) concluding the assessment on the resumption of negotiations for free trade agreement (FTA) by the first quarter of the year. In a recent interview with DTI Undersecretary Allan… Read More
BCDA raises NAIA T3 land lease to P600M
January 21, 2024, 2:05 pm
MANILA – The Bases Conversion and Development Authority (BCDA) is raising by threefold the lease price for the property where the Ninoy Aquino International Airport (NAIA) Terminal 3 is located, its president and chief executive officer Joshua Bingcang said. From a lease rate of PHP200 million… Read More
Weak peso weighs on local shares
January 19, 2024, 6:47 pm
MANILA – Local shares closed weak on Friday amid net foreign selling and the local currency’s depreciation against the dollar, which breached PHP56 during the trading. The Philippine Stock Exchange index (PSEi) closed the week lower by 7.33 points at 6,503.54, while All Shares slightly gained… Read More
PCAFI proposes uniform 35% tariff on all agri imports
January 19, 2024, 6:33 pm
MANILA – The Philippine Chamber of Agriculture and Food Inc. (PCAFI) has proposed the scrapping of the minimum access volume (MAV) tariff-setting policy that designates lower duties to agricultural imports, saying a uniform 35-percent should be imposed on all agricultural products being shipped… Read More
PH records $642-M balance of payments surplus in December
January 19, 2024, 3:15 pm
MANILA – The country's balance of payments (BOP) position posted a surplus of USD642 million in December last year. Data released by the Bangko Sentral ng Pilipinas (BSP) on Friday showed that the surplus last month was higher than the USD612-million surplus in December 2022. "The BOP surplus in… Read More
Gov't eyes retail Treasury bond offering in Q1
January 19, 2024, 2:59 pm
MANILA – The government is eyeing the issuance of another retail treasury bond (RTB) as part of its efforts to raise the PHP2.46-trillion total financing requirement for this year. In a statement on Friday, the Finance department said the Bureau of the Treasury (BTr) targets to issue the 30th… Read More
Shutdown of Red Sea route to hike shipping fees by 15%
January 19, 2024, 10:01 am
MANILA – The suspension of shipping routes through the Red Sea will hike shipping fees and delay the trade of goods which may affect exporters from ecozones in the future, Philippine Economic Zone Authority (PEZA) Director General Tereso Panga said Friday. “The closure and shutdown of the Red… Read More
PH startups shift focus to profitability
January 18, 2024, 7:41 pm
MANILA – Filipino startups are shifting their focus from pushing for the expansion of their businesses to gaining more profit this year, Uniquecorn Strategies’ 2024 Philippine Startups Outlook showed. This shift was driven by the 40-percent drop in investments in local startups last year,… Read More
CEB adding aircraft to address offloading, cancellations issues
January 18, 2024, 7:15 pm
DAVAO CITY – Low-cost carrier Cebu Pacific (CEB) has assured clients that it will address the issues of offloading and flight cancellations to meet the demand for air travel by adding more aircraft this year.In a press briefing on Thursday, Carmina Romero, the CEB corporate communications… Read More
Stocks down, peso moves sideways Thursday
January 18, 2024, 6:10 pm
MANILA – Local shares closed the trading weak on Thursday while the peso moved sideways. The Philippine Stock Exchange index (PSEi) shed 61.64 points, closing at 6,510.87, while All Shares likewise went down by 25.45 points to 3,451.21. "This Thursday, the local market dropped by 61.64 points… Read More
Recto urges Congress to partner with DOF in passing crucial reforms
January 18, 2024, 5:34 pm
MANILA – Finance Secretary Ralph Recto on Thursday urged Congress to partner with the Department of Finance for the swift passage of reforms needed to reduce the country's deficit and debt levels. “You already know the drill. None of these crucial measures will come to fruition without your… Read More
Rosy outlook for travel agencies as Filipinos go on more trips
January 18, 2024, 5:15 pm
MANILA – The Philippine Travel Agencies Association (PTAA) sees up to a 25-percent growth in travel bookings this year, supported by the strong appetite among Filipinos to go on trips both domestic and foreign destinations. In a press conference in Makati City Thursday, PTAA’s Travel Tour Expo… Read More
Managing inflation backs PH economic expansion in 2024
January 18, 2024, 5:15 pm
MANILA – The ASEAN+3 Macroeconomic Research Office (AMRO) has projected that the Philippines will emerge as the fastest growing economy in the region, especially if the government manages the country’s inflation well. The AMRO reported Thursday that its gross domestic product (GDP) growth… Read More
Gov’t sticks to 6.5-7.5% GDP growth target for 2024
January 17, 2024, 7:49 pm
MANILA – The government is sticking to its gross domestic product (GDP) target of 6.5 to 7.5 percent for 2024 despite many organizations forecasting the economic expansion this year will miss the administration’s goal. National Economic and Development Authority (NEDA) Undersecretary Rosemarie… Read More
DTI implements gradual adjustments on SRP bulletin
January 17, 2024, 6:35 pm
MANILA – The Department of Trade and Industry (DTI) will be adjusting suggested retail prices (SRPs) of select items by phase to assist consumers in absorbing price increases of basic goods. In an interview with Bagong Pilipinas Ngayon on Wednesday, DTI Assistant Secretary Amanda Nograles said… Read More
BIR hikes VAT exemption in sale of residential properties
January 17, 2024, 5:35 pm
MANILA – The Bureau of Internal Revenue (BIR) has increased the threshold for value-added tax (VAT) exemption for the sale of house and lot as well as other residential dwellings from nearly PHP3.2 million to PHP3.6 million. This, as BIR Commissioner Romeo Lumagui Jr. has issued Revenue… Read More
DOE: Non-moving RE projects open opportunities for foreign investors
January 17, 2024, 4:08 pm
MANILA – Department of Energy (DOE) Undersecretary Rowena Cristina Guevara said Wednesday the renewable energy (RE) projects that already secured service contracts (SCs) but do not progress have opened investment opportunities for foreign companies, especially from Europe. “There is a large… Read More
Landbank online fund transfers for P1K below remain free
January 17, 2024, 3:21 pm
MANILA – In line with providing safe, convenient, and accessible digital banking services, the Land Bank of the Philippines (Landbank) continues to waive fees for fund transfers to other banks via InstaPay and PESONet for transactions worth PHP1,000 and below. Landbank customers can enjoy free… Read More
