Business

DOF lines up strategies to boost quality of employment

DOF lines up strategies to boost quality of employment

March 8, 2024, 6:27 pm

MANILA – The Department of Finance (DOF) on Friday cited the government strategies that will boost the quantity and quality of employment. In a statement, the DOF said the Growth-Enhancing Actions and Resolutions (GEARs) plan will ensure that the country is on track to achieve a growth-enhancing… Read More

PSEi, peso close week strong

PSEi, peso close week strong

March 8, 2024, 6:15 pm

MANILA – Local shares ended their shedding at the end of the week while the peso closed strong on Friday. The Philippine Stock Exchange index (PSEi) closed this day’s trading higher by 1.53 percent, or 104.87 points, at 6,942.21. This ended the local bourse’s three-day shedding.… Read More

IPOPHL’s trademark incentive program empowers women in provinces

IPOPHL’s trademark incentive program empowers women in provinces

March 8, 2024, 5:30 pm

MANILA – The Juana Make a Mark (JMAM) Program of the Intellectual Property Office of the Philippines (IPOPHL) is proving to deliver on its promise of spurring inclusive development as women entrepreneurs in provinces emerged as the program’s biggest beneficiaries. The JMAM is a trademark… Read More

High-level executives joining US trade mission to PH next week

High-level executives joining US trade mission to PH next week

March 8, 2024, 5:26 pm

MANILA – The White House announced on Friday (Manila time) that 22 high-level business executives will be part of the delegation of US Secretary of Commerce Gina Raimondo in her Presidential Trade and Investment Mission to Manila from March 11 to 12. The delegation will be exploring business… Read More

Electricity rates up for 3 straight months

Electricity rates up for 3 straight months

March 8, 2024, 4:05 pm

MANILA – Electricity rates in franchise areas of the Manila Electric Company (Meralco) were higher this month, the distribution utility (DU) announced Friday. In a statement, Meralco said the power rate increased by PHP0.0229 per kilowatt hour this month to PHP11.9397 per kWh from PHP11.9168 per… Read More

Loan growth up, domestic liquidity slows in January

Loan growth up, domestic liquidity slows in January

March 8, 2024, 3:31 pm

MANILA – Bank lending of universal and commercial banks (U/KBs) grew at a faster rate in January this year while domestic liquidity growth slowed. Data released by the Bangko Sentral ng Pilipinas (BSP) on Friday showed that banks' outstanding loans, excluding those placed in the central bank’s… Read More

Unemployment rate down to 4.5% in January

Unemployment rate down to 4.5% in January

March 8, 2024, 1:45 pm

MANILA – The number of unemployed Filipinos went down to 2.15 million in January this year from the 2.38 million recorded in the same month last year, National Statistician Dennis Mapa said. In a briefing on Friday, Mapa said the unemployment rate during the month was at 4.5 percent, down from… Read More

PH records $102.7-B foreign reserves in February

PH records $102.7-B foreign reserves in February

March 8, 2024, 9:49 am

MANILA – The country's gross international reserves (GIR) settled at USD102.7 billion as of end-February, the Bangko Sentral ng Pilipinas (BSP) said. In a statement released late Thursday, the BSP said that preliminary data showed that the GIR level during the month was lower than end-January's… Read More

Ilocos Region inflation rate accelerates to 2% in February

Ilocos Region inflation rate accelerates to 2% in February

March 7, 2024, 7:51 pm

MALASIQUI, Pangasinan – Ilocos Region’s inflation rate rose slightly to 2 percent last February from month-ago’s 1.5 percent, driven by faster upticks in food prices, the Philippine Statistics Authority (PSA) reported Thursday. “The food index of Ilocos Region increased to 7.1 percent in… Read More

PH shares fall, peso trades at 55-level for 5 days

PH shares fall, peso trades at 55-level for 5 days

March 7, 2024, 7:49 pm

MANILA – Local shares declined anew on Thursday on central banks’ statement that policy easing is yet on the horizon, while the peso extended its 55-level trading for five days. The Philippine Stock Exchange index (PSEi) ended the day weaker, down by 0.60 percent to 6,837.34, with All Shares,… Read More

JCR's credit rating affirmation confidence vote for policies: Recto

JCR's credit rating affirmation confidence vote for policies: Recto

March 7, 2024, 6:10 pm

MANILA – Finance Secretary Ralph Recto said the Japan Credit Rating Agency’s (JCR) latest affirmation of the country's investment-grade credit rating of “A-” with a stable outlook is a strong vote of confidence in President Ferdinand R. Marcos Jr.’s sound economic policies. “This… Read More

BIR exempts additional medicines from VAT

BIR exempts additional medicines from VAT

March 7, 2024, 4:14 pm

MANILA – The Bureau of Internal Revenue (BIR) said 20 additional medicines for cancer, hypertension and mental illness are now exempted from value-added tax (VAT). In a statement on Thursday, the BIR said Commissioner Romeo Lumagui Jr. issued Revenue Memorandum Circular No. 34-2024 last March 5… Read More

PH needs $337-B clean energy investments by 2040

PH needs $337-B clean energy investments by 2040

March 7, 2024, 3:44 pm

MANILA – A study of the Organisation for Economic Co-operation and Development (OECD) has revealed that the Philippines would need investments amounting to USD337 billion by 2040 to achieve clean energy goals. On Thursday, OECD and the Department of Energy (DOE) launched the Clean Energy Finance… Read More

US firms urged to invest in Clark ahead of Raimondo's PH trade mission

US firms urged to invest in Clark ahead of Raimondo's PH trade mission

March 7, 2024, 3:06 pm

MANILA – The Bases Conversion and Development Authority (BCDA) Thursday said its top officials have met with United States-based companies ahead of the trade mission of US Secretary of Commerce Gina Riamondo here next week. The BCDA said its Chairman Delfin Lorenzana and its President and chief… Read More

PH manufacturing output grows in January

PH manufacturing output grows in January

March 7, 2024, 2:56 pm

MANILA – The country's manufacturing sector output continued to grow in January this year, data from the Philippine Statistics Authority (PSA) showed. Results of the latest Monthly Integrated Survey of Selected Industries showed that the volume of production index (VoPI) grew by 1.9 percent in… Read More

PH digital banks sign up 8.7M deposit accounts

PH digital banks sign up 8.7M deposit accounts

March 7, 2024, 2:30 pm

MANILA – The Bangko Sentral ng Pilipinas (BSP) said 8.7 million deposit accounts have already been signed up with digital banks. BSP Director Melchor Plabasan said in a press chat Wednesday these deposit accounts were registered with six digital banks operating in the country, which represent 7… Read More

MPIC eyes another double-digit growth in 2024

MPIC eyes another double-digit growth in 2024

March 6, 2024, 9:23 pm

MANILA – Magnate Manuel V. Pangilinan eyes 2024 as another banner year for Metro Pacific Investments Corp. (MPIC), reflecting the firm’s business confidence for the year. In a press conference at MPIC’s headquarters in Pasig City Wednesday, Pangilinan said the company targets for another… Read More

Instant cross-border digital remittance in ASEAN online by July 2026

Instant cross-border digital remittance in ASEAN online by July 2026

March 6, 2024, 8:29 pm

MANILA – Bangko Sentral ng Pilipinas (BSP) Deputy Governor for Payments and Currency Management Sector Mamerto Tangonan said Wednesday an instant cross-border digital remittance in Southeast Asia will be online by July 2026. In a press chat, Tangonan said central banks in the region target the… Read More

Japan Credit Rating Agency affirms PH credit rating

Japan Credit Rating Agency affirms PH credit rating

March 6, 2024, 7:06 pm

MANILA – The Japan Credit Rating Agency, Ltd. (JCR) on Wednesday kept the Philippines’ investment-grade credit rating of “A-” with a stable outlook. "The ratings mainly reflect the country’s high and sustained economic growth supported by solid domestic demand, a low-level external debt,… Read More

Stocks decline below 7,000-level, peso strengthens

Stocks decline below 7,000-level, peso strengthens

March 6, 2024, 7:02 pm

MANILA – The local stock market dropped to 7,000 level, while the peso strengthened on mid-week's trading. The Philippine Stock Exchange index (PSEi) declined by 0.39 percent to 6,878.54. All Shares also went down by 0.46 percent to 3,587.59. "The local bourse dropped by 26.92 points (0.39%) to… Read More